As filed with the Securities and Exchange Commission on April 30, 2001. (File No. 333-______) ================================================================================ SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ----------------- FORM S-8 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ----------------- WIRELESS TELECOM GROUP, INC. (Exact name of registrant as specified in its charter) <TABLE> <S> <C> New Jersey 22-2582295 (State or other jurisdiction (I.R.S. Employer of incorporation or organization) Identification No.) </TABLE> E. 64 Midland Avenue, Paramus, New Jersey 07652 (Address of principal executive offices including zip code) 2000 Stock Option Plan (Full title of the plan) Edward J. Garcia c/o Wireless Telecom Group, Inc. E. 64 Midland Avenue Paramus, New Jersey 07652 (Name and address of agent for service) (201) 261-8797 (Telephone number, including area code, of agent for service) Copy to: Robert H. Cohen, Esq. Morrison Cohen Singer & Weinstein, LLP 750 Lexington Avenue, 8th Floor New York, NY 10022 ================================================================================ CALCULATION OF REGISTRATION FEE <TABLE> <CAPTION> ---------------------------------------------------------------------------------------------------------------------------- Proposed Maximum Proposed Maximum Titles of Securities Amount to Offering Price Aggregate Offering Amount of to be Registered be Registered(1)(2) Per Share Price(3) Registration Fee(3) -------------------- ------------------- --------- --------- ------------------- <S> <C> <C> <C> <C> Common Stock, par value 1,500,000 shares $2.30 $3,450,000 $862.50 $.01 per share ---------------------------------------------------------------------------------------------------------------------------- </TABLE> (1) Shares of common stock, par value $.01 per share ("Common Stock") issuable upon the exercise of options granted under the Wireless Telecom Group, Inc. 2000 Stock Option Plan. (2) Pursuant to Rule 416, there are also being registered an indeterminate number of shares of Common Stock as may become issuable to prevent dilution, stock splits, stock dividends or other similar transactions. (3) Estimated pursuant to Rule 457(c) and (h) solely for the purpose of calculating the registration fee, based upon the average of the high and low sales prices of the Registrant's Common Stock as reported on the American Stock Exchange on April 27, 2001 and a registration fee rate of .000250. PART I INFORMATION REQUIRED IN THE SECTION 10(A) PROSPECTUS Item 1. Plan Information.* Item 2. Registrant Information and Employee Plan Annual Information.* * Note: The document(s) containing the employee benefit plan information required by Item 1 of this Form and the statement of availability of registrant information, employee benefit plan annual reports and other information required by Item 2 of this Form will be sent or given to participants as specified by Rule 428. In accordance with Rule 428 and the requirements of Part I of Form S-8, such documents are not being filed with the Securities and Exchange Commission (the "Commission") either as part of this Registration Statement or as prospectuses or prospectus supplements pursuant to Rule 424. The Registrant shall maintain a file of such documents in accordance with the provisions of Rule 428. Upon request, the Registrant shall furnish to the Commission or its staff a copy or copies of all of the documents included in such file. Explanatory Note We have prepared this Registration Statement in accordance with the requirements of Form S-8 under the Securities Act of 1933, as amended, (the "Securities Act") to register 1,500,000 shares of common stock, par value $.01 per share ("Common Stock"), (including additional shares that may be reissued or offered as a result of stock splits, stock dividends or similar transactions relating to these shares) which we have reserved for issuance upon exercise of stock options granted under the Wireless Telecom Group, Inc. 2000 Stock Option Plan (the "Plan"). This registration statement also registers reoffers and resales of 120,000 shares of Common Stock issuable upon the exercise of options granted under the Plan and acquired by selling stockholders who may be deemed "affiliates" (as such term is defined in Rule 405 under the Securities Act) of the Company. These securities may be reoffered and resold on a continuous or delayed basis in the future under Rule 415 the Securities Act. This registration statement contains two parts. The first part contains a "reoffer prospectus" prepared in accordance with Part I of Form S-3 under the Securities Act. The second part contains information required in the registration statement pursuant to Part II of Form S-8. REOFFER PROSPECTUS 120,000 Shares WIRELESS TELECOM GROUP, INC. Common Stock, $.01 par value This Prospectus relates to the public offering and sale by certain shareholders (the "Selling Shareholders") of up to 120,000 shares of common stock, par value $.01 per share, which the Selling Shareholders have acquired under the Wireless Telecom Group, Inc. 2000 Stock Option Plan. The prices at which the Selling Shareholders may sell the shares will be determined by the prevailing market price for the shares or in negotiated transactions. We will not receive any proceeds from the sale of the shares. Our common stock is listed on the American Stock Exchange under the symbol "WTT". This investment involves risk. See "Risk Factors" beginning at page 4 Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of this Prospectus. Any representation to the contrary is a criminal offense. The date of this Prospectus is April 30, 2001 TABLE OF CONTENTS Where You Can Find More Information.........................................1 Prospectus Summary..........................................................2 The Offering................................................................3 Risk Factors................................................................4 Use of Proceeds.............................................................7 Dilution....................................................................7 Plan of Distribution........................................................7 Selling Shareholders.......................................................10 Legal Matters..............................................................11 Experts....................................................................11 WHERE YOU CAN FIND MORE INFORMATION We are a public company. We file annual, quarterly and special reports, proxy statements and other information with the SEC. You may read and copy any document we file with the SEC at the SEC's public reference rooms in Washington, D.C., New York, New York and Chicago, Illinois. Please call the SEC at 1-800-SEC-0330 for further information on the public reference rooms. Our SEC filings are also available to the public at the SEC's web site at http://www.sec.gov. The SEC allows us to "incorporate by reference" the information we file with them, which means that we can disclose important information to you by referring you to those documents. The information incorporated by reference is considered to be part of this prospectus, and later information that we file with the SEC will automatically update and supersede this information. We incorporate by reference the documents listed below and any future filings made with the SEC under Section 13(a), 13(c), 14, or 15(d) of the Securities Exchange Act of 1934 until the Selling Shareholders sell all of their shares of common stock. This prospectus is part of a registration statement we filed with the SEC. 1. Annual Report on Form 10-K, for the fiscal year ended December 31, 2000; and 2. The description of the Registrant's Common Stock contained in its Registration Statement on Form S-4/A dated June 13, 2000. You may request a copy of these filings, at no cost, by oral request or by writing to us at the following address: Wireless Telecom Group, Inc. East 64 Midland Avenue Paramus, New Jersey 07652 (201) 261-8797 You should rely only on the information incorporated by reference or provided in this prospectus or any supplement. We have not authorized anyone else to provide you with different information. The Selling Shareholders will not make an offer of these shares of common stock in any state where the offer is not permitted. You should not assume that the information in this prospectus or any supplement is accurate as of any date other than the date on the front of those documents. 