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                                                                   EXHIBIT 10.16

                           SECURITYHOLDERS AGREEMENT

     THIS SECURITYHOLDERS AGREEMENT (this "AGREEMENT") is made as of February
14, 2002 by and among (i) TSI Telecommunication Holdings, LLC, a Delaware
limited liability company (the "COMPANY"), (ii) GTCR Fund VII, L.P., a Delaware
limited partnership ("GTCR FUND VII"), GTCR Fund VII/A, L.P., a Delaware limited
partnership ("GTCR FUND VII/A"), and GTCR Co-Invest, L.P, a Delaware limited
partnership ("GTCR CO-INVEST") any other investment fund managed by GTCR Golder
Rauner, L.L.C. that at any time acquires securities of the Company and executes
a counterpart of this Agreement or otherwise agrees to be bound by this
Agreement (each, an "INVESTOR" and collectively, the "INVESTORS"), (iii)
G.Edward Evans and any other executive employee of the Company or its
Subsidiaries who, at any time, acquires securities of the Company in accordance
with SECTION 9 hereof and executes a counterpart of this Agreement or otherwise
agrees to be bound by this Agreement (each, an "EXECUTIVE" and collectively, the
"EXECUTIVES"), (iv) Snowlake Investment Pte Ltd ("PURCHASER") and (v) each of
the other Persons set forth from time to time on the attached "SCHEDULE OF
SECURITYHOLDERS" under the heading "OTHER SECURITYHOLDERS" who, at any time,
acquires securities of the Company in accordance with SECTION 9 or 10 hereof and
executes a counterpart of this Agreement or otherwise agrees to be bound by this
Agreement. The Investors, the Executives, Purchaser and the other Persons listed
on the SCHEDULE OF SECURITYHOLDERS are collectively referred to herein as the
"SECURITYHOLDERS" and individually as a "SECURITYHOLDER." Capitalized terms used
but not otherwise defined herein are defined in SECTION 7 hereof and if not
defined therein shall have the same meaning assigned to such term in the LLC
Agreement.

     The Investors will purchase Class B Preferred Units of the Company (the
"CLASS B PREFERRED") and Common Units of the Company (the "COMMON UNITS"),
pursuant to a Unit Purchase Agreement between the Investors and the Company
dated as of the date hereof (the "INVESTOR PURCHASE AGREEMENT"). Pursuant to a
Purchase Agreement between the Company and Purchaser, Purchaser will purchase
Common Units and Class B Preferred. Pursuant to Senior Management Agreements
among the Company, TSI Telecommunication Services Inc.(as successor to TSI
Merger Sub, Inc., "TSI") and certain Executives, the Executives will purchase
Common Units and Class B Preferred.

     The Company and the Securityholders desire to enter into this Agreement for
the purposes, among others, of (i) limiting the manner and terms by which units
and interests in the Company may be transferred, and (ii) assuring continuity in
the ownership of the Company. The execution and delivery of this Agreement is a
condition (i) to the Investors' purchase of the Common and the Class B Preferred
pursuant to the Investor Purchase Agreement and (ii) to Purchaser's purchase of
the Common and the Class B Preferred pursuant to the Purchase Agreement.

     NOW, THEREFORE, in consideration of the mutual covenants contained herein
and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties to this Agreement hereby agree as follows:

     1.   BOARD OF MANAGERS.

     (a)  From and after the Initial Closing and until the provisions of this
SECTION 1 cease to be effective, each Securityholder shall vote all of his
Securityholder Securities and any other

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voting securities of the Company over which such Securityholder has voting
control and shall take all other necessary or desirable actions within his
control (whether in his capacity as a securityholder, manager, member of the
board or any committee thereof or officer of the Company or otherwise, and
including, without limitation, attendance at meetings in person or by proxy for
purposes of obtaining a quorum and execution of written consents in lieu of
meetings), and the Company shall take all necessary and desirable actions within
its control (including, without limitation, calling special board and
securityholder meetings), so that:

          (i) the authorized number of managers on the Company's board of
   managers (the "BOARD") shall be no greater than seven (7);

          (ii) the following persons shall be elected to the Board:

               (A) up to three (3) representatives to be designated by GTCR Fund
          VII (the "INVESTOR MANAGERS"); PROVIDED that at the Initial Closing,
          David A. Donnini and Collin E. Roche shall be designated as the
          initial Investor Managers;

               (B) TSI's chief executive officer (the "CEO") and one other TSI
          employee to be designated by the CEO (collectively, the "EXECUTIVE
          MANAGERS"); PROVIDED that at the Initial Closing, G. Edward Evans
          shall be the sole Executive Manager; and

               (C) up to two (2) representatives to be chosen jointly by GTCR
          Fund VII and the CEO (the "OUTSIDE MANAGERS"); PROVIDED that no
          Outside Manager shall be a member of TSI's management or an employee
          or officer of the TSI or its Subsidiaries; PROVIDED further that if
          GTCR Fund VII and the CEO are unable to agree on an Outside Manager
          within 10 days after the date specified by GTCR Fund VII for electing
          such Outside Manager, then GTCR Fund VII shall in its sole discretion,
          designate the Outside Managers;

          (iii) If any party authorized to designate representatives to the
   Board has at any time designated a number less than the maximum number such
   party is entitled to designate pursuant to SECTION1(a)(ii)(A)-(C), such party
   shall have the right to designate additional representatives to the Board up
   to the maximum number such party is authorized to designate in accordance
   with Section1(a)(ii)(A)-(C);

          (iv) the composition of any committee of the Board shall include at
   least two Investor Managers;

          (v) the composition of the board of managers or board of directors of
   each of the Company's Subsidiaries (each a "SUB BOARD") shall be
   the same as that of the Board;

          (vi) the removal from the Board, a Sub Board or a committee (with or
   without cause) of any Investor Manager or any Outside Manager shall be upon
   (and only upon) the written request of GTCR Fund VII;

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          (vii) if an Executive Manager ceases to be employed by TSI or its
   Subsidiaries, such Executive Manager shall be removed promptly after such
   time from the Board, each Sub Board and each committee; and

          (viii) in the event that any representative designated hereunder for
   any reason ceases to serve as a member of the Board, a Sub Board or a
   committee during his term of office, the resulting vacancy on the Board, the
   Sub Board or such committee shall be filled by a representative designated by
   the person or persons originally entitled to designate such manager pursuant
   to SECTION 1(a)(ii) above.

     (b) The Company shall pay all out-of-pocket expenses incurred by each
manager in connection with attending regular and special meetings of the Board,
any Sub Board and any committee thereof.

     (c) If any party fails to designate a representative to fill a managership
pursuant to the terms of this SECTION 1, the election of a person to such
managership shall be accomplished in accordance with the LLC Agreement and
applicable law.

     (d) Upon Purchaser's written request to the Company (any such request to be
effective for a period of twelve months following the date on which the Company
receives such request and which request may be extended on an annual basis by
providing the Company written notice of such extension no less than 60 days
prior to expiration of the immediately preceding twelve-month period), the
Company shall provide to a representative designated by Purchaser (an
"OBSERVER") notice of each meeting of the Board within a reasonable time of
notice being given to the members of the Board, and the Company shall permit the
Observer to attend, as an observer without voting rights, all meetings of the
Board. The Observer shall be entitled to receive a copy of all written materials
and other information given to the Board in connection with such meetings within
a reasonable time such materials and information are given to the Board. If the
Company proposes to take any action by written consent in lieu of a meeting of
the Board, the Company shall give notice thereof to the Observer within a
reasonable time notice is given to the Board.

     (e) The provisions of this SECTION 1 shall terminate upon first to occur of
(i) the consummation of a Public Offering or (ii) the consummation of a Sale of
the Company.

     2. LEGEND. Each certificate evidencing Securityholder Securities and each
certificate issued in exchange for or upon the transfer of any Securityholder
Securities (if such securities remain Securityholder Securities as defined
herein after such transfer) shall be stamped or otherwise imprinted with a
legend in substantially the following form:

     "THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A
     SECURITYHOLDERS AGREEMENT DATED AS OF FEBRUARY 14, 2002 AMONG THE
     ISSUER OF SUCH SECURITIES (THE "COMPANY") AND CERTAIN OF THE
     COMPANY'S SECURITYHOLDERS. A COPY OF SUCH SECURITYHOLDERS
     AGREEMENT WILL BE FURNISHED WITHOUT CHARGE BY THE

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     COMPANY TO THE HOLDER HEREOF UPON WRITTEN REQUEST."

The Company shall imprint such legend on certificates evidencing Securityholder
Securities outstanding prior to the date hereof. The legend set forth above
shall be removed from the certificates evidencing any securities that cease to
be Securityholder Securities.

     3.   PARTICIPATION RIGHTS.

     (a)  At least 30 days prior to any Transfer of Securityholder Securities by
any of the Investors, the Investors shall deliver a written notice (the
"TAG-ALONG NOTICE") to the Company and the other Securityholders (the "TAG-ALONG
SECURITYHOLDERS") specifying in reasonable detail the identity of the
prospective transferee(s) and the terms and conditions of the Transfer. The
Tag-Along Securityholders may elect to participate in the contemplated Transfer
by delivering written notice to the Investors within 30 days after delivery of
the Tag-Along Notice. If any Tag-Along Securityholders have elected to
participate in such Transfer, the Investors and such Tag-Along Securityholders
will be entitled to sell in the contemplated Transfer, at the same price and on
the same terms, a number of units of such class of Securityholder Securities
equal to the product of (A) the quotient determined by dividing the number of
units of Securityholder Securities owned by such Person by the aggregate number
of outstanding units of Securityholder Securities owned by the Investor and the
Tag-Along Securityholders participating in such sale and (B) the total number of
Securityholder Securities to be sold by the Investors and any Tag-Along
Securityholders in the contemplated Transfer.

     (b)  The Investor(s) will use reasonable best efforts to obtain the
agreement of the prospective transferee(s) to the participation of the Tag-Along
Securityholders in any contemplated Transfer, and the Investor(s) will not
transfer any of its Securityholder Securities to the prospective transferee(s)
unless (A) the prospective transferee(s) agrees to allow the participation of
the Tag-Along Securityholders or (B) the Investor(s) agree to purchase the
number of such class of Securityholder Securities from the Tag-Along
Securityholders that the Tag-Along Securityholders would have been entitled to
sell pursuant to this SECTION 3(b) for the consideration per unit to be paid to
the Investor(s) by the prospective transferee(s).

     (c)  Notwithstanding anything to the contrary in any other provision of
this Agreement, the restrictions set forth in this SECTION 3 shall not apply to
(i) any Transfer of Securityholder Securities by the Investors to or among their
Affiliates, (ii) any Transfer pursuant to SECTION 15.7 of the LLC Agreement in
connection with a public offering of securities, (iii) a Public Sale or (iv) the
Transfer made to GTCR Capital Partners, L.P. pursuant to the Inducement
Agreement; PROVIDED that the restrictions contained in this Agreement will
continue to be applicable to the Securityholder Securities after any Transfer
pursuant to CLAUSE (i) and the transferee of such Securityholder Securities
shall agree in writing to be bound by the provisions of this Agreement. Upon the
Transfer of Securityholder Securities pursuant to CLAUSE (i) of the previous
sentence, the transferees will deliver a written notice to the Company, which
notice will disclose in reasonable detail the identity of such transferee.

     (d)  The provisions of this SECTION 3 will terminate upon the first to
occur of (i) the consummation of a Sale of the Company and (ii) the consummation
of a Public Offering.

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     4.   FIRST REFUSAL RIGHTS.

     (a)  Prior to making any Transfer of Securityholder Securities (other than
a Transfer pursuant to SECTION 15.7 of the LLC Agreement in connection with a
public offering of securities, a Public Sale of the type referred to in CLAUSE
(i) of the definition thereof or a Sale of the Company), any Securityholder
(other than the Investors) desiring to make such Transfer (the "TRANSFERRING
SECURITYHOLDER") will give written notice (the "SALE NOTICE") to the Company and
the holders of the Common Units (collectively, the "SALE NOTICE RECIPIENTS").
The Sale Notice will disclose in reasonable detail the identity of the
prospective transferee(s), the number of units of Securityholder Securities to
be transferred and the terms and conditions of the proposed transfer. Such
Transferring Securityholder will not consummate any Transfer until 45 days after
the Sale Notice has been given to the Sale Notice Recipients, unless the parties
to the Transfer have been finally determined pursuant to this SECTION 4 prior to
the expiration of such 45-day period. (The date of the first to occur of such
events is referred to herein as the "AUTHORIZATION DATE").

