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Exhibit 4.3    
    

 
 

AMENDMENT NO. 1 TO THE
  STOCK PURCHASE AGREEMENT    
    

        THIS AMENDMENT NO. 1 TO THE STOCK PURCHASE AGREEMENT (this "Agreement") is made as of
[                        ], 2004, by and among (i) TNS, Inc., a Delaware corporation formerly known as TNS Holdings,
 Inc. (the
"Company"), (ii) TNS Holdings, L.L.C., a Delaware limited liability company ("Holdings LLC"), and
(iii) GTCR Fund VII, L.P., a Delaware limited partnership ("GTCR VII"), GTCR Fund VII/A, L.P., a Delaware limited partnership
("GTCR VII/A"), GTCR Capital Partners, L.P., a Delaware limited partnership ("GTCR Capital"), GTCR
Co-Invest, L.P., a Delaware limited partnership ("Co-Invest") and 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 the Stock Purchase Agreement (as defined below) or otherwise agrees to be bound by the Stock Purchase Agreement
(as defined below) (each, a "GTCR Purchaser" and collectively, the "GTCR Purchasers"). 

        WHEREAS,
Holdings LLC and the Company are parties to a Stock Purchase Agreement, dated as of April 3, 2001 (the "Stock Purchase
Agreement"), which set forth the terms pursuant to which Holdings would purchase Common Stock, par value $.001 per share, of the Company ("Common
Stock") and Class A Cumulative Redeemable Preferred Stock, par value $.01 per share, of the Company (the "Class A Preferred
Stock"); 

        WHEREAS,
the Company expects to offer its Common Stock for sale to the public in an initial public offering pursuant to a Registration Statement on Form S-1 filed with
the Securities and Exchange Commission (the "Initial Public Offering"); 

        WHEREAS,
Holdings LLC will be dissolved in connection with the Initial Public Offering and the members of Holdings LLC will become direct stockholders of the Company; and 

        WHEREAS,
the Company, Holdings LLC and the GTCR Purchasers desire to amend the Stock Purchase Agreement as set forth herein. 

        NOW
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties, intending to be legally bound, hereby agree as follows: 

        1.    Defined Terms.    All capitalized terms which are not defined herein shall have the same meanings as set forth
in the Stock Purchase Agreement. Except as specifically set forth herein, the Stock Purchase Agreement shall remain in full force and effect and its provisions shall be binding on the parties hereto. 

        2.    Termination of Certain Provisions of the Stock Purchase Agreement.    Upon the consummation of the Initial
Public Offering, each of the following provisions of the Stock Purchase Agreement shall terminate and shall have no further force or effect: 

	(a)
	Section 1B(ii);

	(b)
	Section 3C;

	(c)
	Section 3D;
and

	(d)
	Section 3E.

        3.    Amendment to the first sentence of Section 3A.    The first sentence of Section 3A shall be
deleted in its entirety and replaced with the following sentence: "The Company shall deliver the following to each GTCR Purchaser (so long as such GTCR Purchaser holds at least 10% of such GTCR
Purchaser's holdings of the Company's Common Stock immediately after the consummation of the Company's Initial Public Offering)." 

        4.    Amendment to the first sentence of Section 3B.    The first sentence of Section 3B shall be
deleted in its entirety and replaced with the following sentence: "The Company shall permit any 

 

representatives
designated by any GTCR Purchaser (so long as each GTCR Purchaser holds any Stock), upon reasonable notice and during normal business hours and such other times as any such holder may
reasonably request, to (i) visit and inspect any of the properties of the Company and its Subsidiaries, (ii) examine the corporate and financial records of the Company and its
Subsidiaries and make copies thereof or extracts thereof and (iii) discuss the affairs, finances and accounts of any such corporations with the directors, officers, key employees and
independent accountants of the Company and its 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. The right of the GTCR Purchasers under this Section 3B shall terminate at such time that the GTCR Purchasers fail to hold at least
10% of the GTCR Purchasers' holdings of the Company's Common Stock immediately after the consummation of the Company's Initial Public Offering." 

        5.    New Section 3G of the Stock Purchase Agreement.    A new Section 3G of the Stock Purchase
Agreement is hereby inserted as follows: 

        "3G.
Board Committees. Upon the consummation of an Initial Public Offering, the Company shall have a three member Compensation Committee
of the Board and a two member Governance and Nominating Committee of the Board. The membership of these committees shall include one representative designated by the GTCR Purchasers and each
committee's membership shall not be increased without the consent of the GTCR Purchasers. The rights of the GTCR Purchasers under this Section 3G shall terminate upon the earlier of
(i) the GTCR Purchasers failing to hold at least 37.5% of the GTCR Purchasers' holdings of the Company's Common Stock immediately after the consummation of the Company's Initial Public Offering
and (ii) such time as the GTCR Purchasers' designees would be prohibited from serving on such committees under applicable law or under the rules of the New York Stock Exchange." 

        6.    New Section 3H of the Stock Purchase Agreement.    A new Section 3H of the Stock Purchase
Agreement is hereby inserted as follows: 

        "3H.  Equity Issuances. After the consummation of an Initial Public Offering, the Company shall not issue or grant any stock-based
compensation to John J. McDonnell, Jr., John J. McDonnell III, Henry Graham, Brian Bates, Matthew Mudd or Edward O'Brien without the prior written consent of the GTCR Purchasers. The right of the GTCR
Purchasers under this Section 3H shall terminate upon the GTCR Purchasers failing to hold at least 50% of the GTCR Purchasers' holdings of the Company's Common Stock immediately after the
closing of the Company's Initial Public Offering." 

        7.    Amendment to Section 7D of the Stock Purchase Agreement.    Section 7D of the Stock Purchase
Agreement is hereby amended and restated in its entirety as follows: 

        "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 GTCR Purchasers. The right of the GTCR Purchasers under this Section 7D shall terminate upon the GTCR
Purchasers failing to hold at least 37.5% of the GTCR Purchasers' holdings of the Company's Common Stock immediately after the consummation of the Company's Initial Public Offering. No other course of
dealing between the Company and the holder of any Stock or any delay in exercising any rights hereunder or under the Certificate of Incorporation shall operate as a waiver of any rights of any such
holders. For purposes of this Agreement, shares of Stock held by the Company or any Subsidiaries shall not be deemed to be outstanding." 

