Document:

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                                                                 Exhibit 10.16.7
                                                                 ---------------

                            STOCK OPTION AGREEMENT

     THIS STOCK OPTION AGREEMENT (this "Agreement") is made as of April 27,
                                        ---------
2001, between IWO Holdings, Inc., a Delaware corporation ("Holdings"), and
                                                           --------
Timothy J. Medina (the "Optionee").
                        --------

                                   RECITALS
                                   --------

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

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

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

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

                                   AGREEMENT
                                   ---------

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

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

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

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

     "Approved Sale" means a transaction or a series of related transactions
      -------------
other than a Designated Merger:  (i) including, but not limited to, by way of
merger or consolidation, which results in any "person" or "group" (as such terms
are used in Sections 13(d) and 14(d) of the Exchange Act or any successor
provisions to either of the foregoing), other than (A) any one or more of the
Initial Stockholders or Affiliates thereof or (B) a non-U.S. entity with respect
to which an Initial Stockholder or Affiliate thereof has an administrative
relationship, becoming the "beneficial owner" (as defined in Rule 13d-3 under
the Exchange Act), directly or indirectly, of a
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majority of the total voting power of the capital stock of Holdings or otherwise
able to elect a majority of the board of directors of Holdings (for purposes of
this definition, such person or group shall be deemed to beneficially own
capital stock of Holdings that is held by any other corporation so long as such
person or group beneficially owns, directly or indirectly, in the aggregate a
majority of the total capital stock of such other corporation); or (ii) which
results in the sale, transfer, assignment, lease, conveyance or other
disposition, directly or indirectly, of all or substantially all the assets of
Holdings and its subsidiaries, considered as a whole (other than to an Affiliate
thereof).

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

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

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

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

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

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

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

     "Effective Date" means May 7, 2001.
      --------------

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

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

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

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

                                       2
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Annual Valuation, such subsequent determination shall supersede the Annual
Valuation then in effect and shall establish the Fair Market Value until the
next Annual Valuation. The Fair Market Value shall be based on an assumed sale
of 100% of the outstanding capital stock of Holdings (without reduction for
minority interest or lack of liquidity of the Option Shares or similar
discount). If such determination of the Fair Market Value is challenged by the
Optionee, the Board of Directors will select an appraiser or investment bank
with a national reputation who is independent (not an Affiliate of the parties)
(the "Appraiser") and who shall establish the Fair Market Value as of the date
      ---------
of valuation referenced in the Annual Valuation or a subsequent determination.
The Appraiser's determination shall be conclusive and binding on Holdings and
Optionee. Holdings shall bear all costs incurred in connection with the services
of such Appraiser; and (b) subsequent to an Initial Public Offering: The price
of the last sale of the stock on the date Optionee exercises the Option.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

               (i)  The Option to purchase 167,930 shares of Class B Common
         Stock (the "Time Vesting Option") shall vest on the basis of Daily
                     -------------------
         Vesting over a period of three years commencing on the Effective Date.

               (ii) The Option to purchase 167,929 shares of Class B Common
         Stock (the "Performance Vesting Option") shall vest on the basis of
                     --------------------------
         performance. The Performance Vesting Option shall become exercisable to
         the extent of one-third (1/3) of such option as of the end of fiscal
         2001, 2002 and 2003 if the Optionee's performance equals or exceeds the
         performance targets as set by the Chief Executive Officer of the
         Company and the Board of Directors of Holdings in consultation with the
         Optionee and issued within approximately 60 days of the commencement of
         such fiscal year. If for any of 2002, 2003 or 2004 the Optionee's
         performance for that fiscal year and such preceding fiscal years equal
         or exceed the cumulative performance targets set by the Board of
         Directors with respect to such fiscal year, the Performance Vesting
         Option shall become exercisable to the extent that it would have become
         exercisable had the Optionee achieved the performance target amounts
         for that and each of the preceding fiscal years. Notwithstanding the
         foregoing, if the Performance Vesting Option or any portion of the
         Performance Vesting Option has not vested pursuant to the terms in this
         Section 3(a)(ii) prior to December 31, 2005, such options shall become
         exercisable on such date.

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

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than 20% but less than 40% (e.g., if the internal rate of return is 30%, 50% of
the unexercisable Performance Vesting Options and Time Vesting Options shall
become exercisable).

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

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

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

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

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

         (a)   Subject to Section 6(a), the exercisable portion of the Option
shall expire upon the tenth anniversary of the Effective Date, unless:  (i) the
Optionee is terminated by Holdings with Cause, in which case the exercisable
portion of the Option will expire 90 days after the Termination Date; (ii) the
Optionee voluntarily leaves, in which case the exercisable portion of the Option
will expire 90 days after the Termination Date, provided that if the Board of
Directors determines that the Optionee left Holdings due to personal hardship,
then the exercisable portion of the Option will expire three years after the
Termination Date; (iii) the Optionee is terminated by Holdings without Cause, in
which case the exercisable portion of the Option will expire one year after the
Termination Date; or (iv) the Optionee's employment is terminated due to death,
Disability or Retirement, in which case the exercisable portion of the Option
will expire three years after the Termination Date.

