Document:

QuickLinks
 -- Click here to rapidly navigate through this document

EXHIBIT 10.9  

 
 

NEW YORK & COMPANY, INC.
  
    AMENDED AND RESTATED
  
    2002 STOCK OPTION PLAN    
    

NEW YORK & COMPANY, INC.

AMENDED AND RESTATED

2002 STOCK OPTION PLAN  

ARTICLE I

Purpose of Plan  

        This
Stock Option Plan (the "Plan") of New York & Company, Inc. (f/k/a NY & Co. Group, Inc.), a Delaware
corporation (the "Company"), originally adopted by the Board of Directors of the Company on November 27, 2002, and amended and restated as of
                        , 2004 for directors, officers, and employees, and certain other individuals who perform services
for, or to whom an offer of employment has
been extended by, the Company and its Subsidiaries, is intended to advance the best interests of the Company by providing those persons who have a substantial responsibility for its management and
growth, including employees, consultants, and other service providers, with additional incentives by allowing them to acquire an ownership interest in the Company and thereby encouraging them to
contribute to the success of the Company and to remain in its employ. The availability and offering of stock options under the Plan also is intended to increase the Company's ability to attract and
retain individuals of exceptional managerial talent upon whom, in large measure, the sustained progress, growth and profitability of the Company depends. Grants of incentive and
non-qualified stock options or any combination of the foregoing may be made under the Plan. 

ARTICLE II

Definitions  

        For
purposes of the Plan, except where the context clearly indicates otherwise, the following terms shall have the meanings set forth below: 

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

        "Cause" unless otherwise defined in an Employment Agreement between the Participant and the Company or one or more of its Subsidiaries,
shall have the meaning set forth in the applicable Option Agreement. 

        "Code" means the Internal Revenue Code of 1986, as amended, and any successor statute. 

        "Committee" shall mean the Compensation Committee of the Board, or such other committee of the Board that may be designated by the Board
to administer the Plan. The Committee shall be composed of two or more directors as appointed from time to time to serve by the Board. 

        "Common Stock" shall mean the Company's Common Stock, par value $0.01 per share, or, in the event that the outstanding Common Stock is
hereafter changed into or exchanged for different stock or securities of the Company, such other stock or securities. 

        "Disability" unless otherwise defined in an Employment Agreement between the Participant and the Company or one or more of its
Subsidiaries, shall mean that a Participant, as determined by the Board in its good faith judgment, is unable to perform, by reason of physical or mental incapacity, his duties or obligations as an
employee of the Company or any of its Subsidiaries, for a period of 90 consecutive days or a total period of 120 days in any 365 day period. 

        "Employment Agreement" means any agreement by and between a Participant and the Company or one or more of its Subsidiaries. 

        "Exchange Act" means the Securities Exchange Act of 1934, as amended. 

        "Good Reason" unless otherwise defined in an Employment Agreement between the Participant and the Company or one or more of its
Subsidiaries, shall have the meaning set forth in the applicable Option Agreement. 

        "Fair Market Value" of a share of Common Stock of the Company means, as of the date in question, the officially-quoted closing selling
price of the stock (or if no selling price is quoted, the bid price) on the principal securities exchange on which the Common Stock is then listed for trading (including for this purpose the Nasdaq
National Market) (the "Market") for the applicable trading day 

 

or,
if the Common Stock is not then listed or quoted in the Market, the Fair Market Value shall be the fair value of the Common Stock determined in good faith by the Board. 

        "Incentive Stock Option" means an Option conforming to the requirements of Section 422 of the Code and any successor thereto. 

        "Non-Employee Director" has the meaning given to such term in Rule 16b-3 under the Exchange Act and any
successor thereto. 

        "Non-Qualified Stock Option" means any Option other than an Incentive Stock Option. 

        "Option Agreement" shall have the meaning set forth in Section 6.3. 

        "Options" means Incentive Stock Options and Non-Qualified Stock Options. 