1 PROSPECTUS SUMMARY This summary highlights information contained elsewhere in this prospectus. This summary is not complete and may not contain all of the information that you should consider before investing in the securities. You should read the entire prospectus carefully. Unless we otherwise say so, when we discuss our outstanding securities, we exclude all of our shares of common stock issuable upon the exercise of currently outstanding warrants and options and the conversion of our convertible securities. The Company Wireless Telecom Group, Inc., a New Jersey corporation (the "Company" or "Wireless"), develops, manufactures and markets a wide variety of electronic noise sources and electronic testing and measuring instruments including power meters, voltmeters and modulation meters. The Company's products have historically been primarily used to test the performance and capability of cellular/PCS and satellite communications systems, and to measure the power of RF and microwave systems. Other applications include radio, radar, wireless local area network (WLAN) and digital television. On July 7, 2000, a newly formed, wholly-owned subsidiary of the Company, WTT Acquisition Corp., merged with and into Boonton, a public entity. Each share of Boonton common stock was converted into .79 shares of the Company's common stock with aggregated consideration totaling 1,885,713 shares of Wireless common stock. The merger was accounted for as a pooling of interests and accordingly, all periods prior to the merger have been restated to include the results of operations, financial position and cash flows of Boonton. 2 THE OFFERING <TABLE> <S> <C> Securities Offered..............................120,000 shares of common stock acquired or to be acquired by the Selling Shareholders upon the exercise of options granted to them under our 2000 Stock Option Plan. See "Selling Shareholders" and "Plan of Distribution." Common Stock outstanding as of April 30, 2001..................................17,835,977 Risk Factors....................................The securities offered hereby involve a high degree of risk. Only investors who can bear the loss of their entire investment should invest. See "Risk Factors." Use of Proceeds.................................We will not receive any of the proceeds when the Selling Shareholders sell their shares of common stock. We may, however, receive proceeds when such Selling Shareholders exercise their options to purchase our common stock. See "Use of Proceeds." Dividend Policy.................................We currently intend to retain all future earnings to fund the development and growth of our business. We do not anticipate paying cash dividends. American Stock Exchange Symbol.................."WTT" </TABLE> 3 RISK FACTORS The following risk factors, in addition to the other information contained in this prospectus, should be considered carefully by the shareholders before making an investment decision. The ownership of Wireless common stock involves risks, including those described below, which could adversely affect the value of Wireless common stock. The risks described below are not the only risks facing Wireless. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. Our business, financial condition or results of operations could be materially adversely affected by any of these risks. The trading price of our common stock could decline due to any of these risks, and you may lose all or part of your investment. This Prospectus also contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors, including the risks faced by us described below and elsewhere in this Prospectus. Risks of Wireless Business Wireless Faces Aggressive Competition And Rapid Technological Change In The Information Services And Technology Marketplace Wireless operates in an industry characterized by aggressive competition, rapid technological change, evolving technology standards and short product life cycles. Wireless competes against many companies that utilize similar technology to that of Wireless, some of which are larger and have substantially greater resources and expertise in financial, technical and marketing areas than Wireless. Some of these companies are Agilent Technologies (formerly Hewlett-Packard), IFR, Rhode and Schwarz, and Anritsu. Wireless competes by having a niche in several product areas where it capitalizes on its expertise in manufacturing products with unique specifications. Failure by Wireless to respond to changing technologies, customer needs and industry standards could have material adverse consequences to its business and results of operations. Future operating results of Wireless will depend on the ability of Wireless to: o design, develop, introduce, deliver or obtain new and innovative products and services on a timely and cost-effective basis; o mitigate the effects of competitive pressures and volatility in the information services and wireless telecommunications market on revenues, pricing and margins; o effectively manage the shift of its business mix; and o attract and retain highly skilled personnel. Failure By Wireless To Manage Growth Effectively Could Adversely Affect Its Business Current expansion plans of Wireless may place a significant strain on its personnel and management resources and financial and management control systems. Personnel, management resources and Wireless management and financial control systems may not be adequate to address future expansion of its business and operations. Failure by Wireless to maintain adequate 4 personnel and management resources or to upgrade its operating, management and financial control systems or any difficulties encountered during such upgrades could adversely affect its business. The success of Wireless' expansion plans will depend in part on its ability to expand personnel and management resources and to improve its management and financial control systems. Wireless may not be successful in any of these regards. Wireless Acquisition Strategy May Adversely Affect Its Financial Condition And Performance Wireless continues to look for opportunities to acquire businesses and product lines. To that end, Wireless has had, and continues to have, discussions with acquisition candidates. The level of this activity will vary from time to time depending on the type of acquisition candidates Wireless identifies. Acquiring additional businesses and product lines may require additional capital and may have a significant impact on the financial position and results of operations of Wireless. Acquisitions made with Wireless stock could dilute existing shareholders. Wireless cannot assure the Selling Stockholders that it will be successful in identifying acceptable acquisition candidates or that any acquired operations will be profitable or will be successfully integrated or that any such future acquisitions will not materially and adversely affect its business, financial condition and results of operations. The ability of Wireless to accomplish its strategy will depend upon a number of factors including, among other things, Wireless' ability to identify acceptable acquisition candidates, to acquire the necessary funds for such acquisitions, to consummate such acquisitions on terms favorable to it and to promptly and profitably integrate the acquired operations into its operations. Opportunities for growth through acquisitions, future operating results and the success of acquisitions may be subject to the effects of, and changes in, United States and foreign trade and monetary policies, laws and regulations, political and economic developments, inflation rates, and the effect of taxes and operating conditions. Wireless Preferred Stock Could Delay, Deter Or Prevent A Change In Control Although Wireless does not expect to issue Preferred Stock in the foreseeable future, its Preferred Stock could be used to delay, defer or prevent a change in control or be used to resist takeover offers opposed by management. Under some circumstances, Wireless' Board of Directors could create impediments to or frustrate persons seeking to effect a takeover or otherwise gain control of Wireless by causing shares of Preferred Stock with voting or conversion rights to be issued to a holder or holders who might side with its Board of Directors in opposing a takeover bid that the Board of Directors determines to be not in the best interest of Wireless and its stockholders. Maintenance Of Listing On Amex Wireless common stock is listed on the American Stock Exchange (the AMEX), and Wireless is subject to the AMEX's maintenance requirements. Wireless' failure to meet the AMEX's maintenance requirements may result in a delisting of the common stock. Wireless cannot assure you that its common stock will not be delisted by the AMEX. The determination by the AMEX to delist a company is not based on a precise mathematical formula, but rather on a review of all relevant facts and circumstances in light of the AMEX's policies. The AMEX will normally consider delisting a company which: 5 o has stockholders' equity of less than $2,000,000 if such company has sustained losses from continuing operations and/or net losses in two of its three most recent fiscal years; or o has sustained losses which are so substantial to its overall operations or its existing financial resources, or its financial condition has become so impaired that it appears questionable, in the opinion of the AMEX, as to whether such company will be able to continue operations and/or meet its obligations as they mature. Wireless Stock Price Has Been Volatile Wireless cannot assure you of the prices at which its common stock will trade. The market prices for securities of companies such as Wireless historically have been highly volatile. From January 1, 1999 to April 30, 2001, the market price of Wireless common stock has ranged from a high of $9.88 per share, to a low of $1.50 per share. The following factors may have a significant impact on the market price of the common stock: o announcements of technological innovations or new commercial products by o regulatory developments; Wireless or its competitors; o disputes concerning patent or proprietary rights; and o economic and other external factors, as well as period-to-period fluctuations in financial results. 