Document:

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                                                                   EXHIBIT 10.54
                            STOCK PURCHASE AGREEMENT

         This Stock Purchase Agreement (the "Agreement"), is made and entered
into as of the _____ day of March, 2001, by and among Pinnacle Towers, Inc., a
Delaware corporation, (the "Buyer"), and Robert J. Wolsey and Steven R. Day (the
"Sellers") and is made in reference to the following facts:

                                R E C I T A L S:

         A.       Each of the Sellers owns one hundred (100) shares (the
"Stock") of the issued and outstanding shares of the voting common stock of
PINNACLE TOWERS IV, INC. (the "Corporation").

         B.       Each of the Sellers desires to sell, and Buyer desires to
purchase, the Stock on the terms and conditions set forth herein.

         NOW, THEREFORE, in consideration of the premises, the mutual covenants
and agreements herein contained, and other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the parties hereto
agree as follows:

         1.       Purchase and Sale and Transfer of Stock. The Sellers hereby
agree to sell, transfer, convey and deliver to the Buyer, and the Buyer hereby
agrees to purchase and accept delivery of, all of the Stock owned by each of
them.

         2.       Purchase Price, Payment and Security. The purchase price (the
"Purchase Price") to be paid by the Buyer to each of the Sellers for all of the
Stock owned by each of them is One Thousand Dollars ($ 1,000.00).

         3.       Closing. The closing (the "Closing") of the transactions
contemplated hereby will occur at a time on or before March 30, 2001, and at a
place, mutually acceptable to the parties. At the Closing, the following will
occur:

                  a.       Buyer shall deliver to each Seller a check in the
         amount of the Purchase Price; and

                  b.       Each Seller shall deliver to Buyer a certificate or
         certificates representing the Stock, registered in the name of Seller,
         duly endorsed by the Seller for transfer to the Buyer or accompanied by
         an irrevocable stock power duly executed by the Seller.

         4.       Conditions Precedent. The consummation of the transactions
contemplated hereby are subject to the satisfaction of the following conditions
precedent:

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                  a.       The approval of this Agreement and the transactions
contemplated hereby by the Board of Directors of Pinnacle Holdings Inc.;

                  b.       The approval of this Agreement by the Board of
Directors of Buyer; and

                  c.       The timely filing with the Internal Revenue Service
of a valid election that the Corporation, effective as of January 1, 2001, be
treated as a taxable REIT subsidiary as described in Section 856(l) of the
Internal Revenue Code of 1986, as amended.

         5.       Mutual Representations and Warranties. In order to induce the
other party to enter into this Agreement and consummate the transactions
contemplated hereby, each Seller represents and warrants to the Buyer, and the
Buyer represents and warrants to each Seller, as of the date hereof and as of
the time of Closing that:

                  a.       Each party has complied with all provisions of
applicable law in connection with this Agreement and has full power and
authority under applicable law to execute, deliver and perform this Agreement
and any and all agreements, certificates, documents and instruments contemplated
by this Agreement.

                  b.       This Agreement constitutes the legal, valid and
binding obligation of each party and is enforceable against such party in
accordance with its terms. Each and every one of the agreements, certificates,
documents and instruments which shall now or hereafter be executed by each party
and delivered to any other party in connection with this Agreement, is and will
constitute the legal, valid and binding obligation of such party and will be
enforceable against such party in accordance with its respective terms.

                  c.       The execution and delivery of this Agreement and each
certificate, document and/or instrument which shall now or hereafter be executed
by each party and delivered to any other party in connection with this Agreement
and the consummation of the transactions contemplated herein will not result in
a breach or violation of, or a default under any agreement to which such party
is a party or by which any such party or any of such party's property may be
bound, or any statute, regulation, order or other law to which any such party is
subject.

                  d.       No party has any obligation to pay any fees or
commissions to any broker, finder or agent with respect to the transactions
contemplated by this Agreement for which any party hereto could become liable or
obligated.

         6.       Representations and Warranties of the Seller. In order to
induce the Buyer to enter into this Agreement and to perform his obligations
hereunder, each Seller hereby represents and warrants to the Buyer as of the
date hereof and as of the time of Closing as follows:

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                  a.       The Stock is owned of record and beneficially by the
Seller alone, free and clear of any and all liens, claims and encumbrances of
any kind whatsoever, except for the pledge thereof to Bank of America, N.A.
which will be released in connection with the Closing. At the Closing, the
transfer by the Seller of the Stock will convey to Buyer valid and marketable
title to the Stock, free and clear of any and all liens, claims and
encumbrances.

                  b.       The Seller has been furnished or otherwise obtained
all information necessary to enable Seller to evaluate the merits of the sale of
the Stock.