        "Participant" means those directors (including Non-Employee Directors), officers (including non-employee officers)
and employees of, and other individuals performing services for, or to whom an offer of employment has been extended by, the Company and its Subsidiaries selected by the Committee to participate in
the Plan (including Participants located outside the United States). Notwithstanding anything to the contrary contained herein, the class of persons eligible to receive Incentive Stock Options, to the
extent they are allowed to receive such Incentive Stock Options pursuant to Section 422 of the Code, and any successor thereto, shall consist of directors (including, if allowed,
Non-Employee Directors), officers (including, if allowed, non-employee officers) and salaried employees of, and other individuals performing services for, or to whom an offer
of salaried employment has been extended by, the Company and its Subsidiaries selected by the Committee to participate in the Plan (including Participants located outside the United States). 

        "Person" means an individual, a partnership, a corporation, a limited liability company, 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. 

        "Subsidiary" means a corporation or other entity of which outstanding shares or ownership interests representing 50% or more of the
combined voting power of such corporation or other entity entitled to elect the management thereof, or such lesser percentage as may be approved by the Committee, are owned directly or indirectly by
the Company. 

ARTICLE III

Administration  

        The
Plan shall be administered by the Committee; provided that the Board may, in its discretion, at any time and from time to time,
resolve to administer the Plan, in which case the term "Committee" shall be deemed to mean the Board for all purposes herein. Subject to the limitations
of the Plan, the Committee shall have the authority to: (i) select Participants, (ii) grant Options to Participants in such forms and amounts as it shall determine, (iii) impose
such limitations, restrictions and conditions upon such Options as it shall deem appropriate, (iv) certify that the limitations, instructions or conditions applicable to any grant have been
met, (v) subject to Section 6.11, modify the terms of grants made under the Plan, (vi) interpret the Plan and adopt, amend and rescind administrative guidelines and other rules
and regulations relating to the Plan, (vii) correct any defect or omission or reconcile any inconsistency in the Plan or in any Option granted hereunder and (viii) make all other
determinations and take all other actions necessary or advisable for the implementation and administration of the Plan. The Committee's determinations on matters within its authority shall be in the
sole discretion of the Committee and shall be conclusive and binding upon the Participants, the Company and all other Persons. The validity, construction and effect of the Plan and any rules and
regulations relating to the Plan shall be determined in accordance with applicable federal and state laws and rules and regulations promulgated pursuant thereto. No member of the Committee and no
officer of the Company shall be liable for any action taken or omitted to be taken by such member, by any other member of the Committee or by any officer of the Company in connection with the
performance of duties under the 

3

 

Plan,
except for such person's own willful misconduct or as expressly provided by statute. All expenses associated with the administration of the Plan shall be borne by the Company. The Committee may,
as approved by the Board and to the extent permissible by law, delegate any of its authority hereunder to such persons as it deems appropriate. 

ARTICLE IV

Limitation on Aggregate Shares  

        The number of shares of Common Stock with respect to which Options may be granted under the Plan and which may be issued upon the exercise thereof shall not
exceed, in the aggregate, 12,725,484 shares; provided that the type and the aggregate number of shares which may be subject to Options shall be subject
to adjustment in accordance with the provisions of Section 6.8 below; and further provided that to the extent any Options expire unexercised or
are canceled, terminated or forfeited in any manner, without the issuance of Common Stock thereunder, such shares shall again be available under the Plan. The 12,725,484 shares of Common Stock
available under the Plan may be either authorized and unissued shares, treasury shares or a combination thereof, as the Committee shall determine. 

        Without
limiting the generality of the foregoing provisions of this Article IV or the generality any other section of this Plan, the Committee may, at any time or from time to
time, and on such terms and conditions (that are consistent with and not in contravention of the other provisions of this Plan) as the Committee may, in its sole discretion, determine, enter into
agreements (or take other actions with respect to the Options) for new Options containing terms (including exercise prices) more (or less) favorable than the outstanding Options. 

ARTICLE V

Awards  

        5.1    Options.    The Committee may grant Options to Participants in accordance with this Article V. In any
one year, the Committee shall not grant to any one Participant Options to purchase a number of shares of Common Stock in excess of 1.5% of the total number of shares of Common Stock authorized under
the Plan pursuant to Article IV. 

        5.2    Grants.    Incentive Stock Options or Non-Qualified Stock Options may be granted to such persons
and for such number of shares of Common Stock as the Committee shall determine. A grant of any type made hereunder in any one year to an eligible Participant shall neither guarantee nor preclude a
further grant of that or any other type to such Participant in that year or subsequent years. 