2

 

        8.    Amendment to Section 7M of the Stock Purchase Agreement.    Section 7M of the Stock Purchase
Agreement is hereby amended and restated in its entirety as follows: 

If to the Company:  

TNS, Inc.

c/o Transaction Network Services, Inc.

11480 Commerce Park Drive

Suite 600

Reston, VA 20191

Attn: General Counsel 

with copies to:  

Arent
Fox Kintner Plotkin & Kahn, PLLC

1050 Connecticut Ave., NW

Washington, DC 20036

Attn:    Jeffrey E. Jordan, Esq. 

If to the GTCR Purchasers:  

GTCR
Fund VII, L.P.

c/o GTCR Golder Rauner, L.L.C.

6100 Sears Tower

Chicago, IL 60606-6402

Attention: Collin E. Roche 

With copies to:  

Kirkland &
Ellis LLP

200 East Randolph Drive

Chicago, IL 60601

Attention: Stephen L. Ritchie, P.C. 

        9.    Effectuation.    The amendments to the Stock Purchase Agreement contemplated by this Agreement shall be deemed
effective upon the consummation of the Company's Initial Public Offering without any further action required by the parties. 

        10.    Governing Law.    The corporate law of Delaware shall govern all issues concerning the relative rights of the
Company and its stockholders. 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 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. 

        11.    Amendment.    No provisions of this Agreement may be amended, except as permitted pursuant to Section 7D
of the Stock Purchase Agreement, as amended by this Agreement. 

        12.    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. 

3

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

	 	 	TNS, INC.
	

 	
 	

By:	
 	

 
	 	 	 	 	

	 	 	Name:	 	 
	 	 	 	 	

	 	 	Its:	 	 
	 	 	 	 	

	

 	
 	
TNS HOLDINGS, L.L.C.
	

 	
 	

By:	
 	

 
	 	 	 	 	

	 	 	Name:	 	 
	 	 	 	 	

	 	 	Its:	 	 
	 	 	 	 	

	

 	
 	
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:	
 	

 
	 	 	 	 	

	 	 	Name:	 	 
	 	 	 	 	

	 	 	Its:	 	Principal
	

 	
 	
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:	
 	

 
	 	 	 	 	

	 	 	Name:	 	 
	 	 	 	 	

	 	 	Its:	 	Principal
	Amendment No. 1 Signatures Pages

	

 	
 	
GTCR CAPITAL PARTNERS, L.P.
	

 	
 	

By:	
 	

GTCR Mezzanine Partners, L.P.
	 	 	Its:	 	General Partner
	

 	
 	

By:	
 	

GTCR Partners VI, L.P.
	 	 	Its:	 	General Partner
	

 	
 	

By:	
 	

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

 	
 	

By:	
 	

 
	 	 	 	 	

	 	 	Name:	 	 
	 	 	 	 	

	 	 	Its:	 	Principal
	

 	
 	
GTCR CO-INVEST, L.P.
	

 	
 	

By:	
 	

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

 	
 	

By:	
 	

 
	 	 	 	 	

	 	 	Name:	 	 
	 	 	 	 	

	 	 	Its:	 	Principal

STOCK
PURCHASE AGREEMENT 

BETWEEN

TNS
HOLDINGS, INC., 

AND 

TNS
HOLDINGS, L.L.C. 

DATED
AS OF APRIL 3, 2001 

  

 
 

TABLE OF CONTENTS    
    

	Section 1.	 	Authorization and Closing	 	1
	 	1A.	 	Authorization of the Stock	 	1
	 	1B.	 	Purchase and Sale of the Stock	 	1
	 	1C.	 	The Initial Closing	 	1
	

Section 2.	
 	

Conditions of the Purchaser's Obligation at the Closing	
 	

1
	 	2A.	 	Representations and Warranties; Covenants	 	1
	 	2B.	 	Certificate of Incorporation	 	1
	 	2C.	 	Bylaws	 	1
	 	2D.	 	Senior Management Agreement	 	1
	 	2E.	 	Securityholders Agreement	 	2
	 	2F.	 	Registration Agreement	 	2
	 	2G.	 	Co-Invest Purchase Agreement	 	2
	 	2H.	 	Acquisition Agreement	 	2
	 	2I.	 	Capital Call Letter Agreement	 	2
	 	2J.	 	Closing Documents	 	2
	 	2K.	 	Fees and Expenses	 	2
	 	2L.	 	Compliance with Applicable Laws	 	2
	 	2M.	 	Waiver	 	3
	

Section 3.	
 	

Convenants	
 	

3
	 	3A.	 	Financial Statements and Other Information	 	3
	 	3B.	 	Inspection of Property	 	4
	 	3C.	 	Restrictions	 	4
	 	3D.	 	Amendment of Other Agreements	 	5
	 	3E.	 	Unrelated Business Taxable Income	 	5
	 	3F.	 	Hart-Scott-Rodino Compliance	 	5
	

Section 4.	
 	

Transfer of Restricted Securities	
 	

6
	

Section 5.	
 	

Representations and Warranties of the Company	
 	

6
	 	5A.	 	Organization and Corporate Power	 	6
	 	5B.	 	Capital Stock and Related Matters	 	6
	 	5C.	 	Subsidiaries; Investments	 	7
	 	5D.	 	Authorization; No Breach	 	7
	 	5E.	 	Conduct of Business; Liabilities	 	7
	 	5F.	 	Litigation, etc.	 	8
	 	5G.	 	Brokerage	 	8
	 	5H.	 	Governmental Consent, etc	 	8
	 	5I.	 	Disclosure	 	8
	 	5J.	 	Closing Date	 	8
	

Section 6.	
 	

Definitions	
 	

8
	

Section 7.	
 	