         7.       Covenants.  Each Seller covenants and agrees as follows with
respect to the period between the execution of this Agreement and the Closing:

                  a.       The Seller will not engage in any practice or take
any action inconsistent with the continuation of the ordinary course of business
of the Corporation.

                  b.       The Seller will not seek to remove the Stock from the
existing pledge thereof to Bank of America Texas, N.A. except in furtherance of
the consummation of sale of the Stock to Buyer in accordance with this
Agreement, and will not otherwise pledge, encumber or hypothecate such Stock or
permit any liens to attach thereto. The Seller agrees to take all such actions
necessary or convenient to cause the release of the Stock from the pledge to
Bank of America Texas, N.A. in furtherance of the consummation of this
Agreement.

         8.       Miscellaneous.

                  a.       Governing law. This Agreement shall be governed by
and construed in accordance with the laws of the State of Florida.

                  b.       Recitals. The parties acknowledge that the Recitals
hereto are true and correct and they are by this reference incorporated into
this Agreement.

                  c.       Notices. Any notices, requests, demands and other
communications required or permitted to be given hereunder shall be in writing
and shall be deemed to have been duly given when delivered by hand or when
deposited in the United States mail, by registered or certified mail, postage
prepaid, return receipt requested, as follows:

If to the Buyer:                Pinnacle Towers, Inc.
                                301 North Cattlemen Road, Suite 300
                                Sarasota, FL  34232
                                Attention: Christine Shirley, Treasurer

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If to a Seller:                 Robert J. Wolsey
                                301 North Cattlemen Road, Suite 300
                                Sarasota, FL  34232

                                Steven R. Day
                                301 North Cattlemen Road, Suite 300
                                Sarasota, FL  34232

or to such other address as the party hereto may from time to time give written
notice of, in accordance with this Section 8, to the others.

                  d.       Entire Agreement. This Agreement constitutes the
entire agreement among the parties hereto and supersedes all prior agreements,
understandings, negotiations and discussions, both written and oral, among the
parties hereto with respect to the subject matter hereof. This Agreement may not
be amended or modified in any way except by a written instrument executed by all
of the parties hereto.

                  e.       Benefits; Binding Effect. This Agreement shall be for
the benefit of and binding upon the parties hereto, their respective heirs,
personal representatives, legal representatives, successors and assigns.

                  f.       No Waiver. No waiver of any of the provisions of this
Agreement shall be deemed or shall constitute a waiver of any other provisions
hereof (whether or not similar), nor shall any such waiver constitute a
continuing waiver unless otherwise expressly so provided.

                  g.       No Third Party Beneficiary. Nothing expressed or
implied in this Agreement is intended, or shall be construed, to confer upon or
give any person, firm, corporation, partnership, association or other entity,
other than the parties hereto and persons and entities whose name appears in
this Agreement and their respective heirs, personal representatives, legal
representatives, successors and assigns, any rights or remedies under or by
reason of this Agreement.

                  h.       Severability. The invalidity of any one or more of
the words, phrases, sentences, clauses, sections or subsections contained in
this Agreement shall not affect the enforceability of the remaining portions of
this Agreement or any part hereof, all of which are inserted conditionally on
their being valid in law, and, in the event that any one or more of the words,
phrases, sentences, clauses, sections or subsections contained in this Agreement
shall be declared invalid, this Agreement shall be construed as if such invalid
word or words, phrase or phrases, sentence or sentences, clause or clauses,
section or sections, or subsection or subsections had not be inserted.

                  i.       Expenses. All legal, accounting and other costs and
expenses incurred in connection with this Agreement and any of the transactions

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contemplated hereby shall be borne and paid by the party incurring such costs
and expenses, and no party shall be obligated for any cost or expense incurred
by any other party.

                  j.       No Brokerage. The Buyer and the Seller hereby
severally declare that no broker or finder has been employed by any of them,
that all negotiations relative to this Agreement have been carried on directly
between them without the intervention of any person other than counsel to the
respective parties hereto and that no person or entity is entitled to any
brokerage or finder's fee with respect to this Agreement or any transaction
contemplated by this Agreement.

                  k.       Section Headings. The section and other headings
contained in this Agreement are for reference purposes only and shall not affect
the meaning or interpretation of any provisions of this Agreement.

