Document:

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                                                                    Exhibit 4.10

                                                                  EXECUTION COPY

                                [FORM OF WARRANT]

THIS SECURITY AND THE SHARES OF CLASS A COMMON STOCK ISSUABLE UPON EXERCISE OF
THIS SECURITY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE "SECURITIES ACT") OR ANY STATE SECURITIES LAWS. NEITHER THIS
SECURITY, THE SHARES OF CLASS A COMMON STOCK ISSUABLE UPON EXERCISE OF THIS
SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN OR THEREIN MAY BE REOFFERED,
SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE
ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT
SUBJECT TO, REGISTRATION. EACH PURCHASER OF THIS SECURITY IS HEREBY NOTIFIED
THAT THE SELLER OF THIS SECURITY MAY BE RELYING ON THE EXEMPTION FROM THE
PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER.

THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, (1) AGREES TO OFFER, SELL
OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE "RESALE RESTRICTION
TERMINATION DATE") WHICH IS TWO YEARS AFTER THE LATER OF THE ORIGINAL ISSUE DATE
HEREOF AND THE LAST DATE ON WHICH CLEARWIRE CORPORATION OR ANY AFFILIATE OF
CLEARWIRE CORPORATION WAS THE OWNER OR ISSUER OF THIS SECURITY (OR ANY
PREDECESSOR OF SUCH SECURITY) ONLY (A) PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT, (B) TO THE COMPANY, (C) TO AN INSTITUTIONAL
"ACCREDITED INVESTOR" (WITHIN THE MEANING OF RULE 501(A)(1), (2), (3) OR (7) OF
REGULATION D UNDER THE SECURITIES ACT), (D) TO A PERSON WHOM THE HOLDER
REASONABLY BELIEVES IS A "QUALIFIED INSTITUTIONAL BUYER" (AS DEFINED IN RULE
144A UNDER THE SECURITIES ACT) PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT
OF A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE
SECURITIES ACT, (E) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 UNDER
THE SECURITIES ACT, (F) PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY
RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE), OR (G) PURSUANT TO ANOTHER
AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT,
SUBJECT TO THE COMPANY'S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER
PURSUANT TO CLAUSE (G) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL,
CERTIFICATION AND/OR OTHER INFORMATION REASONABLY SATISFACTORY TO IT, AND (2)
AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS SECURITY OR AN INTEREST
HEREIN IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. AS
USED HEREIN, THE TERMS "OFFSHORE TRANSACTION," "UNITED STATES" AND "U.S. PERSON"
HAVE THE MEANINGS GIVEN TO THEM BY RULE 902 OF REGULATION S UNDER THE SECURITIES
ACT. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE
RESTRICTION TERMINATION DATE.

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THE HOLDER OF THIS SECURITY IS ENTITLED TO THE BENEFITS OF A SECURITIES PURCHASE
AGREEMENT, DATED AS OF [ ], 2005 BY AND AMONG THE COMPANY, THE GUARANTORS AND
THE BUYERS REFERRED TO THEREIN (THE "SECURITIES PURCHASE AGREEMENT") AND, BY ITS
ACCEPTANCE HEREOF, AGREES TO BE BOUND BY AND TO COMPLY WITH THE PROVISIONS OF
SUCH SECURITIES PURCHASE AGREEMENT. THE HOLDER OF THIS SECURITY IS ENTITLED TO
THE BENEFITS OF A REGISTRATION RIGHTS AGREEMENT, DATED AS OF [ ], 2005 BY AND
AMONG THE COMPANY AND THE BUYERS REFERRED TO THEREIN (THE "REGISTRATION RIGHTS
AGREEMENT") AND, BY ITS ACCEPTANCE HEREOF, AGREES TO BE BOUND BY AND TO COMPLY
WITH THE PROVISIONS OF SUCH REGISTRATION RIGHTS AGREEMENT. NO TRANSFER OF THIS
WARRANT SHALL BE MADE WITHOUT COMPLYING WITH THE PROVISIONS OF SECTION 7(A) OF
THIS WARRANT.

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                              CLEARWIRE CORPORATION

                    WARRANT TO PURCHASE CLASS A COMMON SHARES

Warrant No.: [__________]
Number of Class A Common Shares: [__________]
Date of Issuance: [__________], 2005 ("ISSUANCE DATE")

     Clearwire Corporation, a corporation incorporated under the laws of the
state of Delaware (the "COMPANY"), hereby certifies that, for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
[__________] , the registered holder hereof or its permitted assigns (the
"HOLDER"), is entitled, subject to the terms set forth below, to purchase from
the Company, at the Exercise Price (as defined below) then in effect, upon
surrender of this Warrant to purchase Class A Common Shares (as defined herein)
(including any Warrants to purchase Class A Common Shares issued in exchange,
transfer or replacement hereof, the "WARRANT"), at any time or times on or after
(the "WARRANT EXERCISE ELIGIBILITY DATE") the earliest of (x) the date of
effectiveness of a Qualified IPO or a transaction that results in a Qualified
IPO (as defined in that certain Indenture, dated as of __________, 2005, by and
among the Company, the guarantors and The Bank of New York, as trustee (the
"INDENTURE")), (y) the date of effectiveness of any other registration of the
Class A Common Shares and/or the Class B Common Shares (as defined herein, and
together with the Class A Common Shares, the "COMMON SHARES") under the
Securities Act or under the Exchange Act (each as defined herein) (including,
without limitation, through the merger or consolidation of the Company into a
Person with a class of equity securities registered under the Exchange Act) or
any public offering of Common Shares other than pursuant to a Qualified IPO or
(z) in contemplation of, upon and following a Change of Control (as defined
below), but not after 11:59 p.m., New York Time, on the Expiration Date (as
defined below), [__________] fully paid nonassessable Class A Common Shares (the
"WARRANT SHARES"). Except as otherwise defined herein, capitalized terms in this
Warrant shall have the meanings set forth in Section 16. This Warrant is one of
the Warrants to purchase Class A Common Shares (the "SPA WARRANTS") issued
pursuant to Section 1 of that certain Securities Purchase Agreement (the
"SECURITIES PURCHASE AGREEMENT"), dated as of [__________], 2005 (the
"SUBSCRIPTION DATE"), by and among the Company and the investors referred to
therein (the "BUYERS").

1.   EXERCISE OF WARRANT.

     (a)  Mechanics of Exercise. Subject to the terms and conditions hereof
          (including, without limitation, the limitations set forth in Section
          1(f)), this Warrant may be exercised by the Holder on any day on or
          after the Warrant Exercise Eligibility Date, in whole or in part, by
          (i) delivery by facsimile with a confirmatory written notice by
          overnight delivery, in the form attached hereto as Exhibit A (the
          "EXERCISE NOTICE"), of the Holder's election to exercise this Warrant,
          (ii) delivery of a signed letter substantially in the form attached
          hereto as Exhibit B (the "RECERTIFICATION LETTER"), and (iii)(A)
          payment to the Company of an amount equal to the applicable Exercise
          Price multiplied by the number of Warrant Shares as to which this
          Warrant is being exercised (the "AGGREGATE EXERCISE PRICE") in

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          cash or wire transfer of immediately available funds or (B) by
          notifying the Company that this Warrant is being exercised pursuant to
          a Cashless Exercise (as defined in Section 1(d)). The Holder shall not
          be required to deliver the original Warrant in order to effect an
          exercise hereunder. Execution and delivery of the Exercise Notice with
          respect to less than all of the Warrant Shares shall have the same
          effect as cancellation of the original Warrant and issuance of a new
          Warrant evidencing the right to purchase the remaining number of
          Warrant Shares. On or before the second Business Day following the
          date on which the Company has received each of the Exercise Notice,
          the Recertification Letter and the Aggregate Exercise Price (or notice
          of a Cashless Exercise) (the "EXERCISE DELIVERY DOCUMENTS"), the
          Company shall transmit by facsimile an acknowledgment of confirmation
          of receipt of the Exercise Delivery Documents to the Holder and the
          Company's transfer agent (the "TRANSFER AGENT"). On or before the
          third Business Day following the date on which the Company has
          received all of the Exercise Delivery Documents (the "SHARE DELIVERY
          DATE"), the Company shall, subject to applicable law (X) provided that
          the Transfer Agent is participating in The Depository Trust Company
          ("DTC") Fast Automated Securities Transfer Program, upon the request
          of the Holder, credit such aggregate number of Class A Common Shares
          to which the Holder is entitled pursuant to such exercise to the
          Holder's or its designee's balance account with DTC through its
          Deposit Withdrawal Agent Commission system, or (Y) if the Transfer
          Agent is not participating in the DTC Fast Automated Securities
          Transfer Program, issue and dispatch by overnight courier to the
          address as specified in the Exercise Notice, a certificate, registered
          in the Company's share register in the name of the Holder or its
          designee, for the number of Class A Common Shares to which the Holder
          is entitled pursuant to such exercise. Upon delivery of the Exercise
          Notice and Aggregate Exercise Price referred to in clause (iii)(A)
          above or notification to the Company of a Cashless Exercise referred
          to in Section 1(d), the Holder shall be deemed for all corporate
          purposes to have become the holder of record of the Warrant Shares
          with respect to which this Warrant has been exercised, irrespective of
          the date of delivery of the certificates evidencing such Warrant
          Shares. If this Warrant is submitted in connection with any exercise
          pursuant to this Section 1(a) and the number of Warrant Shares
          represented by this Warrant submitted for exercise is greater than the
          number of Warrant Shares being acquired upon an exercise, then the
          Company shall as soon as practicable and in no event later than three
          Business Days after any exercise and at its own expense, issue a new
          Warrant (in accordance with Section 7(d)) representing the right to
          purchase the number of Warrant Shares purchasable immediately prior to
          such exercise under this Warrant, less the number of Warrant Shares
          with respect to which this Warrant is exercised. No fractional Class A
          Common Shares are to be issued upon the exercise of this Warrant, but
          rather the number of Class A Common Shares to be issued shall be
          rounded up to the nearest whole number. If a Holder exercises a
          Warrant, the Company shall pay any transfer, stamp or similar taxes or
          duties related to the issue or delivery of Class A Common Shares upon
          such exercise. In addition, the Holder shall pay any such tax which is
          due because the Holder requests the shares to be issued in a name
          other than the Holder's name. The Transfer Agent may refuse to deliver
          the certificate

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          representing the Class A Common Shares being issued in a name other
          than the Holder's name until the Transfer Agent receives a sum
          sufficient to pay any tax which will be due because such shares are to
          be issued in a name other than the Holder's name. Nothing herein shall
          preclude any tax withholding required by law or regulation.

     (b)  Exercise Price. For purposes of this Warrant, "EXERCISE PRICE" means,
          subject to adjustment as provided herein, the lesser of (x) $5.00 and
          (y) the arithmetic average of the Volume Weighted Average Price of the
          Class A Common Shares on the Principal Market for the first twenty
          (20) Trading Days after the expiration (the "QUALIFIED IPO LOCK-UP
          EXPIRATION DATE") of any lock-up restrictions which the Holder entered
          into in connection with a Qualified IPO; provided, that, if (i) the
          Qualified IPO Lock-Up Expiration Date has not occurred or (ii) a
          Qualified IPO has not yet occurred on or before the date of exercise,
          the Exercise Price shall mean $5.00.

     (c)  Company's Failure to Timely Deliver Securities. Subject to Section 13,
          if within three (3) Trading Days after the Company's receipt of the
          facsimile copy of an Exercise Notice, with confirmatory notice by
          overnight delivery, the Company shall fail to issue and deliver a
          certificate to the Holder and register such Class A Common Shares on
          the Company's share register or credit the Holder's balance account
          with DTC for the number of Class A Common Shares to which the Holder
          is entitled upon such holder's exercise hereunder, and if on or after
          such Trading Day the Holder purchases (in an open market transaction
          or otherwise) Class A Common Shares to deliver in satisfaction of a
          sale by the Holder of Class A Common Shares issuable upon such
          exercise that the Holder anticipated receiving from the Company (a
          "BUY-IN"), then the Company shall, within three Business Days after
          the Holder's request, pay cash to the Holder in an amount equal to the
          Holder's total purchase price (including brokerage commissions, if
          any) for the Class A Common Shares so purchased (the "BUY-IN PRICE"),
          at which point the Company's obligation to deliver such certificate
          (and to issue such Class A Common Shares) shall terminate.

     (d)  Cashless Exercise. Notwithstanding anything contained herein to the
          contrary, the Holder may, in its sole discretion, exercise this
          Warrant in whole or in part and, in lieu of making the cash payment
          otherwise contemplated to be made to the Company upon such exercise in
          payment of the Aggregate Exercise Price, elect instead to receive upon
          such exercise the "Net Number" of Class A Common Shares determined
          according to the following formula (a "CASHLESS EXERCISE"):

               Net Number = (A x B) - (A x C)
                            -----------------
                                   B

               For purposes of the foregoing formula:

          A= the total number of shares with respect to which this Warrant is
          then being exercised.