Miscellaneous	
 	

10
	 	7A.	 	Expenses	 	10
	 	7B.	 	Remedies	 	10
	 	7C.	 	Purchaser's Investment Representations	 	10
	 	7D.	 	Consent to Amendments	 	11
	 	7E.	 	Survival of Representations and Warranties	 	11
	 	7F.	 	Successors and Assigns	 	11
	 	7G.	 	Generally Accepted Accounting Principles	 	11
	 	7H.	 	Severability	 	11
	 	7I.	 	Counterparts	 	11
	 	7J.	 	Entire Agreement	 	11
	 	7K.	 	Descriptive Headings; Interpretation	 	11
	 	7L.	 	Governing Law	 	12
	 	7M.	 	Notices	 	12

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LIST OF EXHIBITS    
    

	Exhibit A	 	Certificate of Incorporation
	Exhibit B	 	Bylaws
	Exhibit C	 	Form of Senior Management Agreement
	Exhibit D	 	List of Executives
	Exhibit E	 	Securityholders Agreement
	Exhibit F	 	Registration Agreement
	Exhibit G	 	Co-Invest Purchase Agreement
	Exhibit H	 	Capital Call Letter Agreement

ii

 
 

STOCK PURCHASE AGREEMENT    
    

        This STOCK PURCHASE AGREEMENT (this "Agreement") is made as of April 3, 2001, between TNS
Holdings, Inc., a Delaware corporation (the "Company"), and TNS Holdings, L.L.C., a Delaware limited liability company (the
"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 Stock.    The Company shall authorize the issuance and sale to the Purchaser of
179,745.677 shares of its Class A Cumulative Redeemable Preferred Stock, par value $0.01 per share (the "Preferred Stock"), and 129,298,445.292
shares of its Common Stock, par value $0.001 per share (the "Common Stock"), each having the rights and preferences set forth in  Exhibit A attached
hereto. The Preferred Stock and the Common Stock are collectively referred to herein as the
"Stock." 

        1B.    Purchase and Sale of the Stock.    

        (i)    Initial Closing. At the Initial Closing (as defined in Section 1C  below), the Company shall sell to the Purchaser and, subject to the terms and conditions set
forth herein, the Purchaser shall purchase from the Company, 97,000,000 shares of
Common Stock at a price of $0.042995 per share and 134,845.633 shares of Preferred Stock at a price of $1,000 per share. 

        (ii)   Subsequent Closings. Upon the written request of the Board and with the prior written approval of the Majority Member,
the Purchaser may purchase from time to time after the Initial Closing, additional shares of Common Stock and Preferred stock (each such purchase, a "Subsequent
Closing"). At each Subsequent Closing, the Purchaser shall purchase Common Stock and Preferred Stock in the same proportion as in the Initial Closing, and at the same price per
share as in the Initial Closing (as adjusted for stock splits, stock dividends, or other recapitalization transaction). 

        1C.    The Initial Closing.    The closing of the purchase and sale of the Stock to be purchased pursuant to  Section 1B(i) (the "Initial Closing") shall take place at the offices of Kirkland &
Ellis, 200 East Randolph
Drive, Chicago, Illinois 60601 at 10:00 a.m. on April 3, 2001, or at such other place or on such other date as may be mutually agreeable to the Company and the Purchaser. At the Closing,
the Company shall deliver to the Purchaser certificates evidencing the Stock to be purchased by the Purchaser, registered in the Purchaser's name, upon payment of the purchase price thereof by a
cashier's or certified check, or by wire transfer of immediately available funds to such account as designated by the Company. 

        Section 2.    Conditions of the Purchaser's Obligation at the Closing.    The obligation of the Purchaser to
purchase and pay for the Stock to be purchased by it at the Closing is subject to the satisfaction as of the Closing of the following conditions: 

        2A.    Representations and Warranties; Covenants.    The representations and warranties contained in Section 5
hereof shall be true and correct at and as of the 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 Closing. 

        2B.    Certificate of Incorporation.    The Company's certificate of incorporation (the
"Certificate of Incorporation") shall include the provisions set forth in Exhibit A hereto, shall be in full force and effect under the laws of
Delaware as of the Closing and shall not have been amended or modified. 

        2C.    Bylaws.    The Company's bylaws shall include the provisions set forth in  Exhibit B hereto (the "Bylaws"), shall be in full force and effect under the laws of Delaware as
of the Closing and shall not have been amended or modified. 

        2D.    Senior Management Agreement.    The Company and the Purchaser shall have entered into a senior management
agreement, in form and substance substantially similar to Exhibit C attached hereto 

 

(the
"Senior Management Agreement") with each of the Executives set forth on Exhibit D attached
hereto (the "Executives"), the Senior Management Agreements shall not have been amended or modified and shall be in full force and effect as of the
Closing, and each of the Executives shall have concurrently purchased the Units of the Purchaser proposed to be purchased by him thereunder. 

        2E.    Securityholders Agreement.    The Purchaser, Dunluce Investors III, L.L.C., a Delaware limited liability
company ("Dunluce") and the Executives shall have entered into a securityholders agreement in form and substance substantially similar to  Exhibit E attached hereto (the "Securityholders Agreement"), and the Securityholders Agreement
shall be in full force and effect as of the Closing. 

        2F.    Registration Agreement.    The Company and the Purchaser shall have entered into a registration agreement in
form and substance substantially similar to Exhibit F attached hereto (the "Registration
Agreement"), and the Registration Agreement shall be in full force and effect as of the Closing. 

        2G.    Co-Invest Purchase Agreement.    The Purchaser, the Majority Member and Dunluce shall have entered
into a unit purchase agreement in form and substance substantially similar to Exhibit G attached hereto (the "Unit
Purchase Agreement"), and the Unit Purchase Agreement shall not have been amended or modified and shall be in full force and effect as of the Closing. 

        2H.    Acquisition Agreement.    The Acquisition Agreement shall be in form and substance satisfactory to Purchaser,
shall be in full force and effect as of the Closing and shall not have been amended or modified. The conditions in Section 7.1 of the Acquisition Agreement shall have been satisfied in full
(without reliance on any waiver by the Company), and 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. 

        2I.    Capital Call Letter Agreement.    The Purchasers, the Majority Member, Heller and Dunluce and the Executives
shall have entered into a capital call letter agreement in form and substance substantially similar to Exhibit H attached hereto (the "Capital Call Letter
Agreement"), and the Capital Call Letter Agreement shall be in full force and effect as of the Closing. 

        2J.    Closing Documents.    The Company shall have delivered to the Purchaser all of the following documents: 

        (i)    an
Officer's Certificate, dated the date of the Closing, stating that the conditions specified in Section 1 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 Senior Management Agreements
and the Registration Agreement and each of the other agreements contemplated hereby (the "Transaction Documents"), the issuance and sale of the Stock
and the consummation of all other transactions contemplated by this Agreement; and 

        (iii)  certified
copies of the Certificate of Incorporation and the Bylaws, each as in effect at the Closing. 