         (b)   The unexercisable portion of the Time Vesting Option and the
Performance Vesting Option shall expire on the earlier to occur of (i) the
Termination Date (giving effect to the vesting of such unexercisable portion in
accordance with Section (3)(d)(ii), if applicable), provided that, if prior to
an Initial Public Offering, a pro rata portion of the portion of the Performance
Vesting Option scheduled to become exercisable in the year including the
Termination Date shall become exercisable as if the Optionee's employment had
not been terminated if performance targets for the Fiscal Year during which the
Termination Date have been met or exceeded, or (ii) except to the extent
provided in Section 3(b), Section 3(d) and

                                       5
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Section 6(a), an Approved Sale or a Designated Merger. The proration provided
for in clause (b)(i) above will be determined by the number of days elapsed in
the year in which the termination occurred before the Termination Date. The
Performance Vesting Options that become exercisable pursuant to clause (b)(i)
above shall expire one year following the date on which the Optionee received
notice that the performance targets were met.

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

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

         (a)   In the event of an Approved Sale or a Designated Merger, the
unexercised portion of the Option shall terminate upon such Approved Sale or
Designated Merger unless (i) provision is made in writing in connection with
such Approved Sale or Designated Merger for the assumption of such Options, or
for the substitutions of such Options of new awards covering the securities of a
successor entity or an Affiliate thereof, with appropriate adjustments as to the
number and kind of securities and exercise prices, in which event such
outstanding Options shall continue or be replaced, as the case may be, in the
manner and under the terms so provided; or (ii) the Board of Directors otherwise
shall provide in writing for such adjustments as it deems appropriate in the
terms and conditions of the then-outstanding Options, including without
limitation (A) accelerating the vesting of outstanding Options and/or (B)
providing for the cancellation of Options and their automatic conversion into
the right to receive the securities, cash or other consideration that a holder
of the shares underlying such Options would have been entitled to receive upon
consummation of such Approved Sale or Designated Merger had such shares been
issued and outstanding immediately prior to the closing date of the Approved
Sale or Designated Merger (net of the appropriate option exercise prices).  If
pursuant to this Section 6(a) the Options are to terminate upon an Approved Sale
or Designated Merger without provision for any of the actions described in
clause (i) or (ii) above, then the Optionee shall be given at least ten (10)
days' prior notice of the proposed Approved Sale or Designated Merger and shall
be entitled to exercise such exercisable but unexercised portion of the Option
(including all options that become exercisable immediately prior to the Approved
Sale pursuant to Section 3(b) or the Designated Merger pursuant to Section
3(d)(i)) at any time during such ten (10) day period up to and until the close
of business on the day immediately preceding the date of consummation of such
Approved Sale or Designated Merger, and, notwithstanding Section 7 hereof, the
Exercise Price may, at the option of the Optionee, be paid in whole or in part
by delivery of shares of the Class B Common Stock owned by the Optionee (the
value of such

                                       6
<PAGE>

shares delivered as payment of the Exercise Price shall be determined based on
and consistent with the value of the consideration to be tendered in connection
with such Approved Sale or Designated Merger), and upon exercise of the Option
the Option Shares shall be treated in the same manner as the shares of any other
holder of Class B Common Stock.

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

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

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

                                       7
<PAGE>

Shares to Holdings in connection with Optionee's exercise of this Option as
contemplated by Sections 7 and 15 hereof.

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

         (a)   No Option Shares shall be issued or transferred pursuant to this
Agreement unless and until all legal requirements applicable to such issuance or
transfer have, in the opinion of counsel to Holdings, been satisfied.  Such
requirements may include, but are not limited to, registering or qualifying such
Option Shares under any state or federal law, satisfying any applicable law
relating to the transfer of unregistered securities or demonstrating the
availability of an exemption from applicable laws, placing a legend on the
Option Shares to the effect that they were issued in reliance upon an exemption
from registration under the Securities Act of 1933, as amended (the "Act"), and
                                                                     ---
may not be transferred other than in reliance upon Rule 144 or Rule 701
promulgated under the Act, if available, or upon another exemption from the Act,
or obtaining the consent or approval of any governmental regulatory body.