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          B= the arithmetic average of the Volume Weighted Average Price of the
          Class A Common Shares during the twenty (20) Trading Days immediately
          preceding the date of the Exercise Notice.

          C= the Exercise Price then in effect for the applicable Warrant Shares
          at the time of such exercise.

     (e)  Disputes. In the case of a dispute as to the determination of the
          Exercise Price or the arithmetic calculation of the Warrant Shares,
          the Company shall promptly issue to the Holder the number of Warrant
          Shares that are not disputed and resolve such dispute in accordance
          with Section 13.

     (f)  Limitations on Exercises; Beneficial Ownership. Other than in
          contemplation of, upon and following a Change of Control, the Company
          shall not effect the exercise of this Warrant, and the Holder shall
          not have the right to exercise this Warrant, to the extent that after
          giving effect to such exercise, the Holder (together with the Holder's
          affiliates) would beneficially own in excess of 4.99% (the "EXERCISE
          LIMITATION") of the Class A Common Shares outstanding immediately
          after giving effect to such exercise. For purposes of the foregoing
          sentence, the Class A Common Shares beneficially owned by the Holder
          and its affiliates shall include the Class A Common Shares issuable
          upon exercise of the Warrants with respect to which the determination
          of such sentence is being made, but shall exclude the Class A Common
          Shares which would be issuable upon (i) exercise of the remaining,
          unexercised portion of the Warrants beneficially owned by the Holder
          or any of its affiliates and (ii) exercise or conversion of the
          unexercised or nonconverted portion of any other securities of the
          Company beneficially owned by such Holder or any of its affiliates
          (including, without limitation, any notes or warrants) subject to a
          limitation on conversion or exercise analogous to the limitation
          contained herein. Except as set forth in the preceding sentence, for
          purposes of this Section 1(f), beneficial ownership shall be
          calculated in accordance with Section 13(d) of the United States
          Securities Exchange Act of 1934, as amended (the "EXCHANGE ACT"). For
          purposes of this Section 1(f), in determining the number of
          outstanding Class A Common Shares, the Holder may rely on the number
          of outstanding Class A Common Shares as reflected in (x) the Company's
          most recent public filing with the United States Securities and
          Exchange Commission (the "SEC"), as the case may be, (y) a recent
          public announcement by the Company or (z) any other notice by the
          Company or the Transfer Agent setting forth the number of Class A
          Common Shares outstanding. For any reason at any time, upon the
          written or oral request of the Holder, the Company shall within two
          (2) Business Days confirm orally and in writing to the Holder the
          number of Class A Common Shares then outstanding. In any case, the
          number of outstanding Class A Common Shares shall be determined after
          giving effect to the conversion or exercise of securities of the
          Company, including the SPA Warrants, by the Holder or its affiliates
          since the date as of which such number of outstanding Class A Common
          Shares was reported. By written notice to the Company, the Holder may
          increase or decrease the Exercise Limitation to any other percentage
          not in excess of 9.99% specified in such notice; provided that (A) any
          such increase will not be effective until the

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          sixty-first (61st) day after such notice is delivered to the Company,
          and (B) any such increase or decrease will apply only to the Holder
          and not to any other holder of SPA Warrants. Notwithstanding anything
          to the contrary, this provision shall only apply from and after the
          time that the Company shall have registered securities pursuant to
          Section 12 of the Exchange Act.

2.   ADJUSTMENT OF EXERCISE PRICE AND NUMBER OF WARRANT SHARES. The Exercise
     Price and the number of Warrant Shares shall be adjusted from time to time
     as follows:

     (a)  Adjustment Upon Issuance of Common Shares. Prior to a Qualified IPO,
          if and whenever on or after the Subscription Date the Company issues
          or sells, or in accordance with this Section 2 is deemed to have
          issued or sold, any Common Shares (including the issuance or sale of
          Common Shares owned or held by or for the account of the Company), but
          excluding Common Shares deemed to have been issued by the Company in
          connection with any Excluded Securities (as defined in Section 8(a)(i)
          below; provided, however, that, for the purposes of this Section 2(a)
          only, the number of Common Shares subject to the exclusions found in
          (C) and (D) of such definition shall not exceed 15% of the aggregate
          number of shares of Common Shares issued and outstanding on the date
          hereof on a fully-diluted basis (subject to adjustment for stock
          splits, stock dividends, recapitalizations, combinations, reverse
          stock splits or other similar events)), for a consideration per share
          (the "NEW ISSUANCE PRICE") less than a price (the "APPLICABLE PRICE")
          equal to the Exercise Price in effect immediately prior to such issue
          or sale or deemed issuance or sale (the foregoing a "DILUTIVE
          ISSUANCE"), then immediately after such Dilutive Issuance, (1) if the
          proceeds to the Company of all capital contributions and equity
          issuances since the Subscription Date that remain outstanding and are
          not repurchased or redeemed is less than $500,000,000, then the
          Exercise Price then in effect shall be reduced to an amount equal to
          the New Issuance Price, or (2) if the proceeds to the Company of all
          capital contributions and equity issuances since the Subscription Date
          that remain outstanding and are not repurchased or redeemed equals or
          exceeds $500,000,000, the Exercise Price shall be reduced to the new
          Exercise Price determined by dividing: (A) the sum of (x) the product
          derived by multiplying the Applicable Price times the number of Common
          Shares Deemed Outstanding (as defined below) immediately prior to such
          issue or sale, plus (y) the consideration, if any, received by the
          Company upon such issue or sale, by (B) the number of Common Shares
          Deemed Outstanding immediately after such issue or sale. For purposes
          of this Section 2(a), "Common Shares Deemed Outstanding" means, at any
          given time, the number of Common Shares actually outstanding at such
          time, plus the number of Common Shares deemed to be outstanding
          pursuant to Sections 2(a)(i) and 2(a)(ii) below, regardless of whether
          the Options or Convertible Securities are actually exercisable at such
          time. Upon each such adjustment of the Exercise Price hereunder, the
          number of Warrant Shares shall be adjusted to the number of Class A
          Common Shares determined by multiplying the Exercise Price in effect
          immediately prior to such adjustment by the number of Warrant Shares
          acquirable upon exercise of this Warrant immediately prior to such
          adjustment and dividing the product thereof by the Exercise Price
          resulting

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          from such adjustment. For purposes of determining the adjusted
          Exercise Price under this Section 2(a), the following shall be
          applicable:

          (i)  Issuance of Options. If the Company in any manner grants any
               Options and the lowest price per share for which one Common Share
               is issuable upon the exercise of any such Option or upon
               conversion, exercise or exchange of any Convertible Securities
               issuable upon exercise of any such Option is less than the
               Applicable Price, then such Common Share shall be deemed to be
               outstanding and to have been issued and sold by the Company at
               the time of the granting or sale of such Option for such price
               per share. For purposes of this Section 2(a)(i), the "lowest
               price per share for which one Common Share is issuable upon
               exercise of such Options or upon conversion, exercise or exchange
               of such Convertible Securities" shall be equal to the sum of the
               lowest amounts of consideration (if any) received or receivable
               by the Company with respect to any one Common Share upon the
               granting or sale of the Option, upon exercise of the Option and
               upon conversion, exercise or exchange of any Convertible Security
               issuable upon exercise of such Option. No further adjustment of
               the Exercise Price or number of Warrant Shares shall be made upon
               the actual issuance of such Common Shares or of such Convertible
               Securities upon the exercise of such Options or upon the actual
               issuance of such Common Shares upon conversion, exercise or
               exchange of such Convertible Securities.

          (ii) Issuance of Convertible Securities. If the Company in any manner
               issues or sells any Convertible Securities and the lowest price
               per share for which one Common Share is issuable upon the
               conversion, exercise or exchange thereof is less than the
               Applicable Price, then such Common Share shall be deemed to be
               outstanding and to have been issued and sold by the Company at
               the time of the issuance or sale of such Convertible Securities
               for such price per share. For the purposes of this Section
               2(a)(ii), the "lowest price per share for which one Common Share
               is issuable upon the conversion, exercise or exchange" shall be
               equal to the sum of the lowest amounts of consideration (if any)
               received or receivable by the Company with respect to one Common
               Share upon the issuance or sale of the Convertible Security and
               upon conversion, exercise or exchange of such Convertible
               Security. No further adjustment of the Exercise Price or number
               of Warrant Shares shall be made upon the actual issuance of such
               Common Shares upon conversion, exercise or exchange of such
               Convertible Securities, and if any such issue or sale of such
               Convertible Securities is made upon exercise of any Options for
               which adjustment of this Warrant has been or is to be made
               pursuant to other provisions of this Section 2(a), no further
               adjustment of the Exercise Price or number of Warrant Shares
               shall be made by reason of such issue or sale.

          (iii) Change in Option Price or Rate of Conversion. If the purchase
               price provided for in any Options, the additional consideration,
               if any, payable upon the issue, conversion, exercise or exchange
               of any Convertible

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               Securities, or the rate at which any Convertible Securities are
               convertible into or exercisable or exchangeable for Common Shares
               increases or decreases at any time, the Exercise Price and the
               number of Warrant Shares in effect at the time of such increase
               or decrease shall be adjusted to the Exercise Price and the
               number of Warrant Shares which would have been in effect at such
               time had such Options or Convertible Securities provided for such
               increased or decreased purchase price, additional consideration
               or increased or decreased conversion rate, as the case may be, at
               the time initially granted, issued or sold. For purposes of this
               Section 2(a)(iii), if the terms of any Option or Convertible
               Security that was outstanding as of the date of issuance of this
               Warrant are increased or decreased in the manner described in the
               immediately preceding sentence, then such Option or Convertible
               Security and the Common Shares deemed issuable upon exercise,
               conversion or exchange thereof shall be deemed to have been
               issued as of the date of such increase or decrease. No adjustment
               pursuant to this Section 2(a) shall be made if such adjustment
               would result in an increase of the Exercise Price then in effect
               or a decrease in the number of Warrant Shares.

          (iv) Calculation of Consideration Received. In case any Option is
               issued in connection with the issue or sale of other securities
               of the Company, together comprising one integrated transaction in
               which no specific consideration is allocated to such Options by
               the parties thereto, the Options will be deemed to have been
               issued for a consideration of US $0.01. If any Common Shares,
               Options or Convertible Securities are issued or sold or deemed to
               have been issued or sold for cash, the consideration received
               therefor will be deemed to be the net amount received by the
               Company therefor. If any Common Shares, Options or Convertible
               Securities are issued or sold for a consideration other than
               cash, the amount of such consideration received by the Company
               will be the fair value of such consideration, except where such
               consideration consists of securities, in which case the amount of
               consideration received by the Company will be the Closing Sale
               Price of such security on the date of receipt. If any Common
               Shares, Options or Convertible Securities are issued to the
               owners of the non-surviving entity in connection with any merger
               in which the Company is the surviving entity or to owners of an
               entity with which the Company amalgamates (the "amalgamating
               entity"), the amount of consideration therefor will be deemed to
               be the fair value of such portion of the net assets and business
               of the non-surviving entity or amalgamating entity as is
               attributable to such Common Shares, Options or Convertible
               Securities, as the case may be. The fair value of any
               consideration other than cash or securities will be determined by
               the Board of Directors of the Company in good faith.

          (v)  Record Date. If the Company takes a record of the holders of
               Common Shares for the purpose of entitling them (A) to receive a
               dividend or other distribution payable in Common Shares, Options
               or in Convertible Securities or (B) to subscribe for or purchase
               Common Shares, Options or

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               Convertible Securities, then such record date will be deemed to
               be the date of the issue or sale of the Common Shares deemed to
               have been issued or sold upon the declaration of such dividend or
               the making of such other distribution or the date of the granting
               of such right of subscription or purchase, as the case may be.

          (vi) Expiration of Options and Convertible Securities. Any adjustment
               under this Section 2(a) is to be disregarded if, and to the
               extent that, all of the Options or Convertible Securities that
               gave rise to such adjustment expire or are cancelled without
               having been exercised, exchanged or converted, so that the
               Exercise Price effective immediately upon such expiration or
               cancellation is equal to the Exercise Price that otherwise would
               have been in effect had such expired or cancelled Options or
               Convertible Securities not been issued.

     (b)  Adjustment Upon Subdivision or Combination of Common Shares. If the
          Company at any time on or after the Subscription Date subdivides (by
          any stock split, stock dividend, recapitalization or otherwise) one or
          more classes of its outstanding Common Shares into a greater number of
          shares, the Exercise Price in effect immediately prior to such
          subdivision will be proportionately reduced and the number of Warrant
          Shares will be proportionately increased. If the Company at any time
          on or after the Subscription Date combines (by combination, reverse
          stock split or otherwise) one or more classes of its outstanding
          Common Shares into a smaller number of shares, the Exercise Price in
          effect immediately prior to such combination will be proportionately
          increased and the number of Warrant Shares will be proportionately
          decreased. Any adjustment under this Section 2(b) shall become
          effective at the close of business on the date the subdivision or
          combination becomes effective.