        2K.    Fees and Expenses.    The Company shall have reimbursed the Purchaser for its
out-of-pocket fees and expenses as provided in Section 7A hereof. 

        2L.    Compliance with Applicable Laws.    The purchase of Stock by the Purchaser hereunder shall not be prohibited by
any applicable law or governmental regulation, shall not subject the Purchaser to any penalty, liability or, in 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 the Purchaser is subject. 

2

 

        2M.    Waiver.    Any condition specified in this Section 2 may be waived only if such waiver is set forth in a
writing executed by the Purchaser. 

        Section 3.    Covenants.    

        3A.    Financial Statements and Other Information.    The Company shall deliver the following to the Purchaser and to
the Majority Member (so long as the Purchaser holds any Stock): 

        (i)    as
soon as available but in any event within 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 (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
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 Member, and (b) a copy of such 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 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 (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 business days) after the discovery or receipt of notice of any default under any material agreement to which it 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; 

3

 

        (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) copies
of all financial statements, proxy statements, reports and any other general written communications which the Company sends to its stockholders, 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 its 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 Purchaser or a Majority
Member (so long as such Purchaser holds any Stock), upon reasonable notice and during normal business hours and such other times as any such holder may reasonably request, to (i) visit and
inspect any of the properties of the Company and its Subsidiaries, (ii) examine the corporate and financial records of the Company and its Subsidiaries and make copies thereof or extracts
therefrom and (iii) discuss the affairs, finances and accounts of any such corporations with the directors, officers, key employees and independent accountants of the Company and its
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 Member: 

        (i)    except
as expressly contemplated by this Agreement or the Senior Management Agreements, 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, (a) any notes or debt
securities containing equity features (including 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 (b) any equity securities (or any securities convertible into or exchangeable for any equity securities) or rights to acquire any equity securities,
other than (X) the issuance of equity securities by a Subsidiary to the Company or another Subsidiary or (Y) the issuance of options and common stock by TNS Subsidiary pursuant to a
stock option plan approved by the Majority Members; 

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

        (iii)  sell,
lease or otherwise dispose of, or permit any Subsidiary to sell, lease or otherwise dispose of, more than 15% of the consolidated assets of the Company and its
Subsidiaries (computed on the basis of book value, determined in accordance with generally 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); 

4

 

        (iv)  liquidate,
dissolve or effect a recapitalization or reorganization in any form of transaction (including any reorganization into a limited liability company, a
partnership or any other non-corporate entity which is treated as a partnership for federal income tax purposes); 

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

        (vi)  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 (X) employment arrangements as approved by the Board and (Y) as otherwise expressly contemplated by this
Agreement and the Senior Management Agreements; 

        (vii) take
any action under the Registration Agreement; or 

        (viii) except
as expressly contemplated by this Agreement, make any amendment to the Certificate of Incorporation, Bylaws or the Transaction Documents, or file any
resolution of the Board with the Secretary of the State of Delaware, in each case containing any provisions which would increase the number of authorized shares of Stock or adversely affect or
otherwise impair the rights or the relative preferences and priorities of the holders of the Stock under this Agreement, the Certificate of Incorporation, the Bylaws or the other Transaction
Documents. 

        3D.    Amendment of Other Agreements.    The Company shall not amend, modify or waive, or permit to be amended,
modified or waived, any provision of the Senior Management Agreements, the Registration Agreement, the Acquisition Agreement, the Bank Agreement, the Certificate of Incorporation, the Stock Purchase
Agreement or any other agreement with key executives of the Company without the prior written consent of the Majority Members. The Company shall not take any action with respect to the Registration
Agreement without the prior written consent of the Majority Members. The Company shall enforce the provisions of the Senior Management Agreements and any other agreement with key
executives of the Company and shall exercise all of its rights and remedies thereunder (including any repurchase options and first refusal rights) unless it is otherwise directed by the Majority
Members. 

        3E.    Unrelated Business Taxable Income.    The Company shall not engage in any transaction which is reasonably
likely to cause the Majority Member or any of its 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. 

        3F.    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 the
Majority Member, rather than the Company, is required to make a filing under the HSR Act in connection with a Transaction, the Company will notify the Majority Member that a filing is necessary. In
such instance the Majority Member shall make such filing, and the Company will provide to the Majority Member all 

5

 

necessary
information for such filing, will facilitate such filing and will pay all fees associated with such filing. 

        Section 4.    Transfer of Restricted Securities.    

        4A.  Restricted
Securities are transferable only pursuant to (i) public offerings registered under the Securities Act, (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  Section 4B below, any other legally
available means of transfer. 

        4B.  In
connection with the transfer of any Restricted Securities (other than a transfer described in Sections 4A(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 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 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 and Section 7C. 

        Section 5.    Representations and Warranties of the Company.    As a material inducement to the Purchaser to
enter into this Agreement and purchase the Stock, the Company hereby represents and warrants to the Purchaser that: 

        5A.    Organization and Corporate Power.    The Company is a corporation 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 corporate 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 Incorporation and bylaws which have been furnished to the Purchaser's counsel reflect all amendments made
thereto at any time prior to the date of this Agreement and are correct and complete. 

        5B.    Capital Stock and Related Matters.    

        (i)    As
of the Closing and immediately thereafter, the authorized capital stock of the Company shall consist of 132,478,190.969 shares of Stock, of which 179,745.677 shares
shall be designated as Preferred Stock (134,845.633 of which shall be issued and outstanding and 44,900.044 of which shall be reserved for issuance pursuant to Section 1B(ii)), and of which
132,298,445.292 shares shall be designated as Common Stock (97,000,000 of which shall be issued and outstanding, and 3,000,000 of which shall be reserved for issuances pursuant to the Option Plan, and
32,298,445.292 shall be reserved for issuance pursuant to Section 1B(ii)). As of the Closing, the Company shall not have outstanding any stock or securities convertible or exchangeable for any
shares of its capital stock or containing any profit participation features, nor shall it have outstanding any rights or options to subscribe for or to purchase its capital stock or any stock or
securities convertible into or exchangeable for its capital stock or any stock appreciation rights or phantom stock plans other than pursuant to and as contemplated by this Agreement. As of the
Closing, the Company shall not be subject to any obligation (contingent or otherwise) to 

6

 

repurchase
or otherwise acquire or retire any shares of its capital stock or any warrants, options or other rights to acquire its capital stock, except pursuant to this Agreement and the Company's
Certificate of Incorporation. As of the Closing, all of the outstanding shares of the Company's capital stock shall be validly issued, fully paid and nonassessable. 