     (b)  The Company may elect to purchase all (but not less than all) of such
Securityholder Securities to be transferred upon the same terms and conditions
as those set forth in the Sale Notice by delivering a written notice of such
election to the Transferring Securityholder and the Sale Notice Recipients
(other than the Company) within 20 days after the Sale Notice has been given to
the Company. If the Company has not elected to purchase all of the
Securityholder Securities to be transferred, the Securityholders may elect to
purchase all (but not less than all) of the Securityholder Securities to be
transferred upon the same terms and conditions as those set forth in the Sale
Notice by giving written notice of such election to such Transferring
Securityholder within 25 days after the Sale Notice has been given to the
Securityholders. If more than one Securityholder elects to purchase the
Securityholder Securities to be transferred, the units of Securityholder
Securities to be sold shall be allocated among the Securityholders pro rata
according to the number of units of Securityholders Securities owned by each
Securityholder on a fully diluted basis. If neither the Company nor the
Securityholders elects to purchase all of the Securityholder Securities
specified in the Sale Notice, the Transferring Securityholder may transfer the
Securityholder Securities specified in the Sale Notice at a price and on terms
no more favorable to the transferee(s) thereof than specified in the Sale Notice
during the 60-day period immediately following the Authorization Date. Any
Securityholder Securities not transferred within such 60-day period will be
subject to the provisions of this SECTION 4 upon subsequent Transfer. The
Company may pay the purchase price for such units by offsetting amounts
outstanding under any bona fide debts owed by the Transferring Securityholder to
the Company.

     (c)  The restrictions of this SECTION 4 will not apply with respect to (i)
any Transfer of Securityholder Securities by any Securityholder to or among its
Affiliates or Family Group, (ii) any Transfer of Securityholder Securities to
any Investor, (iii) a repurchase of Securityholder Securities by the Company or
an exchange or conversion of the same pursuant to the terms of a Senior
Management Agreement, (iv) a Public Sale, or (v) an Approved Sale (as defined in
SECTION 6(a)); PROVIDED that the restrictions contained in this Agreement will
continue to be applicable to the Securityholder Securities after any Transfer
pursuant to CLAUSE (i) or (ii) above and the transferee of such Securityholder
Securities shall agree in writing to be bound by the provisions of this
Agreement. Upon the Transfer of Securityholder Securities pursuant to CLAUSE (i)
or (ii) of the

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previous sentence, the transferees will deliver a written notice to the Company,
which notice will disclose in reasonable detail the identity of such transferee.

     (d)  Notwithstanding anything herein to the contrary, except pursuant to
CLAUSE (c) above, in no event shall any Transfer of Securityholder Securities
pursuant to this SECTION 4 be made for any consideration other than cash payable
upon consummation of such Transfer.

     (e)  The restrictions set forth in this SECTION 4 shall continue with
respect to each unit of Securityholder Securities until the earlier of (i) the
date on which such unit of Securityholder Securities has been transferred in a
Public Sale, (ii) the consummation of an Approved Sale, and (iii) the date on
which such unit of Securityholder Securities has been transferred pursuant to
this SECTION 4 (other than pursuant to SECTION 4(c) and other than a transfer to
a Securityholder purchasing from a Transferring Securityholder pursuant to
SECTION 4(b)).

     5.   PRE-EMPTIVE RIGHTS.

     (a)  After the date hereof, if the Company authorizes the issuance or sale
to the Investors of any Securities (as defined in the LLC Agreement), the
Company shall offer to sell to each holder of Common Units (other than the
Investors) (the "OTHER COMMON UNITHOLDERS"), at the same price and on the same
terms, a portion of such Securities equal to the quotient determined by dividing
(1) the number of Common Units held by such Other Common Unitholder (which shall
include only Carried Common held by such Other Common Unitholder, if any, if
such Other Common Unitholder is employed by the Company or its Subsidiaries as
of the date of such event) by (2) the total number of Common Units outstanding
(which shall include only Carried Common held by Other Common Unitholders, if
any, who are employed by the Company or its Subsidiaries as of the date of such
event), in each case on a fully diluted basis. Each Other Common Unitholder
shall be entitled to purchase such Securities at the most favorable price and on
the most favorable terms as such Securities are to be offered to the Investors;
PROVIDED that if the Investors purchase Securities of the Company or any of its
Subsidiaries after the date hereof, the Other Common Unitholders exercising
their rights pursuant to this SECTION 5 shall also be required to purchase the
same strip of Securities (on the same terms and conditions) that the Investors
purchase.

     (b)  In order to exercise its purchase rights hereunder, each Other Common
Unitholder must within thirty (30) days after receipt of written notice from the
Company describing in reasonable detail the units or securities being offered,
the purchase price thereof, the payment terms and such Other Common Unitholder's
percentage allotment, deliver a written notice to the Company describing its
election hereunder.

     (c)  Upon the expiration of the offering period described above, the
Company shall be entitled to sell such units or securities which the Other
Common Unitholders have not elected to purchase during the 90 days following
such expiration on terms and conditions no more favorable to the Investors than
those offered to such holders. Any such securities offered or sold by the
Company after such 90-day period must be offered to the Other Common Unitholders
pursuant to the terms of this SECTION 5.

     (d)  Notwithstanding the foregoing, the rights set forth in this SECTION 5
shall not apply to issuances of equity securities (or securities convertible
into or exchangeable for, or options

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to purchase, such equity securities), pro rata to all holders of Common, as a
dividend on, subdivision of or other distribution in respect of, the Common in
accordance with the LLC Agreement.

     (e)  The rights set forth in this SECTION 5 shall continue with respect to
each Common Unit until the earlier of (i) the transfer of such Common Unit in a
Public Sale, or (ii) the consummation of a Sale of the Company or a Public
Offering.

     6.   SALE OF THE COMPANY.

     (a)  If the holders of the Required Interest (as such term is defined in
the LLC Agreement) approve a Sale of the Company (an "APPROVED SALE"), each
holder of Securityholder Securities shall vote for, consent to and raise no
objections against such Approved Sale. If the Approved Sale is structured as a
(i) merger or consolidation, each holder of Securityholder Securities shall
waive any dissenters' rights, appraisal rights or similar rights in connection
with such merger or consolidation or (ii) sale of Units, each holder
Securityholder Securities shall agree to sell all of his, her or its
Securityholder Securities or rights to acquire Securityholder Securities on the
terms and conditions approved by the Board and the holders of the Required
Interest. Each holder of Securityholder Securities shall take all necessary or
desirable actions in connection with the consummation of the Approved Sale as
requested by the Company.

     (b)  The obligations of the holders of Securityholder Securities with
respect to the Approved Sale of the Company are subject to the satisfaction of
the following conditions: (i) upon the consummation of the Approved Sale, each
holder of a class of Securityholder Securities shall receive the same form of
consideration and the same amount of consideration per unit of Securityholder
Securities; (ii) if any holders of a class of Securityholder Securities are
given an option as to the form and amount of consideration to be received, each
holder of such class of Securityholder Securities shall be given the same
option; and (iii) each holder of then currently exercisable rights to acquire
any of a class of Securityholder Securities shall be given an opportunity to
either (A) exercise such rights prior to the consummation of the Approved Sale
and participate in such sale as holders of such class of Securityholder
Securities or (B) upon the consummation of the Approved Sale, receive in
exchange for such rights consideration equal to the amount determined by
multiplying (1) the same amount of consideration per class of Securityholder
Securities received by holders of such class of Securityholder Securities in
connection with the Approved Sale less the exercise price per such class of
Securityholder Securities of such rights to acquire such class of Securityholder
Securities by (2) the number of such class of Securityholder Securities
represented by such rights.

     (c)  If either the Company or the holders of any class of Units enter into
a negotiation or transaction for which Rule 506 (or any similar rule then in
effect) promulgated by the Securities and Exchange Commission may be available
with respect to such negotiation or transaction (including a merger,
consolidation or other reorganization), the holders of Securityholder Securities
will, at the request of the Company, appoint a purchaser representative (as such
term is defined in Rule 501) reasonably acceptable to the Company. If any holder
of Securityholder Securities appoints a purchaser representative designated by
the Company, the Company will pay the fees of such purchaser representative, but
if any holder of Securityholder Securities declines to appoint the purchaser
representative designated by the Company such holder will appoint another

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purchaser representative, and such holder will be responsible for the fees of
the purchaser representative so appointed.

     (d)  Holders of Securityholder Securities will bear their pro rata share
(based upon the number of units sold) of the costs of any sale of such
Securityholder Securities pursuant to an Approved Sale to the extent such costs
are incurred for the benefit of all holders of Securityholder Securities and are
not otherwise paid by the Company or the acquiring party. For purposes of this
SECTION 5(d), costs incurred in exercising reasonable efforts to take all
actions in connection with the consummation of an Approved Sale in accordance
with SECTION 5(a) shall be deemed to be for the benefit of all holders of the
Securityholder Securities. Costs incurred by holders of Securityholder
Securities on their own behalf will not be considered costs of the transaction
hereunder.

     7. PUBLIC OFFERING. In the event that the Board or the Investors approve an
initial Public Offering, the holders of Securityholder Securities shall take all
necessary or desirable actions requested by the Board or the Investors in
connection with the consummation of such Public Offering, including without
limitation consenting to, voting for and waiving any dissenters rights,
appraisal rights or similar rights with respect to a reorganization of the
Company pursuant to the terms of SECTION 15.7 of the LLC Agreement and
compliance with the requirements of all laws and regulatory bodies that are
applicable or that have jurisdiction over such Public Offering. In the event
that such Public Offering is an underwritten offering and the managing
underwriters advise the Company in writing that in their opinion the Company's
capital structure would adversely affect the marketability of the offering, each
holder of Securityholder Securities shall consent to and vote for a
recapitalization, reorganization or exchange (each, a "RECAPITALIZATION") of any
class of the Company's equity securities into securities that the managing
underwriters, the Board and the Investors find acceptable and shall take all
necessary and desirable actions in connection with the consummation of such
Recapitalization; provided that each holder of a class of Units shall receive
the same type of security with the same value per unit.

     8. DEFINITIONS.

     "AFFILIATE" means, (i) with respect to any Person, any Person that
controls, is controlled by or is under common control with such Person or an
Affiliate of such Person, and (ii) with respect to any Investor, any general or
limited partner of such Investor, any employee or owner of any such partner, or
any other Person controlling, controlled by or under common control with such
Investor.

     "CARRIED COMMON" means the Common Units acquired pursuant to SECTION 1(a)
of a Senior Management Agreement.

     "CLASS A PREFERRED" means the Class A Preferred Units as defined in the LLC
Agreement.

     "FAMILY GROUP" means, with respect to a Securityholder who is an
individual, such Securityholder's spouse and descendants (whether natural or
adopted) and any trust, family limited partnership, limited liability company or
other entity wholly owned, directly or indirectly, by such Securityholder or
such Securityholder's spouse and/or descendants that is and remains solely for
the

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benefit of such Securityholder and/or such Securityholder's spouse and/or
descendants and any retirement plan for such Securityholder.

     "INDUCEMENT AGREEMENT" means that certain Inducement Agreement by and among
GTCR Fund VII, L.P., GTCR Fund VII/A, L.P., GTCR Co-Invest, L.P., Snowlake
Investment Pte Ltd, and TSI Telecommunication Holdings, LLC.

     "INITIAL CLOSING" shall have the meaning set forth in the Investor Purchase
Agreement.

     "LLC AGREEMENT" means the Limited Liability Company Agreement of TSI
Telecommunication Holdings, LLC, dated February 14, 2002 among the parties from
time to time party thereto.

     "PERSON" means an individual, a partnership, a limited liability company, a
corporation, an association, a joint stock company, a trust, a joint venture, an
unincorporated organization, an investment fund, any other business entity and a
governmental entity or any department, agency or political subdivision thereof.