6 USE OF PROCEEDS We will not receive any proceeds when the Selling Stockholders sell their common stock to others. However, we may receive proceeds when the Selling Stockholders exercise their options to acquire such common stock. We intend to contribute such proceeds to working capital and to use such proceeds for general corporate purposes. DILUTION Because our Selling Stockholders will offer and sell the common stock covered by this Prospectus at various times at prices and at terms then prevailing or at prices related to the then current market price or in negotiated transactions, we have not included in this Prospectus information about the dilution (if any) to the public arising from these sales. PLAN OF DISTRIBUTION Wireless is registering 120,000 shares on behalf of the Selling Stockholders. All of the shares were originally issued by Wireless pursuant to employee benefit plans. The Selling Stockholders named in the table below or pledgees, donees, transferees or other successors-in-interest selling shares received from a named selling Stockholder as a gift, partnership distribution or other non-sale-related transfer after the date of this Prospectus may sell the shares from time to time. The Selling Stockholders will act independently of Wireless in making decisions with respect to the timing, manner and size of each sale. The sales may be made on one or more exchanges or otherwise, at prices and at terms then prevailing or at prices related to the then current market price, or in negotiated transactions. The Selling Stockholders may effect such transactions by selling the shares to or through broker-dealers or directly to purchasers (in the event of a private sale). The shares may be sold by one or more of, or a combination of, the following: o a block trade in which the broker-dealer so engaged will attempt to sell the shares as agent but may position and resell a portion of the block as principal to facilitate the transaction; o purchases by a broker-dealer as principal and resale by such broker-dealer for its account pursuant to this Prospectus; o ordinary brokerage transactions and transactions in which the broker solicits purchasers; and o in privately negotiated transactions. To the extent required, this Prospectus may be amended or supplemented from time to time to describe a specific plan of distribution. In effecting sales, broker-dealers engaged by the Selling Stockholders may arrange for other broker- dealers to participate in the resales. The Selling Stockholders may enter into hedging transactions with broker-dealers in connection with distributions of the shares or otherwise. In such transactions, broker-dealers may engage in short sales of the shares in the course of hedging the positions they assume with Selling Stockholders. The Selling Stockholders may also sell shares short and redeliver the shares to close out such short positions. The Selling Stockholders may enter into option or other transactions with broker-dealers which require the delivery to the broker-dealer of the shares. The broker-dealer may then resell or otherwise transfer such shares pursuant to this Prospectus. 7 The Selling Stockholders also may loan or pledge the shares to a broker-dealer. The broker-dealer may sell the shares so loaned, or upon a default the broker-dealer may sell the pledged shares pursuant to this Prospectus. Broker-dealers or agents may receive compensation in the form of commissions, discounts or concessions from Selling Stockholders. Broker-dealers or agents may also receive compensation from the purchasers of the shares for whom they act as agents or to whom they sell as principals, or both. Usual and customary brokerage fees will be paid by the Selling Stockholders. Broker-dealers or agents and any other participating broker-dealers or the Selling Stockholders may be deemed to be "underwriters" within the meaning of Section 2(11) of the Securities Act in connection with sales of the shares. Accordingly, any such commission, discount or concession received by them and any profit on the resale of the shares purchased by them may be deemed to be underwriting discounts or commissions under the Securities Act. Because Selling Stockholders may be deemed to be "underwriters" within the meaning of Section 2(11) of the Securities Act, the Selling Stockholders will be subject to the prospectus delivery requirements of the Securities Act. In addition, any securities covered by this Prospectus which qualify for sale pursuant to Rule 144 promulgated under the Securities Act may be sold under Rule 144 rather than pursuant to this Prospectus. The Selling Stockholders have advised Wireless that they have not entered into agreements, understandings or arrangements with any underwriters or broker-dealers regarding the sale of their securities. There is no underwriter or coordinating broker acting in connection with the proposed sale of shares by Selling Stockholders. The shares will be sold only through registered or licensed brokers or dealers if required under applicable state securities laws. In addition, in certain states the shares may not be sold unless they have been registered or qualified for sale in the applicable state or an exemption from the registration or qualification requirement is available and is complied with. Under applicable rules and regulations under the Exchange Act, any person engaged in the distribution of the shares may not simultaneously engage in market making activities with respect to our common stock for a specified period prior to the commencement of such distribution. In addition, each Selling Stockholder will be subject to applicable provisions of the Exchange Act and the associated rules and regulations under the Exchange Act, including Regulation M, which provisions may limit the timing of purchases and sales of shares of our common stock by the Selling Stockholders. Wireless will make copies of this Prospectus available to the Selling Stockholders and has informed them of the need for delivery of copies of this Prospectus to purchasers at or prior to the time of any sale of the shares. Wireless will file a supplement to this Prospectus, if required, pursuant to Rule 424(b) under the Securities Act upon being notified by a Selling Stockholder that any material arrangement has been entered into with a broker-dealer for the sale of shares through a block trade, special offering, exchange distribution or secondary distribution or a purchase by a broker or dealer. Such supplement will disclose: o the name of each such Selling Stockholder and of the participating, o broker-dealer(s), o the number of shares involved, o the price at which such shares were sold, 8 o the commissions paid or discounts or concessions allowed to such broker-dealer(s), where applicable, o that such broker-dealer(s) did not conduct any investigation to verify, o the information set out or incorporated by reference in this Prospectus, and o other facts material to the transaction. Wireless will bear all costs, expenses and fees in connection with the registration of the shares. The Selling Stockholders will bear all commissions and discounts, if any, attributable to the sales of the shares. The Selling Stockholders may agree to indemnify any broker-dealer or agent that participates in transactions involving sales of the shares against certain liabilities, including liabilities arising under the Securities Act. The Selling Stockholders have agreed to indemnify certain persons, including broker-dealers and agents, against certain liabilities in connection with the offering of the shares, including liabilities arising under the Securities Act. 9 SELLING STOCKHOLDERS The shares of common stock to which this prospectus relates are being registered for reoffers and resales by the Selling Stockholders who have acquired or may acquire such common stock pursuant to the exercise of options granted under the Plan. The Selling Stockholders named below may resell all, a portion or none of their shares of common stock, from time to time. Participants under the Plan who are deemed to be "affiliates" of Wireless and who may acquire Common stock under the Plan may be added to the Selling Stockholders listed below from time to time by use of a prospectus supplement filed pursuant to Rule 424(b) under the Securities Act. An "affiliate" is defined in Rule 405 under the Securities Act as a "person that directly, or