        (ii)   There
are no statutory or, to the best of the Company's knowledge, contractual stockholders preemptive rights or rights of refusal with respect to the issuance of the
Stock hereunder or the issuance of the Stock pursuant to Section 1B, except as expressly contemplated in the Stockholders Agreement or provided herein. Based in part on the investment
representations of the Purchaser in Section 7C hereof, the Company has not violated any applicable federal or state securities laws in connection with the offer, sale or issuance of any of its
capital stock, and the offer, sale and issuance of the Stock hereunder and pursuant to Section 1B 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 stockholders with respect to the voting or transfer of the Company's capital stock or with
respect to any other aspect of the Company's affairs, except for the Stockholders Agreement, the Senior Management Agreements and the Registration Agreement. 

        5C.    Subsidiaries; Investments.    Other than any securities acquired or to be acquired pursuant to the Acquisition
Agreement, the Company does not own or hold any shares of stock or any other security or interest in any other Person or any rights to acquire any such security or interest, and the Company has never
had any Subsidiary. 

        5D.    Authorization; No Breach.    The execution, delivery and performance of this Agreement, the Acquisition
Agreement, the Senior Management Agreements and the Registration Agreement and all other agreements contemplated hereby to which the Company is a party have been duly authorized by the Company. This
Agreement,, the Acquisition Agreement, the Senior Management Agreements, the Registration Agreement, the Certificate of Incorporation 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 Acquisition Agreement, the Senior Management
Agreements and the Registration Agreement and all other agreements
contemplated hereby to which the Company is a party, the offering, sale and issuance of the Stock hereunder and pursuant to Section 1B 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 in the creation of any lien, security interest, charge or encumbrance upon the Company's capital stock 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 Incorporation or the Bylaws 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
Senior Management Agreements and the Registration Agreement, the Acquisition Agreement and the other agreements contemplated hereby and thereby, prior to the 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. 

7

 

        5F.    Litigation, etc.    Other than those items disclosed in the schedules to the Acquisition Agreement, there are
no actions, suits, proceedings, orders, investigations or claims pending or, to the best of the Company's knowledge, threatened against or affecting the Company (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 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.    There are no claims for brokerage commissions, finders, 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 the Purchaser 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.    Neither this Agreement nor any of the schedules, attachments, written statements, documents,
certificates or other items prepared or supplied to the Purchaser by or on behalf of the Company with respect to the transactions contemplated hereby 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 in writing and of which any of
its officers, directors or executive employees 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, assets, customer or supplier relations, employee relations or business prospects of the Company. 

        5J.    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 Purchaser shall be true and
correct in all material respects on the date of the 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 Stock Purchase Agreement dated as of March 12, 2001, between PSINet Inc. and the
Company. 

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

        "Bank Agreement" means that certain credit agreement dated April 3, 2001 among TNS Holdings, Inc., Transaction Network
Services, Inc., Bankers Trust Company (as Administrative Agent) and various lending institutions, as such agreement may be amended, restated, extended, renewed, supplemented, refinanced,
replaced or otherwise modified from time to time (including, without limitation, by increasing the amount of available borrowings thereunder or adding any direct or indirect Subsidiaries of the
borrowers as additional borrowers or guarantors thereunder) and whether by the same or any other agent, lender or group of lenders. 

        "Board" means the Board of Directors of the Company. 

8

 

        "Common Stock" means (i) the Common Stock issued hereunder and (ii) any Common Stock issued or issuable with respect to the
Common Stock referred to in clause (i) above by way of stock dividends, stock splits or in connection with a combination of shares, recapitalization, merger, consolidation or other
reorganization. As to any particular shares of Investor Common, such shares 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 public through a broker, dealer or market maker pursuant to Rule 144 under the
Securities Act (or any similar rule then in force). 

        "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 Member" means GTCR Fund VII, L.P., a Delaware limited partnership. 

        "Officer's Certificate" means a certificate signed by the Company's president 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 him 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. 

        "Option Plan" means the employee stock option plan of the Company as approved and adopted by the Board from time to time. 

        "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 and a governmental entity or any department, agency or political subdivision thereof. 

        "Preferred Stock" means (i) the Preferred Stock issued hereunder and (ii) any Preferred Stock, issued or issuable with
respect to the Preferred Stock referred to in clause (i) above by way of stock dividends, stock splits or in connection with a combination of shares, recapitalization, merger, consolidation or
other reorganization. As to any particular shares of Investor Preferred, such shares 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). 

        "Stock" means the Preferred Stock and the Common Stock. 

        "Restricted Securities" means (i) the Stock issued hereunder and pursuant to Section 1B hereof and (ii) any
securities issued with respect to the securities referred to in clause (i) above by way of a stock dividend, stock split or in connection with a combination of shares, 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 4B. 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. 

9

 

        "Securities and Exchange Commission" includes any governmental body or agency succeeding to the functions thereof. 

        "Subsidiary" means any corporation of which the securities having a majority of the ordinary voting power in electing the board of
directors are, at the time as of which any determination is being made, owned by the Company either directly or through one or more Subsidiaries. 

        Section 7.    Miscellaneous.    

        7A.    Expenses.    The Company agrees to pay, and hold the Purchaser and all holders of Stock 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 Acquisition Agreement and
the consummation of the transactions contemplated by this Agreement and the Acquisition Agreement, (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 Senior Management Agreements, the Stockholders Agreement, the Registration Agreement, the Co-Invest Purchase
Agreement, the Acquisition Agreement, the other agreements contemplated hereby and the Certificate of Incorporation, (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 shares of Stock purchased hereunder, (iv) the fees and expenses incurred with respect to the interpretation or
enforcement of the rights granted under this Agreement, the Senior Management Agreements, the Stockholders Agreement, the Registration Agreement, the Co-Invest Purchase Agreement, the
other
agreements contemplated hereby and the Certificate of Incorporation and the Bylaws and (v) such reasonable travel expenses, legal fees and other out-of-pocket fees and
expenses as have been or may be incurred by the Purchaser, its Affiliates, its members, its members' Affiliates and their directors, officers and employees in connection with any Company-related
financing and in connection with the rendering of any other services by the Purchaser, its members or their Affiliates (including fees and expenses incurred in attending Board or other Company-related
meetings). 