     (c)  Other Events. If any event (but, for the avoidance of doubt, excluding
          Common Shares deemed to have been issued by the Company in connection
          with any Excluded Securities) occurs of the type contemplated by the
          provisions of this Section 2 but not expressly provided for by such
          provisions (including, without limitation, the granting of stock
          appreciation rights, phantom stock rights or other rights with equity
          features), then the Company's Board of Directors will make an
          appropriate adjustment in the Exercise Price and the number of Warrant
          Shares so as to protect the rights of the Holder; provided, that no
          such adjustment pursuant to this Section 2(c) will increase the
          Exercise Price or decrease the number of Warrant Shares as otherwise
          determined pursuant to this Section 2.

     (d)  Notice of Adjustments; Warrant Deemed Outstanding. Upon any adjustment
          of the Exercise Price or of the number or kind of securities into
          which this Warrant is exercisable pursuant to the terms of this
          Warrant, the Company shall give written notice thereof to the Holder,
          which notice shall state the Exercise Price or the number of Warrant
          Shares or other securities subject to this Warrant resulting from such
          adjustment, as the case may be, and shall set forth in reasonable
          detail the method of such calculation and the facts upon which such
          calculation is based. If during the period beginning on and including
          [__], 2005 and ending on the

                                       10

<PAGE>

          date immediately preceding the issuance date of this Warrant, the
          Company entered into, or in accordance with terms of this Warrant
          would have been deemed to have entered into (had this Warrant been
          outstanding at such time), any Dilutive Issuance, subdivision,
          combination or any other similar event, then solely for purposes of
          determining any adjustment under this Section 2 as a result of such
          Dilutive Issuance, deemed Dilutive Issuance, subdivision, combination
          or other similar event, this Warrant shall be deemed to have been
          outstanding for purposes of this Section 2 at the time of each such
          Dilutive Issuance, deemed Dilutive Issuance, subdivision, combination
          or other similar event, as applicable.

     (e)  Reorganization or Reclassification. Any recapitalization,
          reorganization or reclassification, in each case which is effected in
          such a way that the holders of Common Shares are entitled to receive
          (either directly or upon subsequent liquidation) stock, securities or
          assets with respect to or in exchange for Common Shares is referred to
          herein as "ORGANIC CHANGE." Prior to the consummation of any Organic
          Change, the Company shall make appropriate provision (in form and
          substance reasonably satisfactory to the Holders) to insure that each
          of the Holders shall thereafter have the right to acquire and receive,
          in lieu of or addition to (as the case may be) the shares of Common
          Shares immediately theretofore acquirable and receivable upon the
          exercise of such Holder's Warrant, such shares of stock, securities or
          assets as would have been issued or payable in such Organic Change (if
          the holder had exercised this Warrant immediately prior to such
          Organic Change) with respect to or in exchange for the number of
          shares of Common Stock immediately theretofore acquirable and
          receivable upon exercise of such Holder's Warrant had such Organic
          Change not taken place. In any such case, the Company shall make
          appropriate provision (in form and substance reasonably satisfactory
          to the Holders) with respect to such Holders' rights and interests to
          insure that the provisions of this Section 2 and Sections 3 and 4
          hereof shall thereafter be applicable to the Warrant.

3.   RIGHTS UPON DISTRIBUTION OF ASSETS. Subject to Section 4(a), if the Company
     shall declare or make any dividend or other distribution of its assets (or
     rights to acquire its assets) to holders of Common Shares, by way of return
     of capital or otherwise (including, without limitation, any distribution of
     cash, stock or other securities, property or options by way of a dividend,
     spin off, reclassification, corporate rearrangement, scheme of arrangement
     or other similar transaction) (a "DISTRIBUTION"), at any time after the
     issuance of this Warrant, then, in each such case:

     (a)  any Exercise Price in effect immediately prior to the close of
          business on the record date fixed for the determination of holders of
          Common Shares entitled to receive the Distribution shall be reduced,
          effective as of the close of business on such record date, to a price
          determined by multiplying such Exercise Price by a fraction of which
          (i) the numerator shall be the Closing Bid Price of the Class A Common
          Shares on the Trading Day immediately preceding such record date minus
          the value of the Distribution (as determined in good faith by the
          Company's Board of Directors) applicable to one Class A Common Share,
          and (ii) the denominator shall be the arithmetic average of the
          Closing Bid Price of the Class

                                       11

<PAGE>

          A Common Shares during the twenty (20) Trading Days immediately
          preceding such record date; and

     (b)  the number of Warrant Shares shall be increased to a number of shares
          equal to the number of Class A Common Shares obtainable immediately
          prior to the close of business on the record date fixed for the
          determination of holders of Common Shares entitled to receive the
          Distribution multiplied by the reciprocal of the fraction set forth in
          the immediately preceding paragraph (a); provided, that in the event
          that the Distribution is of Capital Stock ("OTHER CAPITAL STOCK") of a
          company whose Capital Stock is traded on a national securities
          exchange or a national automated quotation system, then the Holder may
          elect to receive a warrant to purchase Other Capital Stock in lieu of
          an increase in the number of Warrant Shares, the terms of which shall
          be identical to those of this Warrant, except that such warrant shall
          be exercisable into the number of shares of Other Capital Stock that
          would have been payable to the Holder pursuant to the Distribution had
          the Holder exercised this Warrant immediately prior to such record
          date and with an aggregate exercise price equal to the product of the
          amount by which the exercise price of this Warrant was decreased with
          respect to the Distribution pursuant to the terms of the immediately
          preceding paragraph (a) and the number of Warrant Shares calculated in
          accordance with the first part of this paragraph (b).

4.   PURCHASE RIGHTS; CHANGE OF CONTROL.

     (a)  Purchase Rights. If at any time the Company grants, issues or sells
          any Options, Convertible Securities or rights to purchase stock,
          warrants, securities or other property (unless pursuant to pre-emptive
          rights existing on the date hereof set forth on Schedule 3(o) to the
          Securities Purchase Agreement) pro rata to the all of record holders
          of any class of Common Shares (the "PURCHASE RIGHTS"), then, upon the
          Holder's election, the Holder will be entitled to acquire, upon the
          terms applicable to such Purchase Rights and in lieu of any
          adjustments to which the Holder is otherwise entitled under Section 3
          above in respect of such Purchase Rights, the aggregate Purchase
          Rights which the Holder could have acquired if the Holder had held the
          number of Class A Common Shares acquirable upon complete exercise of
          this Warrant (without regard to any limitations on the exercise of
          this Warrant) immediately before the date on which a record is taken
          for the grant, issuance or sale of such Purchase Rights, or, if no
          such record is taken, the date as of which the record holders of
          Common Shares are to be determined for the grant, issue or sale of
          such Purchase Rights.

     (b)  Change of Control. The Company shall not enter into or be party to a
          Change of Control unless the Successor Entity assumes in writing all
          of the obligations of the Company under this Warrant and the other
          Transaction Documents (as defined in the Securities Purchase
          Agreement) in accordance with the provisions of this Section (4)(b)
          pursuant to written agreements in form and substance reasonably
          satisfactory to the Required Holders, including agreements to deliver
          to each holder of SPA Warrants in exchange for such SPA Warrants a
          security of the Successor Entity evidenced by a written instrument
          substantially similar in

                                       12

<PAGE>

          form and substance to this Warrant, including, without limitation, an
          adjusted Exercise Price equal to the lesser of the Exercise Price that
          is then in effect and the value for the Common Shares reflected by the
          terms of any such Change of Control (provided that if over two-thirds
          of the consideration for the Common Shares in a Change of Control
          consists of cash or property other than equity securities then the
          Exercise Price shall be adjusted to the lesser of the Exercise Price
          that is then in effect and the price that is 90% of the value for the
          Common Shares reflected by the Change of Control), exercisable for the
          Adjusted Warrant Consideration (as defined below). Upon the occurrence
          of any Change of Control, the Successor Entity, if other than the
          Company, shall succeed to, and be substituted for (so that from and
          after the date of such Change of Control, the provisions of this
          Warrant referring to the "Company" shall refer instead to the
          Successor Entity), and may exercise every right and power of the
          Company and shall assume all of the obligations of the Company under
          this Warrant with the same effect as if such Successor Entity had been
          named as the Company herein. Upon consummation of any Change of
          Control, the Successor Entity shall deliver to the Holder confirmation
          that there shall be issued upon exercise of this Warrant at any time
          after the consummation of the Change of Control, in lieu of the Class
          A Common Shares (or other securities, cash, assets or other property)
          purchasable upon the exercise of the Warrant prior to such Change of
          Control, such shares of stock, securities, cash, assets or any other
          property whatsoever (including warrants or other purchase or
          subscription rights) which the Holder would have been entitled to
          receive upon the happening of such Change of Control had this Warrant
          been converted immediately prior to such Change of Control, as
          adjusted in accordance with the provisions of this Warrant (the
          "ADJUSTED WARRANT CONSIDERATION"). In addition to and not in
          substitution for any other rights hereunder, prior to the consummation
          of any Change of Control pursuant to which holders of Common Shares
          are entitled to receive securities or other assets with respect to or
          in exchange for Common Shares (a "CORPORATE EVENT"), the Company shall
          make appropriate provision to insure that the Holder will thereafter
          have the right to receive upon an exercise of this Warrant at any time
          after the consummation of the Change of Control but prior to the
          Expiration Date, in lieu of the Class A Common Shares (or other
          securities, cash, assets or other property) purchasable upon the
          exercise of this Warrant prior to such Change of Control, such shares
          of stock, securities, cash, assets or any other property whatsoever
          (including warrants or other purchase or subscription rights) which
          the Holder would have been entitled to receive upon the happening of
          such Change of Control had the Warrant been exercised immediately
          prior to such Change of Control. Provision made pursuant to the
          preceding sentence shall be in form and substance reasonably
          satisfactory to the Required Holders. In connection with any Change of
          Control in which all holders of Common Shares and securities
          convertible into, exercisable for and exchangeable for Common Shares
          are solely to receive in such Change of Control cash and/or securities
          of an entity that is not a publicly traded corporation whose Capital
          Stock is quoted on or listed on a securities exchange or quotation
          system in exchange for such securities, the Company shall have the
          right to require the Holder to sell all or any portion of its Warrants
          to the Company for cash payable at consummation of such

                                       13

<PAGE>

          Change of Control in an amount equal to the greatest of (i) the
          product of (a) the total number of shares for which this Warrant may
          be exercised and (b) $2.50, (ii) the product of (a) the total number
          of shares for which this Warrant may be exercised and (b) the
          difference between the Exercise Price then in effect and the
          consideration per share received in such Change of Control and (iii)
          the product of (a) the total number of shares for which this Warrant
          may be exercised and (b) the value per Warrant Share of the remaining
          unexercised portion of this Warrant on the date of such consummation,
          which value shall be determined by use of the Black-Scholes Option
          Pricing Model reflecting (A) a risk-free interest rate corresponding
          to the U.S. Treasury rate for a period equal to the remaining term of
          this Warrant as of such date of request and (B) an expected volatility
          equal to the greater of 60% and, to the extent applicable, the 100 day
          volatility obtained from the historical price volatility ("HVG")
          function on Bloomberg. The provisions of this Section shall apply
          similarly and equally to successive Change of Control and Corporate
          Events and shall be applied without regard to any limitations on the
          exercise of this Warrant.

5.   NONCIRCUMVENTION. The Company hereby covenants and agrees that the Company
     will not, by amendment of its Certificate of Incorporation, Bylaws or
     through any reorganization, transfer of assets, consolidation, merger,
     amalgamation, scheme or plan of arrangement, 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, and will at
     all times in good faith carry out all the provisions of this Warrant and
     take all action as may be required to protect the rights of the Holder.
     Without limiting the generality of the foregoing, the Company (i) shall not
     increase the par value of any Class A Common Shares receivable upon the
     exercise of this Warrant above the Exercise Price then in effect, (ii)
     shall take all such actions as may be necessary or appropriate in order
     that the Company may validly and legally issue fully paid and nonassessable
     Class A Common Shares upon the exercise of this Warrant, and (iii) shall,
     so long as any of the SPA Warrants are outstanding, take all action
     necessary to reserve and keep available out of its authorized and unissued
     Class A Common Shares, solely for the purpose of effecting the exercise of
     the SPA Warrants, the number of Class A Common Shares as shall from time to
     time be necessary to effect the exercise of the SPA Warrants then
     outstanding (without regard to any limitations on exercise).