        The
Committee may from time to time grant to eligible Participants Incentive Stock Options, Non-Qualified Stock Options, or any combination thereof;  provided that the Committee
may grant Incentive Stock Options only to eligible employees of the Company or its subsidiaries (as defined for this purpose in Section 424(f) of the Code or any successor thereto). The Options
granted shall take such form as the Committee shall determine, subject to the following terms and conditions. 

4

 

        It
is the Company's intent that Non-Qualified Stock Options granted under the Plan not be classified as Incentive Stock Options, that Incentive Stock Options be consistent
with and contain or be deemed to contain all provisions required under Section 422 of the Code and any successor thereto, and that any ambiguities in construction be interpreted in order to
effectuate such intent. If an Incentive Stock Option granted under the Plan does not qualify as such for any reason, then to the extent of such non-qualification, the stock option
represented thereby shall be regarded as a Non-Qualified Stock Option duly granted under the Plan, provided that such stock option otherwise
meets the Plan's requirements for Non-Qualified Stock Options. 

        5.3    Price.    The price per share of Common Stock deliverable upon the exercise of each Option (the
"Exercise Price") shall be established by the Committee, except that in the case of the grant of any Incentive Stock Option, the Exercise Price may not
be less than 100% of the Fair Market Value of a share of Common Stock as of the date of grant of the Option, and in the case of the grant of any Incentive Stock Option to an employee who, at the time
of the grant, owns more than 10% of the total combined voting power of all classes of stock of the Company or any of its Subsidiaries, the Exercise Price may not be less than 110% of the Fair Market
Value of a share of Common Stock as of the date of grant of the Option, in each case unless otherwise permitted by Section 422 of the Code or any successor thereto. 

        5.4    Exercisability.    Options shall be exercisable at such time or times as the Committee shall determine at or
subsequent to the date of grant. Except as otherwise provided in Section 6.2 in connection with acceleration events or certain occurrences of termination, no Option granted under this Plan
after                         , 2004, to an officer or director of the Company may be exercised, and no restrictions
relating thereto may lapse, within six months of
the date of such grant if (i) the requirements of Exchange Act Rule 16b-3(d)(1) were not satisfied with respect to the issuance of such Option and (ii) the Committee
has not otherwise waived such limitation. 

        5.5    Payment of Exercise Price.    

        (a)   Options
shall be exercised in whole or in part by written notice to the Company (to the attention of the Company's Secretary) accompanied by payment in full of the
Exercise Price. Payment of the Exercise Price shall be made in cash (including check, bank draft or money order). 

        (b)   Notwithstanding
Section 5.5(a), the Company shall not issue fractional shares of Common Stock upon the exercise of
any Option. In the event of the exercise of an Option for a fractional share of Common Stock, the Company shall deliver to the exercising Participant, in lieu of such fractional share, an amount in
cash equal to the product of (a) the applicable fractional amount of a whole share of Common Stock (expressed as a decimal number) multiplied by (b) the Fair Market Value of a whole
share of Common Stock on the date of exercise. 

        5.6    Terms of Options.    The term during which each Option may be exercised shall be determined by the Committee,
but if required by the Code and except as otherwise provided herein, no Option shall be exercisable in whole or in part more than ten years from the date it is granted, and no Incentive Stock Option
granted to an employee who at the time of the grant owns more than 10% of the total combined voting power of all classes of stock of the Company or any of its Subsidiaries shall be exercisable more
than five years from the date it is granted. All rights to purchase Common Stock pursuant to an Option shall, unless sooner terminated, expire at the date designated by the Committee. The Committee
shall determine the date on which each Option shall become exercisable and may provide that an Option shall become exercisable in installments. The Common Stock constituting each installment may be
purchased in whole or in part at any time after such installment becomes exercisable, subject to such minimum exercise requirements as may be designated by the Committee. Prior to the exercise of an
Option and delivery of the Common Stock represented thereby, the Participant shall have no rights as a stockholder with respect to any Common Stock covered by such outstanding Option (including any
dividend or voting rights). 

5

 

        5.7    Limitations on Grants.    If required by the Code, the aggregate Fair Market Value (determined as of the grant
date) of Common Stock for which an Incentive Stock Option is exercisable for the first time during any calendar year under all equity incentive plans of the Company and its Subsidiaries (as defined in
Section 422 of the Code or any successor thereto) may not exceed $100,000. 