        7B.    Remedies.    Each holder of Stock shall have all rights and remedies set forth in this Agreement and the
Certificate of Incorporation 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.    Purchaser's Investment Representations.    The 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 the 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
the Purchaser is subject. Notwithstanding the foregoing, nothing contained herein shall prevent the 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: 

"The
securities represented by this certificate were originally issued on April 3, 2001 and have not been registered under the Securities Act of 1933, as amended. The transfer of the securities 

10

 

represented
by this certificate is subject to the conditions specified in the Purchase Agreement, dated as of April 3, 2001 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 Member. No other course of dealing between the Company and the holder of any Stock or any delay in exercising any rights hereunder or under the Certificate of Incorporation
shall operate as a waiver of any rights of any such holders. For purposes of this Agreement, shares of Stock held by the Company or any 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 the 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 the Purchaser's benefit as a purchaser or holder of Stock are also for the benefit
of, and enforceable by, any subsequent holder of such Stock. The rights and obligations of the Purchaser under this Agreement and the agreements contemplated hereby may be assigned by the Purchaser at
any time, in whole or in part, to any of its members 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 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 prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent
of such prohibition or invalidity, without invalidating the remainder of this Agreement. 

        7I.    Counterparts.    This Agreement may be executed simultaneously in two or more counterparts, 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.    Entire Agreement.    This Agreement, those documents expressly referred to herein and other documents of even
date herewith embody the complete agreement 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. 

        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. 

11

 

        7L.    Governing Law.    The corporate law of Delaware shall govern all issues concerning the relative rights of the
Company and its stockholders. 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 delivered personally to the recipient, sent to the recipient by reputable express courier service (charges
prepaid) or mailed to the recipient by certified or registered mail, return receipt requested and postage prepaid. Such notices, demands and other communications shall be sent to the Purchaser and to
the Company at the address indicated below: 

If to the Company:

TNS
Holdings, Inc.

1939 Roland Clark Place

Reston, Virginia 20191

Attn: Chief Executive Officer 

with copies to:

GTCR
Fund VII, L.P.

GTCR Fund VII/A, L.P.

GTCR Co-Invest, L.P.

c/o GTCR Golder Rauner, L.L.C.

6100 Sears Tower

Chicago, Illinois 60606-6402

Attention: William C. Kessinger 

Kirkland &
Ellis

200 East Randolph Drive

Chicago, Illinois 60601

Attention: Stephen L. Ritchie 

If to the Purchaser:

TNS
Holdings, L.L.C.

c/o TNS Holdings, Inc.

1939 Roland Clark Place

Reston, Virginia 20191

Attn: Chief Executive Officer 

with copies to:

GTCR
Fund VII, L.P.

GTCR Fund VII/A, L.P.

GTCR Co-Invest, L.P.

c/o GTCR Golder Rauner, L.L.C.

6100 Sears Tower

Chicago, Illinois 60606-6402

Attention: William C. Kessinger 

12

 

Kirkland &
Ellis

200 East Randolph Drive

Chicago, Illinois 60601

Attention: Stephen L. Ritchie 

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. 

* * * * *  

13

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

	 	 	TNS HOLDINGS, INC.
	

 	
 	

By:	
 	

/s/  JOHN J. MCDONNELL, JR.      

	 	 	Name:	 	John J. McDonnell, Jr.
	 	 	Its:	 	Chief Executive Officer
	

 	
 	

TNS HOLDINGS, L.L.C.
	

 	
 	

By:	
 	

GTCR Partners VII, L.P.
	 	 	Its:	 	Member
	

 	
 	

By:	
 	

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

 	
 	

By:	
 	

/s/  WILLIAM C. KESSINGER      

	 	 	Name:	 	William C. Kessinger
	 	 	Its:	 	Principal

SIGNATURE PAGE TO THE PURCHASE AGREEMENT  

QuickLinks

Exhibit 4.3

AMENDMENT NO. 1 TO THE STOCK PURCHASE AGREEMENT

TABLE OF CONTENTS

LIST OF EXHIBITS

STOCK PURCHASE AGREEMENTQuickLinks
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Exhibit 4.4    
    

 
 

FORM OF
  DISSOLUTION AGREEMENT    
    

        THIS DISSOLUTION AGREEMENT (the "Agreement") is made as of            , 2004 by
and among TNS, Inc., a
Delaware corporation (the "Company"), TNS Holdings, L.L.C., a Delaware limited liability company ("Holdings
LLC"), the members of Holdings LLC listed on Exhibit A hereto under the heading "Existing Members" (the
"Existing Members") and the members of Dunluce Investors III, L.L.C., a Delaware limited liability company
("Dunluce") listed on Exhibit A hereto under the heading "Dunluce Members" (the
"Dunluce Members" and together with the Existing Members, the "Members"). 

        WHEREAS,
Holdings LLC and certain of the Members are parties to an Amended and Restated Limited Liability Company Agreement dated as of April 3, 2001 (the
"LLC Agreement"); 

        WHEREAS,
(i) GTCR Fund VII, L.P., a Delaware limited partnership ("GTCR VII"), GTCR Fund VII/A, L.P., a Delaware limited
partnership ("GTCR VII/A"), GTCR Co-Invest, L.P., a Delaware limited partnership ("GTCR
Co-Invest") and Heller Financial, Inc., a Delaware corporation ("Heller") originally purchased, or later
acquired, Holdings LLC's Class B Preferred Units (the "Preferred Units") and its Common Units (the "Common
Units", and together with the Preferred Units, the "Units"), pursuant to a Unit Purchase Agreement among GTCR VII, GTCR VII/A,
GTCR Co-Invest, Heller and Holdings LLC dated as of April 3, 2001 (the "Unit Purchase Agreement"), (ii) GTCR Capital Partners,
L.P., a Delaware limited partnership ("GTCR Capital" and together with GTCR VII, GTCR VII/A and GTCR Co-Invest,
"GTCR") acquired Common Units and Preferred Units pursuant to a Warrant Agreement between Holdings LLC and GTCR Capital dated as of April 3, 2001
(the "Warrant Agreement"), (iii) Dunluce originally purchased Common Units and Preferred Units pursuant to a Co-Invest Purchase
Agreement between Holdings LLC and Dunluce dated as of April 3, 2001 (the "Co-Invest Purchase Agreement") and (iv) certain
executive employees of Holdings LLC or its subsidiaries (each, an "Executive" and collectively, the
"Executives") purchased or acquired Common Units pursuant to senior management agreements with Holdings LLC or in accordance with Section 10 of
the Amended and Restated Securityholders Agreement (as defined below); 