                  l.       Counterparts. This Agreement may be executed in any
number of counterparts and by the several parties hereto in separate
counterparts, each of which shall be deemed to be one and the same instrument.

                  m.       Further Assurances. Each of the parties hereto agrees
to cooperate with each other party in good faith to carry out the purpose and
intent of this Agreement, and from time to time upon reasonable request, will
execute and deliver such other instruments of assignment, transfer and
conveyance and take such other actions as may be reasonably required to more
effectively carry out the purpose and intent of this Agreement and effect the
transactions contemplated hereby.

                  n.       Survival. All the representations, warranties,
covenants and agreements of the parties contained in this Agreement shall
survive the closing hereunder, and continue in full force and effect forever
thereafter, subject to any applicable statute of limitations.

                  o.       Attorney's Fees. If any legal action, arbitration or
other proceedings is brought for the enforcement of this Agreement, or because
of an alleged dispute, breach, default or misrepresentation in connection with
any of the provisions of this Agreement, the prevailing party or parties shall
be entitled to recover reasonable attorneys' fees and other costs incurred with
that action or proceeding, in addition to any other relief to which any of them
may be entitled, including attorneys' fees and costs in any appellate
proceeding.

                  p.       Construction. Neither this Agreement nor any related
document shall be construed more strongly against any party regardless of who
was responsible for its preparation.

         IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date first above written.

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SELLERS:                                    BUYER:

                                            PINNACLE TOWERS, INC.

--------------------------------            By
Robert J. Wolsey                               --------------------------------
                                               Name:
                                                    ---------------------------
                                               Title:
                                                     --------------------------

--------------------------------
Steven R. Day

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                                                                   EXHIBIT 10.55

              COST AND EXPENSE SHARING AND REIMBURSEMENT AGREEMENT

         THIS COST AND EXPENSE SHARING AND REIMBURSEMENT AGREEMENT (this
"AGREEMENT") is effective as of the 31st day of August, 2000, by and between
PINNACLE TOWERS INC., a Delaware corporation ("PTI") and Pinnacle Towers IV
Inc., a Florida corporation ("PT4").

         WHEREAS, PT4, through its wholly owned subsidiary, Broadcast Towers,
Inc. ("Subsidiary"), is engaged in the management of communications sites owned
by third parties; and

         WHEREAS, PT4 considers it necessary or convenient to utilize certain of
PTI's personnel, facilities and general and administrative overhead in
connection with its business and that of its Subsidiary, and PTI is willing to
make such available to PT4 and Subsidiary; and

         WHEREAS, PT4 has agreed to reimburse PTI for the allocable share of the
cost and expense of such shared personnel, facilities and general and
administrative overhead as determined in the manner hereinafter provided;

         NOW, THEREFORE, in consideration of the representations, warranties,
covenants and agreements herein contained, the parties agree as follows:

         1. PROVISION OF SHARED COSTS AND EXPENSES. During the term of this
Agreement, upon the reasonable request of PT4 or Subsidiary, PTI will make
available to PT4 and Subsidiary any of PTI's office and administrative personnel
and facilities, consultants and contractors, and general and administrative
office overhead and costs, including inter alia office space, record retention,
photocopy facilities, facsimile and telephone equipment, sales and marketing
support, office supplies, and computer services (collectively, the "SHARED COSTS
AND EXPENSES").

         2. REIMBURSEMENT. PT4 agrees to reimburse PTI for the costs and
expenses incurred by PTI on behalf of or for the benefit of PT4 and Subsidiary
in an amount equal to the sum of the following amounts (the "REIMBURSEMENT
AMOUNT") determined annually as of the end of each calendar year:

                  (a) With respect to any Shared Costs and Expenses directly
         attributable solely to PT4 or Subsidiary, an amount equal to the
         marginal or incremental cost or expense thereof incurred by PTI; and

                  (b) With respect to any Shared Costs and Expenses not
         described in (a) above, the pro rata share of such Shared Costs and
         Expenses based on the product obtained by multiplying the gross amount
         of such Shared Costs and Expenses by the quotient obtained by dividing
         the consolidated gross revenues of PT4 and Subsidiary for the year by
         the sum of the consolidated gross revenues for the year of all of PTI,
         PT4 and Subsidiary, or an amount determined on such other reasonable
         basis as the parties may mutually agree.

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The Reimbursement Amount for each calendar year shall be determined no later
than three months after the end of such calendar year and payment of the
Reimbursement Amount shall be due on or before the April 10th of the year
following the end of such calendar year.

