UTSTARCOM HOLDINGS CORP. — Director's Dealing 2003

Nov 6, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: UTSTARCOM INC (UTSI)
CIK: 0001030471
Period of Report: 2003-08-22

Reporting Person: TOY THOMAS J (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-11-05	Common Stock	M	20000	$18	Acquired	20000	Direct
2003-11-05	Common Stock	S	20000	$34.2607	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-08-22	Employee Stock Option (right to buy)	$45.21	A	25000	Acquired	2013-08-22	Common Stock (25000)	Direct
2003-11-05	Stock Option (right to buy)	$18	M	20000	Disposed	2009-12-26	Common Stock (20000)	Direct

Footnotes

F1: Vesting Schedule: 1/12 per month each month after August 22, 2003.

F2: Represents derivative securities beneficially owned as of November 5, 2003. Following the August 22, 2003 transaction, the reporting person beneficially owned derivative securities representing 178,300 shares of Common Stock.

F3: This trade was executed pursuant to a Rule 10b5-1 trading plan that was adopted in June 2003.

F4: Vesting Schedule: 100% of the option shall be exercisable on March 2, 2000.