         (b)   The Optionee understands that Holdings intends for the offering
and sale of Option Shares to be effected in reliance upon Rule 701 or another
available exemption from registration under the Act and intends to file a Form
701 as appropriate, and that Holdings is under no obligation to register for
resale the Option Shares issued upon exercise of the Option, subject to other
applicable agreements or the Certificate of Incorporation.  In connection with
any such issuance or transfer, the person acquiring the Option Shares shall, if
requested by Holdings, provide information and assurances satisfactory to
counsel to Holdings with respect to such matters as Holdings reasonably may deem
desirable to assure compliance with all applicable legal requirements.  Holdings
shall use its best efforts to register the exercise of the Option under a
registration statement on Form S-8 within a reasonable time following the
closing of an Initial Public Offering.  Holdings shall take reasonable steps to
cause this Agreement and the exercise of the Option granted hereunder to comply
with the exemption from Section 16 of the Exchange Act provided under Securities
and Exchange Commission Rule 16b-3 or any successor rule, as it may be amended
from time to time.

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

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

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

                                       8
<PAGE>

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

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

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

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

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

     If to Holdings to:

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

                                       9
<PAGE>

          With a copy to:

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

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

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

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

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

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

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

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

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

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

                                       10
<PAGE>

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

                                        IWO HOLDINGS, INC.

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

                                        "OPTIONEE"

                                        /s/ Timothy J. Medina
                                        ---------------------
                                        Timothy J. Medina
                                        Address:  320 Canterwood Lane
                                                  Great Falls, Virginia 22206

                    Number of Time Vesting Option Shares:  167,930
                    Number of Performance Vesting Option Shares:  167,929
                    Total Number of Option Shares:  335,859

                                       11<PAGE>

                                                                 Exhibit 10.22.1
                                                                 ---------------

                            AGREEMENT OF EMPLOYMENT

     THIS EMPLOYMENT AGREEMENT (this "Agreement"), dated as of April 27, 2001,
                                      ---------
by and among Independent Wireless One Corporation, a Delaware corporation
("IWO"), IWO Holdings Inc., a Delaware corporation ("Holdings" and together with
  ---                                                --------
IWO the "Corporation") and, Timothy J. Medina, residing at 320 Canterwood Lane,
         -----------
Great Falls, Virginia 22206, hereinafter called (the "Employee").
                                                      --------

                                   RECITALS

     WHEREAS, the Corporation desires to induce and secure the employment of the
Employee as Chief Financial Officer and Employee desires to be so employed by
the Corporation, beginning as of May 7, 2001 (the "Effective Date").
                                                   --------------

                                  AGREEMENTS

     1.   Employment and Term.  Subject to the provisions for earlier
          -------------------
termination and extension as hereinafter provided in paragraph 7 below, the
Corporation hereby employs the Employee and the Employee agrees to serve the
Corporation for a term of three years commencing upon the Effective Date.

     2.   Duties of Employee.
          ------------------

          (a)  The Employee shall serve as Chief Financial Officer of the
Corporation, and of any subsidiary or affiliated corporation if elected by the
appropriate Board of Directors, and shall perform such duties as are appropriate
to such office and not inconsistent therewith as may be assigned to him by the
Chief Executive Officer of the Corporation.

          (b)  So long as this Agreement shall continue in effect, the Employee
shall devote substantially his full business time and energies to the business
and affairs of the Corporation, and to any subsidiary or affiliate of the
Corporation as directed by the Corporation, and use his best efforts, skills and
abilities to promote its interests.

     3.   Compensation.
          ------------

          (a)  Basic Salary.  The Corporation will pay the Employee during the
               ------------
term hereof for all services to be rendered hereunder a basic salary at the rate
of two hundred thousand dollars ($200,000) per annum from the Effective Date
through December 31, 2001; two hundred five thousand dollars ($205,000) per
annum from January 1, 2002 through December 31, 2002; two hundred ten thousand
dollars ($210,000) per annum from January 1, 2003 to December 31, 2003; and two
hundred fifteen thousand dollars ($215,000) per annum from January 1, 2004 to
the date occurring three years after the Effective Date.  The foregoing basic
salary shall be paid in such regular installments as are applied generally to
salary period payments to other employees of the Corporation, but in no event
less than twice monthly.

          (b)  Cash Bonus Compensation.  As an added inducement for the Employee
               -----------------------
to use his best efforts to enhance the business of the Corporation, the
Corporation shall pay to the
<PAGE>

Employee, as additional compensation hereunder, an annual cash bonus in the
following amount and subject to the following terms and conditions:

               (i)  for and in respect of each fiscal year (or partial fiscal
                    year) of the Corporation during the term of Employee's
                    employment by the Corporation whether or not such employment
                    is under this Agreement or any extension hereof, commencing
                    with the fiscal year beginning January 1, 2001, amounts,
                    payable as provided below, equal to up to 100% of the basic
                    compensation ("Annual Bonus") described in subparagraph (a)
                                   ------------
                    above.  Such bonus shall be payable pro rata to Employee to
                    the extent, and only to the extent, that business plan
                    targets (including by way of example only, such targets as
                    Earnings Before Interest, Taxes, Depreciation and
                    Amortization ("EBITDA"), revenue, and/or target service
                                   ------
                    levels) and individual management performance targets (as
                    both such business plan and individual performance targets
                    have been developed by the Corporation's Chief Executive
                    Officer and Board of Directors in consultation with Employee
                    and issued within approximately sixty (60) days after the
                    commencement of the relevant fiscal year of the Corporation
                    (or portion thereof) have been exceeded or met by at least
                    75% of target with respect to the relevant fiscal year (or
                    portion of the relevant fiscal year) of the Corporation and
                    not to exceed 100% of the Annual Bonus; and

               (ii) Employee must be employed full-time on the last day of the
                    applicable period for which the cash bonus is paid to
                    receive the bonus.