     "PLEDGE AGREEMENT" means that certain Pledge Agreement dated as of the date
hereof between G. Edward Evans and GTCR Fund VII as the same may be amended or
modified from time to time.

     "PUBLIC OFFERING" means the sale in an underwritten public offering
registered under the Securities Act of the equity securities of the Company (or
any successor thereto) approved by the Board.

     "PUBLIC SALE" means any sale of Securityholder Securities (i) to the public
pursuant to an offering registered under the Securities Act or (ii) to the
public through a broker, dealer or market maker pursuant to the provisions of
Rule 144 (other than Rule 144(k) prior to a Public Offering) adopted under the
Securities Act.

     "SALE OF THE COMPANY" means any transaction or series of transactions
pursuant to which any Person or group of related Persons (other than the
Investors and their Affiliates) in the aggregate acquire(s) (i) equity
securities of the Company possessing the voting power (other than voting rights
accruing only in the event of a default or breach) to elect a majority of the
Company's board of managers (whether by merger, consolidation, reorganization,
combination, sale or transfer of the Company's equity securities, securityholder
or voting agreement, proxy, power of attorney or otherwise) or (ii) all or
substantially all of the Company's assets determined on a consolidated basis;
PROVIDED, that a Public Offering shall not constitute a Sale of the Company.

     "SECURITIES ACT" means the Securities Act of 1933, as amended from time to
time.

     "SECURITYHOLDER SECURITIES" means (i) any Class A Preferred, Class B
Preferred, or Common Unit purchased or otherwise acquired by any Securityholder,
(ii) any equity securities issued or issuable directly or indirectly with
respect to the Units referred to in CLAUSE (i) above by way of unit dividend or
unit split or in connection with a combination of units, recapitalization,
merger, consolidation or other reorganization, and (iii) any other units of any
class or series of equity securities of the Company held by a Securityholder;
PROVIDED THAT Securityholder Securities shall not include nonvoting Units
described in this CLAUSE (iii) for purposes of SECTION 1 hereof. As to any

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particular equity securities constituting Securityholder Securities, such
Securityholder Securities will cease to be Securityholder Securities when they
have been (x) effectively registered under the Securities Act and disposed of in
accordance with the registration statement covering them or (y) sold to the
public through a broker, dealer or market maker pursuant to Rule 144 (or any
similar provision then in force) under the Securities Act.

     "SENIOR MANAGEMENT AGREEMENT" means, that certain Senior Management
Agreement entered into on the date hereof by and between the Company, TSI
Telecommunication Services Inc. and G. Edward Evans, or any other agreement for
the sale of equity securities between the Company and any employee of the
Company or its Subsidiaries, as approved by the Board.

     "SUBSIDIARY" means, with respect to any Person, any corporation, limited
liability company, partnership, association, or business entity of which (i) if
a corporation, a majority of the total voting power of shares of stock entitled
(without regard to the occurrence of any contingency) to vote in the election of
directors, managers, or trustees thereof is at the time owned or controlled,
directly or indirectly, by that Person or one or more of the other Subsidiaries
of that Person or a combination thereof, or (ii) if a limited liability company,
partnership, association, or other business entity (other than a corporation), a
majority of partnership or other similar ownership interest thereof is at the
time owned or controlled, directly or indirectly, by that Person or one or more
Subsidiaries of that Person or a combination thereof. For purposes hereof, a
Person or Persons shall be deemed to have a majority ownership interest in a
limited liability company, partnership, association, or other business entity
(other than a corporation) if such Person or Persons shall be allocated a
majority of limited liability company, partnership, association, or other
business entity gains or losses or shall be or control any managing director or
general partner of such limited liability company, partnership, association, or
other business entity. For purposes hereof, references to a "Subsidiary" of any
Person shall be given effect only at such times that such Person has one or more
Subsidiaries, and, unless otherwise indicated, the term "Subsidiary" refers to a
Subsidiary of the Company.

     "TRANSFER" means to sell, transfer, assign, pledge or otherwise dispose of
(whether with or without consideration and whether voluntarily or involuntarily
or by operation of law), but explicitly excluding exchanges of one class of
Securityholder Securities to or for another class of Securityholder Securities.

     9.   TRANSFERS; TRANSFERS IN VIOLATION OF AGREEMENT. Prior to Transferring
any Securityholder Securities to any person or entity, the Transferring
Securityholder shall cause the prospective transferee to execute and deliver to
the Company, the Investors and the Other Securityholders a counterpart of this
Agreement. Any Transfer or attempted Transfer of any Securityholder Securities
in violation of any provision of this Agreement or the Pledge Agreement shall be
void, and the Company shall not record such Transfer on its books or treat any
purported transferee of such Securityholder Securities as the owner of such
securities for any purpose. Upon transfer of all Securityholder Securities held
by a Person, such Person shall for all purposes cease to be a "Securityholder"
party to this Agreement.

     10.  ADDITIONAL SECURITYHOLDERS. In connection with the issuance of any
additional equity securities of the Company to any Person, the Company, with the
consent of the Investors holding a majority of the Securityholder Securities
held by the Investors, may permit such Person to become a party to this
Agreement and succeed to all of the rights and obligations of a

                                       10
<Page>

"SECURITYHOLDER" under this Agreement by obtaining an executed counterpart
signature page to this Agreement, and, upon such execution, such Person shall
for all purposes be a "Securityholder" party to this Agreement.

     11.  REPRESENTATIONS AND WARRANTIES. Each Securityholder represents and
warrants that (i) this Agreement has been duly authorized, executed and
delivered by such Securityholder and constitutes the valid and binding
obligation of such Securityholder, enforceable in accordance with its terms, and
(ii) such Securityholder has not granted and is not a party to any proxy, voting
trust or other agreement that is inconsistent with, conflicts with or violates
any provision of this Agreement. No holder of Securityholder Securities shall
grant any proxy or become a party to any voting trust or other agreement that is
inconsistent with, conflicts with or violates any provision of this Agreement.

     12.  AMENDMENT AND WAIVER. Except as otherwise provided herein, no
modification, amendment or waiver of any provision of this Agreement shall be
effective against the Company or the Securityholders unless such modification,
amendment or waiver is approved in writing by the Company and the holders of a
majority of Common Units which are Securityholder Securities; PROVIDED that no
such amendment or modification that would materially and adversely affect one
class or group of holders of Securityholder Securities in a manner different
than any other class or group of holders of Securityholder Securities shall be
effective against such class or group of holders of Securityholder Securities
without the prior written consent of at least a majority of such class or group
materially and adversely affected thereby. For the avoidance of doubt, SECTION 5
of this Agreement may only be amended with the consent of the Executives holding
a majority of Securityholder Securities held by the Executives. The failure of
any party to enforce any of the provisions of this Agreement shall in no way be
construed as a waiver of such provisions and shall not affect the right of such
party thereafter to enforce each and every provision of this Agreement in
accordance with its terms.

     13.  SEVERABILITY. Whenever possible, each provision of this Agreement
shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Agreement is held to be invalid,
illegal or unenforceable in any respect under any applicable law or rule in any
jurisdiction, such invalidity, illegality or unenforceability shall not affect
any other provision or any other jurisdiction, but this Agreement shall be
reformed, construed and enforced in such jurisdiction as if such invalid,
illegal or unenforceable provision had never been contained herein.

     14.  ENTIRE AGREEMENT. This Agreement, those documents expressly referred
to herein and other documents of even date herewith embody the complete
agreement and understanding among the parties hereto with respect to the subject
matter hereof and supersede and preempt any prior understandings, agreements or
representations by or among the parties, written or oral, which may have related
to the subject matter hereof in any way.

     15.  SUCCESSORS AND ASSIGNS. Except as otherwise provided herein, this
Agreement shall bind and inure to the benefit of and be enforceable by the
Company and its successors and assigns and the Securityholders and any
subsequent holders of Securityholder Securities and the respective successors
and assigns of each of them, so long as they hold Securityholder Securities.

                                       11
<Page>

     16. COUNTERPARTS. This Agreement may be executed in separate counterparts
(including by means of telecopied signature pages) each of which shall be an
original and all of which taken together shall constitute one and the same
agreement.

     17.  REMEDIES. The Company and each Securityholder shall be entitled to
enforce their rights under this Agreement specifically to recover damages by
reason of any breach of any provision of this Agreement and to exercise all
other rights existing in their favor. The parties hereto agree and acknowledge
that money damages may not be an adequate remedy for any breach of the
provisions of this Agreement and that the Company and each Securityholder may in
its sole discretion apply to any court of law or equity of competent
jurisdiction for specific performance and/or injunctive relief (without posting
a bond or other security) in order to enforce or prevent any violation of the
provisions of this Agreement.

     18.  NOTICES. Any notice provided for in this Agreement shall be in writing
and shall be either personally delivered, or mailed first class mail (postage
prepaid) or sent by reputable overnight courier service (charges prepaid) to the
Company at the address set forth below and to any other recipient at the address
indicated on the schedules hereto and to any subsequent holder of Securityholder
Securities subject to this Agreement at such address as indicated by the
Company's records, or at such address or to the attention of such other Person
as the recipient party has specified by prior written notice to the sending
party. Notices will be deemed to have been given hereunder when delivered
personally, three days after deposit in the U.S. mail and one day after deposit
with a reputable overnight courier service. The Company's address is:

     IF TO THE COMPANY:

     TSI Telecommunication Holdings, LLC
     201 North Franklin Street
     Tampa, Florida 33602
     Attention:  G. Edward Evans
     Telephone: (813) 273-3000
     Facsimile: (813) 273-4953

     AND

     TSI Telecommunication Holdings, LLC
     201 North Franklin Street
     Tampa, Florida 33602
     Attention:  Robert Garcia, Jr.
     Telephone:  (813) 273-3000
     Facsimile:  (813) 273-4953

     WITH COPIES TO:

                                       12
<Page>

     GTCR Fund VII, L.P.,
     GTCR Fund VII/A, L.P. and
     GTCR Co-Invest, L.P.
     c/o GTCR Golder Rauner, L.L.C.
     6100 Sears Tower
     Chicago, IL  60606-6402
     Attention: David A. Donnini
                Collin E. Roche
     Telephone: (312) 382-2200
     Facsimile: (312) 382-2201

     AND

     Kirkland & Ellis
     200 East Randolph Drive
     Chicago, IL  60601
     Attention:    Stephen L. Ritchie
     Telephone: (312) 861-2210
     Facsimile: (312) 861-2200

     19.  GOVERNING LAW. The corporate law of Delaware shall govern all issues
concerning the relative rights of the Company and its securityholders. All other
questions concerning the construction, validity and interpretation of this
Agreement shall be governed by and construed in accordance with the internal
laws of the State of Delaware, without giving effect to any choice of law or
other conflict of law provision or rule (whether of the State of Delaware or any
other jurisdiction) that would cause the application of the laws of any
jurisdiction other than the State of Delaware.

     20.  DESCRIPTIVE HEADINGS. The descriptive headings of this Agreement are
inserted for convenience only and do not constitute a part of this Agreement.

                                   * * * * *

                                       13
<Page>

     IN WITNESS WHEREOF, the parties hereto have executed this Securityholders
Agreement on the day and year first above written.

                                            TSI TELECOMMUNICATION HOLDINGS, LLC

                                            By:   /s/ G. Edward Evans
                                            Name: G. Edward Evans
                                            Its:  Chief Executive Officer

                                            GTCR FUND VII, L.P.

                                            By: GTCR Partners VII, L.P.
                                            Its: General Partner

                                            By:   GTCR Golder Rauner, L.L.C.
                                            Its:  General Partner

                                            By:   /s/ David A. Donnini
                                            Name: David A. Donnini
                                            Its:  Principal

                                            GTCR FUND VII, L.P./A

                                            By: GTCR Partners VII, L.P.
                                            Its: General Partner

                                            By:   GTCR Golder Rauner, L.L.C.
                                            Its:  General Partner

                                            By:   /s/ David A. Donnini
                                            Name: David A. Donnini
                                            Its:  Principal

                                            GTCR CO-INVEST, L.P.