6.   WARRANT HOLDER NOT DEEMED A STOCKHOLDER. Except as otherwise specifically
     provided herein, the Holder, solely in such Person's capacity as a holder
     of this Warrant, shall not be entitled to vote or receive dividends or be
     deemed the holder of share capital of the Company for any purpose, nor
     shall anything contained in this Warrant be construed to confer upon the
     Holder, solely in such Person's capacity as the Holder of this Warrant, any
     of the rights of a stockholder of the Company or any right to vote, give or
     withhold consent to any corporate action (whether any reorganization, issue
     of stock, reclassification of stock, consolidation, merger, amalgamation,
     conveyance or otherwise), receive notice of meetings, receive dividends or
     subscription rights, or otherwise, prior to the issuance to the Holder of
     the Warrant Shares which such Person is then entitled to receive upon the
     due exercise of this Warrant. In addition, nothing contained in this
     Warrant shall be construed as imposing any liabilities on the Holder to
     purchase any securities (upon exercise of this Warrant or otherwise) or as
     a stockholder

                                       14

<PAGE>

     of the Company, whether such liabilities are asserted by the Company or by
     creditors of the Company. Notwithstanding this Section 6, the Company shall
     provide the Holder with copies of the same notices and other information
     given to the stockholders of the Company generally, contemporaneously with
     the giving thereof to the stockholders.

7.   REISSUANCE OF WARRANTS.

     (a)  Transfer of Warrant. This Warrant may only be offered, sold or
          otherwise transferred (a) pursuant to an effective registration
          statement under the 1933 Act, (b) to the Company, (c) to an
          institutional "accredited investor" within the meaning of Rule
          501(a)(1), (2), (3) or (7) of Regulation D under the 1933 Act, (d) to
          a "qualified institutional buyer" in accordance with Rule 144A of the
          1933 Act, (e) outside the United States in accordance with Rule 904 of
          Regulation S of the 1933 Act, (f) pursuant to the exemption from
          registration provided by Rule 144 under the 1933 Act (if available) or
          (g) pursuant to another available exception from the registration
          requirements of the Securities Act, subject to the Company's right
          prior to any such offer, sale or transfer pursuant to clause (g) to
          require the delivery of an opinion of counsel, certification and/or
          other information reasonably satisfactory to it that does not require
          registration under the 1933 Act or applicable state securities laws,
          and the holder shall furnish to the Company an opinion to such effect
          from counsel of recognized standing reasonably satisfactory to the
          Company prior to such offer, sale or transfer. If this Warrant is to
          be transferred, the Holder shall surrender this Warrant to the
          Company, whereupon the Company will forthwith issue and deliver upon
          the order of the Holder a new Warrant (in accordance with Section
          7(d)), registered as the Holder may request, representing the right to
          purchase the number of Warrant Shares being transferred by the Holder
          and, if less then the total number of Warrant Shares then underlying
          this Warrant is being transferred, a new Warrant (in accordance with
          Section 7(d)) to the Holder representing the right to purchase the
          number of Warrant Shares not being transferred and the transferee
          shall agree to be bound by the terms hereof.

          No transfer of a Warrant to any Person shall be effective if such
          transfer would, in the reasonable judgment of the Company, require the
          Company or any of its subsidiaries to become subject to the reporting
          requirements under the Exchange Act.

     (b)  Lost, Stolen or Mutilated Warrant. Upon receipt by the Company of
          evidence reasonably satisfactory to the Company of the loss, theft,
          destruction or mutilation of this Warrant, and, in the case of loss,
          theft or destruction, of any indemnification undertaking by the Holder
          to the Company in a form reasonably acceptable to the Company and, in
          the case of mutilation, upon surrender and cancellation of this
          Warrant, the Company shall execute and deliver to the Holder a new
          Warrant (in accordance with Section 7(d)) representing the right to
          purchase the Warrant Shares then underlying this Warrant.

     (c)  Exchangeable for Multiple Warrants. This Warrant is exchangeable, upon
          the surrender hereof by the Holder at the principal office of the
          Company, for a new Warrant or Warrants (in accordance with Section
          7(d)) representing in the

                                       15

<PAGE>

          aggregate the right to purchase the number of Warrant Shares then
          underlying this Warrant, and each such new Warrant will represent the
          right to purchase such portion of such Warrant Shares as is designated
          by the Holder at the time of such surrender; provided, however, that
          no Warrants for fractional Class A Common Shares shall be given.

     (d)  Issuance of New Warrants. Whenever the Company is required to issue a
          new Warrant pursuant to the terms of this Warrant, such new Warrant
          (i) shall be of like tenor with this Warrant, (ii) shall represent, as
          indicated on the face of such new Warrant, the right to purchase the
          Warrant Shares then underlying this Warrant (or in the case of a new
          Warrant being issued pursuant to Section 7(a) or Section 7(c), the
          Warrant Shares designated by the Holder which, when added to the
          number of Class A Common Shares underlying the other new Warrants
          issued in connection with such issuance, does not exceed the number of
          Warrant Shares then underlying this Warrant), (iii) shall have an
          issuance date, as indicated on the face of such new Warrant which is
          the same as the Issuance Date unless such Warrant was issued in
          connection with a transfer, and (iv) shall have the same rights and
          conditions as this Warrant.

8.   RIGHT OF PARTICIPATION IN ADDITIONAL ISSUANCES OF SECURITIES.

     (a)  For purposes of this Section 8(a), the following definitions shall
          apply.

          (i)  "EXCLUDED SECURITIES" means (A) shares issued pursuant to Section
               IV, Section 2(d) of the Company's Certificate of Incorporation;
               (B) shares (and/or options, warrants or other share purchase
               rights, and the shares issued pursuant to such options, warrants
               or other rights) issuable or issued to employees, consultants,
               directors or others with whom the Company conducts business,
               provided, that (I) such shares, options, warrants or other rights
               are issued directly in a transaction approved by the Board of
               Directors of the Company or pursuant to a stock option plan or
               restricted stock plan approved by the Board of Directors of the
               Company and (II) each of the foregoing transactions is for
               non-financing purposes; (C) shares (and/or options, warrants or
               other share purchase rights, and the shares issued pursuant to
               such options, warrants or other rights) issued to financial
               institutions or lessors in connection with commercial credit
               arrangements, equipment financing or similar transactions
               provided, that such shares, options, warrants or other rights are
               issued directly in a transaction approved by the Board of
               Directors of the Company; (D) shares (and/or options, warrants or
               other share purchase rights, and the shares issued pursuant to
               such options, warrants or other rights) issued pursuant to
               transactions involving technology licensing, research or
               development activities, the use or acquisition of strategic
               assets, properties or rights, or the distribution, manufacture or
               marketing of the Company's products, provided that (I) such
               shares, options, warrants or other rights are issued directly in
               a transaction approved by the Board of Directors of the Company
               or pursuant to a stock option plan or restricted stock plan
               approved by the Board of Directors of the Company and (II) each
               of the

                                       16

<PAGE>

               foregoing transactions is for nonfinancing purposes; (E) shares
               issuable or issued in connection with bona fide acquisitions of
               or by the Company whether by merger, consolidation, sale of
               assets, sale or exchange of stock or otherwise, provided that the
               terms of such acquisition are approved by the Board of Directors
               of the Company; (F) shares (and/or options, warrants or other
               share purchase rights, and the shares issued pursuant to such
               options, warrants or other rights) issued or issuable (i) to the
               public pursuant to a registered public offering or (ii) upon
               exercise of rights granted to underwriters in connection with
               such registered public offering; (G) shares (and/or options,
               warrants or other share purchase rights, and the shares issued
               pursuant to such options, warrants or other rights) issuable or
               issued pursuant to agreements and warrants existing on the date
               hereof; (H) shares issued upon conversion of convertible
               securities or instruments outstanding on the date hereof; and/or
               (I) shares issued in connection with any stock split, stock
               dividend, reverse stock split or other distribution of shares
               that does not affect the economic interests or rights of holders
               of shares.

          (ii) "NEW SHARES" means, except for any additional Warrants issued
               after the date hereof under the Securities Purchase Agreement,
               shares of the Company's capital stock, or securities or
               instruments convertible into or exchangeable or exercisable for
               shares of the Company's capital stock, of any class of capital
               stock of the Company, other than the Excluded Securities.

          (iii) "QUALIFIED IPO" shall have the meaning set forth in Section 1.1
               of the Indenture.

          (iv) "SUBSEQUENT PLACEMENT" means (A) offer, pledge, sell, contract to
               sell, sell any option or contract to purchase, purchase any
               option or contract to sell, grant any option, right or warrant to
               purchase, lend, or otherwise transfer or dispose of, directly or
               indirectly, any New Shares or (B) enter into any swap or other
               arrangement that transfers to another, in whole or in part, any
               of the economic consequences of ownership of Common Stock whether
               any such transaction described in clause (A) or (B) above is to
               be settled by delivery of New Shares or other securities, in cash
               or otherwise.

     (b)  From the date hereof until the one (1) year anniversary of a Qualified
          IPO, the Company will not, directly or indirectly, effect any
          Subsequent Placement unless the Company shall have first complied with
          this Section 8(b).

          (i)  The Company shall deliver a notice (the "ISSUE NOTICE") to each
               Buyer and each other stockholder entitled to pre-emptive rights
               (collectively, the "OFFEREES") stating (A) the bona fide
               intention of the Company to offer such New Shares in a Subsequent
               Placement, (B) the number of such New Shares to be offered and
               (C) the price and terms upon which the Company proposes to offer
               such New Shares.

                                       17

<PAGE>

          (ii) By written notification received by the Company, within five (5)
               Business Days after receipt of the Issue Notice, each Offeree may
               elect to purchase, at the price and on the terms specified in the
               Issue Notice, up to a portion of such New Shares that equals the
               proportion that the number of shares of stock, including any
               options, warrants or other share purchase rights, held by such
               Offeree bears to the total number of shares of the Company's
               stock then outstanding, on a fully diluted basis, but excluding
               (A) any options, warrants or other rights to acquire shares of
               the Company's stock where the fair market value of the shares
               issuable on the exercise of such options, warrants or other
               rights, as determined in good faith by the Board of Directors of
               the Company, is less than the exercise price of such options,
               warrants or other rights and (B) any shares of the Company's
               stock and options, warrants or other rights to acquire shares of
               the Company's stock that are reserved but unallocated pursuant to
               any stock plan. Such written notification shall be a binding,
               irrevocable commitment to purchase such New Shares, subject in
               all cases to the preparation, execution and delivery by the
               Company and the Offerees of a purchase agreement relating to such
               New Shares.

          (iii) If the Offerees do not elect to purchase all of the New Shares
               that the Offerees are entitled to purchase under Section
               8(b)(ii), the Company may offer the unsubscribed portion of such
               New Shares to any persons at a price not less than, and upon
               terms no more favorable to such person, than those specified in
               the Issue Notice, provided that the Company completes the offer
               and sale of such unsubscribed portion within ninety (90) days
               after the date the applicable Issue Notice is first delivered to
               Offerees.

9.   NOTICES. Whenever notice is required to be given under this Warrant, unless
     otherwise provided herein, such notice shall be given in accordance with
     Section 9(f) of the Securities Purchase Agreement. The Company shall
     provide the Holder with prompt written notice of all actions taken pursuant
     to this Warrant, including in reasonable detail a description of such
     action and the reason therefore. Without limiting the generality of the
     foregoing, the Company will give written notice to the Holder (i) within
     ten (10) business days after any adjustment of the Exercise Price, setting
     forth in reasonable detail, and certifying, the calculation of such
     adjustment, (ii) at least fifteen 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 Shares, (B) with respect to any grants,
     issuances or sales of any Options, Convertible Securities or rights to
     purchase stock, warrants, securities or other property to holders of Common
     Shares or (C) for determining rights to vote with respect to any Change of
     Control, dissolution or liquidation, provided, in each case, that such
     information shall be made known to the public prior to or in --------
     conjunction with such notice being provided to the Holder and (iii) at
     least 15 days prior to any Change of Control (other than pursuant to clause
     (iii) of such definition, in which case within one (1) day of the Company's
     knowledge of such transaction or proposed transaction).

10.  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,

                                       18

<PAGE>

     or omit to perform any act herein required to be performed by it, only if
     the Company has obtained the written consent of the Required Holders;
     provided, that no such action may increase the exercise price of any SPA
     Warrant or decrease the number of shares or class of stock obtainable upon
     exercise of any SPA Warrant without the written consent of the Holder. No
     such amendment shall be effective to the extent that it applies to less
     than all of the holders of the SPA Warrants then outstanding.