          (c)  Other Emoluments and Benefits.  The Employee shall be entitled to
               -----------------------------
participate in all rights and benefits for which he shall be eligible under any
stock option plan, bonus, participation or extra compensation plans, pensions,
dental, vision, life, and disability group insurance or other benefits which the
Corporation  may provide for its executive employees generally from time to time
during the term of this Agreement.  Employee shall also be entitled to:

               (i)  A computer and appropriate peripherals, a wireless telephone
                    (tolls and charges paid), leased vehicle for business use,
                    an allowance of three hundred dollars ($300.00) per month
                    during the period prior to availability of such leased
                    vehicle to defray the costs of the use of an automobile for
                    business purposes only; and

               (ii) For the period extending from the Effective Date until the
                    earlier of the date Employee acquires a new residence in the
                    vicinity of Albany, New York, or one hundred twenty (120)
                    days after the date hereof, the Corporation will lease on
                    Employee's behalf an executive residential quarters at a
                    cost no greater than One-Thousand Five Hundred Dollars
                    ($1,500.00) per month.  For the

                                       2
<PAGE>

                     period extending thereafter until the date occurring two
                     years from the Effective Date, the Employee shall be
                     entitled to a housing allowance of up to Three-Thousand
                     Five Hundred Dollars ($3,500.00) per month to defray the
                     costs of renting or purchasing a new residence.

               (iii) Relocation money pursuant to the Relocation and Expense
                     Agreement entered into by the Employee and the Corporation
                     as of the date hereof.  Such Agreement is incorporated
                     herein as Exhibit A.
                               ---------

          (d)  Vacation.  Employee shall be entitled annually to 248 hours of
               --------
time-off from the Employee Paid Time Off Pool as such computation is customarily
administered by the Corporation.  Time-off not used during the calendar year or
partial calendar year in which earned may be carried forward to subsequent
calendar years or partial calendar years ("Carry Forward Time").  However,
                                           ------------------
Employee may not carry over more than 40 hours of Carry Forward Time in any one
year and may not aggregate more than 160 hours of Carry Forward Time in total.
All time-off is subject to approval by the CEO and in no event shall annual
vacation exceed 4 weeks.

          (e)  Stock Incentive Plan.  In addition to the basic compensation and
               --------------------
cash bonus compensation provided herein, Employee shall be entitled during the
term of his employment to participate in the Management Stock Incentive Plan of
Holdings, as amended from time to time, and pursuant thereto has been granted
certain options pursuant to a Stock Option Agreement entered into between the
Employee and the Corporation as of the date hereof.  Such Agreement is
incorporated herein as Exhibit B.
                       ---------

     4.   Expenses.  The Corporation shall provide Employee with a Corporate
          --------
credit card, and further shall pay or reimburse the Employee for all reasonable
traveling and other expenses incurred or paid by the Employee in connection with
the performance of his services under this Agreement upon presentation of
expense statements or vouchers and any such other supporting information in such
form as the Corporation may from time to time request; provided, however, that
the amount available for such traveling and other expenses shall be consistent
with general corporate policy guidelines established by the Corporation.

     5.   Payment.  Expenses, benefits and allowances due Employee hereunder
          -------
shall be paid not later than thirty (30) days following Employee's entitlement
to same, which, in the case of expenses, shall commence with the Employee's
request for reimbursement.  Employee bonuses shall be paid within approximately
sixty (60) days following year end.

     6.   Restrictive Covenants.  In consideration of payment to Employee of the
          ---------------------
compensation specified in paragraph 3 above, Employee hereby covenants and
agrees as follows:

          (a)  Employee shall treat either as trade secrets or as confidential
or as proprietary information of the Corporation (i) any data or information
acquired during the course of or as a result of his employment, which is not
otherwise available to Employee except by reason of his employment, including
but not limited to such items as reports or findings from tests, investigative
studies, consultations or the like, methodology, proposals, systems, programs

                                       3
<PAGE>

or marketing techniques, and strategies developed by but not generally released
by the Corporation or peculiar to the business of any customer or client of the
Corporation and all particularized information relating thereto; (ii) names or
lists of the Corporation's clients or information, data or services made
available to such clients not made public by the Corporation and non-public
information relating to the operating methods or plans or requirements of any
customer or client of the Corporation; and (iii) any other data or information
designated either by the Corporation or by any of its customers or clients as
confidential or proprietary.