                                            By:   GTCR Golder Rauner, L.L.C.
                                            Its:  General Partner

                                            By:   /s/ David A. Donnini
                                            Name: David A. Donnini
                                            Its:  Principal

                SIGNATURE PAGES TO TSI SECURITYHOLDERS AGREEMENT
                                  PAGE 1 OF 16
<Page>

                                            PURCHASER

                                            By:  /s/ Brett Fisher
                                            Name:  Brett Fisher
                                            Title: Director

                SIGNATURE PAGES TO TSI SECURITYHOLDERS AGREEMENT
                                  PAGE 2 OF 16
<Page>

                                                  /s/ G. Edward Evans
                                                  G. Edward Evans

                SIGNATURE PAGES TO TSI SECURITYHOLDERS AGREEMENT
                                  PAGE 3 OF 16
<Page>

                                                  /s/ Raymond L. Lawless
                                                  Raymond L. Lawless

                SIGNATURE PAGES TO TSI SECURITYHOLDERS AGREEMENT
                                  PAGE 4 OF 16
<Page>

                                                  /s/ Robert Clark
                                                  Robert Clark

                SIGNATURE PAGES TO TSI SECURITYHOLDERS AGREEMENT
                                  PAGE 5 OF 16
<Page>

                                                  /s/ Robert Garcia, Jr.
                                                  Robert Garcia, Jr.

                SIGNATURE PAGES TO TSI SECURITYHOLDERS AGREEMENT
                                  PAGE 6 OF 16
<Page>

                                                  /s/ Douglas Meyn
                                                  Douglas Meyn

                SIGNATURE PAGES TO TSI SECURITYHOLDERS AGREEMENT
                                  PAGE 7 OF 16
<Page>

                                                  /s/ Gilbert Mosher
                                                  Gilbert Mosher

                SIGNATURE PAGES TO TSI SECURITYHOLDERS AGREEMENT
                                  PAGE 8 OF 16
<Page>

                                                  /s/ Wayne Nelson
                                                  Wayne Nelson

                SIGNATURE PAGES TO TSI SECURITYHOLDERS AGREEMENT
                                  PAGE 9 OF 16
<Page>

                                                  /s/ Michael O'Brien
                                                  Michael O'Brien

                SIGNATURE PAGES TO TSI SECURITYHOLDERS AGREEMENT
                                 PAGE 10 OF 16
<Page>

                                                  /s/ Christine Wilson Strom
                                                  Christine Wilson Strom

                SIGNATURE PAGES TO TSI SECURITYHOLDERS AGREEMENT
                                 PAGE 11 OF 16
<Page>

                                                  /s/ Paul A. Wilcock
                                                  Paul A. Wilcock

                SIGNATURE PAGES TO TSI SECURITYHOLDERS AGREEMENT
                                 PAGE 12 OF 16
<Page>

                                                  PROJECT NETWORK PARTNERS LLC

                                                  By:  /s/ Rajesh Shah
                                                  Name:   Rajesh Shah
                                                  Title:  Treasurer

                SIGNATURE PAGES TO TSI SECURITYHOLDERS AGREEMENT
                                 PAGE 13 OF 16
<Page>

                                                  /s/ Christian Schiller
                                                  Christian Schiller

                SIGNATURE PAGES TO TSI SECURITYHOLDERS AGREEMENT
                                 PAGE 14 OF 16
<Page>

                                                  /s/ Arnis Kins
                                                  Arnis Kins

                SIGNATURE PAGES TO TSI SECURITYHOLDERS AGREEMENT
                                 PAGE 15 OF 16
<Page>

                                                  /s/ John Kins
                                                  John Kins

                SIGNATURE PAGES TO TSI SECURITYHOLDERS AGREEMENT
                                 PAGE 16 OF 16<Page>

                                                                   EXHIBIT 10.17

                             UNIT PURCHASE AGREEMENT

          THIS UNIT PURCHASE AGREEMENT (this "AGREEMENT") is made as of February
14, 2002, between TSI Telecommunication Holdings, LLC, a Delaware limited
liability company (the "COMPANY") and GTCR Fund VII, L.P., a Delaware limited
partnership ("GTCR FUND VII"), GTCR Fund VII/A, L.P., a Delaware limited
partnership ("GTCR FUND VII/A") and GTCR Co-Invest, L.P. ("GTCR CO-INVEST").
GTCR Fund VII, GTCR Fund VII/A and GTCR Co-Invest are collectively referred to
herein as the "PURCHASERS" and individually as a "PURCHASER". Except as
otherwise indicated herein, capitalized terms used herein are defined in SECTION
6 hereof.

          The parties hereto agree as follows:

          Section 1. AUTHORIZATION AND CLOSING.

          1A.     AUTHORIZATION OF THE SECURITIES. The Company shall authorize
the issuance and sale to the Purchasers of at least 220,539.50 of its Class B
Preferred Units (the "CLASS B PREFERRED UNITS"), and at least 69,083,942.77 of
its Common Units (the "COMMON UNITS"), each having the rights and preferences
set forth in the Company's limited liability company agreement (the "LLC
AGREEMENT"). The Class B Preferred Units and the Common Units are collectively
referred to herein as the "SECURITIES."

          1B.     PURCHASE AND SALE OF THE SECURITIES.

          (i)     INITIAL CLOSING. At the Initial Closing (as defined below),
the Company shall sell to the Purchasers and, subject to the terms and
conditions set forth herein, the Purchasers shall purchase from the Company, an
aggregate of (i) 220,539.50 Class B Preferred Units at a price of $1,000 per
unit and (ii) 69,083,942.77 Common Units at a price of $0.0333 per unit. Each
Purchaser shall purchase the percentage of such Securities set forth next to
such Purchaser's name on the signature page attached hereto by payment of the
aggregate purchase price thereof by wire transfer of immediately available funds
to such account as is designated by the Company. The initial closing of the
purchase and sale of the Securities (the "INITIAL CLOSING") shall take place at
the offices of Kirkland & Ellis, Citigroup Center, 153 East 53rd Street, New
York, New York at 10:00 a.m. on the date hereof.

          (ii)    The Company has been organized for the purpose of acquiring
TSI Telecommunication Services Inc. ("TSI") through a wholly-owned subsidiary
and thereafter from time to time making additional acquisitions that are
synergistic with or otherwise complementary to such initial acquisition. The
Purchasers intend to provide up to $244,687,059 in equity financing to the
Company as the equity portion of the debt and equity financing necessary to fund
such acquisitions and for other internal growth initiatives, in each case as
approved by the Board of Managers of the Company (the "BOARD") and the
Purchasers (an "APPROVED USE"). The Purchasers' obligation to purchase any
Securities pursuant to this SECTION 1B will be conditioned on the Company's not
being in default under any of its material agreements, adequate debt financing
being

<Page>

available to fund any proposed acquisition or other Approved Use on terms
satisfactory to the Purchasers, and the Company's operations and the acquisition
or other Approved Use being satisfactory to the Purchasers. In order to
implement the foregoing, the Purchasers or their Affiliates will provide up to
an additional $21,847,059 in equity financing to the Company from time to time
after the Initial Closing, upon the written request of the Board in connection
with an Approved Use, by purchasing (i) Class B Preferred Units, (ii) Common
Units or (iii) any combination of such Securities at such prices, amounts and in
such proportions as the Board and the Purchasers or their Affiliates may
determine (each such purchase, a "SUBSEQUENT CLOSING"); PROVIDED that in
connection with a Subsequent Closing, any Common Units purchased by the
Purchasers will be purchased by the Purchasers, at a per unit price equal to the
lower of Original Cost or Fair Market Value (as defined in the LLC Agreement).
Each Subsequent Closing shall take place at the offices of Kirkland & Ellis, 200
East Randolph Drive, Chicago, Illinois 60601 at 10:00 a.m. on such date as may
be mutually agreeable to the Company and the Purchasers. At the time of any
Subsequent Closing, the Purchasers shall be entitled to receive, and the Company
shall be obligated to deliver, satisfactory representations and warranties and
all other information and documentation as the Purchasers may reasonably
request.

          Section 2. CONDITIONS OF THE PURCHASERS' OBLIGATION AT THE INITIAL
CLOSING AND EACH SUBSEQUENT CLOSING. The obligation of each Purchaser to
purchase and pay for the Securities to be purchased by it at the Initial Closing
is subject to the satisfaction as of the Initial Closing of the following
conditions (other than SECTION 2O) and the obligation of each Purchaser to
purchase and pay for the Securities to be purchased by it at each Subsequent
Closing is subject to the satisfaction as of such Subsequent Closing of the
conditions set forth in SECTION 2O:

          2A.     REPRESENTATIONS AND WARRANTIES; COVENANTS. The representations
and warranties contained in SECTION 5 hereof shall be true and correct at and as
of the Initial Closing as though then made, except to the extent of changes
caused by the transactions expressly contemplated herein, and the Company shall
have performed in all material respects all of the covenants required to be
performed by it hereunder prior to the Initial Closing.

          2B.     CERTIFICATE OF FORMATION. The Company's certificate of
formation (the "CERTIFICATE OF FORMATION") shall include the provisions set
forth in EXHIBIT A attached hereto, shall be in full force and effect under the
laws of Delaware as of the Initial Closing and shall not have been amended or
modified.

          2C.     LIMITED LIABILITY COMPANY AGREEMENT. The Company and the
members of the Company shall have entered into a Limited Liability Company
Agreement in form and substance substantially similar to EXHIBIT B attached
hereto (the "LLC AGREEMENT"), and the LLC Agreement shall be in full force and
effect as of the Initial Closing.

          2D.     SENIOR MANAGEMENT AGREEMENT. The Company and, as appropriate,
one or more of its subsidiaries shall have entered into a Senior Management
Agreement, in form and substance substantially similar to EXHIBIT C attached
hereto (the "EXECUTIVE MANAGEMENT AGREEMENT") with G. Edward Evans
("EXECUTIVE"), the Executive Management Agreement shall not

                                       -2-
<Page>

have been amended or modified and shall be in full force and effect as of the
Initial Closing, and Executive shall have purchased the Securities proposed to
be purchased by him thereunder.

          2E.     SECURITYHOLDERS AGREEMENT. The Company, the Purchasers and
Executive shall have entered into a securityholders agreement in form and
substance substantially similar to EXHIBIT D attached hereto (the
"SECURITYHOLDERS AGREEMENT"), and the Securityholders Agreement shall be in full
force and effect as of the Initial Closing.

          2F.     REGISTRATION AGREEMENT. The Company, the Purchasers and
Executive shall have entered into a registration agreement in form and substance
substantially similar to EXHIBIT E attached hereto (the "REGISTRATION
AGREEMENT"), and the Registration Agreement shall be in full force and effect as
of the Initial Closing.

          2G.     PROFESSIONAL SERVICES AGREEMENT. TSI (as successor to TSI
Merger Sub, Inc., a Delaware corporation ("MERGER SUB")) and GTCR Golder Rauner,
L.L.C., a Delaware limited liability company ("GTCR LLC"), shall have entered
into a professional services agreement in form and substance substantially
similar to EXHIBIT F attached hereto (the "PROFESSIONAL SERVICES AGREEMENT"),
and the Professional Services Agreement shall be in full force and effect as of
the Initial Closing.

          2H.     SUBSIDIARY CHARTER. TSI Telecommunication Holdings, Inc., a
Delaware corporation ("NEWCO") shall have duly adopted, executed and filed with
the Secretary of State of Delaware amended and restated certificate of
incorporation in form and substance substantially similar to EXHIBIT G attached
hereto (the "NEWCO CERTIFICATE"), and the Newco Certificate shall continue to be
in full force and effect as of the Initial Closing and shall not have been
further amended or modified.

          2I.     SUBSIDIARY BYLAWS. Newco shall have duly adopted amended and
restated bylaws in form and substance substantially similar to EXHIBIT H
attached hereto (the "NEWCO BYLAWS"), and the Newco Bylaws shall continue to be
in full force and effect as of the Initial Closing and shall not have been
further amended or modified.

