Document:

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                                                                 EXHIBIT 10.28.2

                             SHARE PLEDGE AGREEMENT

        THIS SHARE PLEDGE AGREEMENT (the "Agreement"), is entered into as of
this 6th day of April, 2001 by and between Leap Wireless International, Inc., a
Delaware corporation ("Leap"), and Century Personal Access Network, Inc., a
Louisiana corporation ("CenturyTel").

                              W I T N E S S E T H:

        WHEREAS, Leap has delivered that certain Promissory Note dated as of the
date herewith in favor of CenturyTel (the "Note") in partial payment of the
purchase price for the Initial Licenses under the Amended and Restated Agreement
for Purchase and Sale of Licenses entered into effective as of November 3, 2000
by and among Leap, MVI Corp., an Oregon corporation, Century Personal Access
Network, Inc., a Louisiana corporation, Wisconsin RSA #7, Limited Partnership, a
Wisconsin limited partnership, and Centurytel, Inc., a Louisiana corporation
(the "Purchase Agreement"); and

        WHEREAS, CenturyTel has required that the Note be secured as set forth
herein.

        NOW, THEREFORE, in consideration of the foregoing premises, and for
other good and valuable consideration the receipt and sufficiency of which are
hereby acknowledged, Leap hereby agrees with CenturyTel, as follows:

        1. Definitions. All capitalized terms used herein without definition
shall have the meanings ascribed thereto in the Note. As used in this Agreement,
unless the context otherwise requires:

                "Applicable Law" shall mean, in respect of any Person, all
provisions of constitutions, statutes, rules, regulations and orders of
governmental bodies or regulatory agencies applicable to such Person, including,
without limiting the foregoing, the Licenses (as defined below), the
Communications Act and all orders, decisions, judgments and decrees of all
courts and arbitrators in proceedings or actions to which the Person in question
is a party or by which it is bound.

                "Communications Act" shall mean the Communications Act of 1934,
and any similar or successor federal statute, and the rules and regulations of
the FCC thereunder, all as the same may be in effect from time to time.

                "Permitted Liens" shall mean, as applied to any Person:

                        (a) Any Lien in favor of CenturyTel given to secure the
obligations under the Note;

                        (b) (i) Liens on real estate or other property for
taxes, assessments, governmental charges or levies not yet delinquent and (ii)
Liens for taxes, assessments, judgments, governmental charges or levies or
claims the non-payment of which is being diligently contested in good faith by
appropriate proceedings and for which adequate reserves

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have been set aside on such Person's books, but only so long as no foreclosure,
distraint, sale or similar proceedings have been commenced with respect thereto;

                        (c) Liens of carriers, warehousemen, mechanics, laborers
and materialmen incurred in the ordinary course of business for sums not yet
overdue by more than thirty (30) days or being diligently contested in good
faith, if reserves or appropriate provisions shall have been made therefor;

                        (d) Liens incurred in the ordinary course of business in
connection with worker's compensation and unemployment insurance;

                        (e) Restrictions on the transfer of the Pledged
Securities or other Collateral imposed by the Communications Act and the rules
and regulations thereunder or by the Securities Act of 1933, as amended, and the
rules and regulations thereunder or by any other applicable state or federal
securities laws; and

                        (f) Liens which are junior in priority to the Security
Interest (as defined below).

                "Person" shall mean an individual, corporation, limited
liability company, association, partnership, joint venture, trust or estate, an
unincorporated organization, a government or any agency or political subdivision
thereof, or any other entity.

        2. Grant of Security Interest. Leap hereby collaterally assigns and
pledges to CenturyTel and grants and creates a lien on and first priority
continuing security interest (the "Security Interest") in favor of CenturyTel,
in all right, title and interest of Leap in and to the capital stock described
on Schedule 1 (the "Pledged Securities"), and all proceeds thereof, including,
without limitation, dividends and other property received and receivable by Leap
in connection with the Pledged Securities (the Pledged Securities and such
proceeds to be referred to herein collectively as the "Collateral").

This Agreement and the Security Interest secure (i) payment of all obligations
owed to CenturyTel under this Agreement or the Note, as such may be amended from
time to time, and (ii) payment of any and all damage which CenturyTel may suffer
by reason of a breach by Leap of any obligation, covenant or undertaking with
respect to this Agreement or the Note, or any extensions, renewals or amendments
of this Agreement or the Note, to CenturyTel, however created, acquired, arising
or evidenced, whether direct or indirect, absolute or contingent, now or
hereafter existing, or due or to become due (all of the foregoing obligations of
(i) and (ii) being hereinafter collectively referred to as the "Secured
Obligations").

        3. Covenants and Agreements. Leap hereby covenants and agrees that Leap
shall faithfully observe and fulfill, and shall cause to be observed and
fulfilled, each and all of the following covenants:

                (a) Further Assurances. Leap hereby authorizes CenturyTel to
file such financing statements and such other documents as CenturyTel may deem
necessary or reasonably desirable to protect or perfect the first priority
security interest of CenturyTel in the Collateral.

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In addition, Leap agrees to make, execute, deliver or cause to be done, executed
and delivered, from time to time, all such further acts, documents and things as
CenturyTel may reasonably require for the purpose of perfecting or protecting
its rights hereunder or otherwise giving effect to this Agreement, all
immediately upon request therefor.

                (b) Stock Certificates. Leap shall promptly deliver to
CenturyTel all originals of certificates and other documents, instruments and
agreements evidencing the Collateral which are now held or hereafter received by
Leap, together with blank stock powers executed by Leap.

                (c) Limitation on Liens on the Collateral. Leap shall not
create, incur or permit to exist, shall defend the Collateral now owned or
hereafter acquired by it against, and shall take such other action as is
necessary to remove, any lien, charge, encumbrance or claim on or to the
Collateral, other than Permitted Liens. Notwithstanding the provisions of this
Section 3(c) or Section 7, nothing in this Agreement shall be deemed to prohibit
Leap to enter into an agreement to sell the Pledged Securities, or Cricket
Licensee VIII, Inc. or Cricket Licensee IX, Inc. to enter into an agreement to
sell or exchange the Licenses or any portion thereof, provided such agreement
conditions the consummation of such sale of the Pledged Securities or sale or
exchange of the Licenses (or portion thereof) upon the prior written consent of
CenturyTel or the satisfaction of Leap's obligations under the Note with respect
to such Pledged Securities or Licenses prior to or at the time of such
consummation.

        4. Representations and Warranties. Leap represents and warrants to
CenturyTel that:

                (a) The execution of this Agreement and the fulfillment of the
terms hereof will not result in a breach of any of the terms or provisions of,
or constitute a default under the Amended and Restated Certificate of
Incorporation or By-laws of Leap as presently in effect, or any Applicable Law
respecting Leap or result in the termination or cancellation of or, in any
material respect, any default under any indenture, mortgage, deed of trust, deed
to secure debt or other agreement or instrument to which Leap is a party or by
which Leap is bound, except where such violations, breaches or defaults, if any,
singly or in the aggregate, have not had and are not likely to have a material
adverse effect on Leap and its subsidiaries, taken as a whole; and

                (b) Leap has taken all necessary legal action to authorize the
execution and delivery of this Agreement, and this Agreement, when executed and
delivered, will be the valid and binding obligation of Leap enforceable in
accordance with its terms, subject to the limitations on enforceability under
bankruptcy, reorganization, insolvency and similar laws affecting creditors'
rights generally and limitations imposed by the application of general equitable
principles.

