UTSTARCOM HOLDINGS CORP. — Director's Dealing 2007

Jan 3, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: UTSTARCOM INC (UTSI)
CIK: 0001030471
Period of Report: 2006-12-29

Reporting Person: LU HONG LIANG (Director, President and CEO)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-12-29	Stock Option (right to buy)	$25.25	A	43750	Acquired	2012-02-28	Common Stock (43750)	Direct
2006-12-29	Stock Option (right to buy)	$20.25	D	43750	Disposed	2012-02-28	Common Stock (43750)	Direct
2006-12-29	Stock Option (right to buy)	$20.82	A	29688	Acquired	2012-07-25	Common Stock (29688)	Direct
2006-12-29	Stock Option (right to buy)	$15.72	D	29688	Disposed	2012-07-25	Common Stock (29688)	Direct

Footnotes

F1: The options have fully vested as the date hereof.

F2: Represents a portion of the option granted on 2/28/2002 which vested between January 2005 and February 2006.

F3: Represents a portion of the option granted on 7/25/2002 which vested between January 2005 and July 2006.

F4: The reporting person elected to cancel a portion of the options previously granted to him in exchange for new options having higher exercise prices.