          (b)  All improvements, discoveries, programs, process, innovations,
and inventions, and inventions conceived (whether or not deemed patentable),
devised, made, developed or perfected by Employee during any period of his
employment by the Corporation or any period prior to the effective date hereof
during which Employee was in the service of any entity acquired by the
Corporation or any period prior to the effective date hereof during which
Employee was in the service of any entity acquired by the Corporation and
related in any material way to the business, including development and research
of the Corporation, shall be fully and promptly disclosed to the Corporation and
the same shall be the sole and absolute property of the Corporation.  Upon
request of the Corporation, the Employee will execute all documents reasonably
deemed appropriate by the Corporation to secure the foregoing rights and for
obtaining the grants of patents, both domestic and foreign, with respect to such
improvements, discoveries, programs, processes, innovations or inventions and
for vesting title to such patents in the Corporation; provided, however, that
Employee shall not be required to incur any costs or legal expenses in
conjunction with the compliance of any such request.

          (c)  Employee agrees to refrain, except as properly required in the
business of the Corporation, or as authorized in writing by the Corporation, (i)
from using for Employee's own benefit any matters to be treated as trade secrets
or as confidential or proprietary information under subparagraph (a) above; (ii)
from using these matters for the benefit of any other person, firm or
corporation; (iii) from disclosing these matters to any other person, firm or
corporation; and (iv) from authorizing or permitting such disclosure during the
term of his employment or thereafter.

          (d)  Employee agrees to surrender to the Corporation at any time upon
request and in any event upon termination of employment, except as the
Corporation may otherwise consent in writing, all written documents, sketches,
records or information whether copyrighted or patented or not, or any copies of
imitations thereof, whether made by Employee or not, which embody or contain or
describe in any way those matters to be treated as trade secrets or as
confidential or proprietary information under subparagraph (a) above.  The
Corporation shall not unreasonably withhold authorization for Employee to retain
any matters covered by this paragraph 6, the continued possession of which by
Employee will not, in the Corporation's sole but reasonable, opinion, be
detrimental to the best interest of the Corporation.

          (e)  Employee agrees, during the term of his employment and for a
period of two (2) years after the termination thereof, whether such termination
be voluntary or not, that the Employee will not, except at the direction of the
Corporation, either directly or indirectly, for himself as a proprietor,
principal partner, director, officer, employee, agent or other representative
acquire or attempt to acquire the business then conducted by the Corporation
with

                                       4
<PAGE>

any customer of the Corporation under any contracts existing or proposals
submitted on or before the date of termination of his employment.

               The term "Customer of the Corporation" for purposes hereof shall
                         ---------------------------
mean any individual or entity which is the ultimate user or recipient of the
Corporation's (or any subsidiary of the Corporation) services and products
whether the same be made available directly to such entity or through an
intermediate purchaser of such services and products.

          (f)  Employee agrees to refrain, during the term of his employment and
for one (1) year thereafter, from hiring or offering to hire, except with the
written permission of the Corporation, any employee of the Corporation or from
enticing away or in any other manner persuading or attempting to persuade any
employee of the Corporation to discontinue his relationship with the
Corporation.

          (g)  No provision of this paragraph 6 is intended to limit Employee's
right to use or disclose information which is in the public domain or a matter
of common knowledge, or which is generally known in the industry, or acquired by
him from a third party not prohibited from making such disclosure to him, or
which information was already known to Employee other than by breach of this
Agreement; nor is it intended to limit the Employee's obligation to comply with
lawful subpoenas or other lawful process.

          (h)  No act or failure to act shall be a waiver of any right conveyed
hereunder, except an express waiver in writing.  The rights reserved to the
Corporation under this paragraph 6 of this Agreement are necessarily of a
special, unique, unusual and extraordinary character, which gives them a
peculiar value, the loss of which cannot reasonably or adequately be compensated
for in damages in an action at law, and the breach by Employee of any of the
provisions in this paragraph 6 will cause the Corporation irreparable injury.
Therefore, in addition to any other available remedies, the Corporation shall be
entitled to an injunction to restrain any violation of this Agreement by
Employee, his agents, servants or employees and all persons, firms, or
corporations acting for or with him.  The obligations of the Employee under the
covenants herein contained shall not cease upon termination of his employment
for whatever reason, except where otherwise limited in time above.