          2J.     INITIAL CLOSING DOCUMENTS. The Company shall have delivered to
the Purchasers all of the following documents:

          (i)     an Officer's Certificate, dated the date of the Initial
Closing, stating that the conditions specified in SECTION 1A and SECTIONS 2A
through 2I, inclusive, have been fully satisfied;

          (ii)    certified copies of the resolutions duly adopted by the Board
authorizing the execution, delivery and performance of this Agreement, the LLC
Agreement, the Executive Management Agreement, the Securityholders Agreement,
the Registration Agreement, the Professional Services Agreement and each of the
other agreements contemplated hereby (the "TRANSACTION DOCUMENTS"), the issuance
and sale of the Securities and the consummation of all other transactions
contemplated by this Agreement;

                                       -3-
<Page>

          (iii)   certified copies of the resolutions adopted by the shareholder
of Newco adopting the Newco Certificate and the Newco Bylaws; and

          (iv)    certified copies of the Company's Certificate of Formation and
LLC Agreement, each as in effect at the Initial Closing.

          2K.     FEES AND EXPENSES. The Company shall have reimbursed each
Purchaser for its fees and expenses as provided in SECTION 7A hereof.

          2L.     COMPLIANCE WITH APPLICABLE LAWS. The purchase of Securities by
the Purchasers hereunder shall not be prohibited by any applicable law or
governmental regulation, shall not subject the Purchaser to any penalty,
liability or, in each Purchaser's sole judgment, other onerous conditions under
or pursuant to any applicable law or governmental regulation, and shall be
permitted by laws and regulations of the jurisdictions to which any Purchaser is
subject.

          2M.     CONSENTS AND APPROVALS. The Company shall have received or
obtained all governmental, regulatory and third party consents and approvals
necessary for the consummation of the transactions contemplated by the Initial
Closing.

          2N.     ACQUISITION AGREEMENT The Acquisition Agreement shall be in
form and substance satisfactory to each Purchaser, shall not have been amended
or modified and shall be in full force and effect. The acquisition contemplated
by the Acquisition Agreement shall have been consummated simultaneously with the
Closing hereunder in accordance with the terms of the Acquisition Agreement.

          2O.     CONDITIONS TO SUBSEQUENT CLOSINGS. The obligation of each
Purchaser to purchase and pay for the Securities at any Subsequent Closing is
subject to the satisfaction as of the Subsequent Closing of the following
conditions:

          (i)     REPRESENTATIONS AND WARRANTIES; COVENANTS. The representations
and warranties contained in SECTION 5 hereof shall be true and correct at and as
of such Subsequent Closing as though then made, except to the extent of changes
caused by the transactions expressly contemplated herein or by the other
Transaction Documents and except for changes occurring in the ordinary course of
the Company's and its Subsidiaries' businesses which have not had a material
adverse effect on the financial condition, operating results, assets, operations
or business prospects of the Company or any Subsidiary (including the filing of
any material litigation against the Company or any Subsidiary or the existence
of any material dispute with any Person which involves a reasonable likelihood
of such litigation being commenced).

          (ii)    CONSENTS AND APPROVALS. The Company shall have received or
obtained all governmental, regulatory and third party consents and approvals
necessary for the consummation of the transactions contemplated by such
Subsequent Closing.

          (iii)   COMPLIANCE WITH APPLICABLE LAWS. The purchase of Securities by
the Purchasers hereunder shall not be prohibited by any applicable law or
governmental regulation, shall

                                       -4-
<Page>

not subject the Purchaser to any penalty, liability or, in each Purchaser's sole
judgment, other onerous conditions under or pursuant to any applicable law or
governmental regulation, and shall be permitted by laws and regulations of the
jurisdictions to which any Purchaser is subject.

          2P.     WAIVER. Any condition specified in this SECTION 2 may be
waived only if such waiver is set forth in a writing executed by the Purchasers.

          Section 3. COVENANTS.

          3A.     FINANCIAL STATEMENTS AND OTHER INFORMATION. The Company shall
deliver to the Purchasers (so long as the Purchasers hold any Securities) and to
each holder of at least 15% of the Investor Preferred and to each holder of at
least 15% of the Investor Common:

          (i)     as soon as available but in any event within thirty (30) days
after the end of each monthly accounting period in each fiscal year, unaudited
consolidating and consolidated statements of income and cash flows of the
Company and its Subsidiaries for such monthly period and for the period from the
beginning of the fiscal year to the end of such month, and consolidating and
consolidated balance sheets of the Company and its Subsidiaries as of the end of
such monthly period, all prepared in accordance with generally accepted
accounting principles, consistently applied, subject to the absence of footnote
disclosures and to normal year-end adjustments;

          (ii)    accompanying the financial statements referred to in
SUBSECTION (i) above, an Officer's Certificate stating that neither the Company
nor any of its Subsidiaries is in default under any of its material agreements
or, if any such default exists, specifying the nature and period of existence
thereof and what actions the Company and its Subsidiaries have taken and propose
to take with respect thereto;

          (iii)   within ninety (90) days after the end of each fiscal year,
consolidating and consolidated statements of income and cash flows of the
Company and its Subsidiaries for such fiscal year, and consolidating and
consolidated balance sheets of the Company and its Subsidiaries as of the end of
such fiscal year, setting forth in each case comparisons to the annual budget
and to the preceding fiscal year, all prepared in accordance with generally
accepted accounting principles, consistently applied, and accompanied by (a)
with respect to the consolidated portions of such statements (except with
respect to budget data), an opinion containing no exceptions or qualifications
(except for qualifications regarding specified contingent liabilities) of an
independent accounting firm of recognized national standing acceptable to the
Majority Holders, and (b) a copy of such accounting firm's annual management
letter to the Board;

          (iv)    promptly upon receipt thereof, any additional reports,
management letters or other detailed information concerning significant aspects
of the Company's operations or financial affairs given to the Company by its
independent accountants (and not otherwise contained in other materials provided
hereunder);

          (v)     at least thirty (30) days prior to the beginning of each
fiscal year, an annual budget prepared on a monthly basis for the Company and
its Subsidiaries for such fiscal year

                                       -5-
<Page>

(displaying anticipated statements of income and cash flows), and promptly upon
preparation thereof any other significant budgets prepared by the Company and
any revisions of such annual or other budgets, and within 30 days after any
monthly period in which there is a material adverse deviation from the annual
budget, an Officer's Certificate explaining the deviation and what actions the
Company has taken and proposes to take with respect thereto;

          (vi)    promptly (but in any event within five (5) business days)
after the discovery or receipt of notice of any default under any material
agreement to which the Company or any of its Subsidiaries is a party or any
other event or circumstance affecting the Company or any Subsidiary which is
reasonably likely to have a material adverse effect on the financial condition,
operating results, assets, operations or business prospects of the Company or
any Subsidiary (including the filing of any material litigation against the
Company or any Subsidiary or the existence of any material dispute with any
Person which involves a reasonable likelihood of such litigation being
commenced), an Officer's Certificate specifying the nature and period of
existence thereof and what actions the Company and its Subsidiaries have taken
and propose to take with respect thereto;

          (vii)   with reasonable promptness, such other information and
financial data concerning the Company and its Subsidiaries as any Person
entitled to receive information under this SECTION 3A may reasonably request;
and

          (viii)  within ten (10) days after transmission thereof, copies of all
financial statements, proxy statements, reports and any other general written
communications which the Company sends to its equityholders and copies of all
registration statements and all regular, special or periodic reports which it
files, or any of its officers or directors file with respect to the Company,
with the Securities and Exchange Commission or with any securities exchange on
which any of the Company's securities are then listed, and copies of all press
releases and other statements made available generally by the Company to the
public concerning material developments in the Company's and its Subsidiaries'
businesses.

          Each of the financial statements referred to in SUBSECTIONS (i) and
(iii) shall be true and correct in all material respects as of the dates and for
the periods stated therein, subject in the case of the unaudited financial
statements to changes resulting from normal year-end audit adjustments (none of
which would, alone or in the aggregate, be materially adverse to the financial
condition, operating results, assets, operations or business prospects of the
Company and its Subsidiaries taken as a whole).

          3B.     INSPECTION OF PROPERTY. The Company shall permit any
representatives designated by the Purchasers (so long as the Purchasers hold any
Securities) or any holder of at least 15% of the outstanding Investor Preferred
or at least 15% of the outstanding Investor Common, upon reasonable notice and
during normal business hours and such other times as any such holder may
reasonably request, to (a) visit and inspect any of the properties of the
Company and its Subsidiaries, (b) examine the corporate and financial records of
the Company and its Subsidiaries and make copies thereof or extracts therefrom
and (c) discuss the affairs, finances and accounts of any such entities with the
directors, officers, key employees and independent accountants of the Company
and its

                                       -6-
<Page>

Subsidiaries; PROVIDED THAT the Company shall have the right to have its chief
financial officer present at any meetings with the Company's independent
accountants.

          3C.     RESTRICTIONS. The Company shall not, without the prior written
consent of the Majority Holders:

          (a)     directly or indirectly declare or pay any dividends or make
     any distributions upon any of its equity securities, other than
     distributions of unpaid yield or unreturned capital on the Class A
     Preferred Units or the Class B Preferred Units pursuant to the LLC
     Agreement;

          (b)     except as expressly provided in a Senior Management Agreement,
     directly or indirectly redeem, purchase or otherwise acquire, or permit any
     Subsidiary to redeem, purchase or otherwise acquire, any of the Company's
     equity securities (including, without limitation, warrants, options and
     other rights to acquire equity securities);

          (c)     except as expressly contemplated by this Agreement or a Senior
     Management Agreement, authorize, issue, sell or enter into any agreement
     providing for the issuance (contingent or otherwise), or permit any
     Subsidiary to authorize, issue, sell or enter into any agreement providing
     for the issuance (contingent or otherwise) of, (i) any notes or debt
     securities containing equity features (including, without limitation, any
     notes or debt securities convertible into or exchangeable for equity
     securities, issued in connection with the issuance of equity securities or
     containing profit participation features) or (ii) any equity securities (or
     any securities convertible into or exchangeable for any equity securities)
     or rights to acquire any equity securities, other than the issuance of
     equity securities by a Subsidiary to the Company or another Subsidiary;

          (d)     make, or permit any Subsidiary to make, any loans or advances
     to, guarantees for the benefit of, or Investments in, any Person, except
     for (A) reasonable advances to employees in the ordinary course of business
     as well as travel advances, (B) relocation loans, (C) trade credit extended
     to customers in the ordinary course of business and (D) Investments having
     a stated maturity no greater than one year from the date the Company makes
     such Investment in (1) obligations of the United States government or any
     agency thereof or obligations guaranteed by the United States government,
     (2) certificates of deposit of commercial banks having combined capital and
     surplus of at least $50 million, (3) commercial paper with a rating of at
     least "Prime-1" by Moody's Investors Service, Inc. or (4) money market
     accounts investing in any of the foregoing or in substantially similar
     investments;

          (e)     merge or consolidate with any Person or permit any Subsidiary
     to merge or consolidate with any Person (other than a wholly-owned
     Subsidiary);

          (f)     sell, lease or otherwise dispose of, or permit any Subsidiary
     to sell, lease or otherwise dispose of, more than 5% of the consolidated
     assets of the Company and its Subsidiaries (computed on the basis of book
     value, determined in accordance with generally

                                       -7-
<Page>

     accepted accounting principles consistently applied, or fair market value,
     determined by the Board in its reasonable good faith judgment) in any
     transaction or series of related transactions (other than sales of
     inventory in the ordinary course of business);

          (g)     except as contemplated by the LLC Agreement and the
     Securityholders Agreement in connection with a Public Offering, liquidate,
     dissolve or effect a recapitalization or reorganization in any form of
     transaction (including, without limitation, any reorganization into a
     corporation or a partnership);

          (h)     acquire, or permit any Subsidiary to acquire, any interest in
     any business (whether by a purchase of assets, purchase of securities,
     merger or otherwise), or enter into any joint venture;

          (i)     enter into the ownership, active management or operation of
     any business other than the ownership of the securities of its Subsidiaries
     or permit any Subsidiary to enter into the ownership, active management or
     operation of any business other than the provision of inter-operability
     solutions, clearing and settlement services, software and network services
     and related services to telecommunications companies and other third
     parties;

          (j)     enter into, or permit any Subsidiary to enter into, any
     transaction with any of its or any Subsidiary's officers, directors,
     employees or Affiliates or any individual related by blood, marriage or
     adoption to any such Person (a "RELATIVE") or any entity in which any such
     Person or individual owns a beneficial interest (a "RELATED ENTITY"),
     except for normal employment arrangements and benefit programs on
     reasonable terms and except as otherwise expressly contemplated by this
     Agreement, the Executive Management Agreement and the Professional Services
     Agreement;

          (k)     become subject to, or permit any of its Subsidiaries to become
     subject to, any agreement or instrument which by its terms would (under any
     circumstances) restrict (A) the right of any Subsidiary to make loans or
     advances or pay dividends to, transfer property to, or repay any
     Indebtedness owed to, the Company or any Subsidiary or (B) the Company's
     right to perform the provisions of this Agreement, the Certificate of
     Formation, the LLC Agreement or the other Transaction Documents;

          (l)     except as expressly contemplated by this Agreement, make any
     amendment to the Certificate of Formation or the LLC Agreement which would
     increase the number of authorized Securities or adversely affect or
     otherwise impair the rights or the relative preferences and priorities of
     the holders of the Securities under this Agreement, the Certificate of
     Formation, the LLC Agreement or the other Transaction Documents; or

          (m)     create, incur, assume or suffer to exist, or permit any
     Subsidiary to create, incur, assume or suffer to exist, Indebtedness
     exceeding the amounts approved therefor by the Board in the annual budget.