         3. STANDARD OF CARE. PTI agrees that it and its personnel shall
exercise the same degree of diligence, care and prudence in connection with
matters conducted on behalf of, or provided for the benefit of, PT4 or
Subsidiary as it exercises matters conducted on its own behalf or provided for
its own benefit.

         4. LIMITATION OF LIABILITY.

                  (a) PTI and its affiliates, and the officers, directors,
         employees, shareholders, partners, representatives, consultants and
         agents of PTI and its affiliates (collectively, "PROVIDING PARTIES")
         shall not be liable to the party on whose behalf the Shared Costs and
         Expenses are incurred, its affiliates, or to any officer, director,
         employee, shareholder, partner, representative, consultant or agent of
         such party or its affiliates (collectively, "RECEIVING PARTIES"), for
         any liability, cost, damage, expense or loss, including, without
         limitation, any special, indirect, consequential or punitive damages
         (i) arising or allegedly arising out of any actions or failures to act
         by any of the Providing Parties with respect to the Shared Costs and
         Expenses to be provided hereunder, or (ii) as a result of the reliance
         by any of the Receiving Parties on any advice or data that any of the
         Providing Parties may provide pursuant to this Agreement; provided,
         however, that the foregoing shall not apply to limit liability of a
         party to the extent caused by such party's gross negligence or willful
         misconduct.

                  (b) The Receiving Parties shall indemnify and hold harmless
         each and every of the Providing Parties from and against any liability,
         cost, damage, expense or loss (including court costs and reasonable
         attorneys' fees) which such Providing Parties may sustain or incur by
         reason of any claim, demand, suit or recovery by any person or entity,
         directly resulting from acts or omissions committed by the Receiving
         Party in connection with this Agreement; provided, however, that no
         person may benefit from the foregoing indemnity in the event of its
         gross negligence or willful misconduct.

         5. TERM. The term of this Agreement shall commence as of the date
hereof and end December 31, 2001, unless earlier terminated effective as of the
end of a calendar month by either party upon no less than two months' prior
written notice to the other party. The term of this Agreement shall
automatically renew for successive periods of one year each unless either party
provides to the other party notice in writing that this Agreement will not so
renew and such notice is given at least two months prior to the then termination
date of this Agreement. In the event this Agreement is terminated prior to the
end of a calendar year, the Reimbursement Amount shall be determined as of the
effective date of termination based on gross revenues of each party through the
date of termination.

         6. RELATIONSHIP OF THE PARTIES. In all matters relating to this
Agreement, each party hereto shall be solely responsible for the acts of its
employees, and employees of one party shall not be considered employees of the
other party. No party shall have any right, power or authority to create any
obligation, express or implied, on behalf of any other party. Nothing in

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this Agreement is intended to create or constitute a joint venture or
partnership relationship between the parties hereto or persons referred to
herein.

         7. FORCE MAJEURE. PTI shall be excused from performance hereunder for
any period and to the extent that it is prevented from performance hereunder, in
whole or in part, as a result of delays caused by PT4 or Subsidiary or any act
of God, war, civil disturbance, court order, strike, labor dispute, law or
regulation of any governmental authority, or other cause beyond the reasonable
control of PTI. Such nonperformance shall not be a default hereunder. PTI shall
take all reasonable actions to resume performance of its obligations hereunder
as soon as feasible.

         8. AMENDMENTS AND WAIVER. No amendment, waiver or consent with respect
to any provision of this Agreement shall in any event be effective, unless the
same shall be in writing and signed by the parties hereto, and then such
amendment, waiver or consent shall be effective only in the specific instance
and for the specific purpose for which given.

         9. NOTICES. All notices, requests, demands and other communications
hereunder shall be in writing and shall be, personally delivered or sent by
facsimile transmission with confirming copy sent by overnight courier (such as
Express Mail, Federal Express, etc.) and a delivery receipt obtained and
addressed to the intended recipient as follows:

                  If to PTI:

                           Pinnacle Towers Inc.
                           301 North Cattlemen Road, Suite 300
                           Sarasota, FL 34232
                           Attention: Ben Gaboury
                           Telephone No.: (941) 364-8886
                           Facsimile No.: (941) 364-8761

                  If to PT4:

                           Pinnacle Towers IV Inc.
                           301 North Cattlemen Road, Suite 300
                           Sarasota, FL 34232
                           Attention: Steve Day
                           Telephone No.: (941) 364-8886
                           Facsimile No.: (941) 364-8761

Any party may change its address or add or change parties for receiving notice
by written notice given to the others named above. Notices shall be deemed given
as of the date of receipt.