        WHEREAS,
the Company expects to offer its Common Stock, par value $.001 per share ("Common Stock"), for sale to the public in an initial
public offering pursuant to a Registration Statement on Form S-1 filed with the Securities and Exchange Commission (the "Initial Public
Offering"); 

        WHEREAS,
in order to facilitate the Initial Public Offering, the Company intends to conduct a reverse stock split of its Common Stock whereby each share of Common Stock shall be
converted into [            ] shares of Common Stock; 

        WHEREAS,
in order to facilitate the Initial Public Offering, Holdings LLC desires to convert its Class A Cumulative Redeemable Preferred Stock, par value $.01 per share of the
Company (the "Class A Preferred Stock"), into shares of Common Stock; 

        WHEREAS,
immediately prior to the closing of the Initial Public Offering, the Members intend to dissolve Holdings LLC; 

        WHEREAS,
Holdings LLC currently owns 134,845.633 shares of Class A Preferred Stock and 97,000,000 shares of Common Stock; 

        WHEREAS,
in connection with the dissolution of Holdings LLC, each Existing Member will receive shares of Common Stock in the amounts set forth on  Schedule 1 hereto; and 

1

 

        WHEREAS,
upon the dissolution of Dunluce, which is expected to take place in April of 2004, each Dunluce Member will receive shares of Common Stock in the amounts set forth on  Schedule 2 hereto, assuming no
changes in their ownership of Dunluce from the date hereof through the date of Dunluce's dissolution. 

        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: 

ARTICLE I

Conversion of Class A Preferred Stock into Common Stock  

        1.01    Conversion.    Pursuant to Article Four, Part B, Section 3 of the Company's Restated Certificate
of Incorporation, restated as of April 3, 2001 (the "Certificate"), Holdings LLC will convert all of the Class A Preferred Stock owned by
it into shares of Common Stock effective immediately prior to the closing of the Initial Public Offering. 

ARTICLE II

The Liquidation of Holdings LLC and Related Matters  

        2.01    Dissolution of Holdings LLC and Distribution of its Assets.    Effective immediately prior to the closing of
the Initial Public Offering, Holdings LLC shall, pursuant to the terms and conditions of the LLC Agreement and the Delaware Limited Liability Company Act, dissolve and distribute its assets, which
will consist solely of the Common Stock acquired by it pursuant to the Stock Purchase Agreement between the Company and Holdings LLC dated as of April 3, 2001 (the
"Stock Purchase Agreement") and the Common Stock issued and any cash in lieu of fractional shares paid upon conversion of the Class A Preferred
Stock and any accrued but unpaid dividends thereon, to the Existing Members as set forth on Schedule 1 hereto. 

        2.02    Certificates.    Subject to any applicable senior management agreements, each Existing Member shall be
entitled to receive, upon the surrender according to the procedures set forth on Schedule 3 hereto of all certificates issued to such Existing
Member theretofore representing Units, one or more certificates representing the Common Stock to which such Existing Member is entitled hereunder. 

        2.03    Fractional Shares.    No fractional shares of Common Stock shall be issued to the Members. In lieu of any
fractional shares to which a Member would otherwise be entitled, the Company shall pay cash equal to such fraction multiplied by the price per share of Common Stock in the Initial Public Offering. 

        2.04    Agreements of Members.    Each Member hereby agrees (i) that the distribution of the assets of Holdings
LLC as set forth on Schedule 1 (the "Distribution") complies with the terms and conditions of the
LLC Agreement and (ii) that following the Distribution, such Member shall cease to have any rights as a member of Holdings LLC with respect to the assets of Holdings LLC, the Company or their
respective affiliates or subsidiaries, except the right to receive Common Stock as set forth on Schedule 1 hereto. 

        2.05    Termination of Agreements.    The parties hereto agree the LLC Agreement, the Unit Purchase Agreement, the
Co-Invest Purchase Agreement and the Warrant Agreement shall all be terminated as of the closing of the Initial Public Offering, and no party to any such agreement shall have any further
rights or obligations under such agreements. 

2

 

        2.06    Legend.    The certificates representing the Common Stock shall bear a legend in substantially the following
form: 

"THE
SECURITIES REPRESENTED BY THIS CERTIFICATE WERE ORIGINALLY ISSUED AS OF                        , 2004, HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
"ACT"), AND MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR AN EXEMPTION FROM REGISTRATION
THEREUNDER." 

ARTICLE III

Conditions Precedent  

        3.01    The following are conditions precedent and shall be completed no later than concurrently with the transactions contemplated by this Agreement: 

        (a)   The
closing of the Initial Public Offering. 

        (b)   The
Certificate of Incorporation of the Company shall be amended and shall be in substantially the form of  Exhibit B hereto. 

        (c)   The
Company and the Members shall have entered into an Amended and Restated Registration Rights Agreement in form and substance substantially similar to  Exhibit C hereto, and such agreement shall be in
full force and effect as of the date hereof. 

        (d)   The
Company, Holdings LLC and GTCR shall have entered into Amendment No. 1 to the Stock Purchase Agreement in form and substance substantially similar to  Exhibit D hereto, and such agreement shall
be in full force and effect as of the date hereof. 

        (e)   John
J. McDonnell, Jr., Brian Bates, Henry Graham, John J. McDonnell III, Matthew Mudd and Edward O'Brien shall each have entered into an amended and restated senior
management agreement with the Company and Transaction Network Services, Inc., a Delaware corporation, in form and substance substantially similar to Exhibit E  hereto, and each such agreement
shall be in full force and effect as of the date hereof. 