ARTICLE VI

General Provisions  

        6.1    Conditions and Limitations on Exercise.    Options may be made exercisable in one or more installments, upon
the happening of certain events, upon the passage of a specified period of time, upon the fulfillment of certain conditions or upon the achievement by the Company of certain performance goals, as the
Committee shall decide in each case when the Options are granted. 

        6.2    Acceleration Events.    In the event of the sale of the Company or a registered public offering of equity
securities, the Committee may provide, in its discretion, that the Options shall become immediately exercisable by selected Participants who are employed by the Company or any of its Subsidiaries at
the time of such event or that such Options shall terminate if not exercised as of the date of any such event. 

        6.3    Written Agreement.    Each Option granted hereunder to a Participant shall be embodied in a written agreement
(an "Option Agreement") which shall be signed by the Participant and by an authorized officer of the Company for and in the name and on behalf of the
Company and shall be subject to the terms and conditions of the Plan prescribed in the Option Agreement. 

        6.4    Listing, Registration and Compliance with Laws and Regulations.    Options shall be subject to the requirement
that if at any time the Committee shall determine, in its discretion, that the listing, registration or qualification of the Common Stock subject to the Options upon any securities exchange or under
any state or federal securities or other law or regulation, or the consent or approval of any governmental regulatory body, is necessary or desirable as a condition to or in connection with the
granting of the Options or the issuance or purchase of shares thereunder, no Options may be granted or exercised, in whole or in part, unless such listing, registration, qualification, consent or
approval shall have been effected or obtained free of any conditions not acceptable to the Committee. The holders of such Options shall supply the Company with such certificates, representations and
information as the Company shall request and shall otherwise cooperate with the Company in obtaining such listing, registration, qualification, consent or approval. In the case of officers and other
Persons subject to Section 16(b) of the Exchange Act, the Committee may at any time impose any limitations upon the exercise of an Option that, in the Committee's discretion, are necessary or
desirable in order to comply with such Section 16(b) and the rules and regulations thereunder. If the Company, as part of an offering of securities or otherwise, finds it desirable because of
federal or state regulatory requirements to reduce the period during which any Options may be exercised, the Committee, may, in its discretion and without the Participant's consent, so reduce such
period on not less than 15 days written notice to the holders thereof. 

        6.5    Nontransferability.    Options may not be transferred other than by will or the laws of descent and
distribution and, during the lifetime of the Participant, may be exercised only by such Participant (or his legal guardian or legal representative). In the event of the death of a Participant,
exercise of Options granted hereunder shall be made only: (i) by the executor or administrator of the deceased Participant or the Person or Persons to whom the deceased Participant's rights
under the Option shall pass by will or the laws of descent and distribution; and (ii) to the extent that the deceased Participant was entitled thereto at the date of his death, unless otherwise
provided by the Committee in such Participant's Option Agreement. All provisions of this Plan shall in any event continue to apply to any Option granted under the Plan and transferred as permitted by
this Section 6.5, and any transferee of any such Options shall be bound by all provisions of this Plan as and to the same extent as the applicable original Participant. 

6

 

        6.6    Expiration of Options.    

        (a)    Normal Expiration.    In no event shall any part of any Option be exercisable after the date of expiration
thereof, as determined by the Committee pursuant to Section 5.6 above. 

        (b)    Early Expiration Upon Termination of Employment.    Except as otherwise provided by the Committee in the Option
Agreement, any portion of the Option that was not vested and exercisable on the date the applicable Participant's employment with the Company or any of its Subsidiaries terminated shall expire and be
forfeited on such date, and any portion of the Option that was vested and exercisable on the date such Participant's employment with the Company or any of its Subsidiaries terminated shall also expire
and be forfeited on such date; provided that if the termination was other than for Cause, the portion of the Option that is vested as of the date of
such termination shall expire and be forfeited at midnight ninety (90) days from the date of such termination. 

        6.7    Withholding of Taxes.    The Company shall be entitled, if necessary or desirable, to withhold from any
Participant from any amounts due and payable by the Company to such Participant (or secure payment from such Participant in lieu of withholding) the amount of any withholding or other tax due from the
Company with respect to any shares issuable under the Options, and the Company may defer such issuance unless indemnified to its satisfaction. 