        5. Priority of Security Interest. Provided that CenturyTel retains
continuous possession of the Pledged Securities, Leap further represents and
warrants that the Security Interest in the Collateral granted to CenturyTel
hereunder shall constitute at all times a valid and perfected first priority
security interest vested in CenturyTel in and upon the Collateral subject only
to Permitted Liens, which Security Interest shall be perfected (as to the
Pledged Securities) by the continuous possession by CenturyTel of such Pledged
Securities and (as to Collateral for which an appropriate method of perfection
is the filing of UCC-1 financing statements) upon the

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due filing of UCC-1 financing statements and continuation statements as required
by the Uniform Commercial Code. Leap shall take or cause to be performed such
acts and actions as shall be necessary or appropriate to assure that the
Security Interest upon the Collateral shall not become subordinate or junior to
the security interests, liens or claims of any other Person, except for
Permitted Liens. Although Leap shall have no obligation to file UCC continuation
statements, it shall, to the extent required by Applicable Law, execute any such
continuation statements and pay all costs associated with the filing thereof.

        6. Location of Leap. Leap represents and warrants that its chief
executive office and the location of all of its records concerning the
Collateral is as follows:

                      Leap Wireless International, Inc.
                      10307 Pacific Center Court
                      San Diego, California  92121

Leap agrees that it shall immediately advise CenturyTel, in writing making
reference to this Section of this Agreement, of the opening of any new place of
business in another state or any change in the location of the place where it
keeps the Collateral to another state.

        7. Risk of Loss, Sale of Collateral. Any and all injury to, or loss or
destruction of, the Collateral shall be at Leap's risk, and shall not release
Leap from its obligations hereunder except to the extent that the Uniform
Commercial Code as in effect in the State of Delaware from time to time places
obligations on CenturyTel to protect the Collateral. Except as permitted under
the Note and except for Permitted Liens, Leap agrees not to sell, transfer,
assign, dispose of, mortgage, grant a security interest in, or encumber any of
the Collateral in any manner without the prior written consent of CenturyTel.
Leap shall not permit Cricket Licensee VIII, Inc., a Delaware corporation or
Cricket Licensee IX, Inc., a Delaware corporation, to sell any of its Licenses,
in each case for so long as the shares of such entity constitute Pledged
Securities hereunder, without the prior written consent of CenturyTel.

        8. Remedies.

                (a) Until the occurrence of an Event of Default under the Note,
Leap shall be permitted (a) to receive all cash distributions paid on the
Collateral (i.e., excluding distributions on the certificate representing the
Collateral paid in additional capital stock, options, warrants or other
instruments which additional capital stock, options, warrants or other
instruments promptly shall be delivered to CenturyTel (with appropriate
endorsements and/or stock powers, as requested by CenturyTel) and shall
constitute a component of the Collateral) and (b) to exercise all voting and
corporate rights with respect to such capital stock.

                (b) Upon the occurrence and during the continuance of an Event
of Default under the Note, CenturyTel may do one or more of the following with
respect to the Collateral:

                        (i) upon written notice to Leap, make such payments and
do such acts as CenturyTel may deem necessary to protect, perfect or continue
the perfection of the Security Interest in the Collateral, including, without
limitation, paying, purchasing, contesting or compromising any lien, charge,
encumbrance or claim which is, or purports to be, prior to or

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superior to the Security Interest granted hereunder, and commencing, appearing
or otherwise participating in or controlling any action or proceeding purporting
to affect the Security Interest in or ownership of the Collateral;

                        (ii) upon at least ten (10) Business Days' prior written
notice, sell the Collateral, or any part thereof, in one or more parcels at
public or private sale, at CenturyTel's office or elsewhere, at such time or
times, for cash, on credit or for future delivery, and at a commercially
reasonable price or prices and on other commercially reasonable terms. If the
Pledged Securities have been registered under the Securities Act of 1933 as of
the time of such sale, then CenturyTel may effect sales of all or any portion of
the Pledged Securities on any securities exchange or other recognized market,
provided that CenturyTel shall endeavor to sell only such portion of the Pledged
Securities as reasonably must be sold (taking into account the trading price of
the Pledged Securities) in order to generate cash sale proceeds sufficient to
cover the obligations of Leap then in default. If the Pledged Securities have
not been so registered at the time of such sale, then alternatively CenturyTel
shall be entitled at any such sale, if it deems advisable to do so, to restrict
the prospective bidders or purchasers to persons who will provide assurances
satisfactory to CenturyTel that they may be offered and sold the Collateral to
be sold without registration under the Securities Act of 1933, as amended, or
any other applicable state or federal statute, and in compliance with the
requirements of Regulation D promulgated thereunder, and upon the consummation
of any such sale, CenturyTel shall have the right to assign, transfer and
deliver to the purchaser or purchasers thereof the Collateral so sold.
CenturyTel otherwise shall effect the disposition in a commercially reasonable
method in accordance with the applicable Uniform Commercial Code. CenturyTel
agrees to provide at least ten (10) Business Days' prior written notice to Leap
of the time and the place of any public sale or private sale, which notice shall
constitute reasonable notification. At any sale of the Collateral, if permitted
by law, CenturyTel may bid (which bid may be, in whole or in part, in the form
of cancellation of indebtedness) for the purchase of the Collateral or any
portion thereof for the account of CenturyTel. CenturyTel shall not be obligated
to make any sale of the Collateral regardless of notice of sale having been
given. CenturyTel may adjourn any public or private sale from time to time by
announcement at the time and place fixed therefor, and such sale may, without
further notice, be made at the time and place to which it was so adjourned.
CenturyTel shall incur no liability as a result of the manner of sale of the
Collateral, or any part thereof, at any public or private sale conducted in a
commercially reasonable manner; and

                        (iii) exercise in respect of the Collateral, in addition
to other rights and remedies provided for herein or otherwise available to it,
all the rights and remedies of a secured party after default under the
applicable Uniform Commercial Code.

                (c) The rights of CenturyTel under this Section 8 shall be
subject to its prior compliance with the Communications Act, FCC rules and
policies promulgated thereunder and state laws and regulations, to the extent
applicable to the exercise of such rights.

        9. Indemnity and Expenses.

                (a) Leap agrees to indemnify CenturyTel, subject to the
limitations contained in the Purchase Agreement, from and against any and all
reasonable claims, losses and liabilities growing out of or resulting from this
Agreement (including, without limitation, enforcement of

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this Agreement), except to the extent such claims, losses or liabilities result
from the gross negligence or willful misconduct of CenturyTel.