11.  GOVERNING LAW; JURISDICTION; JURY TRIAL. All questions concerning the
     construction, validity, enforcement and interpretation of this Warrant
     shall be governed by the internal laws of the State of New York, without
     giving effect to any choice of law or conflict of law provision or rule
     (whether of the State of New York or any other jurisdictions) that would
     cause the application of the laws of any jurisdictions other than the State
     of New York. Subject to Section 13, each party 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, 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 brought in an inconvenient forum or that the
     venue of such suit, action or proceeding is improper. Each party 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 to such party at the address for such notices to it under this
     Warrant and agrees that such service shall constitute 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 HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY
     HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY
     DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS WARRANT OR
     ANY TRANSACTION CONTEMPLATED HEREBY.

12.  CONSTRUCTION; HEADINGS. This Warrant shall be deemed to be jointly drafted
     by the Company and all the Buyers and shall not be construed against any
     person as the drafter hereof. The headings of this Warrant are for
     convenience of reference and shall not form part of, or affect the
     interpretation of, this Warrant.

13.  DISPUTE RESOLUTION. In the case of a dispute as to the determination of the
     Exercise Price or the arithmetic calculation of the Warrant Shares, the
     Company shall submit the disputed determinations or arithmetic calculations
     via facsimile within two Business Days of receipt of the Exercise Notice
     giving rise to such dispute, as the case may be, to the Holder. If the
     Holder and the Company are unable to agree upon such determination or
     calculation of the Exercise Price or the Warrant Shares within three
     Business Days of such disputed determination or arithmetic calculation
     being submitted to the Holder, then the Company shall, within two Business
     Days submit via facsimile (a) the disputed determination of the Exercise
     Price to an independent, reputable investment bank selected by the Company
     and approved by the Holder or (b) the disputed arithmetic calculation of
     the Warrant Shares to the Company's independent, outside accountant. The
     Company shall cause at its expense the investment bank or the accountant,
     as the case may be, to perform the determinations or calculations and
     notify

                                       19

<PAGE>

     the Company and the Holder of the results no later than ten Business Days
     from the time it receives the disputed determinations or calculations. Such
     investment bank's or accountant's determination or calculation, as the case
     may be, shall be binding upon all parties absent demonstrable error.

14.  REMEDIES, OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF. The remedies
     provided in this Warrant shall be cumulative and in addition to all other
     remedies available under this Warrant and the other Transaction Documents,
     at law or in equity (including a decree of specific performance and/or
     other injunctive relief), and nothing herein shall limit the right of the
     Holder to pursue actual damages for any failure by the Company to comply
     with the terms of this Warrant. The Company acknowledges that a breach by
     it of its obligations hereunder will cause irreparable harm to the Holder
     and that the remedy at law for any such breach may be inadequate. The
     Company therefore agrees that, in the event of any such breach or
     threatened breach, the holder of this Warrant shall be entitled, in
     addition to all other available remedies, to an injunction restraining any
     breach, without the necessity of showing economic loss and without any bond
     or other security being required.

15.  TRANSFER. Subject to Section 7 hereof, this Warrant may be offered for
     sale, sold, transferred or assigned without the consent of the Company.

16.  CERTAIN DEFINITIONS. For purposes of this Warrant, the following terms
     shall have the following meanings:

     (a)  "BLACK-SCHOLES" means the general application of the Black-Scholes
          Option Pricing Model.

     (b)  "BLOOMBERG" means Bloomberg Financial Markets.

     (c)  "BUSINESS DAY" means each day that is not a Legal Holiday.

     (d)  "CAPITAL STOCK" means any and all shares, interests, participations,
          rights or other equivalents (however designated) of corporate stock,
          including, without limitation, with respect to partnerships,
          partnership interests (whether general or limited) and any other
          interest or participation that confers on a Person the right to
          receive a share of the profits and losses of, or distributions of
          assets of, such partnership.

          "CHANGE OF CONTROL" means a change of control of the Company, or any
successor entity that is subject to the terms of this Warrant, which shall be
deemed to have occurred at such time after the Issue Date as any of the
following events shall occur:

          (1) any sale, lease, exchange or other transfer (in one transaction or
a series of related transactions) of all or substantially all of the Company's
assets to any person or group of related persons (other than to any of the
Company's wholly owned Subsidiaries);

          (2) the approval by the holders of the Company's Capital Stock of any
plan or proposal for liquidation or dissolution;

                                       20

<PAGE>

          (3) if any person or group (other than a person or group of persons
comprised solely of shareholders of the Company as of the Issue Date or their
Affiliates) shall become the beneficial owner, directly or indirectly, of shares
representing more than 50% of the aggregate voting power represented by the
issued and outstanding Voting Stock of the Company;

          (4) prior to a Qualified IPO and other than as results solely from a
transaction that results in a Qualified IPO, if either (i) Craig McCaw and any
McCaw Person, taken as a whole, directly or indirectly beneficially owns less
than 50% of the total outstanding Class B Common Stock or (ii) Craig McCaw and
any McCaw Person, taken as a whole, directly or indirectly beneficially owns
less than 66 2/3% of the amount of the total outstanding Class B Common Stock
owned by such persons as of the Issue Date; or

          (5) prior to a Qualified IPO and other than as results solely from a
transaction that results in a Qualified IPO, any consolidation or merger by the
Company where persons who are beneficial owners of the Company's shares of
Voting Stock immediately prior to such transaction no longer own at least a
majority of the total voting power of the continuing or surviving corporation or
entity.

          For purposes of the definition of Change of Control:

          "person" or "group" have the meanings given to them for purposes of
Sections 13(d) and 14(d) of the Exchange Act or any successor provisions, and
the term "group" includes any group acting for the purpose of acquiring, holding
or disposing of securities within the meaning of Rule 13d-5(b)(1) under the
Exchange Act, or any successor provision;

          a "beneficial owner" will be determined in accordance with Rule 13d-3
under the Exchange Act, as in effect on the date of this Indenture, except that
the number of shares of Voting Stock of the Company will be deemed to include
all outstanding shares of Voting Stock of the Company and unissued shares deemed
to be held by the "person" or "group" or other person with respect to which the
determination is being made, but shall not include any unissued shares deemed to
be held by all other persons;

          "beneficially owned" has a meaning correlative to that of beneficial
owner; and

          "unissued shares" means shares of Voting Stock not outstanding that
are subject to options, warrants, rights to purchase or conversion privileges
exercisable within 60 days of the date of determination of a Change of Control.

     (e)  "CLOSING BID PRICE" and "CLOSING SALE PRICE" for each day shall be the
          last reported bid price or last reported sale price, respectively, or
          in case no such reported sale takes place on such date, the average of
          the reported closing bid prices, or the asked prices, respectively, on
          such date in either case on the Nasdaq National Market or, if the
          Class A Common Shares are not listed or admitted to trading on the
          Nasdaq National Market, the average of the reported closing bid
          prices, or the asked prices, respectively, on such date in either case
          on the principal national securities exchange on which the Class A
          Common Shares are listed or admitted to trading or, if not listed or
          admitted to trading on any national securities exchange, the closing
          bid price or sales price, respectively, or in case no

                                       21

<PAGE>

          reported sale takes place, the average of the closing bid and asked
          prices, respectively, on such date as furnished by any two members of
          the National Association of Securities Dealers, Inc. selected from
          time to time by the Company for that purpose. If no such prices are
          available, the Closing Bid Price or the Closing Sale Price, as the
          case may be, of such security on such date shall be the fair value of
          a Class A Common Share as reasonably determined in good faith by the
          Board of Directors, in consultation with a financial advisor the
          Company determines in good faith is reasonably proficient in valuing
          equity interests. All such determinations shall be appropriately
          adjusted for any stock dividend, stock split, reclassification,
          reorganization, recapitalization, combination, reverse stock split or
          other similar event during the applicable calculation period.

     (f)  "CLASS A COMMON SHARES" means (i) shares of the Company's Class A
          Common Stock, par value $0.0001 per share, and (ii) any share capital
          into which such Class A Common Stock shall have been changed or any
          share capital resulting from a reclassification of such Class A Common
          Stock.

     (g)  "CONVERTIBLE SECURITIES" means any stock or securities (other than
          Options) directly or indirectly convertible into or exercisable or
          exchangeable for Common Shares.

     (h)  "EFFECTIVE DATE" means the date on which the Registration Statement
          (as defined in the Registration Rights Agreement) is first declared
          effective by the SEC.

     (i)  "EXPIRATION DATE" means the date that is the later of (i) the fifth
          anniversary of the Issuance Date and (ii) the second anniversary of
          the Qualified IPO Lock-Up Expiration Date, or if such later date falls
          on a day other than a Business Day or on which trading does not take
          place on an Principal Market (a "HOLIDAY"), the next date that is not
          a Holiday; provided, however, if, at any time after the Effective Date
          and prior to the original Expiration Date the Registration Statement
          (as defined in the Registration Rights Agreement) is not effective and
          available for the resale of all of the Registrable Securities (as
          defined in the Registration Rights Agreement) (including during a
          Suspension Period (as defined in the Registration Rights Agreement)),
          such original Expiration Date shall automatically be extended by such
          number of days after the Effective Date and prior to the original
          Expiration Date that the Registration Statement was not effective and
          available for the resale of all of the Registrable Securities.

     (j)  "LEGAL HOLIDAY" is a Saturday, Sunday or a day on which state or
          federally chartered banking institutions in New York, New York are not
          required to be open.

     (k)  "OPTIONS" means any rights, warrants or options to subscribe for or
          purchase Common Shares or Convertible Securities.

     (l)  "PARENT ENTITY" of a Person means an entity that, directly or
          indirectly, controls the applicable Person and whose common stock or
          equivalent equity security is quoted or listed on an Principal Market,
          or, if there is more than one such Person

                                       22

<PAGE>

          or Parent Entity, the Person or Parent Entity with the largest public
          market capitalization as of the date of consummation of the Change of
          Control.

     (m)  "PERSON" means an individual, a limited liability company, a
          partnership, a joint venture, a corporation, a trust, an
          unincorporated organization, any other entity and a government or any
          department or agency thereof.

     (n)  "PRINCIPAL MARKET" means The New York Stock Exchange, Inc. or the
          Nasdaq National Market, as the case may be.

     (o)  "REQUIRED HOLDERS" means the holders of the SPA Warrants representing
          at least a majority of Class A Common Shares underlying the SPA
          Warrants then outstanding.

     (p)  "SPA NOTES" means the notes issued pursuant to the Securities Purchase
          Agreement.

     (q)  "SUCCESSOR ENTITY" means the Person (or, if so elected by the Required
          Holders, the Parent Entity) formed by, resulting from, continuing from
          or surviving any Change of Control or the Person (or, if so elected by
          the Required Holders, the Parent Entity) with which such Change of
          Control shall have been entered into.

     (r)  "TRADING DAYS" means (i) if the Class A Common Shares are quoted on
          the Nasdaq National Market or any other system of automated
          dissemination of quotations of securities prices, days on which trades
          may be effected through such system, (ii) if the Class A Common Shares
          are listed or admitted for trading on any national or regional
          securities exchange, days on which such national or regional
          securities exchange is open for business or (iii) if the Class A
          Common Shares are not listed on a national or regional securities
          exchange or quoted on the Nasdaq National Market or any other system
          of automated dissemination of quotation of securities prices, days on
          which the Class A Common Shares are traded regular way in the
          over-the-counter market and for which a closing bid and a closing
          asked price for the Class A Common Shares are available.

     (s)  "VOLUME WEIGHTED AVERAGE PRICE" means, for any security as of any
          date, the dollar volume-weighted average price for such security on
          the Principal Market during the period beginning at 9:30:01 a.m., New
          York Time (or such other time as the Principal Market publicly
          announces is the official open of trading), and ending at 4:00:00
          p.m., New York Time (or such other time as the Principal Market
          publicly announces is the official close of trading) as reported by
          Bloomberg through its "Volume at Price" functions or by the Principal
          Market, or, if the foregoing does not apply, the dollar
          volume-weighted average price of such security in the over-the-counter
          market on the electronic bulletin board for such security during the
          period beginning at 9:30:01 a.m., New York Time (or such other time as
          such market publicly announces is the official open of trading), and
          ending at 4:00:00 p.m., New York Time (or such other time as such
          market publicly announces is the official close of trading) as
          reported by Bloomberg or by the Principal Market, or, if no dollar
          volume-weighted average price is

                                       23

<PAGE>

          reported for such security by Bloomberg or by the Principal Market for
          such hours, the average of the highest closing bid price and the
          lowest closing ask price of any of the market makers for such security
          as reported in the "pink sheets" by Pink Sheets LLC (formerly the
          National Quotation Bureau, Inc.). If the Weighted Average Price cannot
          be calculated for a security on a particular date on any of the
          foregoing bases, the Weighted Average Price of such security on such
          date shall be the fair market value as mutually determined by the
          Company and the Holder. All such determinations to be appropriately
          adjusted for any share dividend, share split, share combination or
          other similar transaction during the applicable calculation period.