7

   
        6.8    Adjustments.    In the event of a reorganization, recapitalization, stock dividend or stock split, or
combination or other change in the shares of Common Stock, the Board or the Committee may, in order to prevent the dilution or enlargement of rights under outstanding Options, make such adjustments in
the number and type of shares authorized by the Plan, the number and type of shares covered by outstanding Options and the exercise prices specified therein as may be determined to be appropriate and
equitable. 

        6.9    Rights of Participants.    Nothing in the Plan or in any Option Agreement shall confer any right on a
Participant to continue in the employ as a director or officer of or in the performance of services for the Company or its Subsidiaries or shall interfere in any way with the right of the Company or
its Subsidiaries to terminate the employment (with or without Cause) or performance of services or to reduce the compensation or responsibilities of a Participant at any time, and except as otherwise
provided under this Plan or by the Committee in the Option Agreement, in the event of any Participant's termination of employment with the Company and its Subsidiaries (including, but not limited to,
the termination by the Company or any Subsidiary thereof without Cause or by either party due to the Participant's death or Disability) any portion of such Participant's Option that was not previously
vested and exercisable shall expire and be forfeited as of the date of such termination. By accepting any award under the Plan, each Participant and each Person claiming under or through such
Participant shall be conclusively deemed to have indicated such Person's acceptance and ratification of, and consent to, any action taken under the Plan by the Company, the Board or the Committee.
Determinations made by the Committee under the Plan need not be uniform and may be made selectively among eligible individuals under the Plan, whether or not such individuals are similarly situated.
No Person shall have the right to be selected as a Participant or, having been so selected, to be selected again as a Participant. 

        6.10    Amendment, Suspension and Termination of Plan.    The Board or the Committee may suspend or terminate the Plan
or any portion thereof at any time and may amend it from time to time in such respects as the Board or the Committee may deem advisable; provided that
no such amendment shall be made without stockholder approval to the extent such approval is required by law (including, but not limited to, any requirement under the provisions of Section 422
of the Code or any successor thereto), agreement or the rules of any exchange upon which the Common Stock is listed, and no such amendment, suspension or termination shall impair the rights of
Participants under outstanding Options without the consent of the Participants affected thereby. No Options shall be granted hereunder after the tenth anniversary of the adoption of the Plan. 

        6.10    Amendment, Modification and Cancellation of Outstanding Options.    The Committee may amend or modify any
Option in any manner to the extent that the Committee would have had the authority under the Plan initially to grant such Option; provided, that, except
as otherwise provided in Section 6.8, no such amendment or modification shall adversely affect in a material manner the rights of any
Participant under any grant without the written consent of such Participant. With the Participant's consent, the Committee may cancel any Option and issue a new Option to such Participant. 

        6.11    Indemnification.    In addition to such other rights of indemnification as they may have as members of the
Board or the Committee, the members of the Committee shall be indemnified by the Company against all costs and expenses reasonably incurred by them in connection with any action, suit or proceeding to
which they or any of them may be party by reason of any action taken or failure to act under or in connection with the Plan or any Option granted thereunder, and against all amounts paid by them in
settlement thereof (provided such settlement is approved by independent legal counsel selected by the Company) or paid by them in satisfaction of a judgment in any such action, suit or proceeding;  provided that any such Committee member shall be entitled to the indemnification rights set forth in this Section 6.12 only if such member has
acted in good faith and in a manner that such member reasonably believed to be in or not opposed to the best interests of the Company and, with respect to any criminal action or proceeding, had no
reasonable cause to believe that such conduct was unlawful; and further provided that upon the institution of any such action, suit or proceeding a
Committee member shall give the Company written notice thereof and an opportunity, at its own expense, to handle and defend the same before such Committee member undertakes to handle and defend it on
his own behalf. 

*    *    *    *

8

QuickLinks

NEW YORK & COMPANY, INC. AMENDED AND RESTATED 2002 STOCK OPTION PLAN<Page>

                                                                Exhibit 10.1

                         AGREEMENT OF PURCHASE AND SALE

                                     BETWEEN

                               IPCS WIRELESS, INC.