                (b) Leap will, upon demand, pay to CenturyTel the amount of any
and all reasonable expenses, including the disbursements and reasonable fees of
CenturyTel's counsel and of any experts, consultants and agents, which
CenturyTel may incur in connection with (i) the exercise or enforcement of any
of the rights of CenturyTel, including without limitation any challenges to the
first priority rank of the security interest granted to CenturyTel under this
Agreement; or (ii) the failure by Leap to perform or observe any
representations, warranties, covenants or any other provisions of this
Agreement.

        10. Rights Cumulative. Leap agrees that the rights of CenturyTel under
this Agreement, the Note, the documents executed in connection therewith or any
other contract or agreement now or hereafter in existence among CenturyTel and
Leap shall be cumulative, and that CenturyTel may from time to time exercise
such rights and such remedies as it may have thereunder and under the laws of
the United States and any state, as applicable, in the manner and at the time
that CenturyTel in its sole discretion desires. Leap further expressly agrees
that CenturyTel shall not in any event be under any obligation to resort to any
Collateral prior to exercising any other rights that it may have against Leap or
its property, or to resort to any other collateral for the Secured Obligations
prior to the exercise of remedies hereunder.

        11. Remedies Not Exclusive. No transfer or renewal, extension,
assignment or termination of this Agreement or of the Note, or any other
instrument or document executed and delivered by Leap to CenturyTel, nor the
taking of further security, nor the retaking or redelivery of the Collateral to
Leap by CenturyTel, shall release Leap from any obligation, except a release or
discharge executed in writing by CenturyTel with respect to such obligation or
payment of such obligation or upon full payment to CenturyTel and satisfaction
of all the Secured Obligations. CenturyTel shall not by any act, delay, omission
or otherwise, be deemed to have waived any of its rights or remedies hereunder,
unless such waiver is in writing and signed by CenturyTel then only to the
extent therein set forth. A waiver by CenturyTel of any right or remedy on any
occasion shall not be construed as a bar to the exercise of any such right or
remedy which CenturyTel would otherwise have had on any other occasion.

        12. Assignment. Leap agrees that this Agreement and rights of CenturyTel
hereunder may in the discretion of such Person be assigned in whole or in part
by such Person in connection with any permitted assignment of the Note or the
indebtedness evidenced thereby. In the event this Agreement is so assigned by
CenturyTel, the term "CenturyTel" wherever used herein shall be deemed to refer
to and include any such assignee or assignees, as appropriate.

        13. Successors and Assigns. This Agreement shall apply to and bind the
respective successors and permitted assigns of Leap and CenturyTel.

        14. Notices. All notices and other communications required or permitted
hereunder shall be in writing and shall be given in a manner prescribed in
Section 12.3 of the Purchase Agreement.

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        15. Governing Law. The provisions of this Agreement shall be construed
and interpreted, and all rights and obligations of the parties hereto
determined, in accordance with the laws of the State of Delaware. This
Agreement, together with all documents referred to herein, constitutes the
entire Agreement between Leap and CenturyTel with respect to the matters
addressed herein, and may not be modified except by a writing executed by Leap
and CenturyTel.

        16. Severability. If any paragraph or part thereof shall for any reason
be held or adjusted to be invalid, illegal or unenforceable by any court of
competent jurisdiction, such paragraph or part thereof so adjudicated invalid,
illegal or unenforceable shall be deemed separate, distinct and independent, and
the remainder of this Agreement shall remain in full force and effect and shall
not be affected by such holding or adjudication.

        17. FCC Consent. Notwithstanding anything herein which may be construed
to the contrary, no action shall be taken by CenturyTel with respect to the
Collateral or any License of the FCC unless and until all requirements of
Applicable Law, including, without limitation, any state law, or any required
approval under the Communications Act, and any applicable rules and regulations
thereunder, requiring the consent to or approval of such action by the FCC or
any governmental or other authority, have been satisfied. Leap covenants that
upon request of CenturyTel after and during the continuance of an Event of
Default it will cause to be filed such applications and take such other action
as may be requested by such Person or Persons to obtain consent or approval of
the FCC or any governmental or other authority which has granted any License to
Leap to any action contemplated by this Agreement and to give effect to the
Security Interest of CenturyTel including, without limitation, the execution of
an application for consent by the FCC to an assignment or transfer involving a
change in ownership or control pursuant to the provisions of the Communications
Act.

        18. Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be deemed to be an original, but all such
separate counterparts shall together constitute but one and the same instrument.

        19. Release of Security Interest. Provided that no amounts other than
principal and interest not yet due under the Note are outstanding under this
Agreement or the Note, (i) upon CenturyTel's receipt of the first installment
payment from Leap under the Note in the amount of $50,195,458, the Security
Interest granted hereunder in the Collateral constituting Pledged Securities of
Cricket Licensee VIII, Inc. and all proceeds thereof shall automatically cease
to be effective; and (ii) upon CenturyTel's receipt of payment in full from Leap
of all remaining amounts owed under the Note, the Security Interest granted
hereunder in the Collateral constituting Pledged Securities of Cricket Licensee
IX, Inc. and all proceeds thereof shall automatically cease to be effective.
CenturyTel shall promptly return to Leap any portion of the Collateral released
under this Section 19 and shall take any actions reasonably necessary to
permanently terminate and release the Security Interest in each such portion of
the Collateral granted to CenturyTel hereunder and any financing statements
filed in connection herewith which may cease to be effective from time to time
pursuant to this Section 19, and to cause such portion of the Collateral and any
instrument of transfer previously delivered to CenturyTel to be delivered to
Leap, all at the cost and expense of Leap.

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        20. Distribution of Proceeds. The proceeds of the Collateral hereunder
from any foreclosure, sale, liquidation, or other disposition of, or realization
upon, the Collateral hereunder shall be applied by CenturyTel in the following
manner: (a) to the payment of all costs and expenses, including reasonable
attorney's fees, of CenturyTel related to such foreclosure, sale, liquidation,
or other disposition of the Collateral hereunder, (b) to CenturyTel in payment
of any accrued but unpaid interest under the Note, until such interest has been
paid in full, (c) to CenturyTel in payment of the outstanding principal amount
of the Note, until the principal amount of such Note has been paid in full, and
(d) to Leap or such other party as may be lawfully entitled to the proceeds
thereof.

        21. Waiver of Jury Trial. To the extent permitted by applicable law,
Leap and CenturyTel hereby waive trial by jury in any litigation in any court
with respect to, in connection with, or arising out of this Agreement or the
Note, or any document related to the Purchase Agreement, this Agreement or the
Note or the validity, protection, interpretation, collection or enforcement of
this Agreement or the Note. CenturyTel and Leap agree that this provision is a
specific and material aspect of this Agreement and acknowledges that CenturyTel
would not enter into the Purchase Agreement if this section were not part of
this Agreement.