          These covenants contained in this paragraph 6 on the part of the
Employee shall each be construed as an agreement independent of any other
provision in this Agreement, and the existence of any claim or cause of action
of Employee against the Corporation, whether predicated on this Agreement or
otherwise, shall not constitute a defense to the enforcement by the Corporation
of such covenants.  It is the intention of both parties to make the covenants of
this paragraph 6 binding only to the extent that it may be lawfully done under
existing applicable laws.  In the event that any part of any covenant of this
paragraph 6 is determined by a court of law to be overly broad thereby making
the covenant unenforceable, the parties hereto agree, and it is their desire,
that such court shall substitute a reasonable judicially enforceable limitation
in place of the offensive part of the covenant, and that as so modified the
covenant shall be as fully enforceable as set forth herein by the parties
themselves in the modified form.

                                       5
<PAGE>

     7.   Terms and Earlier Termination.
          -----------------------------

          (a)  Subject to the provisions for earlier termination as herein
provided, the term of this Agreement shall commence and terminate as specified
above.

          (b)   This Agreement shall terminate prior to the end of the term set
forth in paragraph 3 in the event that the Board of Directors shall determine
that the Employee has become disabled, or the Employee shall be dismissed for
cause, as hereinafter provided:

               (i)    The Board of Directors of the Corporation may determine
                      that the Employee has become disabled, for purposes of
                      this Agreement, in the event that the Employee shall fail,
                      because of illness or incapacity, to render for one
                      hundred twenty (120) successive days in excess of the
                      number of days provided for in the Corporation's then
                      applicable sick leave policy or for shorter periods
                      aggregating one hundred twenty (120) days or more in
                      excess of the number of days provided for in the
                      Corporation's then applicable sick leave policy during the
                      term hereof, services of the character contemplated by
                      this Agreement, and thereupon this Agreement and the
                      employment of the Employee hereunder shall be deemed to
                      have been terminated as of the end of the calendar month
                      in which such determination was made. Any termination
                      under this paragraph 7(b)(i) shall not be deemed to be a
                      termination "for cause" for any purpose under the
                      Agreement or under any other contract or arrangement
                      between the Employee and the Corporation relating to
                      employment services or compensation between them.

               (ii)   The Board of Directors may dismiss the Employee for cause
                      in the event that it determines that the Employee has
                      committed: (A) fraud or material dishonesty; (B)
                      intentional or willful or grossly negligent injury to the
                      Corporation; (C) criminal conduct in relation to his
                      employment; or (D) continued neglect of his duties
                      hereunder which continues subsequent to fifteen (15) days
                      written notice to cure, provided that if a longer cure
                      period is required, Employee shall diligently pursue such
                      cure; and thereupon, this Agreement shall terminate and
                      the Employee shall be removed from all positions held by
                      him with the Corporation and any subsidiary corporation,
                      effective upon the delivery of notice to the Employee by
                      the Board of Directors that it has made such
                      determination; any other termination by the Corporation
                      shall be considered termination without cause for purposes
                      of this Agreement and any other contract or arrangement
                      between the parties hereto. In the event that the Board of
                      Directors shall desire to dismiss the Employee based on
                      any determination referred to in the preceding sentence,
                      such determination shall be effective only upon the
                      following conditions complied with in the following

                                       6
<PAGE>

                      order: (A) Employee shall be furnished with a written
                      statement specifying in reasonable detail the actions or
                      events supporting such determination; (B) at the request
                      of the Employee, there shall be convened a Special Meeting
                      of the Board of Directors no later than fifteen (15)
                      business days after Employee's receipt of the notice
                      referred to in (A) above at which meeting the Employee
                      may, with assistance of counsel or other representation,
                      present evidence to refute or in mitigation of such
                      actions or events or to establish that the actions or
                      events have been cured; and (C) within five (5) business
                      days after the adjournment of such Special Meeting, the
                      Board of Directors shall furnish a written statement to
                      Employee that, based upon Employee's representations and
                      upon other relevant evidence, such determination has
                      either been confirmed or rescinded.

               (iii)  The Board of Directors may terminate this Agreement and
                      dismiss the Employee, without cause and for any reason
                      deemed sufficient by the Board of Directors. In the event
                      that the Board of Directors shall decide to dismiss the
                      Employee and terminate this Agreement based on any
                      determination referred to in the preceding sentence, such
                      determination shall be effective as of such date as shall
                      be designated by notice in writing from the Board of
                      Directors to the Employee (the "Effective Termination
                                                      ---------------------
                      Date"). In the event that this Agreement is terminated
                      ----
                      pursuant to this subparagraph (iii), Employee shall be
                      entitled to payment on the Effective Termination Date of
                      an amount equal to: (A)(I) if the Effective Termination
                      Date occurs during the first 12 months of employment, the
                      basic salary due pursuant to paragraph 3(a) to accrue
                      during the 24 months following the Effective Termination
                      Date, (II) if the Effective Termination Date occurs during
                      the second 12 months of employment, the basic salary due
                      pursuant to paragraph 3(a) to accrue during the 12 months
                      following the Effective Termination Date and (III) if the
                      Effective Termination Date occurs after the second 12
                      months of employment, the basic salary due pursuant to
                      paragraph 3(a) to accrue during the remainder of the
                      initial term of this Agreement; plus (B) such cash bonus
                      compensation prorated to the Effective Termination Date
                      otherwise due Employee pursuant to paragraph 3(b); and (C)
                      the benefits to be paid to Employee pursuant to paragraph
                      3(c), 3(d) and 3(e) prorated to the Effective Termination
                      Date.