                                    AS SELLER

                             TCP COMMUNICATIONS LLC

                                  AS PURCHASER

                                September 8, 2004

<Page>

                                TABLE OF CONTENTS

<Table>
<Caption>
                                                                                      Page
                                                                                      ----
<S>                                                                                     <C>
ARTICLE I DEFINITIONS....................................................................1

         1.1      Definitions............................................................1

ARTICLE II PURCHASE AND SALE............................................................13

         2.1      Purchase and Sale of Assets...........................................13
         2.2      Assumed Liabilities...................................................13
         2.3      Excluded Assets.......................................................14
         2.4      Lease of Portion of Tower Sites.......................................14
         2.5      Condition of Tower Sites..............................................14
         2.6      Ground Leases and Third Party Lessee Leases...........................15
         2.7      Third Party Contracts.................................................16
         2.8      Purchaser's Right to Access Tower Sites...............................16
         2.9      Certain Apportionments................................................17
         2.10     Bulk Sales Waiver.....................................................18

ARTICLE III PURCHASE PRICE..............................................................18

         3.1      Purchase Price and Payment............................................18
         3.2      Deposit...............................................................20
         3.3      Allocation of Purchase Price..........................................20

ARTICLE IV CONDITIONS PRECEDENT.........................................................20

         4.1      Conditions to Obligation to Sell a Tower Site.........................20
         4.2      Conditions to Purchaser's Obligation to Purchase a Tower Site.........21
         4.3      Excluded Sites........................................................22
         4.4      Right to Terminate....................................................23

ARTICLE V DUE DILIGENCE.................................................................23

         5.1      Due Diligence Review..................................................23

ARTICLE VI CLOSINGS.....................................................................23

         6.1      Closings..............................................................23
         6.2      Deliveries by Seller..................................................24
         6.3      Deliveries by Purchaser...............................................26
         6.4      Closing Costs.........................................................27
         6.5      Pending Tower Sites...................................................28
         6.6      Additional Closings...................................................28
         6.7      Excluded Sites........................................................29
         6.8      Additional Information................................................29
</Table>

                                        i
<Page>

<Table>
<S>                                                                                     <C>
ARTICLE VII REPRESENTATIONS, WARRANTIES AND COVENANTS...................................30

         7.1      Representations and Warranties By Seller..............................30
         7.2      Seller's Covenants....................................................32
         7.3      Representations and Warranties By Purchaser...........................33
         7.4      Purchaser's Covenants.................................................34
         7.5      Definitions of "Knowledge" and "Belief"...............................35
         7.6      Covenant of Seller and Purchaser Regarding Consents...................35
         7.7      Limitations on Seller's Representations and Warranties................36

ARTICLE VIII RISK OF LOSS...............................................................36

         8.1      Casualty Loss.........................................................36

ARTICLE IX ADDITIONAL AGREEMENTS........................................................37

         9.1      Revenue Sharing.......................................................37

ARTICLE X TERMINATION...................................................................38

         10.1     Termination...........................................................38

ARTICLE XI INDEMNIFICATION..............................................................41

         11.1     Indemnification.......................................................41
         11.2     Time Limitations for Indemnification Claim............................43
         11.3     Notice of Claim for Indemnification; Defense of Claims................43
         11.4     Mitigation............................................................43
         11.5     Exclusive Remedy......................................................44

ARTICLE XII MISCELLANEOUS...............................................................44

         12.1     Successors and Assigns................................................44
         12.2     Entire Agreement......................................................44
         12.3     Costs and Expenses....................................................44
         12.4     Headings..............................................................44
         12.5     Recitals..............................................................44
         12.6     Notices...............................................................44
         12.7     Assignment............................................................45
         12.8     Severability..........................................................46
         12.9     Construction..........................................................46
         12.10    No Joint Venture......................................................47
         12.11    Arbitration...........................................................47
         12.12    Counterparts..........................................................48
         12.13    Enforcement...........................................................48
         12.14    Governing Law.........................................................48
         12.15    Time of the Essence...................................................48
         12.16    Press Releases........................................................48
         12.17    Further Assurances....................................................49
</Table>