indirectly, through one or more intermediaries, controls or is controlled by, or is under common control" with Wireless Telecom Group, Inc. The table below sets forth with respect to each Selling Stockholder who is an affiliate of Wireless, the number of shares of Common Stock beneficially owned before the sale of the common stock offered hereby, the number of shares of Common Stock to be sold hereby, the number of shares of Common Stock beneficially owned after the sale of the Common Stock offered hereby, and the percent of the outstanding shares of common stock owned before and after the sale of the common stock offered hereby. <TABLE> <CAPTION> COMMON STOCK BENEFICIALLY OWNED BEFORE SELLING COMMON STOCK WHICH COMMON STOCK PERCENTAGE OF COMMON SELLING STOCKHOLDER MAY BE SOLD PURSUANT BENEFICIALLY OWNED STOCK OWNED AFTER STOCKHOLDERS REOFFER(1) TO THIS PROSPECTUS(2) AFTER REOFFER(1) REOFFER(3) ------------------------- --------------------- ---------------------- --------------------- ---------------------- <S> <C> <C> <C> <C> Edward J. Garcia, 237,000 100,000 237,000 1.3% Chairman of the Board, Chief Executive Officer and President(4) Marc Wolfsohn, -0- 20,000 -0- * Chief Financial Officer </TABLE> *Represents less than 1% (1) Does not include shares of common stock that may be acquired by the Selling Stockholders upon exercise of options that have not vested within 60 days of this prospectus. The inclusion in this prospectus of the stated number of shares does not constitute a commitment to sell any or all of such shares. The number of shares of common stock offered shall be determined from time to time by each Selling Stockholder at his or her sole discretion. (2) Includes shares of common stock underlying options granted to the Selling Stockholders under the 2000 Stock Option Plan, whether or not exercisable as of, or within 60 days of, the date of this prospectus. (3) Based on an aggregate of 17,835,977 shares of common stock outstanding as of April 30, 2001. 10 (4) Includes 75,000 shares of common stock and options to purchase 162,000 shares of common stock vested and exercisable within 60 days of this Prospectus. Does not include options to purchase 358,000 shares of common stock not exercisable within 60 days hereof. LEGAL MATTERS The legality of Wireless common stock offered by this prospectus will be passed upon for Wireless by Morrison Cohen Singer & Weinstein, LLP, New York, New York. Members of Morrison Cohen Singer & Weinstein, LLP hold equity securities in Wireless. EXPERTS The balance sheets as of December 31, 2000 and 1999 and the related statements of operations, changes in stockholders' equity and cash flows for each of the years in the three-year period ended December 31, 2000 included in the Annual Report on Form 10-K for the fiscal year ended December 31, 2000 which is incorporated by reference in this prospectus have been audited by, and are incorporated by reference herein in reliance upon the report of Lazar Levine & Felix LLP, independent auditors, given on the authority of that firm as experts in accounting and auditing. DISCLOSURE OF COMMISSION POSITION ON INDEMNIFICATION FOR SECURITIES ACT LIABILITIES Section 14A:2-7(3) of the New Jersey Business Corporation Act permits a corporation to provide in its Certificate of Incorporation that a director or officer shall not be personally liable to the corporation or its stockholders for breach of any duty owed to the corporation of its stockholders, except that such provision shall not relieve a director or officer from liability for any breach of duty based upon an act or omission (a) in breach of such persons' duty of loyalty to the corporation or its stockholders, (b) not in good faith or involving a knowing violation of law or (c) resulting in receipt by such person of any improper personal benefit. The Registrant's Certificate of Incorporation includes limitations on the liability of officers and directors to the full extent permitted by New Jersey law. The Registrant's Board of Directors has authorized the Company to provide a general indemnification of its officers, directors and employees regarding any claims or liabilities incurred in the course of their employment. Section 14A:3-5 of the New Jersey Business Corporation Act provides that a corporation may indemnify its directors, officers, employees and agents against judgments, fines, penalties, amounts paid in settlement, and expenses, including attorney's fees, resulting from various types of legal actions or proceedings if the actions of the party being indemnified meet the standards of conduct specified therein. Determinations concerning whether or not the applicable standard of conduct has been met can be made by (a) a disinterested majority of the Board of Directors, (b) independent legal counsel, or (c) an affirmative vote of a majority of shares held by the stockholders. No indemnification is permitted to be made to or on behalf of a corporate director, officer, employee or agent if a judgment or other final adjudication adverse to such person establishes that his acts or omissions (a) were in breach of his duty of loyalty in the corporation or its stockholders, (b) were not in good faith or involved a knowing violation of law or (c) resulting in receipt by such person of an improper personal benefit. The Company has in effect, under a policy effective January 19, 2001 and expiring on January 19, 2002, insurance covering all of its directors and officers against certain liabilities and 11 reimbursing the Company for obligations for which it incurs as a result of its indemnification of such directors, officers and employees. Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers, or persons controlling Wireless pursuant to the foregoing provisions, Wireless has been informed that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable. At present, there is no pending litigation or proceeding involving a director, officer, employee, or other agent of Wireless in which indemnification is being sought, nor is Wireless aware of any threatened litigation that may result in a claim for indemnification by any director, officer, employee, or other agent of Wireless. 12 PART II INFORMATION REQUIRED IN THE REGISTRATION STATEMENT Item 3. Incorporation of Documents by Reference. The following documents previously filed by the Registrant with the Securities and Exchange Commission (the "Commission") are incorporated by reference in this Registration Statement: a) Annual Report on Form 10-K for the fiscal year ended December 31, 2000; and b) The description of the Registrant's Common Stock contained in its Registration Statement on Form S-4/A dated June 13, 2000. All documents filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act") subsequent to the date of this Registration Statement and prior to the termination of the offering made hereby shall be deemed to be incorporated by reference in this Registration Statement and to be a part hereof from the date of the filing of such documents. Any statement contained in this Registration Statement, in a supplement to this Registration Statement or in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any subsequently filed supplement to this Registration Statement or in any document that also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement. II-1 USE OF PROCEEDS We will not receive any proceeds when the Selling Stockholders sell their common stock to others. However, we may receive proceeds when the Selling Stockholders exercise their options to acquire such common stock. We intend to contribute such proceeds to working capital and to use such proceeds for general corporate purposes. DETERMINATION OF OFFERING PRICE The Selling Stockholders may sell their shares of common stock through public or private transactions at current market prices, or at previously negotiated prices. Item 4. Description of Securities. Not applicable. Item 5. Interests of Named Experts and Counsel. Not applicable. Item 6. Indemnification of Directors and Officers. (i) Limitation of Liability of Directors and Officers. Section 14A:2-7(3) of the New Jersey Business Corporation Act permits a corporation to provide in its Certificate of Incorporation that a director or officer shall not be personally liable to the corporation or its stockholders for breach of any duty owed to the corporation of its stockholders, except that such provision shall not relieve a director or officer from liability for any breach of duty based upon an act or omission (a) in breach of such persons' duty of loyalty to the corporation or its stockholders, (b) not in good faith or involving a knowing violation of law or (c) resulting in receipt by such person of any improper personal benefit. The Registrant's Certificate of Incorporation includes limitations on the liability of officers and directors to the full extent permitted by New Jersey law. (ii) Indemnification of Directors and Officers. The Registrant's Board of Directors has authorized the Company to provide a general indemnification of its officers, directors and employees regarding