ARTICLE IV

Representations  

        4.01    In connection with the acquisition and issuance of the Common Stock, each Member represents and warrants to the Company that: 

        (a)   The
Common Stock to be acquired by such Member pursuant to this Agreement will be acquired for such Member's own account and not with a view to, or intention of,
distribution thereof in violation of the Securities Act of 1933, as amended (the "Securities Act"), or any applicable state securities laws, and the
Common Stock will not be disposed of in contravention of the Securities Act or any applicable state securities laws. 

        (b)   Such
Member has had an opportunity to ask questions and receive answers concerning the terms and conditions of the distribution of Common Stock and has had full access
to such other information concerning the Company as he has requested. 

        (c)   This
Agreement constitutes the legal, valid and binding obligation of such Member, enforceable in accordance with its terms, and the execution, delivery and performance
of this Agreement by such Member does not and will not conflict with, violate or cause a breach of any agreement, contract or instrument to which such Member is a party or any judgment, order or
decree to which such Member is subject. 

3

 

ARTICLE V

Miscellaneous  

        5.01    Amendment and Modification.    Prior to the dissolution of Holdings LLC, the provisions of this Agreement may
be modified, amended or waived only with the prior written consent of the Company and the Members holdings a majority of the outstanding units of Holdings LLC. After the dissolution of Holdings LLC,
the provisions of this Agreement may be modified, amended or waived only with the prior written consent of the Company and the Members holdings a majority of the Common Stock then held by the Members.
Notwithstanding the foregoing, no such amendment, modification or supplement shall result in any disproportionate reduction or diminution in the aggregate value of the Common Stock to be received by
any Member without the consent of such Member. 

        5.02    Counterparts.    This Agreement may be executed in two or more counterparts, 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. 

        5.03    Governing Law.    The corporate law of the State of Delaware shall govern all issues and questions concerning
the relative rights of the Company and its stockholders and of Holdings LLC and its Members. All other issues and questions concerning the construction, validity, interpretation, and enforcement of
this Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, without giving effect to any choice of law or conflict of law rules or provisions (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. 

*  *  *  *  *

4

 

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

	 	 	TNS HOLDINGS, L.L.C.
	

 	
 	

By:	
 	

 	

 
	 	 	Name:	 	 	 
	 	 	Its:	 	 	 
	 	 	 	 	

	

 	
 	

TNS, INC.
	

 	
 	

By:	
 	

 	

 
	 	 	 	 	

	 	 	Name:	 	 	 
	 	 	 	 	

	 	 	Its:	 	 	 
	 	 	 	 	

	

 	
 	

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:	

 
	 	 	 	 	 	

	 	 	 	 	Name:	 
	 	 	 	 	 	

	 	 	 	 	Its:	Principal
	

 	
 	

GTCR FUND VII/A, L.P.
	

 	
 	

By:	
 	

GTCR Partners VII/A, L.P.
	 	 	Its:	 	General Partner
	

 	
 	

 	
 	

By:	

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

 	
 	

 	
 	

By:	

 
	 	 	 	 	 	

	 	 	 	 	Name:	 
	 	 	 	 	 	

	 	 	 	 	Its:	Principal

SIGNATURE PAGES TO DISSOLUTION AGREEMENT

5

 

	 	 	GTCR CO-INVEST, L.P.
	

 	
 	

By:	
 	

GTCR Co-Invest, L.P.
	 	 	Its:	 	General Partner
	

 	
 	

 	
 	

By:	

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

 	
 	

 	
 	

By:	

 
	 	 	 	 	 	

	 	 	 	 	Name:	 
	 	 	 	 	 	

	 	 	 	 	Its:	Principal
	

 	
 	

GTCR CAPITAL PARTNERS, L.P.
	

 	
 	

By:	
 	

GTCR Mezzanine Partners, L.P.
	 	 	Its:	 	General Partner
	

 	
 	

 	
 	

By:	

GTCR Partners VI, L.P.
	 	 	 	 	Its:	General Partner
	

 	
 	

 	
 	

By:	

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

 	
 	

 	
 	

By:	

 
	 	 	 	 	 	

	 	 	 	 	Name:	 
	 	 	 	 	 	

	 	 	 	 	Its:	Principal
	

 	
 	

DUNLUCE INVESTORS III, L.L.C.
	

 	
 	

By:	
 	

 	

 
	 	 	 	 	

	 	 	Name:	 	John J. McDonnell, Jr.
	 	 	Its:	 	Managing Member
	

 	
 	

 John J. McDonnell, Jr.
	

 	
 	

 John J. McDonnell III
	
SIGNATURE PAGES TO DISSOLUTION AGREEMENT
	 	 	 	 	 	 

6

 

	

 	
 	

 Henry Graham
	

 	
 	

 Brian Bates
	

 	
 	

 Matthew Mudd
	

 	
 	

 Edward O'Brien
	

 	
 	

 Edward O'Brien
	

 	
 	

 Peter Gorog
	

 	
 	

 Larry Crompton
	

 	
 	

 James Mullen
	

 	
 	

 Paine Webber Retirement Account

    f/b/o James Mullen
	

 	
 	

 Ray Low
	

 	
 	

 Alan Stephenson-Brown
	

 	
 	

 Tim Bell
	

 	
 	

 Francis MacDonagh
	

 	
 	

 Scott Zeigler
	

 	
 	

 Mark Cole
	
SIGNATURE PAGES TO DISSOLUTION AGREEMENT
	 	 	 	 	 	 

7

 

	

 	
 	

 McDonnell & Associates, L.P.
	

 	
 	

 Sheila McDonnell Bates
	

 	
 	

 Kerry McDonnell Mudd
	

 	
 	

 Kevin McDonnell
	

 	
 	

 M. Jacqueline McDonnell
	

 	
 	

 Michael Keegan
	

 	
 	

 James McLaughlin
	

 	
 	

HELLER FINANCIAL, INC.
	

 	
 	

By:	
 	

 	

 
	 	 	 	 	

	 	 	Name:	 	 	 
	 	 	 	 	

	 	 	Its:	 	 	 
	 	 	 	 	

SIGNATURE PAGES TO DISSOLUTION AGREEMENT  

8

QuickLinks

Exhibit 4.4

FORM OF DISSOLUTION AGREEMENT

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