                                       ii
<Page>

SCHEDULES AND EXHIBITS

Schedule 1.1A     Excluded Liabilities
Schedule 1.1B     Included Third Party Leases
Schedule 1.1C     Permitted Liens
Schedule 1.1D     Tower Identification
Schedule 2.6.1    Ground Leases and Third Party Lessee Leases
Schedule 2.6.2    Third Parties in Negotiation
Schedule 2.7.1    Third Party Contracts
Schedule 4.2.9    Zoning, FAA and FCC Matters
Schedule 6.2.5    Memorandum of Lease Exceptions
Schedule 7.1.3    Required Consents
Schedule 7.1.6    Contracts
Schedule 7.1.8    Ground Lease Consents
Schedule 7.1.9    Third Party Lessee Leases Consents
Schedule 7.1.10   Compliance with Laws
Schedule 7.1.11   Eminent Domain
Schedule 7.1.14   Environmental Matters
Schedule 7.3.3    Purchaser's Legal Authority
Schedule 7.3.4    Purchaser's Broker or Finder
Schedule 7.5      Persons with Knowledge or Belief
Schedule 9.1      Revenue Sharing
Schedule 9.3      Lighted Tower Sites

Exhibit A         Master Leaseback Agreement
Exhibit 2.6.2     Approved Terms for Ground Leases and Third Party Lessee Leases
Exhibit 3.2       Deposit Escrow Agreement
Exhibit 4.1.3     Non-Disturbance Agreement
Exhibit 6.2.1.a   Warranty Bill of Sale and General Assumption Agreement
Exhibit 6.2.1.b   Assignment and Assumption of Ground Lease Agreement
Exhibit 6.2.1.c   Assignment of Third Party Lessee Leases Agreement
Exhibit 6.2.1.d   Assignment of Third Party Contracts
Exhibit 6.2.6     Seller's Officer Certificate
Exhibit 6.3.7     Purchaser's Officer Certificate
Exhibit 7.4.4     Confidentiality Agreement

                                       iii
<Page>

                         AGREEMENT OF PURCHASE AND SALE

     THIS AGREEMENT OF PURCHASE AND SALE is made and entered into this 8th day
of September, 2004 between iPCS Wireless, Inc., a Delaware corporation
("SELLER"), and TCP COMMUNICATIONS LLC, a Delaware limited liability company
("PURCHASER").

                                    RECITALS

     A.        Seller is engaged in the business of providing wireless
communication services;

     B.        Seller has acquired or leased certain parcels of real property on
which the Seller has constructed Seller Towers and Associated Tower Improvements
(such terms and other capitalized terms being used as defined in SECTION 1.1)
for use in connection with the Seller's business;

     C.        Seller desires to sell and assign to Purchaser and Purchaser
desires to purchase and assume from the Seller the Assets, all in accordance
with the provisions of this Agreement; and

     D.        Contemporaneously with the consummation of such sale and
assignment, the Seller desires to lease back from Purchaser certain portions of
the Tower Sites.

                                    AGREEMENT

     For and in consideration of the premises and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereby agree as follows:

                                    ARTICLE I
                                   DEFINITIONS

     1.1       DEFINITIONS. As used in this Agreement, the following capitalized
terms shall have the following meanings:

               AAA has the meaning set forth in SECTION 12.11.2.

               ACCOUNTING FIRM has the meaning set forth in SECTION 2.9.

               ADDITIONAL CLOSING has the meaning set forth in SECTION 6.6.

               ADDITIONAL CLOSING DATE means such date as is not more than five
(5) Business Days following satisfaction of all of the conditions to an
Additional Closing.

               AFFILIATE means any Entity that controls, is controlled by, or is
under common control with another Entity. As used herein, "control" means the
ownership, directly or indirectly, of sufficient voting interests of an Entity,
or otherwise the possession, directly or indirectly, of the power to direct or
cause the direction of the management and policies of an entity, whether through
the ownership of voting securities, by contract or otherwise. A

                                        1
<Page>

presumption of control shall exist if an Entity owns or has the ability to
direct 10% or more of another Entity's voting interests.

               AGREEMENT means this Agreement of Purchase and Sale, including
the recitals and all exhibits and schedules attached hereto.

               ALLOCATION SCHEDULE has the meaning set forth in SECTION 3.3.