any claims or liabilities incurred in the course of their employment. Section 14A:3-5 of the New Jersey Business Corporation Act provides that a corporation may indemnify its directors, officers, employees and agents against judgments, fines, penalties, amounts paid in settlement, and expenses, including attorney's fees, resulting from various types of legal actions or proceedings if the actions of the party being indemnified meet the standards of conduct specified therein. Determinations concerning whether or not the applicable standard of conduct has been met can be made by (a) a disinterested majority of the Board of Directors, (b) independent legal counsel, or (c) an affirmative vote of a majority of shares held by the stockholders. No indemnification is permitted to be made to or on behalf of a corporate director, officer, employee or agent if a judgment or other final adjudication adverse to such person establishes that his acts or omissions (a) were in breach of his duty of loyalty in the corporation or its stockholders, (b) were not in good faith or involved a knowing violation of law or (c) resulting in receipt by such person of an improper personal benefit. (iii) Insurance. The Company has in effect, under a policy effective January 19, 2001 and expiring on January 19, 2002, insurance covering all of its directors and officers II-2 against certain liabilities and reimbursing the Company for obligations for which it incurs as a result of its indemnification of such directors, officers and employees. Item 7. Exemption From Registration. Not applicable Item 8. Exhibits. <TABLE> <CAPTION> Exhibit No. Description ----------- ----------- <S> <C> 1.1 2000 Stock Option Plan of the Registrant. 5 Opinion of Morrison Cohen Singer & Weinstein, LLP 23.1 Consent of Lazar, Levine & Company LLP 23.2 Consent of Morrison Cohen Singer & Weinstein, LLP (contained in Exhibit 5) </TABLE> Item 9. Undertakings. The undersigned Registrant hereby undertakes: (1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement: (i) To include any prospectus required by section 10(a)(3) of the Securities Act of 1933, as amended (the "Securities Act"); (ii) To reflect in the prospectus any facts or events arising after the effective date of the Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the Registration Statement; (iii) To include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement or any material change to such information in the Registration Statement; PROVIDED, HOWEVER, that paragraphs (i) and (ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed by the Company pursuant to section 13 or section 15(d) of the Exchange Act that are incorporated by reference in the Registration Statement. (2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration II-3 statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. (3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering. The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant's annual report pursuant to section 13(a) or section 15(d) of the Exchange Act and each filing of the Plan's annual report pursuant to section 15(d) of the Exchange Act that are incorporated by reference in this Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue. II-4 SIGNATURES Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized in the city of New York, state of New York, on the 27th day of April 2001. WIRELESS TELECOM GROUP, INC. (Registrant) By: /s/ Edward Garcia ________________________________ Edward Garcia Chairman of the Board and Chief Executive Officer In accordance with the requirements of the Securities Act, this Registration Statement was signed by the following persons in the capacities and on the dates stated. <TABLE> <CAPTION> Signature Title Date --------- ----- ---- <S> <C> <C> /s/ Edward Garcia ____________________________________ Chairman of the Board and April 27, 2001 Edward Garcia Chief Executive Officer /s/ Marc Wolfsohn ____________________________________ Chief Financial Officer April 27, 2001 Marc Wolfsohn /s/ John Wilchek ____________________________________ Director April 27, 2001 John Wilchek /s/ Demir Richard Eden ____________________________________ Director April 27, 2001 Demir Richard Eden /s/ Franklin H. Blecher ____________________________________ Director April 27, 2001 Franklin H. Blecher /s/ Henry L. Bachman ____________________________________ Director April 27, 2001 Henry L. Bachman /s/ Reed DuBow ____________________________________ Controller April 27, 2001 Reed DuBow </TABLE> II-5 Exhibit Index <TABLE> <CAPTION> Exhibit No. Description ----------- ----------- <S> <C> 1.1 2000 Stock Option Plan of the Registrant 5 Opinion of Morrison Cohen Singer & Weinstein, LLP 23.1 Consent of Lazar, Levine & Company LLP 23.2 Consent of Morrison Cohen Singer & Weinstein, LLP (contained in Exhibit 5) </TABLE> II-6
EXHIBIT 1.1 WIRELESS TELECOM GROUP, INC. 2000 STOCK OPTION PLAN 1. Purpose; Types of Awards: Construction. The purpose of the Wireless Telecom Group, Inc. 2000 Stock Option Plan (the "Plan") is to provide incentives to directors, officers, employees, independent contractors, advisers and consultants of Wireless Telecom Group, Inc. (the "Company") or any subsidiary of the Company which now exists or hereafter is organized or acquired by the Company, to acquire a proprietary interest in the Company, to increase their efforts on behalf of the Company and to promote the success of the Company's business. The Plan is intended to permit the Committee (as defined in Section 3 hereof) to issue options totaling 1,500,000 shares of the Company's common stock to directors, officers, employees, independent contractors, advisers and consultants of the Company. The Committee may grant options which shall constitute either "nonqualified stock options" ("Nonqualified Stock Options") or "incentive stock options" ("Incentive Stock Options") within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended (the "Code"). 2. Definitions. As used in this Plan, the following words and phrases shall have the meanings indicated: (a) "Board" shall mean the Board of Directors of the Company. (b) "Common Stock" shall mean shares of common stock, par value $.01 per share, of the Company. (c) "Disability" shall mean the Optionee's incapacity due to physical or mental illness, as a result of which the Optionee shall have been absent from his duties of employment with the Company on a full-time basis for the entire period of three (3) consecutive months, and within thirty (30) days after written notice of termination is given by the Company (which notice may be given within thirty (30) days before or at any time after the end of such three month period) shall not have returned to the performance of such duties on a fulltime basis. (d) "Fair Market Value" per share as of a particular date shall mean the value determined by the Committee in its discretion; provided, however, that in the event that there is a public market for the Common Stock, the fair market value is, if available, (i) the closing price of the Common Stock as of the date of grant as reported (in descending order of priority) on (A) a national securities exchange listing the Common Stock, (B) the NASDAQ Stock Market, (C) a national automated quotation system with daily trading volume in the Common Stock in excess of 10,000 shares, or (D) a regional securities exchange listing the Common Stock, or (ii) the average of the closing bid and asked prices of the Common Stock for the previous five trading days. (e) "Option" or "Options" shall mean a grant to an Optionee of an option or options to purchase shares of Common Stock. Options granted by the Committee pursuant to the Plan shall constitute either Nonqualified Stock Options or Incentive Stock Options, as determined by the Committee. (f) "Parent Corporation" shall mean any corporation (other than the Company) in an unbroken chain of corporations ending with the employer corporation if, at the time of granting an Option, each of the corporations other than the employer corporation owns stock possessing fifty percent (50%) or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. (g) "Subsidiary Corporation" shall mean any corporation (other than the Company) in an unbroken chain of corporations beginning with the employer corporation if, at the time of granting an Option, each of the corporations other than the last corporation in the unbroken chain owns stock possessing fifty percent (50%) or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. (h) "Ten Percent Stockholder" shall mean an Optionee who, at the time an Incentive Stock Option is granted, owns stock possessing more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or of its Parent or Subsidiary Corporations. 