          (c)  Notwithstanding anything to the contrary contained herein, any
termination of Employee's employment by the Corporation pursuant to the terms of
this paragraph, shall not affect or diminish:  (i) any rights accruing to the
Employee under this Agreement prior to the effective date of such termination
and in such event Employee's rights to all compensation, including, but not
limited to, paragraphs 3 and 4 above, shall be calculated and paid for and in
respect of any period prior to such effective date; and (ii) any rights or
remedies

                                       7
<PAGE>

available to the Corporation by reason of any breach or threatened breach of the
provisions of paragraph 7 hereof, the force and effect of which provisions shall
survive the termination of this Agreement, however such termination occurs.

          (d)  In the event Employee gives his notice to terminate prior to the
expiration of the Initial Term, Employee shall be entitled to any rights
accruing to the Employee under this Agreement prior to the effective date of
termination and in such event Employee's rights to all compensation shall be
calculated and paid for to such effective date, including but not limited to,
his basic salary as described in paragraph 3(a), his emoluments and benefits as
described in paragraph 3(c), any unused vacation as set forth in paragraph 3(d),
and any incurred or paid expenses as set forth in paragraph 4.  Additionally,
Employee shall be entitled to any vested Stock Incentives as described in
paragraph 3(e).

     8.   In connection with a Designated Merger if and when requested by the
Board of Directors of Holdings, Employee agrees to enter into a lockup agreement
and a voting agreement with respect to his shares of capital stock of Holdings
and Parent and any such capital stock that may be acquired upon the exercise of
options or warrants for such capital stock, to the extent and on substantially
the same basis as Investcorp S.A. and its subsidiaries enter into such
agreements with respect to their capital stock of Holdings and Parent.

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

          The term "Parent" for purposes hereof means the entity issuing shares
                    ------
of its capital stock in connection with such Designated Merger.

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

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

     9.   Partial Invalidity.  All paragraphs, subparagraphs, and portions of
          ------------------
this Agreement shall be considered as separate and distinct from one another,
and if, for any reason any paragraph, subparagraph or portion of this Agreement
shall be held to be invalid or

                                       8
<PAGE>

unenforceable, it is agreed that the same shall not be held to affect the
validity or enforceability of the remaining paragraphs, subparagraphs or
portions of this Agreement.

     10.  Notice.  Any notices, requests, demands or other communications
          ------
required or permitted under this Agreement shall be in writing and shall be
deemed to have been given when delivered personally, one (1) day after being
sent by recognized overnight courier service with all charges prepaid or charges
to the sender's account, or three (3) days after being mailed by certified mail,
return receipt requested, addressed to the party being notified at the address
of such party first set above, or at such other address as such party may
hereafter have designated by notice; provided, however, that any notice of
change of address shall not be effective until its receipt by the party to be
charged therewith.  Copies of any notices or other communications to the
Corporation shall simultaneously be sent by first class mail to:

               Independent Wireless One Corporation
               319 Great Oaks Boulevard
               Albany, New York 12203
               Attention:  General Counsel

          Notice to Holdings shall be as follows:

               c/o Investcorp International Inc.
               280 Park Avenue
               New York, New York 10017
               Telephone:  212-599-4700
               Facsimile:  212-983-7073
               Attention:  Christopher J. Stadler

          With a copy to:

               Gibson, Dunn & Crutcher LLP
               200 Park Avenue
               New York, New York 10166
               Telephone:  212-351-4000
               Facsimile:  212-351-4035
               Attention:  E. Michael Greaney, Esq.

     11.  Corporation Defined.  The terms "Independent Wireless One Corporation"
          -------------------
and "IWO Holdings, Inc." as used in this Agreement, shall include, respectively,
IWO and Holdings, and its respective successors and/or assigns, any subsidiary
corporation of IWO and Holdings, and any corporation into which or with which
IWO or Holdings may be merged or consolidated or to which all, or substantially
all, of their respective businesses and/or assets are transferred.

     12.  Waiver of Breach.  The waiver by either party of a breach of any
          ----------------
provision of this Agreement, shall not operate or be construed as a waiver of
any subsequent breach by the same party.

     13.  Section 280G.  Employee hereby waives any acceleration of benefits
          ------------
pursuant to the Stock Option Agreement entered into between the Employee and the
Corporation as of the

                                       9
<PAGE>

date hereof unless shareholder approval meeting the requirements of Section
280G(b)(5) of the Internal Revenue Code of 1986, as amended, with respect to
such benefits is obtained.