                            [SIGNATURE PAGE FOLLOWS]

                                       24

<PAGE>

          IN WITNESS WHEREOF, the Company has caused this Warrant to purchase
Class A Common Stock to be duly executed as of the Issuance Date set out above.

                                         CLEARWIRE CORPORATION

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

<PAGE>

                                                                       EXHIBIT A

                                 EXERCISE NOTICE

            TO BE EXECUTED BY THE REGISTERED HOLDER TO EXERCISE THIS
                    WARRANT TO PURCHASE CLASS A COMMON SHARES

                              CLEARWIRE CORPORATION

          The undersigned holder hereby exercises the right to purchase
_________________ of the Class A Common Shares ("WARRANT SHARES") of Clearwire
Corporation, a corporation incorporated under the laws of the state of Delaware
(the "COMPANY"), evidenced by the attached Warrant to purchase Class A Common
Shares (the "WARRANT"). Capitalized terms used herein and not otherwise defined
shall have the respective meanings set forth in the Warrant.

          1. Form of Exercise Price. The Holder intends that payment of the
Exercise Price shall be made as:

               ____________   a "Cash Exercise" with respect to ________________
                              Warrant Shares; and/or

               ____________   a "Cashless Exercise" with respect to ____________
                              Warrant Shares.

          2. Payment of Exercise Price. In the event that the holder has elected
a Cash Exercise with respect to some or all of the Warrant Shares to be issued
pursuant hereto, the holder shall pay the Aggregate Exercise Price in the sum of
$___________________ to the Company in accordance with the terms of the Warrant.

          3. Delivery of Warrant Shares. The Company shall deliver to the holder
__________ Warrant Shares in accordance with the terms of the Warrant.

Date: _______________ __, ______

--------------------------------------
     Name of Registered Holder

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

<PAGE>

                                 ACKNOWLEDGMENT

     The Company hereby acknowledges this Exercise Notice and hereby directs
[INSERT NAME OF TRANSFER AGENT] to issue the above indicated number of Class A
Common Shares to [INSERT NAME OF HOLDER] in accordance with the Transfer Agent
Instructions dated _________, from the Company and acknowledged and agreed to by
[INSERT NAME OF TRANSFER AGENT].

                                         CLEARWIRE CORPORATION

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

<PAGE>

                                                                       EXHIBIT B

                         FORM OF LETTER TO BE DELIVERED
                            UPON EXERCISE OF WARRANTS

Clearwire Corporation

Dear Sirs:

          We are delivering this letter in connection with the purchase of
shares of Class A Common Stock (the "Shares") of Clearwire Corporation (the
"Company"), a corporation existing under the laws of the state of Delaware, upon
the exercise of warrants of the Company ("Warrants").

          We hereby confirm that:

     (a) we are an institutional "accredited investor" within the meaning of
Rule 501(a)(1), (2), (3) or (7) under the United States Securities Act of 1933
(the "1933 Act");

     (b) we are purchasing the Shares for our own account;

     (c) we have such knowledge and experience in financial and business matters
that we are capable of evaluating the merits and risks of purchasing the Shares;

     (d) we are not acquiring the Shares with a view to distribution thereof or
with any present intention of offering or selling any of the Shares, except (A)
pursuant to an effective registration statement under the 1933 Act; (B) to the
Company; (C) outside the United States in accordance with Rule 904 of Regulation
S under the 1933 Act and in compliance with applicable local laws; or (D) within
the United States (1) in accordance with the exemption from registration under
the 1933 Act provided by Rule 144 or Rule 144A thereunder, if available, and in
compliance with any applicable state securities laws or (2) in a transaction
that does not require registration under the 1933 Act or applicable state
securities laws, and the offeror, seller or transferor shall furnish to the
Company an opinion to such effect from counsel of recognized standing reasonably
satisfactory to the Company prior to such offer, sale or transfer.

     (e) we acknowledge that we have had access to such financial and other
information as we deem necessary in connection with our decision to purchase the
Shares; and

     (f) we acknowledge that we are not purchasing the Shares as a result of
advertisements, articles, notices or other communications published in any
newspaper, magazine or similar media or broadcast over radio or television.

     We understand that the Shares are being offered in a transaction not
involving any public offering within the United States within the meaning of the
1933 Act and that the Shares have not been and, other than under the
Registration Rights Agreement dated as of [ ], 2005 among the Company and the
buyers referred to therein, will not be registered under the 1933 Act. We
further understand that any Shares acquired by us will be in the form of
definitive physical

<PAGE>
certificates and that such certificates will bear a legend reflecting the
substance of paragraph (d) above.

     We acknowledge that you will rely upon our confirmations, acknowledgements
and agreements set forth herein.

(Name of Holder)

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

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

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

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

         -----------------------------<PAGE>

                                                                    Exhibit 10.8

                                  FLUX US CORP.

                             2003 STOCK OPTION PLAN

<PAGE>
                                                                               .
                                                                               .
                                                                               .

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                            Page
                                                                            ----
<S>           <C>                                                           <C>
Section 1.    Purpose....................................................     1
Section 2.    Definitions................................................     1
Section 3.    Stock Subject to This Plan.................................     2
Section 4.    Administration.............................................     3
Section 5.    Options and Eligible Participants..........................     4
Section 6.    Provisions Applicable to All Options.......................     4
Section 7.    Provisions applicable to ISOs Only.........................     6
Section 8.    Employment with Related Entities...........................     6
Section 9.    Termination of Relationship with Company...................     7
Section 10.   Options Not Transferable...................................     8
Section 11.   Changes in Company's Capital Structure.....................     8
Section 12.   Securities Regulation and Other Required Approvals.........    10
Section 13.   Withholding Tax Requirement................................    11
Section 14.   Status of Shareholder......................................    11
Section 15.   Rights and Relationships...................................    11
Section 16.   Amendment and Termination..................................    12
Section 17.   Applicable Law; Resolving Disputes.........................    12
Section 18.   Effectiveness of This Plan.................................    12
</TABLE>

<PAGE>

                                  FLUX US CORP.

                             2003 STOCK OPTION PLAN

     SECTION 1. PURPOSE. The purpose of this Flux US Corp. 2003 Stock Option
Plan (this "Plan") is to provide a means for Flux US Corp. (the "Company") and
related entities to continue to attract, motivate and retain key employees,
consultants and other independent contractors, and to provide these individuals
with greater incentive for their service to the Company (and related entities)
by linking their interests in the Company's success with those of the Company
and its shareholders.

     SECTION 2. DEFINITIONS. When used in this Plan the following terms are
defined as set forth below:

          "ADMINISTRATOR" has the meaning provided in Section 4.

          "BOARD" means the Board of Directors of the Company.

          "CAPITALIZATION CHANGE" has the meaning provided in Section 11.1.

          "CAUSE" has the meaning provided in Section 9.1.2.

          "CODE" means the Internal Revenue Code of 1986, as amended.

          "COMMON STOCK" has the meaning provided in Section 3.

          "COMPANY" means Flux US Corp., a Delaware corporation

          "EFFECTIVE DATE" has the meaning provided in Section 18.

          "ELIGIBLE PARTICIPANTS" has the meaning provided in Section 5.2.

          "EXCHANGE ACT" means the Securities Exchange Act of 1934, as amended.

          "EXERCISE PRICE" means the amount to be paid by an Optionee to
exercise an Option.

          "FAIR MARKET VALUE" of a share of Class A Common Stock is the fair
market value established in good faith by the Administrator, unless one of the
following applies: (a) If the Class A Common Stock is listed on the Nasdaq
National Market, then the Fair Market Value is the closing sales price for the
Class A Common Stock as recorded by the Nasdaq National Market for the
immediately preceding trading day; (b) if the Class A Common Stock is listed on
the New York Stock Exchange, the American Stock Exchange or other established
exchange, then the Fair Market Value is the closing sales price for the Class A
Common Stock as such price is officially quoted in the composite tape of
transactions on such exchange for the immediately preceding trading day; (c) if
the Class A Common Stock is publicly traded but not on an established exchange,
then the Fair Market Value is the closing sales price for the Class A

PAGE 1

<PAGE>

Common Stock as such price is officially listed on the NASD Over the Counter
Bulletin Board System, or other applicable or successor system, for the
immediately preceding trading day; or (d) if the Class A Common Stock is
publicly traded but there is no reported closing sales price on the applicable
exchange or system for the date in question, then such price on the last
preceding date for which a closing sales price exists shall be determinative of
Fair Market Value.

          "GRANT DATE" means the date on which the Administrator completes the
corporate action relating to the grant of an Option and all conditions precedent
to the grant have been satisfied, provided that conditions relating to
exercisability or vesting of an Option shall not defer the Grant Date.

          "ISO" or "Incentive Stock Option" has the meaning provided in Section
5.1.

          "NQSO" or "Nonqualified Stock Option" has the meaning provided in
Section 5.1.

          "OPTION" means an option granted pursuant to this Plan for the
purchase of shares of Common Stock.

          "OPTION AGREEMENT" means a written agreement that details the terms
and conditions of a particular Option.

          "OPTIONEE" means an individual or entity who has received an Option
under this Plan.

          "PLAN" means this Flux US Corp. 2003 Stock Option Plan.

          "RELATED ENTITY" means any entity that, directly or indirectly, is in
control of, or is controlled by, or under common control with, the Company.

          "SALES EVENT" has the meaning provided in Section 11.2.1.

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

          "TOTAL DISABILITY" has the meaning provided in Section 9.2.

     SECTION 3. STOCK SUBJECT TO THIS PLAN. The stock issuable under this Plan
is the Company's Class A Common Stock, with voting rights, either authorized but
unissued or reacquired by the Company (referred to hereafter as either "Common
Stock" or "Class A Common Stock").

          3.1 AMOUNT. Subject to adjustment under Section 11.1, the maximum
amount of Common Stock that may be issued for Options under this Plan is
12,000,000 shares, as such Class A Common Stock was constituted on the Effective
Date.

          3.2 RETURNED SHARES. If any outstanding Option expires, or is
exchanged, canceled or terminated for any reason without having been exercised
or realized in full, then the

PAGE 2

<PAGE>

unpurchased or unissued shares subject to such Options will again be available
for issuance under this Plan. If the Company repurchases shares of Class A
Common Stock issued pursuant to an Option, then the repurchased shares will not
be available again for issuance under this Plan, unless the shares relate to an
Option (or portion of an Option) that was exercised prior to becoming vested,
which shares are then repurchased by the Company, for the Optionee's Exercise
Price, in conjunction with the Optionee terminating employment or services with
the Company prior to satisfaction of the underlying vesting schedule, in which
case the repurchased shares will again be available for issuance under this
Plan; provided, that the aggregate number of shares that may be issued upon the
exercise of ISOs will in no event exceed 2,000,000, subject to adjustment from
time to time as provided in Section 11.1.

     SECTION 4. ADMINISTRATION.

          4.1 ADMINISTRATOR. The Board of Directors of the Company will
administer this Plan, except to the extent that it delegates administrative
responsibilities to a committee or subcommittee. The body charged with
administering the Plan is referred to as the "Administrator." Notwithstanding
the delegation of administrative authority, the Board has exclusive authority to
(a) amend or terminate this Plan as provided in Section 16, and (b) remove
members from and add members to a committee or subcommittee acting as the
Administrator. The Administrator may further delegate administrative duties to
those officers and managers of the Company as it so determines.

          4.2 PROCEDURES. The Administrator may hold meetings at such times and
places as it determines, and from time to time adopt and amend rules and
regulations relating to the administration of this Plan, provided that absent
the adoption of any formal rules, the acts of a majority of the members of the
Administrator at a meeting, or acts approved in writing by all Administrator
members, are valid acts of the Administrator.

          4.3 RESPONSIBILITIES. Except as stated elsewhere in this Plan, the
Administrator has full discretionary authority to determine all matters relating
to Options, including but not limited to (a) the selection of Eligible
Participants to receive Options, (b) the number of shares subject to each
Option, (c) the Exercise Price to be paid for any Option, (d) any vesting or
forfeiture schedule, (e) the acceleration of the exercise date, and (f) the
extension of the exercise period. In exercising its authority to set the terms
and conditions of an Option, and subject only to the limits of applicable law,
the Administrator shall be under no obligation or duty to treat similarly
situated Optionees in the same manner, and any action taken by the Administrator
with respect to the grant of an Option to one individual shall in no way
obligate the Administrator to take the same or similar action with respect to
any other individual. The Administrator may exercise its discretion in a manner
such that Options granted to individuals who are foreign nationals or are
employed outside the United States contain terms and conditions that are
different from the provisions otherwise anticipated in this Plan, but which are
consistent with the tax and other laws of applicable foreign jurisdictions and
consistent with the Company's objectives in establishing this Plan.