1 3. Administration. (a) The Plan shall be administered by a committee (the "Committee") established by the Board, the composition of which shall at all times consist of two (2) or more individuals who are each members of the Board. If no Committee is appointed by the Board, the functions of the Committee shall be carried out by the Board, provided, however, that if at any time the Corporation has outstanding a class of equity securities required to be registered under Section 12 of the Securities Exchange Act of 1934, as amended (the "1934 Act"), the Corporation shall use reasonable efforts to grant, designate or amend any Options hereunder through a committee consisting solely of two or more persons, each of whom shall qualify as (i) a "Non-Employee Director", as that term is defined in subparagraph (b)(3)(i) of Rule 16b-3 ("Rule 16b-3") promulgated under the 1934 Act, and (ii) an "outside director", within the meaning of Section 162(m) of the Code. (b) The Committee shall choose one of its members as Chairman and shall hold meetings at such times and places as it shall deem advisable. A majority of the members of the Committee shall constitute a quorum and any action may be taken by a majority of those present and voting at any meeting. Any action may also be taken without the necessity of a meeting by a written instrument signed by all members of the Committee. The decision of the Committee as to all questions of interpretation and application of the Plan shall be final, binding and conclusive on all persons. The Committee shall have the authority to adopt, amend and rescind such rules and regulations as, in its opinion, may be advisable in the administration of the Plan. The Committee may correct any defect or supply any omission or reconcile any inconsistency in the Plan or in any Option Agreement (as defined in Section 8) in the manner and to the extent it shall deem expedient to carry the Plan into effect and shall be the sole and final judge of such expediency. No Committee member shall be liable for any action or determination made in good faith. (c) The Committee shall have the authority in its discretion, subject to and not inconsistent with the express provisions of the Plan, to administer the Plan and to exercise all the powers and authorities either specifically granted to it under the Plan or necessary or advisable in the administration of the Plan, including, without limitation, the authority to grant Options; to determine the purchase price of the shares of Common Stock covered by each Option (the "Option Price"); to determine the persons to whom, and the time or times at which awards shall be granted, (such persons are referred to herein as "Optionees"); to determine the number of shares to be covered by each award; to interpret the Plan; to prescribe, amend and rescind rules and regulations relating to the Plan; to determine the terms and provisions of the agreements (which need not be identical) entered into in connection with awards granted under the Plan; to cancel or suspend awards, as necessary; and to make all other determinations deemed necessary or advisable for the administration of the Plan. The Committee may delegate to one or more of its members or to one or more agents such administrative duties as it may deem advisable, provided, however, that if at any time the Corporation has outstanding a class of equity securities required to be registered under Section 12 of the 1934 Act, the Committee may not delegate any of its responsibilities hereunder to any person who is not both a "Non-Employee Director", as that term is defined in subparagraph (b)(3)(i) of Rule 16b-3, and an "outside director", within the meaning of Section 162(m) of the Code. The Committee or any person to whom it has delegated duties as aforesaid may employ one or more persons to render advice with respect to any responsibility the Committee or such person may have under the Plan. All decisions, determinations and interpretations of the Committee shall be final and binding on all Optionees. (d) The Board shall fill all vacancies, however caused. (e) No member of the Board or Committee shall be liable for any action taken or determination made in good faith with respect to the Plan or any award granted hereunder. 4. Eligibility. (a) Awards may be granted to directors, officers, employees, independent contractors, advisers and consultants of the Company. In determining the persons to whom awards shall be granted and the number of shares to be covered by each award, the Committee shall take into account the duties of the respective persons, their present and potential contributions to the success of the Company and such other factors as the Committee shall deem relevant in connection with accomplishing the purposes of the Plan. (b) Options designated as ISOs may be granted only to officers and other employees of the Company or any "subsidiary corporation" as defined in Section 424 of the Code. Non-Qualified Stock Options may be granted to any officer, employee, director, independent contractor, adviser, or consultant of the Company or of any Subsidiary Corporation. Non-Qualified Stock Options may be granted to an individual in connection 2 with the hiring or engagement of the individual prior to the date that the individual first performs services for the Company or any Subsidiary Corporation. 5. Common Stock Subject to the Plan. (a) The maximum number of shares of Common Stock reserved for the grant of Options shall be 1,500,000. Such shares may, in whole or in part, be authorized but unissued shares or shares that shall have been or may be reacquired by the Company. (b) If any outstanding award under the Plan should, for any reason expire, be canceled or be terminated, without having been exercised in full, the shares of Common Stock allocable to the unexercised, canceled or terminated portion of such award shall (unless the Plan shall have been terminated) become available for subsequent grants of awards under the Plan. (c) Stock issuable upon exercise of an option granted under the Plan may be subject to such restrictions on transfer, repurchase rights or other restrictions as shall be determined by the Committee. 6. Incentive Stock Options. Options granted pursuant to this Section 6 are intended to constitute Incentive Stock Options and shall be subject to the following special terms and conditions, in addition to the general terms and conditions specified in Section 8 hereof. (a) Value of Shares. The aggregate Fair Market Value (determined as of the date that Incentive Stock Options are granted) of the shares of Common Stock with respect to which Options granted under this Plan and all other option plans of the Company and any Parent or Subsidiary Corporation that become exercisable for the first time by an Optionee during any calendar year shall not exceed $100,000. (b) Ten Percent Stockholders. In the case of an Incentive Stock Option granted to a Ten Percent Stockholder, (i) the Option Price shall not be less than one hundred ten percent (110%) of the Fair Market Value of the shares of Common Stock on the date of grant of such Incentive Stock Option, and (ii) the exercise period shall not exceed five (5) years from the date of grant of such Incentive Stock Option. 7. Nonqualified Stock Options. Options granted pursuant to this Section 7 are intended to constitute Non-Qualified Stock Options and shall be subject only to the general terms and conditions specified in Section 8 hereof. 8. Terms and Conditions of Options. Each Option granted pursuant to the Plan shall be evidenced by a written agreement between the Company and the Optionee in such form as the Committee shall from time to time approve (the "Option Agreement"), which Option Agreement shall be subject to and set forth the following terms and conditions: (a) Number of Shares. Each Option Agreement shall state the number of shares of Common Stock to which the option relates. (b) Type of Option. Each Option Agreement shall specifically state whether the Option constitutes a Non-Qualified Stock Option or an Incentive Stock Option. (c) Option Price. The option price or prices of shares of the Company's Common Stock for options designated as Non-Qualified Stock Options shall be as determined by the Committee, but in no event shall the option price be less than the minimum legal consideration required therefor under the laws of the State of New Jersey or the laws of any jurisdiction in which the Company or its successors in interest may be organized. The option price or prices of shares of the Company's Common Stock for ISOs shall be the Fair Market Value of such Common Stock at the time the option is granted as determined by the Committee. (d) Method and Time of Payment. Each Option Agreement shall require that the Option Price be paid in full, at the time of exercise of an Option, in cash, by certified or cashier's check. 