                                       -8-
<Page>

          3D.     AFFIRMATIVE COVENANTS. So long as the Purchasers hold any
Securities, the Company shall, and shall cause each Subsidiary to:

          (a)     comply with all applicable laws, rules and regulations of all
     governmental authorities, the violation of which would reasonably be
     expected to have a material adverse effect upon the financial condition,
     operating results, assets, operations or business prospects of the Company
     and its Subsidiaries taken as a whole, and pay and discharge when payable
     all taxes, assessments and governmental charges (except to the extent the
     same are being contested in good faith and adequate reserves therefor have
     been established); and

          (b)     enter into and maintain appropriate nondisclosure and
     noncompete agreements with its key employees.

          3E.     CURRENT PUBLIC INFORMATION. At all times after the Company (or
its successor) has filed a registration statement with the Securities and
Exchange Commission pursuant to the requirements of either the Securities Act or
the Securities Exchange Act, the Company (or its successor) shall file all
reports required to be filed by it under the Securities Act and the Securities
Exchange Act and the rules and regulations adopted by the Securities and
Exchange Commission thereunder and shall take such further action as any holder
or holders of Restricted Securities may reasonably request, all to the extent
required to enable such holders to sell Restricted Securities pursuant to (a)
Rule 144 adopted by the Securities and Exchange Commission under the Securities
Act (as such rule may be amended from time to time) or any similar rule or
regulation hereafter adopted by the Securities and Exchange Commission or (b) a
registration statement on Form S-2 or S-3 or any similar registration form
hereafter adopted by the Securities and Exchange Commission. Upon request, the
Company (or its successor) shall deliver to any holder of Restricted Securities
a written statement as to whether it has complied with such requirements.

          3F.     AMENDMENT OF OTHER AGREEMENTS. The Company shall not amend,
modify or waive any provision of the Executive Management Agreement or any other
agreement with key executives of the Company without the prior written consent
of the Majority Holders. The Company shall enforce the provisions of the
Executive Management Agreement and any other agreement with key executives of
the Company and shall exercise all of its rights and remedies thereunder
(including, without limitation, any repurchase options and first refusal rights)
unless it is otherwise directed by the Majority Holders.

          3G.     PUBLIC DISCLOSURES. The Company shall not, nor shall it permit
any Subsidiary to, disclose any Purchaser's name or identity as an investor in
the Company in any press release or other public announcement or in any document
or material filed with any governmental entity, without the prior written
consent of such Purchaser, unless such disclosure is required by applicable law
or governmental regulations or by order of a court of competent jurisdiction, in
which case prior to making such disclosure the Company shall give written notice
to such Purchaser describing in reasonable detail the proposed content of such
disclosure and shall permit such Purchaser to review and comment upon the form
and substance of such disclosure.

                                       -9-
<Page>

          3H.     UNRELATED BUSINESS TAXABLE INCOME. The Company shall not
engage in any transaction which is reasonably likely to cause the Purchasers or
any of their respective limited partners which are exempt from income taxation
under Section 501(a) of the IRC and, if applicable, any pension plan that any
such trust may be a part of, to recognize unrelated business taxable income as
defined in Section 512 and Section 514 of the IRC.

          3I.     HART-SCOTT-RODINO COMPLIANCE. In connection with any
transaction in which the Company is involved (a "TRANSACTION") which is required
to be reported under the Hart-Scott-Rodino Antitrust Improvements Act of 1976,
as amended from time to time (the "HSR Act"), the Company shall prepare and file
all documents with the Federal Trade Commission and the United States Department
of Justice which may be required to comply with the HSR Act, and shall promptly
furnish all materials thereafter requested by any of the regulatory agencies
having jurisdiction over such filings, in connection with a Transaction. The
Company shall take all reasonable actions and shall file and use reasonable best
efforts to have declared effective or approved all documents and notifications
with any governmental or regulatory bodies, as may be necessary or may
reasonably be requested under federal antitrust laws for the consummation of the
Transaction. Notwithstanding the foregoing, if any Purchaser, rather than the
Company, is required to make a filing under the HSR Act in connection with a
Transaction, the Company will provide to such Purchaser all necessary
information for such filing, will facilitate such filing and will pay all fees
and expenses associated with such filing.

          3J.     COVENANTS FOLLOWING A PUBLIC OFFERING. Following the
consummation of a Public Offering, the obligations of the Company under SECTIONS
3A(i)-(vii), 3B, 3C, 3D, 3F and 3H shall terminate and be of no further force or
effect.

          Section 4. TRANSFER OF RESTRICTED SECURITIES.

          (a)     Restricted Securities are transferable only pursuant to (i)
     Public Offerings, (ii) Rule 144 of the Securities and Exchange Commission
     (or any similar rule or rules then in force) if such rule or rules are
     available and (iii) subject to the conditions specified in CLAUSE (b)
     below, any other legally available means of transfer.

          (b)     In connection with the transfer of any Restricted Securities
     (other than a transfer described in SECTIONS 4(a)(i) or (ii) above), the
     holder thereof shall deliver written notice to the Company describing in
     reasonable detail the transfer or proposed transfer, together with an
     opinion of Kirkland & Ellis or other counsel which (to the Company's
     reasonable satisfaction) is knowledgeable in securities law matters to the
     effect that such transfer of Restricted Securities may be effected without
     registration of such Restricted Securities under the Securities Act. In
     addition, if the holder of the Restricted Securities delivers to the
     Company an opinion of Kirkland & Ellis or such other counsel that no
     subsequent transfer of such Restricted Securities shall require
     registration under the Securities Act, the Company shall promptly upon such
     contemplated transfer deliver to the prospective transferor new
     certificates for such Restricted Securities which do not bear the
     Securities Act legend set forth in SECTION 7C. If the Company is not
     required to deliver new certificates for such Restricted Securities not
     bearing such legend, the holder thereof shall not

                                      -10-
<Page>

     transfer the same until the prospective transferee has confirmed to the
     Company in writing its agreement to be bound by the conditions contained in
     this SECTION 4 and SECTION 7C.

          (c)     Upon the request of a Purchaser, the Company shall promptly
     supply to such Purchaser or its prospective transferees all information
     regarding the Company required to be delivered in connection with a
     transfer pursuant to Rule 144A of the Securities and Exchange Commission.

          Section 5. REPRESENTATIONS AND WARRANTIES OF THE COMPANY. As a
material inducement to each Purchaser to enter into this Agreement and purchase
the Securities, the Company hereby represents and warrants to each Purchaser
that:

          5A.     ORGANIZATION AND POWER. The Company is a limited liability
company duly organized, validly existing and in good standing under the laws of
Delaware and is qualified to do business in every jurisdiction in which the
failure to so qualify might reasonably be expected to have a material adverse
effect on the financial condition, operating results, assets, operations or
business prospects of the Company and its Subsidiaries taken as a whole. The
Company has all requisite limited liability company power and authority and all
material licenses, permits and authorizations necessary to own and operate its
properties, to carry on its businesses as now conducted and presently proposed
to be conducted and to carry out the transactions contemplated by this
Agreement. The copies of the Company's Certificate of Formation and the LLC
Agreement which have been furnished to the Purchaser's reflect all amendments
made thereto at any time prior to the date of this Agreement and are correct and
complete.

          5B.     EQUITY SECURITIES AND RELATED MATTERS.

          (a)     As of the Initial Closing and immediately thereafter, the
     authorized equity securities of the Company shall consist of the following:
     (i) an unlimited number of units designated as Class A Preferred Units,
     none of which shall be issued and outstanding and all of which may only be
     issued in exchange for other equity securities of the Company pursuant to
     the terms of a Senior Management Agreement; (ii) an unlimited number of
     units designated as Class B Preferred Units, 252,367.50 of which shall be
     issued and outstanding; and (iii) an unlimited number of units designated
     as Common Units, 89,099,099.10 of which shall be issued and outstanding and
     990,990.99 of which shall be reserved for issuance to other executives of
     the Company and its Subsidiaries as determined by the Board. As of the
     Initial Closing, the Company shall not have outstanding any securities
     convertible or exchangeable for any equity securities of the Company or
     containing any profit participation features, nor shall it have outstanding
     any rights or options to subscribe for or to purchase its equity securities
     or any securities convertible into or exchangeable for its equity
     securities or any equity appreciation rights or phantom equity plans other
     than pursuant to and as contemplated by this Agreement, the LLC Agreement
     and the Executive Management Agreement. As of the Initial Closing, the
     Company shall not be subject to any obligation (contingent or otherwise) to
     repurchase or otherwise acquire or retire any of its equity securities or
     any warrants, options or other rights to acquire its equity securities,
     except pursuant to this Agreement, the LLC Agreement, the Executive
     Management Agreement and

                                      -11-
<Page>

     the Company's Certificate of Formation. As of the Initial Closing, all of
     the Company's outstanding equity securities shall be validly issued, fully
     paid and nonassessable.

          (b)     There are no statutory or, to the best of the Company's
     knowledge, contractual securityholders preemptive rights or rights of
     refusal with respect to the issuance of the Securities hereunder or the
     issuance of the Securities pursuant to SECTION 1B(ii), except as expressly
     contemplated in the Securityholders Agreement, the LLC Agreement or as
     provided herein. Based in part on the investment representations of the
     Purchasers in SECTION 7C hereof and of Executive in SECTION 1(f) of the
     Executive Management Agreement, the Company has not violated any applicable
     federal or state securities laws in connection with the offer, sale or
     issuance of any of its equity securities, and the offer, sale and issuance
     of the Securities hereunder and pursuant to SECTION 1B(ii) hereof do not
     and will not require registration under the Securities Act or any
     applicable state securities laws. To the best of the Company's knowledge,
     there are no agreements between the Company's securityholders with respect
     to the voting or transfer of the Company's equity securities or with
     respect to any other aspect of the Company's affairs, except for the
     Securityholders Agreement, the LLC Agreement, the Executive Management
     Agreement, Registration Agreement and the Professional Services Agreement.

          5C.     SUBSIDIARIES; INVESTMENTS. Prior to the effectiveness of the
Merger (as defined in the Acquisition Agreement) Newco, Merger Sub, TSI Finance
Inc., a Delaware corporation ("FINANCE") and TSI Networks Inc., a Delaware
corporation ("NETWORKS") are the Company's only Subsidiaries. The Company owns
directly or indirectly 100% of the capital stock of each of Newco, Merger Sub,
Finance and Networks. Each of Newco, Merger Sub, Finance and Networks is duly
organized, validly existing and in good standing under the laws of Delaware,
possesses all requisite corporate power and authority and all material licenses,
permits and authorizations necessary to own its properties and to carry on its
business as now being conducted and as presently proposed to be conducted and is
qualified to do business in every jurisdiction in which its ownership of
property or the conduct of its business requires it to qualify.