          4.4 PLAN CONSTRUCTION AND INTERPRETATION. Subject to Section 4.5, the
Administrator may correct any defect, supply any omission, or reconcile any
inconsistency (a)

PAGE 3

<PAGE>

within this Plan, (b) between this Plan and any related agreement, or (c)
between this Plan and any rule or regulation promulgated under this Plan, in the
manner and to the extent the Administrator deems appropriate to carry out this
Plan. The Administrator's interpretation or construction of any such Plan
provision, related agreement, rule or regulation shall be final, conclusive and
binding on all interested parties.

          4.5 AMENDMENT OF OPTIONS. The Administrator may modify or amend
outstanding Options granted under this Plan. The modification or amendment of an
outstanding Option shall not, without the consent of the Optionee, impair,
diminish or terminate any of the rights of the Optionee or any of the
obligations of the Company under the Option, except as otherwise provided in
this Plan, or as required to comply with applicable law. Unless the Optionee
agrees otherwise, any changes or adjustments made to outstanding ISOs granted
under this Plan will be made in a manner so as not to constitute a
"modification," as defined in Code Section 424(h), and so as not to cause any
ISO to fail to continue to qualify under Code Section 422(b).

     SECTION 5. OPTIONS AND ELIGIBLE PARTICIPANTS.

          5.1 TYPES. Subject to Section 4, the Administrator may, from time to
time, grant under this Plan (i) incentive stock options (also referred to as
"ISOs"), as defined in Code Section 422, or (ii) options that do not qualify as
ISOs (referred to as "nonqualified stock options" or "NQSOs"). ISOs and NQSOs
may be granted singly or in combination.

          5.2 ELIGIBLE PARTICIPANTS. The Administrator, as it determines from
time to time, may grant Options to officers, directors and employees of the
Company and its Related Entities. The Administrator may also grant Options to
consultants, agents, advisors and independent contractors who provide services
to the Company or its Related Entities, or both, provided that such Option
recipients (a) are natural persons or an alter-ego entity, (b) render bona fide
services that are not in connection with the offer and sale of the Company's
securities in a capital-raising transaction and (c) render bona fide services
that do not directly or indirectly promote or maintain a market for the
Company's securities.

          5.3 TERMS AND CONDITIONS. The terms and conditions of Options granted
under this Plan need not be identical in any respect, even when grants are made
simultaneously or to persons with the same or similar status.

     SECTION 6. PROVISIONS APPLICABLE TO ALL OPTIONS. The provisions of this
Section 6 apply to both ISOs and NQSOs.

          6.1 OPTION AGREEMENT. Each Option will be evidenced by an Option
Agreement that incorporates this Plan by reference and describes the terms and
conditions of the Option. In particular, the Option Agreement will specify the
number of shares of Common Stock that may be purchased, whether the Option is an
ISO or a NQSO, the Option's expiration date, the schedule (if any) under which
the Option may be exercised, the Exercise Price, and any other terms,
conditions, restrictions, representations or warranties required by the
Administrator.

PAGE 4

<PAGE>

          6.2 EXERCISE PRICE. The Administrator will determine the Exercise
Price of NQSOs and ISOs, provided that subject to the requirements of Section 7,
the per share Exercise Price with respect to an ISO will be at least the Fair
Market Value of a share of the Common Stock as of the Grant Date.

          6.3 TERM. The term of each Option will be ten years from the Grant
Date, unless a shorter period is required under Section 7 or the Administrator
establishes a shorter period of time.

          6.4 VESTING. To ensure the Company achieves the purposes and receives
the benefits contemplated in this Plan, any Option granted under this Plan
shall, unless the condition of this Section 6.4 is waived or modified in the
Option Agreement or by action of the Administrator, be exercisable according to
the following schedule:

<TABLE>
<CAPTION>
Period of Optionee's Continuous
 Service Relationship With the
   Company or Related Entity      Portion of Total Option
      From The Grant Date           That Is Exercisable
-------------------------------   -----------------------
<S>                               <C>
        Less than 1 year                      0%
        1 year                               25%
        2 years                              50%
        3 years                              75%
        After 4 Years                       100%
</TABLE>

          The Administrator may, in its complete discretion, provide in an
Option Agreement (or addendum to a previously issued Option Agreement) for the
Optionee's ability to exercise his or her Option prior to vesting, provided that
the Company may require that such shares be held in escrow until the Optionee
satisfies the applicable vesting schedule, that such shares be subject to a
requirement that they may not be sold, gifted or otherwise transferred prior to
vesting, and that if the Optionee terminates employment or other service
relationship with the Company prior to satisfaction of the applicable vesting
schedule, then the Company may (but will not be obligated to) repurchase the
shares that relate to the unvested portion of the Option at the time of
termination, with the Company's repurchase price being the Optionee's original
Exercise Price. In connection with an Optionee's exercise of an Option prior to
vesting, the Optionee may file an election under Code Section 83(b) to
accelerate the tax consequence of the exercise.

          6.5 EXERCISE. The Recipient may exercise Options by delivering written
notice to the Administrator of the number of shares sought to be exercised,
together with payment of the Exercise Price. The Administrator may specify the
form of such notice and the manner of its delivery. Subject to any vesting
schedule in the Option Agreement and to any additional holding period required
by law, the Optionee may exercise each Option in whole or in part, except that
only whole shares of Common Stock will be issued pursuant to the exercise of any
Option.

PAGE 5

<PAGE>

          6.6 PAYMENT OF EXERCISE PRICE. An Optionee must pay the Exercise Price
in full at the time of exercise. Payment of the Exercise Price shall be in cash,
by bank certified or cashier's check or by personal check (unless at the time of
exercise the Administrator in a particular case determines not to accept a
personal check). The Administrator may determine in its complete discretion, as
of the Grant Date for ISOs or at any time before exercise for NQSOs, that
alternative forms of payment will be permitted, including but not limited to
installment payments on such terms as the Administrator may determine or various
cashless exercise arrangements. Unless otherwise provided by the Administrator,
an Option may not be exercised by tender to the Company, or attestation to the
ownership, of shares of Common Stock unless the shares either have been owned by
the Optionee for more than six months (and were not used for another Option
exercise by attestation during that period) or were not acquired, directly or
indirectly, from the Company.

     SECTION 7. PROVISIONS APPLICABLE TO ISOS ONLY. ISOs are subject to the
following terms and conditions, in addition to the provisions of Section 6:

          7.1 GREATER THAN 10% SHAREHOLDERS. If the Company grants ISOs to an
employee who owns more than 10% of the total combined voting power of all
classes of stock of the Company, with stock ownership to be determined in light
of the attribution rules set forth in Code Section 424(d), the term of such ISO
may not exceed five years and the Exercise Price may be not less than 110% of
the Fair Market Value of the Common Stock on the ISO's Grant Date. To the extent
an Option purports to be an ISO but exceeds these limits, the Option will be
deemed to be a NQSO.

          7.2 LIMITATION ON VALUE. The aggregate Fair Market Value of all shares
available under ISOs (under this Plan and any other incentive stock option plan
of the Company or a Related Entity) that are exercisable for the first time in
any calendar year may not exceed $100,000. For purposes of this limit, Fair
Market Value is measured as of the Grant Date of the applicable Option. To the
extent Options are granted as ISOs but exceed the $100,000 threshold, the
Options beyond the $100,000 threshold (starting with the most recent grants)
shall be treated as NQSOs. If the Code is amended to provide for a different
limitation from that set forth in this Section 7.2, then that different
limitation will be deemed incorporated into this Plan, effective as of the date
and with respect to those Options as dictated by the applicable amendment to the
Code. If an Option is treated as possessing both ISOs and NQSOs by virtue of the
limitation of this Section 7.2, then upon exercise the Optionee may designate
whether the portion being exercised constitutes ISOs or NQSOs (or both). In the
absence of a designation by the Optionee, the Optionee will be deemed to have
first exercised the ISO portion of the Option. The Plan Administrator may direct
that separate certificates be issued to reflect the exercise of ISOs versus the
exercise of NQSOs.

     SECTION 8. EMPLOYMENT WITH RELATED ENTITIES. For purposes of this Plan,
being engaged in employment or other service relationship with a Related Entity
constitutes employment or other service relationship with the Company. In
particular, the provisions of Section 9, below, shall apply by using the terms
"Company" and "Related Entity" interchangeably. A transfer between the Company
and one or more Related Entities will not constitute a termination of employment
or other service relationship with the Company (provided

PAGE 6

<PAGE>

that pursuant to Section 9.4, a change in status from an employee to a
non-employee worker will constitute a termination of employment for federal tax
purposes with respect to ISOs).

     SECTION 9. TERMINATION OF RELATIONSHIP WITH COMPANY. Except as provided
otherwise in the applicable Option Agreement, all Options that are unvested
automatically expire upon termination of an Optionee's employment or other
service relationship with the Company for any reason. And except as provided
otherwise in the applicable Option Agreement, the effect of a termination of
employment or other service relationship upon vested Options is as follows:

          9.1 TERMINATION FOR CAUSE.

               9.1.1 EFFECT UPON OPTIONS. If the Company terminates an
Optionee's employment or other service relationship for Cause, then, as of the
Company's first discovery of any of the grounds for termination for Cause, any
Option held by that Optionee shall automatically terminate. If an Optionee is
suspended pending an investigation of whether or not the Optionee will be
terminated for Cause, then all of the Optionee's rights under any Option will
also be suspended during the period of investigation.

               9.1.2 DEFINITION OF CAUSE. Termination for "Cause" means the
Optionee's (a) willful refusal to perform his obligations to the Company, (b)
willful misconduct contrary to the interests of the Company, (c) commission of a
serious criminal act whether denominated a felony, misdemeanor or otherwise, or
(d) engaging in activities directly in competition or antithetical to the best
interests of the Company. To the extent an Optionee is a party to an employment
agreement or offer letter of employment with the Company that defines "cause" or
a similar term, then the meaning set forth in that agreement shall also be
considered "Cause" for purposes of this Plan.

          9.2 TERMINATION BECAUSE OF TOTAL DISABILITY. If an Optionee's
employment or other service relationship with the Company terminates because of
a "Total Disability," as defined below, then the Optionee's vested Options
(determined as of the termination) shall not expire (and any ISOs will not cease
to be treated as ISOs) until the sooner of (i) the end of the 12-month period
following such termination or (ii) the normal expiration date of the Option. For
purposes of this Plan, Total Disability means a mental or physical impairment
that (a) causes an individual to be unable to engage in any substantial gainful
activity, after reasonable accommodation, and (b) is expected to result in death
or has lasted or is expected to last for a continuous period of 12 months or
more. The status of Total Disability will be determined by the Administrator
and, if requested by the affected Optionee, two independent physicians, and
shall be deemed to exist on the first day after the Administrator (and the two
independent physicians, if applicable) reach the conclusion. The application of
this Section 9.2 will not accelerate the vesting of Options.

          9.3 TERMINATION BECAUSE OF, OR SHORTLY BEFORE, DEATH. If an Optionee
dies (a) while still engaged in a service relationship with the Company or (b)
within the three-month period (or 12-month period in the case of Total
Disability) following cessation of such relationship, then any vested Options
may be exercised at any time prior to (i) the end of the 12-month period
following the death or (ii) the regular expiration date applicable to the
Option,

PAGE 7

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whichever is earlier. The application of this Section 9.3 will not accelerate
the vesting of Options. The vested portion of the Option (determined as of the
Optionee's date of death) may be exercised by the personal representative or the
person to whom the Optionee's rights pass by will or by the laws of descent and
distribution.

          9.4 OTHER TERMINATIONS. If an Optionee's relationship with the Company
terminates for a reason other than Cause, death, or Total Disability, the
Optionee may exercise outstanding Options until the earlier of (a) the end of
the three-month period following termination of an Optionee's employment or
other service relationship with the Company, or (b) the expiration date stated
in the Option Agreement, after which all unexercised Options will expire.
However, the Administrator may extend the exercise period, in its the sole
discretion, provided that ISOs exercised beyond the three-month period following
termination of an Optionee's employment with the Company will be treated as
NQSOs. Unless provided otherwise in an individual Option Agreement, an
Optionee's change in status from being an employee to a non-employee worker
(such as a consultant) will not constitute a termination of the Optionee's
employment with the Company for purposes of applying the provisions of this
Section 9.4 to any ISOs held by the Optionee, provided that the Optionee's
exercise of any ISO beyond the three-month period following the change of the
Optionee's status from being an employee to a non-employee worker will be
treated as the exercise of a NQSO.

          9.5 MILITARY LEAVE, SICK LEAVE AND BONA FIDE LEAVE OF ABSENCE. To the
extent determined by the Administrator, an Optionee's employment or other
working relationship with the Company may be deemed to continue while the
Optionee is on military leave, sick leave or other bona fide leave of absence.
However, with respect to ISOs, employment will not be deemed to continue beyond
the first 90 days of leave, unless the individual's reemployment rights are
guaranteed by statute or by contract.