        22. Assignment of Licenses. Concurrently with the execution and delivery
of this Agreement, Leap shall execute and deliver to each of Cricket Licensee
VIII, Inc. and Cricket Licensee IX, Inc. an Assignment of Licenses in the form
attached hereto as Exhibit A (the "Assignment"), assigning (subject to the terms
and conditions set forth therein, including the prior consent of the Federal
Communications Commission ("FCC") to such transfers) to Cricket Licensee VIII,
Inc. certain authorizations of the FCC to construct and operate personal
communications services wireless telecommunications systems (each, a "License")
in the Basic Trading Areas described on Schedule 2 hereto (other than the Salt
Lake City, Utah, BTA) and assigning to Cricket Licensee IX, Inc. the FCC License
for the Salt Lake City, Utah, BTA. As promptly as practicable following the date
hereof, Leap shall take such actions as may be reasonably necessary to obtain
the requisite consent of the FCC to the assignment of the Licenses and to
complete the transfers of such Licenses to Cricket Licensee VIII, Inc. and
Cricket Licensee IX, Inc.

                            [SIGNATURE PAGE FOLLOWS]

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        IN WITNESS WHEREOF, the undersigned have hereunto set their hands, by
and through their duly authorized representatives, as of the day and year first
above written.

LEAP:                                       LEAP WIRELESS INTERNATIONAL, INC.

                                            By: /s/ JAMES E. HOFFMANN
                                               ---------------------------------
                                            Name: James E. Hoffmann
                                                 -------------------------------
                                            Title: Senior Vice President,
                                                   General Counsel & Secretary
                                                  ------------------------------

CENTURYTEL:                                 CENTURY PERSONAL ACCESS NETWORK,
                                            INC.

                                            By: /s/ R. STEWART EWING, JR.
                                               ---------------------------------
                                            Name: R. Stewart Ewing, Jr.
                                                 -------------------------------
                                            Title: Executive Vice President
                                                  ------------------------------

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                                   SCHEDULE 1

                                 PLEDGED SHARES

Cricket Licensee VIII, Inc.                       100 shares of Common Stock

Cricket Licensee IX, Inc.                         100 shares of Common Stock

<PAGE>   11

                                   SCHEDULE 2

<TABLE>
<CAPTION>
    CALL SIGN          BTA NUMBER              BTA NAME              BLOCK
    ---------          ----------              --------              -----
    <S>                <C>             <C>                         <C>
     WPOJ600              B399         Salt Lake City                 C1
     WPOK599              B395         Salem, OR                      C1
     WPOK607              B482         Yakima, WA                     C2
     WPOK587              B228         Kennewick, WA                  C2
     WPOK605              B451         Twin Falls, ID                 C2
     WPOK586              B202         Idaho Falls, ID                C2
     WPOK596              B366         Pueblo, CO                     C4
     WPOK581              B153         Fort Smith, AR               C4, C5
     WPOK580              B140         Fayetteville, AR             C4, C5
     WPOK598              B387         Russellville, AR               C2
</TABLE>

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                             ASSIGNMENT OF LICENSES

        This Assignment of Licenses ("Assignment") is dated as of April 5, 2001
by Leap Wireless International, Inc., a Delaware corporation ("Leap "), in favor
of Cricket Licensee VIII, Inc., a Delaware corporation and Cricket Licensee IX,
Inc., a Delaware corporation (collectively, the "Assignees"), each of which are
wholly-owned subsidiaries of Leap.

        WHEREAS, Leap desires to assign to the Assignees certain PCS licenses
(the "Licenses") as described on the attached Exhibit A;

        WHEREAS, Leap has filed with the Federal Communications Commission
("FCC") an application seeking consent to assign the License for Salt Lake City
(BTA 399) from Leap to Cricket Licensee IX; and

        WHEREAS, Leap has requested that its counsel prepare and file with the
FCC applications seeking consent to assign the other Licenses from Leap to
Cricket Licensee VIII.

        NOW THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, subject to, and upon the receipt
of, the FCC's consent to the assignment of the Licenses, Leap hereby conveys,
transfers and assigns the Licenses to the Assignees as described on the attached
Exhibit A.

        IN WITNESS WHEREOF, Leap has executed this Assignment as of the date
first above written.

                                            LEAP WIRELESS INTERNATIONAL, INC.

                                            By: /s/ JAMES E. HOFFMANN
                                               ---------------------------------

<PAGE>   13

                                    EXHIBIT A

<TABLE>
<CAPTION>
        Assignee                                       Licenses
        --------                    ----------------------------------------
                                    Market                BTA           Band
                                    ----------------      ---           ----
<S>                                 <C>                   <C>           <C>
Cricket Licensee VIII, Inc.         Salem, OR             395           C1
                                    Yakima, WA            482           C2
                                    Kennewick, WA         228           C2
                                    Twin Falls, ID        451           C2
                                    Idaho Falls, ID       202           C2
                                    Pueblo, CO            366           C4
                                    Fort Smith, AR        153           C4,5
                                    Fayetteville, AR      140           C4,5
                                    Russellville, AR      387           C2

Cricket Licensee IX, Inc.           Salt Lake City        399           C1
</TABLE><PAGE>   1

                                                                   EXHIBIT 10.33

                       LEAP WIRELESS INTERNATIONAL, INC.

                      2001 NON-QUALIFIED STOCK OPTION PLAN

1.      PURPOSES.

        (a) ELIGIBLE OPTION RECIPIENTS. The persons eligible to receive Options
are the Employees, Directors and Consultants of the Company and its Affiliates.

        (b) AVAILABLE OPTIONS. The purpose of the Plan is to provide a means by
which eligible recipients of Options may be given an opportunity to benefit from
increases in value of the Common Stock through the granting of Non-Qualified
Stock Options.

        (c) GENERAL PURPOSE. The Company, by means of the Plan, seeks to retain
the services of the group of persons eligible to receive Options, to secure and
retain the services of new members of this group and to provide incentives for
such persons to exert maximum efforts for the success of the Company and its
Affiliates.

2.      DEFINITIONS.

        (a) "AFFILIATE" means any person that is a "parent" or "subsidiary" of
the Company, as those terms are defined under Rule 405 of Regulation C
promulgated under the Securities Act.

        (b) "BOARD" means the Board of Directors of the Company.

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

        (d) "COMMITTEE" means a Committee appointed by the Board in accordance
with subsection 3(c).

        (e) "COMMON STOCK" means the common stock, $.0001 par value per share,
of the Company.

        (f) "COMPANY" means LEAP WIRELESS INTERNATIONAL, INC., a Delaware
corporation.

        (g) "CONSULTANT" means any person, including an advisor, engaged by the
Company or an Affiliate to render consulting or advisory services and who is
compensated for such services; provided that (i) such person renders bona fide
services to the Company or an Affiliate, (ii) the services rendered by such
person are not in connection with the offer or sale of securities in a
capital-raising transaction and do not directly or indirectly promote or
maintain a market for the Company's securities, and (iii) such person is a
natural person who has contracted directly with the Company to render such
services. However, the term "Consultant" shall not include Directors of the
Company who are either not compensated by the Company for their services as
Directors or who are merely paid a fee by the Company for their services as
Directors.