3 (e) Term and Exercisability of Options. Except as otherwise provided in this Section 8 or Section 9 hereof or unless otherwise determined by the Committee and set forth in the Option Agreement, at the discretion of the Committee, options may become exercisable in such number of cumulative installments as the Committee may establish, provided, however, no option may be exercisable until at least six months and one day from the date of grant provided, however, that, the Committee shall have the authority to accelerate the exercisability of any outstanding Option at such time and under such circumstances as it, in its sole discretion, deems appropriate. Except as specifically provided in Sections 8(f) and 8(g) hereof, all Options shall expire ten (10) years from the date of grant of such Option (five (5) years in the case of an Incentive Stock Option granted to a Ten Percent Stockholder) or on such earlier date as may be prescribed by the Committee and set forth in the Option Agreement. An Option may be exercised, as to any or all full shares of Common Stock as to which the Option has become exercisable, by giving written notice of such exercise to the Committee or its designated agent; provided, however, that an Option may not be exercised at any one time as to fewer than 100 shares (or such number of shares as to which the Option is then exercisable if such number of shares is less than 100). (f) Termination of Employment. Except as provided in this Section 8(f) and in Sections 8(e) and (g) hereof, each Option granted hereunder shall expire, to the extent not theretofore exercised, sixty (60) days after the date the Optionee ceases to be employed by the Company or any of its Parent or Subsidiary Corporations (or on such other date as may be prescribed by the Committee and set forth in any Option Agreement). (g) Death or Disability of Optionee. If an Optionee shall die while employed by the Company or a Parent or Subsidiary Corporation (or within such longer period as the Committee may have provided pursuant to Section 8(f) hereof), or if the Optionee's employment shall terminate by reason of Disability, all Options theretofore granted to such Optionee (to the extent otherwise exercisable) may, unless earlier terminated in accordance with their terms, be exercised by the Optionee or by the Optionee's estate or by a person who acquired the right to exercise such Options by bequest or inheritance or otherwise by reason of the death or Disability of the Optionee, at any time within six (6) months after the date of death or Disability of the Optionee; provided, however, that the Committee may, in any Option Agreement, extend such period of exercisability. In the event that an Option granted hereunder shall be exercised by the legal representatives of a deceased or former Optionee, written notice of such exercise shall be accompanied by a certified copy of letters testamentary or equivalent proof of the right of such legal representative to exercise such option. (h) Other Provisions. The Option Agreements evidencing Options under the Plan shall contain such other terms and conditions, not inconsistent with the Plan, as the Committee may determine. 9. Effect of Certain Changes. (a) If there is any change in the shares of Common Stock through the declaration of extraordinary dividends, stock dividends, re-capitalization, stock splits, or combinations or exchanges of such shares, or in the event of a sale of all or substantially all of the assets of the Company (an "Asset Sale"), or the merger or consolidation of the Company with or into another corporation (a "Merger"), or in the event of other similar transactions, the Committee shall promptly make an appropriate adjustment to the number and class of shares of Common Stock available for awards, to the number of shares covered by outstanding awards after the effective date of such transaction, and, if applicable, to the price thereof; provided, however, that any fractional shares resulting from such adjustment shall be eliminated. (b) In the event of the dissolution or liquidation of the Company, in the event of any corporate separation or division, including, but not limited to, split-up, split-off or spin-off or in the event of other similar transactions, the Committee may provide that: (i) the Optionee of any Option shall have the right to exercise such Option; and/or (ii) each Option granted under the Plan shall terminate as of a date to be fixed by the Committee, and that not be less than thirty (30) days notice of the date so fixed shall be given to each Optionee, who shall have the right, during the period of thirty (30) days preceding such termination, to exercise (to the extent exercisable) with respect to such Option all or any part of the shares of Common Stock covered thereby. (c) In the event of an Asset Sale or a Merger, any award then outstanding may be assumed or an equivalent award may be substituted by such successor corporation or a parent or subsidiary of such successor corporation. If such successor corporation does not agree to assume the award or to substitute an equivalent award, the Board may, in lieu of such assumption or substitution, provide for the realization of such outstanding award in the manner set forth in subsections 9(b)(i) or 9(b)(ii) above. 4 (d) In the event of a change in the Common Stock of the Company as presently constituted that is limited to a change of all of its authorized shares of Common Stock into the same number of shares with a different par value or without par value, the shares resulting from any such change shall be deemed to be the Common Stock within the meaning of the Plan. (e) Except as hereinbefore expressly provided in this Section 9, the Optionee of an award hereunder shall have no rights by reason of any subdivision or consolidation of shares of stock of any class or the payment of any stock dividend or any other increase or decrease in the number of shares of stock of any class or by reason of any dissolution, liquidation, Merger or spin-off of assets or stock of another company; and any issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall not affect, and no adjustment by reason thereof shall be made with respect to, the number or price of shares of Common Stock subject to an award. The grant of an award pursuant to the Plan shall not affect in any way the right or power of the Company to make adjustments, reclassifications, reorganizations or changes of its capital or business structures or to merge or to consolidate or to dissolve, liquidate or sell, or transfer all or part of its business or assets or engage in any similar transactions. 10. Period During Which Options May Be Granted. Awards may be granted pursuant to the Plan from time to time within a period of ten (10) years from the date the Plan is adopted by the Board, or the date the Plan is approved by the stockholders of the Company, whichever is earlier. 11. Nontransferability of Awards. The right of any Optionee to exercise any option granted to him or her shall not be assignable or transferable by such Optionee otherwise than by will or the laws of descent and distribution, or pursuant to a domestic relations order, and any such option shall be exercisable during the lifetime of such Optionee only by him; provided, however, that the Committee may permit the further transferability on a general or specific basis and may impose conditions and limitations on any permitted transferee. Any option granted under the Plan shall be null and void and without effect upon the bankruptcy of the Optionee to whom the option is granted, or upon any attempted assignment or transfer, except as herein provided, including without limitation any purported assignment, whether voluntary or by operation of law, pledge, hypothecation or other disposition, attachment, divorce, except as provided above with respect to Non-Qualified Stock Options, trustee process or similar process, whether legal or equitable, upon such option. 12. Beneficiary. An Optionee may file with the Committee a written designation of a beneficiary on such form as may be prescribed by the Committee and may, from time to time, amend or revoke such designation. If no designated beneficiary survives the Optionee, the executor or administrator of the Optionee's estate shall be deemed to be the Optionee's beneficiary. 13. Agreement by Optionee Regarding Withholding Taxes. If the Committee shall so require, as a condition of exercise of an Option granted hereunder, each Optionee shall agree that no later than the date of exercise, the Optionee will pay to the Company or make arrangements satisfactory to the Committee regarding payment of any federal, state or local taxes of any kind required by law to be withheld upon the exercise of an Option. To the extent provided in the applicable Option Agreement, such payment may be made by the Optionee with shares of Common Stock (whether previously owned by, or issuable upon the exercise of an Option awarded to, such Optionee) having a Fair Market Value equal to the amount of such taxes. Alternatively, the Committee may provide that an Optionee may elect, to the extent permitted or required by law, to have the Company deduct federal, state and local taxes of any kind required by law to be withheld upon the exercise of an Option from any payment of any kind due to the Optionee. 14. Rights as a Stockholder. An Optionee or a transferee of an award shall have no rights as a stockholder with respect to any shares of Common Stock covered by the Option until the date of the issuance of a stock certificate to him for such shares. No adjustment shall be made for dividends (ordinary or extraordinary, whether in cash, securities or other 5 property) or distributions of other rights for which the record date is prior to the date such stock certificate is issued, except as provided in Section 9 hereof. 