     SECTION 10. OPTIONS NOT TRANSFERABLE. Options are personal to the Optionee
during the Optionee's lifetime and may not be transferred, assigned, pledged,
attached or otherwise disposed of in any manner, except by will or the laws of
descent and distribution. Any attempt to transfer, assign, pledge, attach or
otherwise dispose of any Option contrary to this Section 10 will be null and
void.

     SECTION 11. CHANGES IN COMPANY'S CAPITAL STRUCTURE.

          11.1 ADJUSTMENTS UPON CHANGES IN CAPITALIZATION. In the event of any
merger, consolidation, reorganization, stock split, stock dividend or other
event causing a capital adjustment affecting the number of outstanding shares of
Common Stock ("Capitalization Change"), the Administrator will make
corresponding adjustments to preserve the relative value of Options. To that end
the Administrator will make adjustments, as necessary, in: (a) The aggregate
number or kind of shares for which Options may be granted under this Plan; (b)
the number or kind of shares covered by any outstanding Options under this Plan;
and (c) other terms of this Plan or outstanding Options that merit a change in
conjunction with the Capitalization Change. Any fractional shares resulting from
an adjustment will be disregarded. In the event the Company issues additional
shares of Common Stock for consideration (including non-cash consideration),
neither the total amount of shares subject to this Plan, nor the amount of

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<PAGE>

shares subject to any outstanding Option, will be adjusted. The Administrator's
determination as to what adjustments should be made and the extent of the
adjustments will be final, binding and conclusive.

          11.2 EFFECT OF SALE, MERGER OR EXCHANGE.

               11.2.1 TERMINATION OF OPTIONS. Subject to Section 11.2.2, upon
the completion of a "Sales Event" (as defined below) any unexercised Options
will expire and cease to be effective, provided that Optionees will have advance
notice and an opportunity prior to the Sales Event to exercise any vested
Options. In the alternative, at the complete discretion of the Administrator,
the Company may (i) determine to cash out some or all of the unexercised, vested
Options by paying each affected Optionee an amount equal to the Fair Market
Value of a share of Common Stock (as determined for purposes of the Sales
Event), multiplied by the number of shares of Common Stock available under the
vested portion of the Optionee's Option, reduced by the aggregate Exercise Price
associated with that portion of the Option, or (ii) continue some or all of the
Options, subject to the same terms and conditions (including the vesting
schedule, if any) that applied prior to the Sales Event, modified as deemed
appropriate by the Administrator in conjunction with the Sales Event. For
purposes of this Plan a "Sales Event" will include the consummation of (a) a
complete liquidation of the Company, (b) a sale to an unrelated Company of
substantially all of the Company's assets, (c) a sale of the Company's stock
after which voting control of the Company is held by persons who were not
shareholders of the Company prior to the sale or (d) a merger, consolidation,
reorganization or other similar event that shifts voting control of the Company
(or any successor entity) to persons who were not shareholders of the Company
prior to the transaction. Unless provided otherwise in the applicable Option
Agreements, or pursuant to an action of the Board, the vesting schedules
applicable to outstanding Options will not accelerate in connection with a Sales
Event.

               11.2.2 CONVERSION ON STOCK FOR STOCK EXCHANGE. If pursuant to a
Sales Event the shareholders of the Company receive capital stock of another
corporation ("Exchange Stock") in exchange for their shares of Common Stock,
then the Company and the corporation issuing the Exchange Stock may (at their
discretion) provide that any unexercised Options under this Plan will be
converted into options to purchase shares of Exchange Stock. The number of
shares and exercise price of options for Exchange Stock will be determined by
adjusting the number of shares and Exercise Price of the unexercised Options in
the same proportion as used for determining the number of shares of Exchange
Stock that the shareholders of Common Stock receive in the transaction. Other
than the potential changes to the Exercise Price and number of shares of the
outstanding Options, all of the terms and conditions relating to the converted
Options under this Plan shall apply to options for the Exchange Stock, unless
otherwise determined by the Administrator.

          11.3 NO RESTRICTION ON ABILITY TO ACCOMPLISH CORPORATE CHANGES. This
Plan and Options granted hereunder will not in anyway limit the right or power
of the Company, or its stockholders, to make or authorize any or all adjustments
in connection with recapitalizations, reorganizations or other changes in the
Company's structure or its business, or any merger or consolidation of the
Company, or any issuance of stock or of options, warrants or rights to purchase
stock or bonds, debentures, preferred or prior preference stocks whose rights

PAGE 9

<PAGE>

are superior to or affect the Common Stock or rights of holders thereof or which
are convertible into or exchangeable for Common Stock, the dissolution or
liquidation of the Company, or any sale or transfer of all or any part of its
assets or business, or any corporate act or proceeding, whether of a similar
character or otherwise.

     SECTION 12. SECURITIES REGULATION AND OTHER REQUIRED APPROVALS. The Company
shall not issue shares subject to an Option unless the exercise, issuance and
delivery of such shares comply with all relevant provisions of law, including
any applicable state securities laws, the Securities Act, the Exchange Act, any
relevant securities rules and regulations, and the requirements of any stock
exchange upon which the shares may then be listed. The issuance of shares shall
be further subject to the approval of counsel for the Company with respect to
such compliance, including the availability of an exemption from registration
for the issuance and sale of any shares under this Plan.

          12.1 EFFECT OF LACK OF AUTHORITY. The Company will use its best
efforts to obtain from the appropriate regulatory agencies any requisite
authorization in order to issue the number of shares of its Common Stock as
needed to satisfy the requirements of this Plan. The Company's inability to
obtain the authority that Company's counsel deems to be necessary for the lawful
issuance of any shares under this Plan, or the unavailability of an exemption
from registration for the issuance and sale of any shares under this Plan, shall
relieve the Company of any liability with respect to the non-issuance of such
shares.

          12.2 SECTION 16(B) COMPLIANCE; BIFURCATION OF PLAN. As long as the
Company registers any of its equity securities pursuant to Section 12(b) or
12(g) of the Exchange Act, this Plan and the Options granted under this Plan
shall comply in all respects with Rule 16b-3 under the Exchange Act (or any
successor rule). If any Plan provision is later found not to be in compliance
with Rule16b-3, the provision shall be deemed null and void, or if possible
construed in favor of its meeting the requirements of Rule 16b-3.
Notwithstanding anything in this Plan to the contrary, the Administrator, in its
absolute discretion, may bifurcate this Plan so as to restrict, limit or
condition the use of any provision of this Plan to Optionees who are officers
and directors subject to Section 16(b) of the Exchange Act without so
restricting, limiting or conditioning other Optionees. This provision shall not
obligate the Company to undertake registration of any of the Options or shares
of Common Stock.

          12.3 REPRESENTATIONS AND WARRANTIES. As a condition to granting any
Option, the Company may require the recipient to make any representation or
warranty to the Company as may be required, in the judgment of the Company,
including executing and delivering to the Company an agreement as may from time
to time be necessary to comply with federal and state securities laws. At the
election of the Company, a stop-transfer order against any shares of stock may
be placed on the official stock books and records of the Company, and a legend
may be stamped on stock certificates indicating that the stock may not be
pledged, sold or otherwise transferred unless an opinion of counsel is provided
(concurred in by counsel for the Company) stating that such transfer is not in
violation of any applicable law or regulation.

          12.4 LEGENDS ON OPTION AGREEMENTS AND STOCK CERTIFICATES. Unless an
appropriate registration statement is filed pursuant to the Securities Act, with
respect to the

PAGE 10

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shares of Common Stock issued under this Plan, each certificate representing
such Common Stock shall be endorsed with the following legend or its equivalent:

          The securities represented by this certificate have not been
          registered under the Securities Act of 1933, as amended (the "Act) and
          may not be sold, assigned, offered or otherwise transferred unless (a)
          there is an effective registration statement under the Act, or (b) the
          Company receives an opinion of legal counsel for the holder of these
          securities (concurred in by legal counsel for the Company) stating
          that the transaction is exempt from registration or the Company
          otherwise satisfies itself that the transaction is exempt from
          registration.

In addition to this legend, each Option Agreement and each certificate
representing shares of Common Stock acquired through an Option shall be endorsed
with all legends, if any, which are required by applicable state securities laws
and the Administrator.

     SECTION 13. WITHHOLDING TAX REQUIREMENT. The Company will have the right to
retain and withhold from any payment of cash, or shares of Common Stock, the
amount of taxes required by any government to be withheld. The Company may
require an individual receiving cash or shares of Common Stock under this Plan
to advance or reimburse the Company for any such taxes required to be withheld
and may withhold any distribution in whole or in part until the Company is so
reimbursed. In lieu of withholding or reimbursement, the Company has the right
to withhold from any other cash amounts due or to become due from the Company to
the individual in an amount equal to the taxes, or to retain and withhold a
number of shares having a market value not less than the amount of the taxes
required to be withheld as reimbursement for any taxes and cancel (in whole or
in part) any shares so withheld.

     SECTION 14. STATUS OF SHAREHOLDER. No Optionee, nor any party to which an
Optionee's rights and privileges may pass, will have any of the rights or
privileges of a shareholder of the Company with respect to the shares related to
an Option unless, until and to the extent the Option has been properly exercised
for shares.

     SECTION 15. RIGHTS AND RELATIONSHIPS.

          15.1 THIS PLAN. This Plan is purely voluntary on the part of the
Company. The adoption or continuance of this Plan will not be deemed to
constitute a commitment to Eligible Participants by the Company to continue this
Plan.

          15.2 NO EMPLOYMENT CONTRACT. Nothing in this Plan, nor in any Option
granted pursuant to this Plan, shall give any Optionee any right to continued
employment with the Company or a Related Entity, or to interfere in any way with
the right of the Company (or Related Entity) to terminate the Optionee's
employment or service relationship with the Company at any time.

PAGE 11

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     SECTION 16. AMENDMENT AND TERMINATION.

          16.1 BOARD ACTION. The Board may at any time suspend, amend or
terminate this Plan, provided that the approval of the Company's shareholders is
necessary within 12 months before or after the adoption by the Board of any
amendment which will (a) increase the number of shares reserved for the issuance
of Options under this Plan; or (b) permit the granting of Options to a class of
persons other than those presently permitted to receive Options under this Plan.

          16.2 AUTOMATIC TERMINATION. Unless sooner terminated by the Board,
this Plan shall terminate ten years from the earlier of (a) the date on which
this Plan is adopted by the Board or (b) the date on which this Plan is approved
by the shareholders of the Company.

          16.3 EFFECT. No Option may be granted after the termination or during
any suspension of this Plan. In addition, no amendment, suspension or
termination of this Plan shall adversely affect Options granted on or prior to
the date thereof, without the consent of the Optionees, unless expressly
provided for in this Plan or a particular Option Agreement.

     SECTION 17. APPLICABLE LAW; RESOLVING DISPUTES. This Plan shall be governed
and construed in accordance with the laws of the State of Washington. Any
dispute arising regarding an Option under this Plan will be resolved by single
arbitrator arbitration, conducted pursuant to the Revised Code of Washington,
Chapter 7.04, modified as described herein. Demand for arbitration shall be in
writing, delivered to the applicable party or parties. If the parties cannot
agree to an arbitrator within 30 days of the initial demand for arbitration,
either party may petition the King County Superior Court for the appointment of
an arbitrator by the Court. Once appointed, the arbitrator shall allow discovery
as described in the Civil Rules for Washington Superior Court. The hearing shall
be conducted within 120 days after the arbitrator's appointment, unless
otherwise agreed in writing by the parties. The arbitrator shall render a
written decision within 30 days after completion of the hearing. The prevailing
party shall be entitled to attorney's fees and costs, including its portion of
the arbitrator's fee.

     SECTION 18. EFFECTIVENESS OF THIS PLAN. This Plan shall become effective
upon adoption by the Board (which shall be the "Effective Date"), so long as it
is approved by the Company's shareholders any time within 12 months before or
after the adoption of this Plan.

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                                AMENDMENTS TO THE
                              CLEARWIRE CORPORATION
                             2003 STOCK OPTION PLAN

Pursuant to the authorization and direction of the Board of Directors of
Clearwire Corporation, the following amendments to the Clearwire Corporation
2003 Stock Option Plan (the "Plan") have been adopted, effective as of the dates
set forth below:

<TABLE>
<CAPTION>
DATE OF
AMENDMENT          SECTION               TEXT OR EFFECT OF AMENDMENT
----------------   -------               ---------------------------
<S>                <C>       <C>
April 15, 2004               The name of the Plan was changed from the "Flux US
                             Corp 2003 Stock Option Plan" to the "Clearwire
                             Corporation 2003 Stock Option Plan."

December 6, 2004     3.1     Increase of number of shares of Class A Common
                             Stock available for issuance under the Plan from
                             12,000,000 to 30,000,000
</TABLE>

PAGE 13

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