<PAGE>   2

        (h) "CONTINUOUS SERVICE" means that the Optionholder's service with the
Company or an Affiliate, whether as an Employee, Director or Consultant, is not
terminated. The Optionholder's Continuous Service shall not be deemed to have
terminated merely because of a change in the capacity in which the Optionholder
renders service to the Company or an Affiliate as an Employee, Director or
Consultant or a change in the entity for which the Optionholder renders such
service, provided that the Optionholder's service is continuous. For example, an
Optionholder's change in status from an Employee to a Consultant or Director
with no intervening period of time during which the Optionholder is not an
Employee, Director or Consultant will not constitute a termination of Continuous
Service.

        (i) "DIRECTOR" means a member of the Board of Directors of the Company.

        (j) "DISABILITY" means the permanent and total disability of a person
within the meaning of Section 22(e)(3) of the Code.

        (k) "EMPLOYEE" means any person employed by the Company or an Affiliate.
Mere service as a Director or payment of a director's fee by the Company or an
Affiliate shall not be sufficient to constitute "employment" by the Company or
an Affiliate.

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

        (m) "FAIR MARKET VALUE" means, as of any date, the value of the Common
Stock determined as follows:

                (i) If the Common Stock is listed on any established stock
exchange or traded on The Nasdaq National Market or the Nasdaq SmallCap Market,
the Fair Market Value of a share of Common Stock shall be the closing sales
price for such stock (or the closing bid, if no sales were reported) as quoted
on such exchange or market (or the exchange or market with the greatest volume
of trading in the Common Stock) on the last market trading day prior to the day
of determination, as reported by The Nasdaq Stock Market or such other source as
the Board deems reliable.

                (ii) In the absence of such markets for the Common Stock, the
Fair Market Value shall be determined in good faith by the Board.

        (n) "NON-EMPLOYEE DIRECTOR" means a Director of the Company who is a
"non-employee director" for purposes of Rule 16b-3 promulgated under the
Exchange Act.

        (o) "NON-QUALIFIED STOCK OPTION" means an Option not intended to qualify
as an incentive stock option within the meaning of Section 422 of the Code and
the regulations promulgated thereunder.

        (p) "OFFICER" means a President, Secretary, Treasurer, Chairman of the
Board, Vice President, Assistant Secretary or Assistant Treasurer of the
Company, as such positions are described in the Company's Bylaws, any other
person designated an "officer" of the Company by the Board of Directors in
accordance with the Company's Bylaws or any person who is an

                                       2
<PAGE>   3

"officer" within the meaning of Rule 16a-1(f) under the Exchange Act or Nasdaq
Rule 4350(i)(1)(A).

        (q) "OPTION" means a Non-Qualified Stock Option granted pursuant to the
Plan.

        (r) "OPTION AGREEMENT" means a written agreement between the Company and
an Optionholder evidencing the terms and conditions of an individual Option
grant. Each Option Agreement shall be subject to the terms and conditions of the
Plan.

        (s) "OPTIONHOLDER" means a person to whom an Option is granted pursuant
to the Plan or, if applicable, such other person who holds an outstanding
Option.

        (t) "PLAN" means this Leap Wireless International, Inc. 2001
Non-Qualified Stock Option Plan.

        (u) "RULE 16b-3" means Rule 16b-3 promulgated under the Exchange Act or
any successor to Rule 16b-3, as in effect from time to time.

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

3.      ADMINISTRATION.

        (a) ADMINISTRATION BY BOARD. The Board will administer the Plan unless
and until the Board delegates administration to a Committee, as provided in
subsection 3(c).

        (b) POWERS OF BOARD. The Board shall have the power, subject to, and
within the limitations of, the express provisions of the Plan:

                (i) To determine from time to time which of the persons eligible
under the Plan shall be granted Options; when and how each Option shall be
granted; the provisions of each Option granted (which need not be identical),
including the time or times when a person shall be permitted to receive stock
pursuant to an Option; and the number of shares with respect to which an Option
shall be granted to each such person.

                (ii) To construe and interpret the Plan and Options granted
under it, and to establish, amend and revoke rules and regulations for its
administration. The Board, in the exercise of this power, may correct any
defect, omission or inconsistency in the Plan or in any Option Agreement, in a
manner and to the extent it shall deem necessary or expedient to make the Plan
fully effective.

                (iii) To amend the Plan or an Option as provided in Section 11.

                (iv) Generally, to exercise such powers and to perform such acts
as the Board deems necessary or expedient to promote the best interests of the
Company which are not in conflict with the provisions of the Plan.

                                       3
<PAGE>   4

        (c) DELEGATION TO COMMITTEE. The Board may delegate administration of
the Plan to a committee composed of not fewer than two (2) members (the
"Committee"), all of the members of which Committee shall be, in the discretion
of the Board, Non-Employee Directors. If administration is delegated to a
Committee, the Committee shall have, in connection with the administration of
the Plan, the powers theretofore possessed by the Board, including the power to
delegate to a subcommittee of two (2) or more Non-Employee Directors any of the
administrative powers the Committee is authorized to exercise (and references in
this Plan to the Board shall thereafter be to the Committee), subject, however,
to such resolutions, not inconsistent with the provisions of the Plan, as may be
adopted from time to time by the Board. The Board may abolish the Committee at
any time and revest in the Board the administration of the Plan. Notwithstanding
anything in this Section 3 to the contrary, the Board or the Committee may
delegate to a committee of one or more members of the Board the authority to
grant Options to eligible persons who are not then subject to Section 16 of the
Exchange Act.

        (d) LEAVES OF ABSENCE. The chief executive officer of the Company, or
the Board, in that party's sole discretion, may determine whether Continuous
Service shall be considered terminated in the case of any leave of absence
approved by that party, including sick leave, military leave or any other
personal leave. The term of each Option may be extended at the discretion of the
party approving the leave of absence (not to extend beyond ten (10) years from
the date of original grant) for the period of any such approved leave of
absence.

4.      SHARES SUBJECT TO THE PLAN.

        (a) SHARE RESERVE. Subject to the provisions of Section 10 relating to
adjustments upon changes in stock, the stock that may be issued pursuant to
Options shall not exceed in the aggregate Two Million Five Hundred Thousand
(2,500,000) shares of Common Stock.

        (b) REVERSION OF SHARES TO THE SHARE RESERVE. If any Option shall for
any reason expire or otherwise terminate, in whole or in part, without having
been exercised in full, the shares not acquired under such Option shall revert
to and again become available for issuance under the Plan.

        (c) SOURCE OF SHARES. The stock subject to the Plan may be unissued
shares or reacquired shares, bought on the market or otherwise.

5.      ELIGIBILITY.

        (a) RESTRICTIONS ON ELIGIBILITY. Notwithstanding anything herein to the
contrary, the aggregate number of shares issued or reserved for issuance
pursuant to Options granted to persons other than Officers and Directors must
exceed fifty percent (50%) of the total number of shares issued or reserved for
issuance pursuant to Options granted under the Plan as determined on the
three-year anniversary of the adoption of the Plan by the Board and on each
yearly anniversary of the adoption of the Plan thereafter.