         10. COUNTERPARTS. This Agreement may be executed in counterparts, each
of which shall be deemed an original, but all of which together shall constitute
one and the same instrument.

         11. SUCCESSORS AND ASSIGNS; BENEFICIARIES. This Agreement shall bind
and inure to the benefit of the parties named herein and their respective
successors and assigns. No party may assign any rights, benefits, duties or
obligations under this Agreement without the prior written consent of the other
party. Except for Subsidiary which is an intended beneficiary of this

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Agreement, and except as specifically provided in Section 4, no third party
shall be entitled to enforce any provision hereof or to benefit from this
Agreement.

         12. ENTIRE AGREEMENT. This Agreement and the documents referred to
herein contain the entire agreement and understanding among the parties with
respect to the transactions contemplated hereby and supersede all other
agreements, understandings and undertakings among the parties on the subject
matter hereof.

         13. PARTIAL INVALIDITY. In the event that any provision of this
Agreement shall be held invalid or unenforceable by any court or competent
jurisdiction, such holding shall not invalidate or render unenforceable any
other provision hereof.

         14. GOVERNING LAW; JURISDICTION. This Agreement shall be interpreted in
accordance with the substantive laws of the State of Florida applicable to
contracts made and to be performed wholly within said State. All disputes, legal
actions, suits and proceedings arising out of or relating to this Agreement
shall be brought in a federal district or state court located in Tampa, Florida.
Each party hereby consents to the jurisdiction of the federal district or state
court in Tampa, Florida. Each party hereby irrevocably waives all claims of
immunity from jurisdiction and any right to object on the basis that any
dispute, action, suit or proceeding brought in the federal district or state
court of Tampa, Florida has been brought in an improper or inconvenient venue or
forum.

         15. DISPUTES.

                  (a) PTI and PT4 mutually desire that friendly collaboration
         will develop between themselves. Accordingly, they shall attempt to
         resolve in a friendly manner all disagreements and misunderstandings
         connected with their respective rights and obligations under this
         Agreement, including any amendments hereof.

                  (b)      (i)  To the extent that any misunderstanding or
         dispute cannot be resolved agreeably in a friendly manner, the dispute
         will be mediated by a mutually acceptable mediator to be chosen by PTI
         and PT4 within forty-five (45) days after written notice by one of the
         parties demanding mediation. Neither party may unreasonably withhold
         consent to the selection of a mediator, however, by mutual agreement
         PTI and PT4 may postpone mediation until each has completed specified
         but limited discovery with respect to a dispute. The parties may also
         agree to attempt some other form of alternative dispute resolution
         ("ADR") in lieu of mediation, including by way of example and without
         limitation, neutral fact-finding or a mini-trial.

                           (ii) Any dispute which the parties cannot resolve
         through negotiation, mediation or other form of ADR within six months
         of the date of the initial demand for it by one of the parties may then
         be submitted to the courts for resolution. The use of any ADR
         procedures will not be construed under the doctrine of laches, waiver
         or estoppel to affect adversely the rights of either party. Nothing in
         this Section 15 will prevent any party from resorting to judicial
         proceedings if (A) good faith efforts to resolve the dispute under
         these procedures have been unsuccessful or (B) interim relief from a
         court is necessary to prevent serious and irreparable injury to one
         party or to others.

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                  (c) Each of the parties shall bear its own costs of mediation
         or ADR, but the parties agree that the shared costs of mediation or ADR
         shall be shared 50% by PTI and 50% by PT4.

         16. AUTHORSHIP. The parties hereto agree that the terms and language of
this Agreement were the result of negotiations between the parties and, as a
result, there shall be no presumption that any ambiguities in this Agreement
shall be resolved against either party. Any controversy over construction of
this Agreement shall be decided without regard to events of authorship or
negotiation.

         17. DEFINED TERMS. All capitalized terms not defined herein shall have
the meanings ascribed to them in the Asset Purchase Agreement.

         18. RECITALS. The recitals hereto are true and correct and are by this
reference incorporated herein.

         IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the date first above written.

PINNACLE TOWERS INC.                         PINNACLE TOWERS IV INC.

By:                                          By:
   ------------------------------------         --------------------------------
   Name:                                        Name:
        -------------------------------              ---------------------------
   Title:                                       Title:
         ------------------------------               --------------------------

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