          5D.     AUTHORIZATION; NO BREACH. The execution, delivery and
performance of this Agreement, the LLC Agreement, the Executive Management
Agreement, the Securityholders Agreement, the Registration Agreement, the
Professional Services Agreement, and all other agreements contemplated hereby to
which the Company is a party have been duly authorized by the Company. This
Agreement, the Executive Management Agreement, the Securityholders Agreement,
the Registration Agreement, the Professional Services Agreement, the Certificate
of Formation and all other agreements contemplated hereby each constitutes a
valid and binding obligation of the Company, enforceable in accordance with its
terms. The execution and delivery by the Company of this Agreement, the LLC
Agreement, the Executive Management Agreement, the Securityholders Agreement,
the Registration Agreement, the Professional Services Agreement, and all other
agreements contemplated hereby to which the Company is a party, the offering,
sale and issuance of the Securities hereunder (including pursuant to Section
1B(ii)) and the fulfillment of and compliance with the respective terms hereof
and thereof by the Company do not and will not (i) conflict with or result in a
breach of the terms, conditions or provisions of, (ii) constitute a default
under, (iii) result

                                      -12-
<Page>

in the creation of any lien, security interest, charge or encumbrance upon the
Company's equity securities or assets pursuant to, (iv) give any third party the
right to modify, terminate or accelerate any obligation under, (v) result in a
violation of or (vi) require any authorization, consent, approval, exemption or
other action by or notice to any court or administrative or governmental body
pursuant to, the Certificate of Formation of the Company or the LLC Agreement,
or any law, statute, rule or regulation to which the Company is subject, or any
agreement, instrument, order, judgment or decree to which the Company is a party
or by which it is bound.

          5E.     CONDUCT OF BUSINESS; LIABILITIES. Other than the negotiation,
execution and delivery of this Agreement, the Executive Management Agreement,
the Securityholders Agreement, the Registration Agreement, the Professional
Services Agreement and the other agreements contemplated hereby and thereby,
prior to the Initial Closing, the Company has not (i) conducted any business,
(ii) incurred any expenses, obligations or liabilities (whether accrued,
absolute, contingent, unliquidated or otherwise, whether or not known to the
Company and whether due or to become due and regardless of when asserted), (iii)
owned any assets, (iv) entered into any contracts or agreements, or (v) violated
any laws or governmental rules or regulations.

          5F.     LITIGATION, ETC. There are no actions, suits, proceedings,
orders, investigations or claims pending or, to the best of the Company's
knowledge, threatened against or affecting either the Company or Newco (or to
the best of the Company's knowledge, pending or threatened against or affecting
any of the officers, directors or employees of the Company or Newco with respect
to their businesses or proposed business activities) at law or in equity, or
before or by any governmental department, commission, board, bureau, agency or
instrumentality with respect to the transactions contemplated by this Agreement.

          5G.     BROKERAGE. Except for (i) TSI's obligations under the
Professional Services Agreement, (ii) fees payable to Cook Associates for
services rendered to TSI in connection with the transactions contemplated by the
Executive Management Agreement and (iii) fees payable to Lehman Brothers Inc. as
financial advisor to the Company in connection with the transactions
contemplated by the Acquisition Agreement, there are no claims for brokerage
commissions, finder's fees or similar compensation in connection with the
transactions contemplated by this Agreement based on any arrangement or
agreement binding upon the Company. The Company shall pay, and hold Purchasers
harmless against, any liability, loss or expense (including, without limitation,
attorneys' fees and out-of-pocket expenses) arising in connection with any such
claim.

          5H.     GOVERNMENTAL CONSENT, ETC. No permit, consent, approval or
authorization of, or declaration to or filing with, any governmental authority
is required in connection with the execution, delivery and performance by the
Company of this Agreement or the other agreements contemplated hereby, or the
consummation by the Company of any other transactions contemplated hereby or
thereby.

          5I.     DISCLOSURE. To the knowledge of the Company, neither this
Agreement nor any other agreement refereed to herein (including the schedules
thereto) contain any untrue statement of a material fact or omit a material fact
necessary to make each statement contained herein or therein not misleading.
There is no fact which the Company has not disclosed to the Purchaser and of
which any

                                      -13-
<Page>

of its officers or directors is aware and which has had or might reasonably be
anticipated to have a material adverse effect upon the existing or expected
financial condition, operating results or assets of the Company and its
Subsidiaries taken as a whole.

          5J.     INITIAL CLOSING DATE. The representations and warranties of
the Company contained in this SECTION 5 and elsewhere in this Agreement and all
information contained in any exhibit, schedule or attachment hereto or in any
writing delivered by, or on behalf of, the Company to the Purchasers shall be
true and correct in all material respects on the date of the Initial Closing as
though then made, except as affected by the transactions expressly contemplated
by this Agreement.

          Section 6. DEFINITIONS. For the purposes of this Agreement, the
following terms have the meanings set forth below:

          "ACQUISITION AGREEMENT" means that certain Amended and Restated
Agreement of Merger dated as of January 14, 2002 and effective as of December 7,
2001 among TSI Telecommunication Holdings, Inc., TSI Merger Sub, Inc., TSI
Telecommunication Services Inc. and Verizon Information Services Inc.

          "AFFILIATE" of any particular Person means any other Person
controlling, controlled by or under common control with such particular person
or entity. For purposes of this Agreement, all holdings of Class B Preferred
Units and Common Units by Persons who are Affiliates of each other shall be
aggregated for purposes of meeting any threshold tests under this Agreement.

          "CLASS A PREFERRED UNITS" means the Class A Preferred Units as defined
in the LLC Agreement.

          "INDEBTEDNESS" means all indebtedness for borrowed money (including
purchase money obligations) maturing one year or more from the date of creation
or incurrence thereof or renewable or extendible at the option of the debtor to
a date one year or more from the date of creation or incurrence thereof, all
indebtedness under revolving credit arrangements extending over a year or more,
all capitalized lease obligations and all guarantees of any of the foregoing.

          "INVESTMENT" as applied to any Person means (i) any direct or indirect
purchase or other acquisition by such Person of any notes, obligations,
instruments, stock, securities or ownership interest (including partnership
interests and joint venture interests) of any other Person and (ii) any capital
contribution by such Person to any other Person.

          "INVESTOR COMMON" means (i) any Common Units issued pursuant to this
Agreement (including, without limitation, pursuant to SECTION 1B(ii)) and (ii)
any Common Units issued or issuable with respect to the Common Units referred to
in CLAUSE (i) above by way of unit dividends or unit splits or in connection
with a combination of units, recapitalization, merger, consolidation or other
reorganization. As to any particular units of Investor Common, such units shall
cease to be Investor Common when they have been (a) effectively registered under
the Securities Act and disposed of in accordance with the registration statement
covering them or (b) distributed to the

                                      -14-
<Page>

public through a broker, dealer or market maker pursuant to Rule 144 under the
Securities Act (or any similar rule then in force).

          "INVESTOR PREFERRED" means (i) the Class B Preferred Units issued
hereunder (including, without limitation, pursuant to SECTION 1B(ii)), and (ii)
any Class B Preferred Units issued or issuable with respect to the Class B
Preferred Units referred to in CLAUSE (i) above by way of unit dividends or unit
splits or in connection with a combination of units, recapitalization, merger,
consolidation or other reorganization. As to any particular units of Investor
Preferred, such units shall cease to be Investor Preferred when they have been
(a) effectively registered under the Securities Act and disposed of in
accordance with the registration statement covering them or (b) distributed to
the public through a broker, dealer or market maker pursuant to Rule 144 under
the Securities Act (or any similar rule then in force).

          "INVESTOR SECURITIES" means, collectively, the Investor Preferred and
the Investor Common.

          "IRC" means the Internal Revenue Code of 1986, as amended, and any
reference to any particular IRC Section shall be interpreted to include any
revision of or successor to that Section regardless of how numbered or
classified.

          "MAJORITY HOLDERS" means the holders of a majority of the Investor
Preferred or, if no Investor Preferred is outstanding, the holders of a majority
of the Investor Common.

          "NEWCO" means TSI Telecommunication Holdings, Inc., a Delaware
corporation.

          "OFFICER'S CERTIFICATE" means a certificate signed by the Company's
chief executive officer or its chief financial officer, stating that (i) the
officer signing such certificate has made or has caused to be made such
investigations as are necessary in order to permit such officer to verify the
accuracy of the information set forth in such certificate and (ii) to the best
of such officer's knowledge, such certificate does not misstate any material
fact and does not omit to state any fact necessary to make the certificate not
misleading.

          "ORIGINAL COST" means, with respect to each Common Unit, $0.0333 (as
proportionately adjusted for all subsequent unit splits, unit dividends and
other recapitalizations).

          "PERSON" means an individual, a partnership, a limited liability
company, a corporation, an association, a joint stock company, a trust, a joint
venture, an unincorporated organization, investment fund, any other business
entity and a governmental entity or any department, agency or political
subdivision thereof.

          "PROFESSIONAL SERVICES AGREEMENT" means that certain Professional
Services Agreement dated as of the date hereof between GTCR LLC and TSI Merger
Sub, Inc., as the same may be amended, supplemented or otherwise modified from
time to time.

                                      -15-
<Page>

          "PUBLIC OFFERING" means the sale in a public offering registered under
the Securities Act of equity securities of the Company or a corporate successor
to the Company.

          "RESTRICTED SECURITIES" means (i) the Securities issued hereunder and
pursuant to SECTION 1B(ii) hereof and (ii) any securities issued with respect to
the securities referred to in CLAUSE (i) above by way of a unit dividend or unit
split or in connection with a combination of units, recapitalization, merger,
consolidation or other reorganization. As to any particular Restricted
Securities, such securities shall cease to be Restricted Securities when they
have (a) been effectively registered under the Securities Act and disposed of in
accordance with the registration statement covering them, (b) become eligible
for sale pursuant to Rule 144(k) (or any similar provision then in force) under
the Securities Act or (c) been otherwise transferred and new certificates for
them not bearing the Securities Act legend set forth in SECTION 7C have been
delivered by the Company in accordance with SECTION 4(b). Whenever any
particular securities cease to be Restricted Securities, the holder thereof
shall be entitled to receive from the Company, without expense, new securities
of like tenor not bearing a Securities Act legend of the character set forth in
SECTION 7C.

          "SECURITIES ACT" means the Securities Act of 1933, as amended, or any
similar federal law then in force.

          "SECURITIES EXCHANGE ACT" means the Securities Exchange Act of 1934,
as amended, or any similar federal law then in force.

          "SECURITIES AND EXCHANGE COMMISSION" includes any governmental body or
agency succeeding to the functions thereof.

          "SUBSIDIARY" means, with respect to any Person, any corporation,
limited liability company, partnership, association, or business entity of which
(i) if a corporation, a majority of the total voting power of shares of stock
entitled (without regard to the occurrence of any contingency) to vote in the
election of directors, managers, or trustees thereof is at the time owned or
controlled, directly or indirectly, by that Person or one or more of the other
Subsidiaries of that Person or a combination thereof, or (ii) if a limited
liability company, partnership, association, or other business entity (other
than a corporation), a majority of partnership or other similar ownership
interest thereof is at the time owned or controlled, directly or indirectly, by
that Person or one or more Subsidiaries of that Person or a combination thereof.
For purposes hereof, a Person or Persons shall be deemed to have a majority
ownership interest in a limited liability company, partnership, association, or
other business entity (other than a corporation) if such Person or Persons shall
be allocated a majority of limited liability company, partnership, association,
or other business entity gains or losses or shall be or control any managing
director or general partner of such limited liability company, partnership,
association, or other business entity. For purposes hereof, references to a
"Subsidiary" of any Person shall be given effect only at such times that such
Person has one or more Subsidiaries, and, unless otherwise indicated, the term
"Subsidiary" refers to a Subsidiary of the Company.

          Section 7. MISCELLANEOUS.

                                      -16-
<Page>

          7A.     EXPENSES. The Company agrees to pay, and hold the Purchasers
and all holders of Investor Securities harmless against liability for the
payment of, (i) the reasonable fees and expenses of their counsel arising in
connection with the negotiation and execution of this Agreement and the
consummation of the transactions contemplated by this Agreement (including,
without limitation, fees and expenses arising with respect to any subsequent
purchase of Securities pursuant to SECTION 1B(ii) hereof), (ii) the fees and
expenses incurred with respect to any amendments or waivers (whether or not the
same become effective) under or in respect of this Agreement, the LLC Agreement,
the Executive Management Agreement, the Securityholders Agreement, the
Registration Agreement, the other agreements contemplated hereby and the
Certificate of Formation, (iii) stamp and other taxes which may be payable in
respect of the execution and delivery of this Agreement or the issuance,
delivery or acquisition of any Securities purchased hereunder or in accordance
with SECTION 1B(ii) hereof, (iv) the fees and expenses incurred with respect to
the interpretation or enforcement of the rights granted under this Agreement,
the LLC Agreement, the Executive Management Agreement, the Securityholders
Agreement, the Registration Agreement, the Professional Services Agreement, the
other agreements contemplated hereby and the Certificate of Formation and (v)
such reasonable travel expenses, legal fees and other out-of-pocket fees and
expenses as have been or may be incurred by any Purchaser, its Affiliates and
its Affiliates' directors, officers and employees in connection with any
Company-related financing and in connection with the rendering of any other
services by a Purchaser or its Affiliates (including, but not limited to, fees
and expenses incurred in attending board of managers or other Company-related
meetings).