        (b) CONSULTANTS. A Consultant shall not be eligible for the grant of an
Option if, at the time of grant, a Form S-8 Registration Statement under the
Securities Act ("Form S-8") is not

                                       4
<PAGE>   5

available to register either the offer or the sale of the Company's securities
to such Consultant because of the nature of the services that the Consultant is
providing to the Company, or because the Consultant is not a natural person, or
as otherwise provided by the rules governing the use of Form S-8, unless the
Company determines both (i) that such grant (A) shall be registered in another
manner under the Securities Act (e.g., on a Form S-3 Registration Statement) or
(B) does not require registration under the Securities Act in order to comply
with the requirements of the Securities Act, if applicable, and (ii) that such
grant complies with the securities laws of all other relevant jurisdictions.

6.      OPTION PROVISIONS.

        Each Option shall be in such form and shall contain such terms and
conditions as the Board shall deem appropriate. The provisions of separate
Options need not be identical, but each Option shall include (through
incorporation of provisions hereof by reference in the Option or otherwise) the
substance of each of the following provisions:

        (a) TERM. No Option shall be exercisable after the expiration of ten
(10) years from the date it was granted.

        (b) EXERCISE PRICE. The exercise price of each Option shall be not less
than eighty-five percent (85%) of the Fair Market Value of the stock subject to
the Option on the date the Option is granted. Notwithstanding the foregoing, an
Option may be granted with an exercise price lower than that set forth in the
preceding sentence if such Option is granted pursuant to an assumption or
substitution for another option in a manner satisfying the provisions of Section
424(a) of the Code.

        (c) CONSIDERATION. The purchase price of stock acquired pursuant to an
Option shall be paid, to the extent permitted by applicable statutes and
regulations, either (i) in cash at the time the Option is exercised or (ii) at
the discretion of the Board (1) by delivery to the Company of other Common
Stock, (2) according to a deferred payment or other arrangement (which may
include, without limiting the generality of the foregoing, the use of other
Common Stock) with the Optionholder or (3) in any other form of legal
consideration that may be acceptable to the Board; provided, however, an Option
may not be exercised by delivery to the Company of other Common Stock (i) to the
extent such delivery would constitute a violation of the provisions of any law,
regulation or agreement restricting the redemption of the Company's stock and
(ii) unless such shares either have been owned by the Optionee for more than six
(6) months or were not acquired, directly or indirectly, from the Company; and
provided, further, that at any time that the Company is incorporated in
Delaware, payment of the Common Stock's "par value," as defined in the Delaware
General Corporation Law, shall not be made by deferred payment.

        In the case of any deferred payment arrangement, interest shall be
compounded at least annually and shall be charged at the minimum rate of
interest necessary to avoid the treatment as interest, under any applicable
provisions of the Code, of any amounts other than amounts stated to be interest
under the deferred payment arrangement.

                                       5
<PAGE>   6

        (d) TRANSFERABILITY. An Option shall be transferable to the extent
provided in its Option Agreement. If such Option Agreement does not provide for
transferability, then the Option shall not be transferable except by will or by
the laws of descent and distribution and shall be exercisable during the
lifetime of the Optionholder only by the Optionholder. Notwithstanding the
foregoing provisions of this subsection 6(d), the Optionholder may, by
delivering written notice to the Company, in a form satisfactory to the Company,
designate a third party who, in the event of the death of the Optionholder,
shall thereafter be entitled to exercise the Option.

        (e) VESTING GENERALLY. The total number of shares of Common Stock
subject to an Option may, but need not, vest and therefore become exercisable in
periodic installments which may, but need not, be equal. The Option may be
subject to such other terms and conditions on the time or times when it may be
exercised (which may be based on performance or other criteria) as the Board may
deem appropriate. The vesting provisions of individual Options may vary. The
provisions of this subsection 6(e) are subject to any Option provisions
governing the minimum number of shares as to which an Option may be exercised.

        (f) TERMINATION OF CONTINUOUS SERVICE. In the event an Optionholder's
Continuous Service terminates (other than due to the Optionholder's death or
Disability), the Optionholder may exercise his or her Option, but only within
such period of time as is determined by the Board, and only to the extent
provided in the Option Agreement and not inconsistent with the terms of the
Plan. In no event shall an Option be exercisable after the expiration of the
term of such Option as set forth in the Option Agreement. If at the date of
termination of Continuous Service, the Optionholder is not entitled to exercise
his or her entire Option, the shares covered by the unexercisable portion of
such Option shall revert to and again become available for issuance pursuant to
Options granted under the Plan to the extent provided under Section 4. If after
termination of Continuous Service, the Optionholder does not exercise his or her
Option within the time specified in the Option Agreement, such Option shall
terminate, and the shares covered by such Option shall revert to and again
become available for issuance pursuant to Options granted under the Plan to the
extent provided under Section 4.

        (i) DISABILITY. In the event an Optionholder's Continuous Service
terminates as a result of the Optionholder's Disability, then: (i) the Option
may continue to vest and remain outstanding, if so provided in the Option
Agreement, or (ii) if the Option Agreement does not provide for such
continuation of the Option, then the Optionholder may exercise his or her
Option, but only within twelve (12) months from the date of such termination (or
such shorter period specified in the Option Agreement), and only to the extent
that the Optionholder was entitled to exercise it at the date of such
termination (but in no event later than the expiration of the term of such
Option as set forth in the Option Agreement). If, at the date of termination of
Continuous Service, the Option does not continue under its original terms and
the Optionholder is not entitled to exercise his or her entire Option, the
shares covered by the unexercisable portion of the Option shall revert to and
again become available for issuance pursuant to Options granted under the Plan.
If, after termination of Continuous Service, the Option does not continue under
its original terms and the Optionholder does not exercise his or her Option
within the time specified in the Option Agreement, the Option shall terminate,
and the shares covered by such

                                       6
<PAGE>   7

Option shall revert to and again become available for issuance pursuant to
Options granted under the Plan to the extent provided under Section 4.

                (ii) DEATH. In the event an Optionholder's Continuous Service
terminates as a result of the Optionholder's death or due to the Optionholder's
Disability and such termination due to Disability is followed by the
Optionholder's death within the period following termination of the
Optionholder's Continuous Service due to the Optionholder's Disability during
which the Optionholder would be entitled to exercise the Option, then the Option
may be exercised, at any time within twelve (12) months following the date of
death, or such shorter period specified in the Option Agreement (but in no event
later than the expiration of the term of such Option as set forth in the Option
Agreement), by the Optionholder's estate or by a person who acquired the right
to exercise the Option by bequest or inheritance, but only to the extent the
Optionholder was entitled to exercise the Option at the date of death; provided
that Option may, but need not, provide for the acceleration of vesting of all
unvested shares as of the date of the death of the Optionholder. If the Option
Agreement does not provide for the acceleration of the vesting of all unvested
shares and, at the time of death, the Optionholder was not entitled to exercise
his or her entire Option, the shares covered by the unexercisable portion of
such Option shall revert to and again become available for issuance pursuant to
Options granted under the Plan to the extent provided under Section 4. If, after
death, the Optionholder's estate or a person who acquired the right to exercise
the Option by bequest or inheritance does not exercise the Option within the
time specified herein, the Option shall terminate, and the shares covered by
such Option shall revert to and again become available for issuance pursuant to
Options granted under the Plan to the extent provided under Section 4.