15. No Rights to Employment. Nothing contained in the Plan or in any option granted under the Plan shall confer upon any option holder any right with respect to the continuation of his employment by the Company (or any subsidiary) or interfere in any way with the right of the Company (or any subsidiary), subject to the terms of any separate employment agreement to the contrary, at any time to terminate such employment or to increase or decrease the compensation of the option holder from the rate in existence at the time of the grant of an option. Whether an authorized leave of absence, or absence in military or government service, shall constitute termination of employment shall be determined by the Committee at the time. 16. Approval of Stockholders. The Plan, and any grants of Options thereunder, shall be subject to approval by the holder(s) of a majority of the issued and outstanding shares of the Company's capital stock which are entitled to vote on the subject matter thereof and are present in person or represented by proxy at a duly-called meeting of the stockholders of the Company which approval must occur within one year after the date that the Plan is adopted by the Board. In the event that the stockholders of the Company do not approve the Plan at a meeting of the stockholders at which such issue is considered and voted upon, then, upon such event, this Plan and all rights hereunder or under any Option Agreement entered into in connection herewith shall immediately terminate and no Optionee (or any permitted transferee thereof) shall have any remaining rights under the Plan. 17. Amendment and Termination of the Plan. The Board at any time and from time to time may suspend, terminate, modify or amend the Plan; provided, however, that any amendment that would materially increase the aggregate number of shares of Common Stock as to which awards may be granted under the Plan or materially increase the benefits accruing to Optionees under the Plan or materially modify the requirements as to eligibility for participation in the Plan shall be subject to the approval of the holders of a majority of the Common Stock issued and outstanding, except that any such increase or modification that may result from adjustments authorized by Section 9 hereof shall not require such approval. Except as provided in Section 9 hereof, no suspension, termination, modification or amendment of the Plan may adversely affect any award previously granted, without the express written consent of the Optionee. 18. Compliance with Section 16(b). In the case of Optionees who are or may be subject to Section 16 of the 1934 Act, it is the intent of the Company that the Plan and any award granted hereunder satisfy and be interpreted in a manner that satisfies the applicable requirements of Rule 16b-3 so that such persons will be entitled to the benefits of Rule 16b-3 or other exemptive rules under Section 16 of the 1934 Act and will not be subjected to liability thereunder. If any provision of the Plan or any award would otherwise conflict with the intent expressed herein, that provision, to the extent possible, shall be interpreted and deemed amended so as to avoid such conflict. To the extent of any remaining irreconcilable conflict with such intent, such provision shall be deemed void as applicable to Optionees who are or may be subject to Section 16 of the 1934 Act. 19. Restrictions on Issue of Shares. (a) Notwithstanding the provisions of Section 8, the Company may delay the issuance of shares of Common Stock covered by the exercise of an option and the delivery of a certificate for such shares of Common Stock until the delivery or distribution of any shares of Common Stock issued under this Plan complies with all applicable laws (including without limitation, the Securities Act of 1933, as amended), and with the applicable rules of any stock exchange upon which the shares of Common Stock of the Company are listed or traded. (b) It is intended that all exercises of options shall be effective, and the Company shall use its best efforts to bring about compliance with all applicable legal and regulatory requirements within a reasonable time, except that the Company shall be under no obligation to qualify shares of Common Stock or to cause a registration statement or a post-effective amendment to any registration statement to be prepared for the purpose of covering the issue of shares of Common Stock in respect of which any option may be exercised, except as otherwise agreed to by the Company in writing. 6 20. Loans. The Company may make loans to Optionees to permit them to exercise options. If loans are made, the requirements of all applicable Federal and state laws and regulations regarding such loans must be met. 21. Modification of Outstanding Options. The Committee may authorize the amendment of any outstanding option with the consent of the Optionee when and subject to such conditions as are deemed to be in the best interests of the Company and in accordance with the purposes of this Plan. 22. Reservation of Stock. The Company shall at all times during the term of the Plan reserve and keep available such number of shares of Common Stock as will be sufficient to satisfy the requirements of the Plan and shall pay all fees and expenses necessarily incurred by the Company in connection therewith. 23. Limitation of Rights in the Option Shares. Any communication or notice required or permitted to be given under the Plan shall be in writing, and mailed by registered or certified mail or delivered by hand, if to the Company, to its principal place of business, attention: President, and, if to an Optionee, to the address as appearing on the records of the Company. 24. Governing Law. The Plan and all determinations made and actions taken pursuant hereto shall be governed by the laws of the State of New Jersey without giving effect to the conflict of laws principles thereof. 25. Effective Date and Duration of the Plan. This Plan shall, subject to Section 16 hereof, be effective as of June 6, 2000, the date of its adoption by the Board of Directors, and shall terminate on the later of (a) the tenth anniversary of the date so determined or (b) the last expiration of awards granted hereunder.
EXHIBIT 5 MORRISON COHEN SINGER & WEINSTEIN, LLP 750 LEXINGTON AVENUE NEW YORK, NEW YORK 10022 (212) 735-8600 FACSIMILE: (212) 735-8705 April 26, 2001 Wireless Telecom Group, Inc. E. 64 Midland Avenue Paramus, New Jersey 07652 Re: Registration Statement on Form S-8 Gentlemen: You have requested our opinion with respect to the offer and sale by you, Wireless Telecom Group, Inc., a New Jersey corporation (the "Company"), pursuant to a Registration Statement (the "Registration Statement") on Form S-8 under the Securities Act of 1933, as amended (the "Act"), of up to 1,500,000 shares (the "Shares") of common stock, par value $.01 per share, of the Company (the "Common Stock"), issuable upon exercise of stock options (the "Options") available for grant under the 2000 Stock Option Plan. In our capacity as counsel to the Company in the connection referred to above, we have examined originals, or copies certified or otherwise identified to our satisfaction, of such documents and corporate and public records as we deem necessary as a basis for the opinion hereinafter expressed. With respect to such examination, we have assumed the genuineness of all signatures appearing on all documents presented to us as originals, and the conformity to the originals of all documents presented to us as conformed or reproduced copies. Where factual matters relevant to such opinion were not independently established, we have relied upon certificates of executive officers and responsible employees and agents of the Company. Based upon the foregoing, it is our opinion that the Shares have been duly and validly authorized and when sold, paid for and issued as contemplated by the Registration Statement and the Options will be duly and validly issued and fully paid and nonassessable. We hereby consent to the use of this opinion as Exhibit 5 to the Registration Statement. In giving this consent, we do not thereby concede that we come within the categories of persons whose consent is required by the Act or the General Rules and Regulations promulgated thereunder. Very truly yours, /s/ MORRISON COHEN SINGER & WEINSTEIN, LLP ------------------------------------------ MORRISON COHEN SINGER & WEINSTEIN, LLP
EXHIBIT 23.1 CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS We hereby consent to the incorporation by reference in this Registration Statement on Form S-8 of our report dated March 2, 2001 which appears on page F-2 of Form 10-K for Wireless Telecom Group, Inc. for the year ended December 31, 2000. /s/ LAZAR, LEVINE & FELIX LLP ------------------------------------ LAZAR, LEVINE & FELIX LLP New York, New York March 30, 2001