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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(h) of the Investment Company Act of 1940
|_| Check this box if no longer subject to Section 16. Form 4 or Form 5
obligations may continue. See Instruction 1(b).
(Print of Type Responses)
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1. Name and Address of Reporting Person*
Sherman Steven
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(Last) (First) (Middle)
9360 Towne Centre Drive, Suite 110
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(Street)
San Diego CA 92121
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(City) (State) (Zip)
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2. Issuer Name and Ticker or Trading Symbol
Novatel Wireless, Inc. (NVTLD)
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3. I.R.S. Identification Number of Reporting Person, if an entity (voluntary)
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4. Statement for Month/Day/Year
October 2002
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5. If Amendment, Date of Original (Month/Day/Year)
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6. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
|X| Director |_| 10% Owner
|_| Officer (give title below) |_| Other (specify below)
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7. Individual or Joint/Group Filing (Check Applicable line)
|X| Form Filed by One Reporting Person
|_| Form Filed by More than One Reporting Person
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Table I -- Non-Derivative Securities Acquired, Disposed of,
or Beneficially Owned
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5.
Amount of 6.
4. Securities Owner-
Securities Acquired (A) or Beneficially ship
2A. 3. Disposed of (D) Owned Form: 7.
2. Deemed Transaction (Instr. 3, 4 and 5) Following Direct Nature of
Trans- Execution Code ------------------------------- Reported (D) or Indirect
1. action Date, if (Instr. 8) (A) Transaction(s) Indirect Beneficial
Title of Security Date any ------------ or (Instr. 3 & (I) Ownership
(Instr. 3) (mm/dd/yy) (mm/dd/yy) Code V Amount (D) Price Instr.4) (Instr.4) (Instr.4)
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Common Stock, par value
$0.001 per share 288,320(1) D
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FORM 4 (continued)
Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
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9.
Number 10.
of Owner-
deriv- ship
ative Form
2. Secur- of
Conver- 5. 7. ities Deriv- 11.
sion Number of Title and Amount Bene- ative Nature
or Derivative 6. of Underlying 8. ficially Secur- of
Exer- 3A. 4. Securities Date Securities Price Owned ity: In-
cise Deemed Trans- Acquired (A) Exercisable and (Instr. 3 and 4) of Follow- Direct direct
Price 3. Execut- action or Disposed Expiration Date ---------------- Deriv- ing (D) or Bene-
1. of Trans- ion Code of(D) (Month/Day/Year) Amount ative Reported In- ficial
Title of Deriv- action Date if (Instr. (Instr. 3, ---------------- or Secur- Trans- direct Owner-
Derivative ative Date any 8) 4 and 5) Date Expira- Number ity action(s) (I) ship
Security Secur- (mm/dd/ (mm/dd/ ------ ------------ Exer- tion of (Instr. (Instr. (Instr. (Instr.
(Instr. 3) ity yy) yy) Code V (A) (D) cisable Date Title Shares 5) 4) 4) 4)
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Incentive
Stock Option
Grant (Right $10.65 Common 6,000 $10.65
to Buy) (1) 6/2/97 6/2/97 6/2/98 6/2/07 Stock (1) (1) D
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Warrants
(Right to Common 8,802 $2.79
Buy) $2.79(1) 12/31/97 12/31/97 (2) 12/31/02 Stock (1) (1) D
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Non-Quali-
fied Stock
Option Grant
(Right to $16.80 Common 6,666 $16.80
Buy) (1) 1/30/02 1/30/02 1/30/03 1/30/12 Stock (1) (1) D
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Non-Quali-
fied Stock
Option Grant
(Right to 4/30/03 Common
Buy) $2.23 10/31/02 10/31/02 J(3) A (3) 10/31/12 Stock 13,333 $2.23 34,801 D
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Explanation of Responses:
(1) Effective as of October 29, 2002, Novatel Wireless, Inc. (the "Company")
effected a combination of all the issued and outstanding shares of its
common stock, $0.001 par value per share, in a ratio of 1 share for every
15 shares surrendered (hereinafter, the "Reverse Split"). Further
information about the Reverse Split may be found in the Company's filing on
Form 8-K made with the SEC on October 22, 2002. All the share and option
amounts contained in this filing on Form 4 accordingly reflect the
effectiveness of the Reverse Split.
(2) Warrants issued in December 1998 and are currently exercisable.
(3) Pursuant to the Company's Amended and Restated 2000 Employee Stock
Incentive Plan (the "Option Plan"), the Company's Board of Directors
authorized and approved, effective following the close of business on
October 31, 2002, the issuance, to each non-employee director, of options
to purchase up to 13,333 shares of common stock, at an exercise price of
$2.23 per share. The options subject to such grants shall vest and become
exercisable over the 48 consecutive month period following grant, with 25%
becoming vested and exercisable 12 months following grant and 1/48th of the
initial grant vesting and becoming exercisable each month thereafter.
/s/ Patrick T. Waters, Attorney-in-Fact November 4, 2002
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**Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction
4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal
Criminal Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed.
If space is insufficient, see Instruction 6 for procedure.
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