     14.  Integration:  Entire Agreement.  This instrument contains the entire
          ------------------------------
agreement of the parties with regard to the subject matter hereof and supersedes
all prior oral or written understandings, memoranda or communications with
regard to the terms or conditions of Employee's employment by the Corporation.
This Agreement may not be changed orally, but only by an agreement in writing
signed by the party against whom enforcement of any waiver, change,
modification, extension or discharge is sought.

     15.  Binding Effect.  Except as otherwise provided hereinabove, this
          --------------
contract shall inure to the benefit of, and be binding upon, the heirs,
executors, administrators, successors and assigns of the parties hereto.

     16.  Assignment.  Corporation may assign all or any portion of
          ----------
Corporation's rights or delegate all or any portion of Corporation's duties
under this Agreement to any Affiliate or to any entity that acquires all or a
substantial portion of the business of the Corporation and Affiliates.  However,
any such assignment or delegation shall not relieve Corporation of its financial
obligations to Employee under this Agreement.  Except in conjunction with his
estate planning or in the event of death, Employee may not assign any rights
under this Agreement or delegate any duties under this Agreement.

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

                           [signature page follows]

                                       10
<PAGE>

     IN WITNESS WHEREOF, IWO and Holdings have caused this Agreement to be
signed by their respective officers hereunto duly authorized, and the Employee
has hereunto set his hand, effective as of the day and year first above written.

                              INDEPENDENT WIRELESS ONE CORPORATION

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

                              IWO HOLDINGS, INC.

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

                              EMPLOYEE

                              /s/ Timothy J. Medina
                              ---------------------
                              Timothy J. Medina

                                       11
<PAGE>

                                   Exhibit A
                                   ---------

                         Relocation Expense Agreement
                         ----------------------------

Employee Name: Timothy J. Medina          Date:  April 27, 2001
               -----------------                 -----------------
The terms of this Relocation Agreement are predicated on your acceptance of an
Offer of Employment with Independent Wireless One Corporation (the "Company")
and with full understanding that you will take the necessary steps to relocate
in order to fulfill the responsibilities of a full-time, regular employee.

As part of your offer of employment, the Company agrees to pay and/or reimburse
your reasonable and customary relocation expenses, consistent with the terms
contained in your Employment Offer Letter.

Unless stated otherwise in your Employment Offer Letter, Relocation funds will
be distributed to you as follows:

     .    $25,000 upon your signing the Employment Offer Letter (and any related
          attachments) and your commencing work with the Company.

     .    Additional dollars will not be advanced directly to you but will be
          paid as reimbursement when your relocation bills are submitted. (See
          Relocation Guidelines)

In accordance with Internal Revenue Service Regulations, any amount paid to or
on behalf of you (the employee) as reimbursement for relocation expenses, with
the exception of shipping household goods and travel to the new location, etc.
must be included in your gross wages as income and will be subject to
appropriate federal and state withholding requirements.

In such cases the Company will gross up your taxable relocation reimbursement
amount by using federal tax rates reflective of your annual base salary without
regard to other income.  The gross-up amount will be paid in cash at the end of
the year in which your relocation occurred.

In consideration of the Company's investment in your future, you agree to the
following terms:

     .    If you voluntarily terminate your employment with the Company or if
          the Company terminates your employment for cause prior to completing
          three (3) full, consecutive months of active service, you will
          immediately refund any and all relocation expense payments or
          reimbursements paid to you or on behalf of you to the Company.

     .    If you voluntarily terminate your employment with the Company or if
          the Company terminates your employment for cause before you complete
          twelve (12) full, consecutive months of active employment, but after
          you complete three (3) or more full, consecutive months of active
          service, you will immediately refund to the Company an amount which is
          equal to: any and all relocation expense payments or reimbursements
          paid to you or on behalf of you by the Company divided by 12, then
          multiplied by (12 minus the number of full, consecutive months of
          active service with the Company).

     .    After you complete twelve (12) full consecutive months of active
          employment, you retain the full amount.

     .    If any action or proceeding is brought to enforce any provision of
          this Agreement by the Company, or the Company is required to refer any
          matter arising under this Agreement to an attorney, you agree to pay
          all costs and expenses of collection and litigation, together with
          reasonable attorney's fees.

This agreement does not create any contract of employment between you and the
Company.  You or the Company may terminate your employment with the Company at
any time with or without reason or cause.

AGREED TO BY:                           WITNESSED BY:

/s/ Timothy J. Medina                   /s/ Steven M. Nielsen
----------------------------            ---------------------------------------
Employee's Signature                    Independent Wireless One Corporation

DATE:  April 27, 2001                   DATE: April 27, 2001
       ---------------------                  ---------------------------------

                                       12

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