        (g) EARLY EXERCISE. The Option may, but need not, include a provision
whereby the Optionholder may elect at any time before the Optionholder's
Continuous Service terminates to exercise the Option as to any part or all of
the shares subject to the Option prior to the full vesting of the Option. Any
unvested shares so purchased may be subject to an unvested share repurchase
option in favor of the Company or to any other restriction the Board determines
to be appropriate.

7.      COVENANTS OF THE COMPANY.

        (a) AVAILABILITY OF SHARES. During the terms of the Options, the Company
shall keep available at all times the number of shares of Common Stock required
to satisfy such Options.

        (b) SECURITIES LAW COMPLIANCE. The Company shall seek to obtain from
each regulatory commission or agency having jurisdiction over the Plan such
authority as may be required to grant Options and to issue and sell shares of
Common Stock upon exercise of the Options; provided, however, that this
undertaking shall not require the Company to register under the Securities Act
the Plan, any Option or any stock issued or issuable pursuant to any such
Option. If, after reasonable efforts, the Company is unable to obtain from any
such regulatory commission or agency the authority which counsel for the Company
deems necessary for the lawful issuance and sale of stock under the Plan, the
Company shall be relieved from any liability for failure to issue and sell stock
upon exercise of such Options unless and until such authority is obtained.

                                       7
<PAGE>   8

8.      USE OF PROCEEDS FROM STOCK.

        Proceeds from the sale of stock pursuant to Options shall constitute
general funds of the Company.

9.      MISCELLANEOUS.

        (a) ACCELERATION OF EXERCISABILITY AND VESTING. The Board shall have the
power to accelerate the time at which an Option may first be exercised or the
time during which an Option or any part thereof will vest in accordance with the
Plan, notwithstanding the provisions in the Option stating the time at which it
may first be exercised or the time during which it will vest.

        (b) STOCKHOLDER RIGHTS. No Optionholder shall be deemed to be the holder
of, or to have any of the rights of a holder with respect to, any shares subject
to such Option unless and until such Optionholder has satisfied all requirements
for exercise of the Option pursuant to its terms.

        (c) NO EMPLOYMENT OR OTHER SERVICE RIGHTS. Nothing in the Plan or any
instrument executed or Option granted pursuant thereto shall confer upon any
Optionholder or other holder of Options any right to continue to serve the
Company or an Affiliate in the capacity in effect at the time the Option was
granted or shall affect the right of the Company or an Affiliate to terminate:
(i) the employment of an Employee with or without notice and with or without
cause, (ii) the service of a Consultant pursuant to the terms of such
Consultant's agreement with the Company or an Affiliate or (iii) the service of
a Director pursuant to the Bylaws of the Company or an Affiliate, and any
applicable provisions of the corporate law of the state in which the Company or
the Affiliate is incorporated, as the case may be.

        (d) INVESTMENT ASSURANCES. The Company may require an Optionholder, as a
condition of exercising or acquiring stock under any Option, (i) to give written
assurances satisfactory to the Company as to the Optionholder's knowledge and
experience in financial and business matters and/or to employ a purchaser
representative reasonably satisfactory to the Company who is knowledgeable and
experienced in financial and business matters and that he or she is capable of
evaluating, alone or together with the purchaser representative, the merits and
risks of exercising the Option; and (ii) to give written assurances satisfactory
to the Company stating that the Optionholder is acquiring the stock subject to
the Option for the Optionholder's own account and not with any present intention
of selling or otherwise distributing the stock. The foregoing requirements, and
any assurances given pursuant to such requirements, shall be inoperative if (i)
the issuance of the shares upon the exercise or acquisition of stock under the
Option has been registered under a then currently effective registration
statement under the Securities Act or (ii) as to any particular requirement, a
determination is made by counsel for the Company that such requirement need not
be met in the circumstances under the then applicable securities laws. The
Company may, upon advice of counsel to the Company, place legends on stock
certificates issued under the Plan as such counsel deems necessary or
appropriate in order to comply with applicable securities laws, including, but
not limited to, legends restricting the transfer of the stock.

                                       8
<PAGE>   9

        (e) WITHHOLDING OBLIGATIONS. To the extent provided by the terms of an
Option Agreement, the Optionholder may satisfy any tax withholding obligation
(whether imposed on the Company or its Affiliates) relating to the exercise or
acquisition of stock under an Option by any of the following means (in addition
to the Company's right to withhold from any compensation paid to the
Optionholder by the Company) or by a combination of such means: (i) tendering a
cash payment; (ii) authorizing the Company to withhold shares from the shares of
the Common Stock otherwise issuable to the Optionholder as a result of the
exercise or acquisition of stock under the Option; or (iii) delivering to the
Company owned and unencumbered shares of the Common Stock; provided that the
aggregate number of shares of Common Stock which may be so withheld or delivered
within six months after such shares are acquired by the Optionholder from the
Company shall be limited to the number of shares that have an aggregate Fair
Market Value on the date of withholding or delivery equal to the tax withholding
obligations determined based on the minimum statutory withholding rates for
federal and state income tax and payroll tax purposes that are applicable to
such supplemental taxable income.

10.     ADJUSTMENTS UPON CHANGES IN STOCK.

        (a) CAPITALIZATION ADJUSTMENTS. If any change is made in the stock
subject to the Plan, or subject to any Option, without the receipt of
consideration by the Company (through merger, consolidation, reorganization,
recapitalization, reincorporation, stock dividend, dividend in property other
than cash, stock split, liquidating dividend, combination of shares, exchange of
shares, change in corporate structure or other transaction not involving the
receipt of consideration by the Company), the Plan will be appropriately
adjusted in the class(es) and maximum number of securities subject to the Plan
pursuant to subsection 4(a) and the outstanding Options will be appropriately
adjusted in the class(es) and number of securities and price per share of stock
subject to such outstanding Options. Such adjustments shall be made by the
Board, the determination of which shall be final, binding and conclusive. (The
conversion of any convertible securities of the Company shall not be treated as
a transaction "without receipt of consideration" by the Company.)

        (b) CHANGE IN CONTROL.