          7B.     REMEDIES. Each holder of Investor Securities shall have all
rights and remedies set forth in this Agreement, the LLC Agreement and the
Certificate of Formation and all rights and remedies which such holders have
been granted at any time under any other agreement or contract and all of the
rights which such holders have under any law. Any Person having any rights under
any provision of this Agreement shall be entitled to enforce such rights
specifically (without posting a bond or other security), to recover damages by
reason of any breach of any provision of this Agreement and to exercise all
other rights granted by law.

          7C.     EACH PURCHASER'S INVESTMENT REPRESENTATIONS. Each Purchaser
hereby represents (i) that it is acquiring the Restricted Securities purchased
hereunder or acquired pursuant hereto for its own account with the present
intention of holding such securities for purposes of investment, and that it has
no intention of selling such securities in a public distribution in violation of
the federal securities laws or any applicable state securities laws, (ii) that
it is an "accredited investor" and a sophisticated investor for purposes of
applicable U.S. federal and state securities laws and regulations, (iii) that
this Agreement and each of the other agreements contemplated hereby constitutes
(or will constitute) the legal, valid and binding obligation of such Purchaser,
enforceable in accordance with its terms and (iv) that the execution, delivery
and performance of this Agreement and such other agreements by the Purchaser
does not and will not conflict with, violate or cause a breach of any agreement,
contract or instrument to which such Purchaser is subject. Notwithstanding the
foregoing, nothing contained herein shall prevent any Purchaser and subsequent
holders of Restricted Securities from transferring such securities in compliance
with the provisions of SECTION 4 hereof. Each certificate for Restricted
Securities shall be imprinted with a legend in substantially the following form:

                                      -17-
<Page>

          "THE SECURITIES REPRESENTED BY THIS CERTIFICATE WERE ORIGINALLY
          ISSUED ON FEBRUARY 14, 2002 AND HAVE NOT BEEN REGISTERED UNDER
          THE SECURITIES ACT OF 1933, AS AMENDED. THE TRANSFER OF THE
          SECURITIES REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO THE
          CONDITIONS SPECIFIED IN THE UNIT PURCHASE AGREEMENT, DATED AS OF
          FEBRUARY 14, 2002 BY AND AMONG THE ISSUER (THE "COMPANY") AND
          CERTAIN INVESTORS, AND THE COMPANY RESERVES THE RIGHT TO REFUSE
          THE TRANSFER OF SUCH SECURITIES UNTIL SUCH CONDITIONS HAVE BEEN
          FULFILLED WITH RESPECT TO SUCH TRANSFER. A COPY OF SUCH
          CONDITIONS SHALL BE FURNISHED BY THE COMPANY TO THE HOLDER HEREOF
          UPON WRITTEN REQUEST AND WITHOUT CHARGE."

          7D.     CONSENT TO AMENDMENTS. Except as otherwise expressly provided
herein, the provisions of this Agreement may be amended and the Company may take
any action herein prohibited, or omit to perform any act herein required to be
performed by it, only if the Company has obtained the written consent of the
Majority Holders. No other course of dealing between the Company and the holder
of any Securities or any delay in exercising any rights hereunder or under the
Certificate of Formation shall operate as a waiver of any rights of any such
holders. For purposes of this Agreement, Securities held by the Company or any
of its Subsidiaries shall not be deemed to be outstanding.

          7E.     SURVIVAL OF REPRESENTATIONS AND WARRANTIES. All
representations and warranties contained herein or made in writing by any party
in connection herewith shall survive the execution and delivery of this
Agreement and the consummation of the transactions contemplated hereby,
regardless of any investigation made by a Purchaser or on its behalf.

          7F.     SUCCESSORS AND ASSIGNS. Except as otherwise expressly provided
herein, all covenants and agreements contained in this Agreement by or on behalf
of any of the parties hereto shall bind and inure to the benefit of the
respective successors and assigns of the parties hereto whether so expressed or
not. In addition, and whether or not any express assignment has been made, the
provisions of this Agreement which are for each Purchaser's benefit as a
purchaser or holder of Securities are also for the benefit of, and enforceable
by, any subsequent holder of such Securities. The rights and obligations of each
Purchaser under this Agreement and the agreements contemplated hereby may be
assigned by such Purchaser at any time, in whole or in part, to any investment
fund managed by GTCR LLC, or any successor thereto.

          7G.     GENERALLY ACCEPTED ACCOUNTING PRINCIPLES. Where any accounting
determination or calculation is required to be made under this Agreement or the
exhibits hereto, such determination or calculation (unless otherwise provided)
shall be made in accordance with generally accepted accounting principles,
consistently applied, except that if because of a change in generally accepted
accounting principles the Company would have to alter a previously utilized
accounting

                                      -18-
<Page>

method or policy in order to remain in compliance with generally accepted
accounting principles, such determination or calculation shall continue to be
made in accordance with the Company's previous accounting methods and policies.

          7H.     SEVERABILITY. Whenever possible, each provision of this
Agreement shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Agreement is held to be invalid,
illegal or unenforceable in any respect under any applicable law or rule in any
jurisdiction, such invalidity, illegality or unenforceability will not affect
any other provision or any other jurisdiction, but this Agreement will be
reformed, construed and enforced in such jurisdiction as if such invalid,
illegal or unenforceable provision had never been contained herein..

          7I.     COUNTERPARTS. This Agreement may be executed simultaneously in
two or more counterparts (including by means of telecopied signature pages), any
one of which need not contain the signatures of more than one party, but all
such counterparts taken together shall constitute one and the same Agreement.

          7J.     DELIVERY BY FACSIMILE. This Agreement, the agreements referred
to herein, and each other agreement or instrument entered into in connection
herewith or therewith or contemplated hereby or thereby, and any amendments
hereto or thereto, to the extent signed and delivered by means of a facsimile
machine, shall be treated in all manner and respects as an original agreement or
instrument and shall be considered to have the same binding legal effect as if
it were the original signed version thereof delivered in person. At the request
of any party hereto or to any such agreement or instrument, each other party
hereto or thereto shall reexecute original forms thereof and deliver them to all
other parties. No party hereto or to any such agreement or instrument shall
raise the use of a facsimile machine to deliver a signature or the fact that any
signature or agreement or instrument was transmitted or communicated through the
use of a facsimile machine as a defense to the formation or enforceability of a
contract and each such party forever waives any such defense.

          7K.     DESCRIPTIVE HEADINGS; INTERPRETATION. The descriptive headings
of this Agreement are inserted for convenience only and do not constitute a
section of this Agreement. The use of the word "including" in this Agreement
shall be by way of example rather than by limitation.

          7L.     GOVERNING LAW. The Delaware Limited Liability Company Act
shall govern all issues concerning the relative rights of the Company and its
securityholders. All other questions concerning the construction, validity and
interpretation of this Agreement and the exhibits and schedules hereto shall be
governed by and construed in accordance with the internal laws of the State of
Delaware, without giving effect to any choice of law or conflict of law
provision or rule (whether of the State of Delaware or any other jurisdiction)
that would cause the application of the laws of any jurisdiction other than the
State of Delaware.

          7M.     NOTICES. All notices, demands or other communications to be
given or delivered under or by reason of the provisions of this Agreement shall
be in writing and shall be deemed to have been given when (i) delivered
personally to the recipient, (ii) sent to the recipient by

                                      -19-
<Page>

reputable express courier service (charges prepaid), (iii) mailed to the
recipient by certified or registered mail, return receipt requested and postage
prepaid, or (iv) telecopied to the recipient (with hard copy sent to the
recipient by reputable overnight courier service (charges prepaid) that same
day) if telecopied before 5:00 p.m. Chicago, Illinois time on a business day,
and otherwise on the next business day. Such notices, demands and other
communications shall be sent to the Purchasers and to the Company at the
addresses indicated below:

          IF TO THE COMPANY:

                  TSI Telecommunication Holdings,
                  LLC
                  201 North Franklin Street
                  Tampa, Florida 33602
                  Attention: G. Edward Evans
                  Telephone: (813) 273-3000
                  Facsimile: (813) 273-4953

                  AND

                  TSI Telecommunication Holdings,
                  LLC
                  201 North Franklin Street
                  Tampa, Florida 33602
                  Attention: Robert Garcia, Jr.
                  Telephone: (813) 273-3000
                  Facsimile: (813) 273-4953

          WITH COPIES TO:

                  GTCR Fund VII, L.P., GTCR Fund
                  VII/A, L.P. and
                  GTCR Co-Invest, L.P.
                  c/o GTCR Golder Rauner, L.L.C.
                  6100 Sears Tower
                  Chicago, Illinois 60606-6402
                  Attention: David A. Donnini
                             Collin E. Roche
                  Telephone: (312) 382-2200
                  Facsimile: (312) 382-2201

                  Kirkland & Ellis

                                      -20-
<Page>

                  200 East Randolph Drive
                  Chicago, IL  60601
                  Attention: Stephen L. Ritchie
                  Telephone: (312) 861-2000
                  Facsimile: (312) 861-2200

          IF TO THE PURCHASERS:

                  GTCR Fund VII, L.P., GTCR Fund
                  VII/A, L.P. and
                  GTCR Co-Invest, L.P.
                  c/o GTCR Golder Rauner, L.L.C.
                  6100 Sears Tower
                  Chicago, Illinois 60606-6402
                  Attention: David A. Donnini
                             Collin E. Roche
                  Telephone: (312) 382-2200
                  Facsimile: (312) 382-2201

          WITH COPY TO:

                  Kirkland & Ellis
                  200 East Randolph Drive
                  Chicago, IL  60601
                  Attention: Stephen L. Ritchie
                  Telephone: (312) 861-2000
                  Facsimile: (312) 861-2200

or to such other address or to the attention of such other person as the
recipient party has specified by prior written notice to the sending party.

          7N.     ENTIRE AGREEMENT. This Agreement, those documents expressly
referred to herein and other documents of even date herewith embody the complete
agreement and understanding among the parties and supersede and preempt any
prior understandings, agreements or representations by or among the parties,
written or oral, which may have related to the subject matter hereof in any way.

                                    * * * * *

                                      -21-
<Page>

          IN WITNESS WHEREOF, the parties hereto have executed this Unit
Purchase Agreement on the date first written above.

                                            TSI TELECOMMUNICATION HOLDINGS, LLC

                                            By:    /s/ G. Edward Evans
                                            Name: G. Edward Evans
                                            Its:  President

PERCENTAGE                                  GTCR Fund VII, L.P.
66.06%
                                            By:   GTCR Partners VII, L.P.
                                            Its:  General Partner

                                            By:   GTCR Golder Rauner, L.L.C.
                                            Its:  General Partner
                                            By:    /s/ David A. Donnini
                                            Name: David A. Donnini
                                            Its:  Principal

33.03%                                      GTCR Fund VII/A, L.P.

                                            By:   GTCR Partners VII, L.P.
                                            Its:  General Partner

                                            By:   GTCR Golder Rauner, L.L.C.
                                            Its:  General Partner
                                            By:    /s/ David A. Donnini
                                            Name: David A. Donnini
                                            Its:  Principal

0.91%                                       GTCR Co-Invest, L.P.

                                            By:   GTCR Golder Rauner, L.L.C.
                                            Its:  General Partner

                                            By:    /s/ David A. Donnini
                                            Name: David A. Donnini
                                            Its:  Principal

           SIGNATURE PAGE 1 OF 1 TO GTCR / TSI UNIT PURCHASE AGREEMENT

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