                (i) In the event of: (1) the sale of all or substantially all of
the Company's assets, (2) a merger, consolidation or reorganization of the
Company with or into another corporation or other legal person, other than a
merger, consolidation or reorganization in which more than fifty percent (50%)
of the combined voting power of the then-outstanding securities of the surviving
entity (or if more than one entity survives the transaction, the controlling
entity) immediately after such a transaction are held in the aggregate by
holders of voting securities of the Company immediately prior to such
transaction, (3) the acquisition by any person (within the meaning of Section
13(d)(3) or Section 14(d)(2) of the Exchange Act) of beneficial ownership
(within the meaning of Rule 13d-3 or any successor rule or regulation
promulgated under the Exchange Act) of securities representing fifty percent
(50%) or more of the combined voting power of the then-outstanding securities of
the Company, or (4) during any period of two (2) consecutive years, individuals
who at the beginning of any such period constitute the Directors of the Company
(the "Incumbent Directors") cease for any reason to constitute at least a
majority

                                       9
<PAGE>   10

thereof unless the election or the nomination for election by the Company's
stockholders of a Director of the Company first elected during such period was
approved by the vote of at least two-thirds of the Incumbent Directors,
whereupon such Director shall also be classified as an Incumbent Director
(collectively, a "Change in Control"), then: (A) any surviving corporation shall
assume any Options outstanding under the Plan or shall substitute similar
options for those outstanding under the Plan (including an option to acquire the
same consideration paid to stockholders in the transaction described in this
subsection 10(b)(i)), or (B) such Options shall continue in full force and
effect. In the event any surviving corporation refuses to assume such Options,
or to substitute similar options for those outstanding under the Plan, then, (x)
with respect to Options held by Optionholders then performing services as
Employees, Directors or Consultants, the time at which such Options may first be
exercised in full shall be accelerated and (y) any Options outstanding under the
Plan shall terminate if not exercised prior to such event. In the event of a
dissolution or liquidation of the Company, any Options outstanding under the
Plan shall terminate if not exercised prior to such event.

                (ii) In addition, with respect to any Optionholder who was
providing Continuous Service immediately prior to the consummation of the Change
in Control, any Options (including an option substituted for an Option) held by
such Optionholder shall immediately become fully vested and exercisable (and any
repurchase right by the Company with respect to shares acquired by such person
under an Option (or an option substituted for an Option) shall lapse) if such
Optionholder's Continuous Service is Involuntarily Terminated Without Cause or
Constructively Terminated within twenty-four (24) months following the Change in
Control. Notwithstanding the preceding sentence, in the event all of the
following occurs: (A) such contemplated Change in Control would occur prior to
the second anniversary of the adoption of this Plan by the Board; (B) such
potential acceleration of vesting (and exercisability) would by itself result in
a contemplated Change in Control that would otherwise be eligible to be
accounted for as a "pooling of interests" accounting transaction to become
ineligible for such accounting treatment; and (C) the potential acquirer of the
Company desires to account for such contemplated Change in Control as a "pooling
of interests" transaction, then such acceleration shall not occur. Additionally,
in the event that the restrictions upon acceleration provided for in the
immediately preceding sentence by itself would result in a contemplated Change
in Control to become ineligible to be accounted for as a "pooling of interests"
accounting transaction, then such restrictions shall be deemed inoperative.
Accounting issues shall be determined by the Company's independent public
accountants applying generally accepted accounting principles.

                (iii) "CONSTRUCTIVELY TERMINATED" shall mean the voluntary
termination of employment by an Optionholder after any of the following are
undertaken without the Optionholder's express written consent: (A) the
assignment to the Optionholder of any duties or responsibilities which result in
a material diminution or adverse change of the Optionholder's position, status
or circumstances of employment, but does not include a mere change in title or
reporting relationship; (B) reduction by the Company in the Optionholder's base
salary; (C) any failure by the Company to continue in effect any benefit plan or
arrangement, including incentive plans or plans to receive securities of the
Company, in which the Optionholder is participating (hereinafter referred to as
"BENEFIT PLANS"), or the taking of any action by the Company which

                                       10
<PAGE>   11

would adversely affect the Optionholder's participation in or reduce the
Optionholder's benefits under any Benefit Plans or deprive the Optionholder of
any fringe benefit then enjoyed by the Optionholder, provided, however, that the
Optionholder's termination is not deemed to be Constructively Terminated if the
Company offers a range of benefit plans and programs which, taken as a whole,
are comparable to the Benefit Plans; (D) a relocation of the Optionholder or the
Company's principal business offices to a location more than fifty (50) miles
from the location at which the Optionholder performs duties, except for required
travel by the Optionholder on the Company's business to an extent substantially
consistent with the Optionholder's business travel obligations; (E) any breach
by the Company of any material agreement between the Optionholder and the
Company concerning the Optionholder's employment; or (F) any failure by the
Company to obtain the assumption of any material agreement between the
Optionholder and the Company concerning the Optionholder's employment by any
successor or assign of the Company.

                (iv) "INVOLUNTARILY TERMINATED WITHOUT CAUSE" shall mean
dismissal or discharge of the Optionholder for any reason other than Cause,
death or Disability.

                (v) "CAUSE" shall mean any of the following: (A) an intentional
act which materially injures the Company; (B) an intentional refusal or failure
to follow lawful and reasonable directions of the Board or an individual to whom
the Optionholder reports (as appropriate); (C) a willful and habitual neglect of
duties; or (D) a conviction of a felony involving moral turpitude which is
reasonably likely to inflict or has inflicted material injury on the Company.

11.     AMENDMENT OF THE PLAN AND OPTIONS.

        (a) AMENDMENT OF PLAN. The Board at any time, and from time to time, may
amend the Plan.

        (b) NO IMPAIRMENT OF RIGHTS. Rights under any Option granted before
amendment of the Plan shall not be impaired by any amendment of the Plan unless
(i) the Company requests the consent of the Optionholder and (ii) the
Optionholder consents in writing.

        (c) AMENDMENT OF OPTIONS. The Board at any time, and from time to time,
may amend the terms of any one or more Options; provided, however, that the
rights under any Option shall not be impaired by any such amendment unless (i)
the Company requests the consent of the Optionholder and (ii) the Optionholder
consents in writing.

12.     TERMINATION OR SUSPENSION OF THE PLAN.

        (a) PLAN TERM. The Board may suspend or terminate the Plan at any time.
Unless sooner terminated, the Plan shall terminate on the day before the tenth
(10th) anniversary of the date the Plan is adopted by the Board. No Options may
be granted under the Plan while the Plan is suspended or after it is terminated.

                                       11
<PAGE>   12

        (b) NO IMPAIRMENT OF RIGHTS. Rights and obligations under any Option
granted while the Plan is in effect shall not be impaired by suspension or
termination of the Plan, except with the written consent of the Optionholder.

13.     EFFECTIVE DATE OF PLAN.

        The Plan shall become effective as determined by the Board.

14.     CHOICE OF LAW/INTERPRETATION.

        The law of the State of Delaware shall govern all questions concerning
the construction, validity and interpretation of this Plan, without regard to
such state's conflict of laws rules. Notwithstanding the foregoing, it is
expressly intended that approval of the Company's stockholders not be required
as a condition of the effectiveness of the Plan, and the Plan's provisions shall
be interpreted in a manner consistent with such intent for all purposes
(including without limitation, for purposes of determining whether stockholder
approval of the Plan is necessary pursuant to the rules of The Nasdaq Stock
Market or such other securities exchange or quotation system on which the Common
Stock is then listed for quotation and trading).

                                       12

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