               "ANOI" means annual net operating income, calculated as the
"INCLUDED REVENUE" minus "INCLUDED EXPENSES" determined in accordance with
generally accepted accounting principles consistently applied on an accrual
basis as they apply to "INCLUDED LEASES"

               APPURTENANT EASEMENTS means all of the Seller's rights, title and
interest, if any, in all easements and licenses on or over, and all agreements
providing access to or relating to the use of land and improvements, other than
the Seller Leaseholds, Seller Towers, Seller Fee Interests and Associated Tower
Improvements, which benefit and are used in connection with the Seller
Leaseholds, Seller Towers, Seller Fee Interests and Associated Tower
Improvements, including, without limitation, all easements, licenses and
agreements providing access to the Seller Leaseholds from public streets, roads
and ways; all easements, licenses and agreements for location, maintenance,
repair and replacement of and for cables, utilities, utility lines, guy wires
and anchors; and all easements, licenses and agreements for parking.

               ASSETS means the Seller's rights, title and interest in the Tower
Sites, but shall exclude the Excluded Assets.

               ASSOCIATED TOWER IMPROVEMENTS means the Seller's rights, title
and interest in improvements to the Tower Sites, which shall exclude, without
limitation, the Seller Equipment.

               ASSUMED LIABILITIES has the meaning set forth in SECTION 2.2.

               BANKRUPTCY CODE means 11 U.S.C. 101 ET SEQ., as the same may be
amended, from time to time.

               BELIEF has the meaning set forth in SECTION 7.5.

               BUSINESS DAY means any day other than a Saturday, Sunday or
holiday of the federal government of the United States of America.

               CLOSING means the Initial Closing and each Additional Closing, as
applicable.

               CLOSING DATE means the Initial Closing Date as well as each date
on which an Additional Closing shall occur, as applicable.

               CODE means the Internal Revenue Code of 1986, as amended, and the
regulations thereunder.

               COMMUNICATIONS EQUIPMENT means equipment used in a communications
system including, without limitation, wireless communications antennae, coaxial
cables, wireless

                                        2
<Page>

communications equipment boxes, wireless communications transmission equipment,
electronic equipment, microwave dishes and any tower light controller.

               CONSENTS means all (i) Real Estate Consents, (ii) other Private
Approvals and (iii) other Governmental Approvals.

               CONTRACT means any written contract, agreement, lease, license
for tower space, instrument or other commitment that is related to the Assets.
"CONTRACTS" include, without limitation, all Third Party Lessee Leases, Ground
Leases, Third Party Contracts and Appurtenant Easements.

               DAMAGES has the meaning set forth in SECTION 11.1.1.

               DAY means a calendar day unless specifically stated to be a
Business Day.

               DEPOSIT has the meaning set forth in SECTION 3.2 or, with respect
to ARTICLES X AND XI, shall mean the portion of the Deposit remaining in escrow
with the Escrow Agent at the relevant date.

               DEPOSIT ESCROW has the meaning set forth in SECTION 3.2.

               DEPOSIT ESCROW AGENT has the meaning set forth in SECTION 3.2.

               DEPOSIT ESCROW AGREEMENT has the meaning set forth in
SECTION 3.2.

               DISPUTE has the meaning set forth in SECTION 12.11.1.

               DUE DILIGENCE DISCS shall mean those certain CD-ROM discs
containing due diligence information and provided by Seller to Purchaser as
attachments to this Agreement, which such information is true, correct and
complete through the date on which it was provided, in all material respects.

               DUE DILIGENCE REVIEW shall mean, with respect to each Tower Site:

                    (a)   TWENTY DAY DUE DILIGENCE ITEMS. Purchaser shall have
                          until September 15, 2004 to review and approve the
                          following matters with respect to each Tower Site (the
                          "Twenty Day Due Diligence Period"):

                          (i)   GROUND LEASE. During the Twenty Day Due
                                Diligence Period, the Purchaser may specify in
                                writing its rejection of any Tower Site in the
                                event that the Ground Lease for such Tower Site
                                contains provisions which have a Material
                                Adverse Effect on Purchaser's anticipated use of
                                such Tower Site, including but not limited to
                                the following: ground lessor termination rights,
                                ground lease rent or payment escalations
                                provisions not in line with usual and customary
                                escalations, restrictions on the ability of the

                                        3
<Page>

                                ground lessee to assign or sublease the demised
                                premises or require ground lessor consent or
                                approval which may be unreasonably withheld, the
                                demised area is insufficient for the continued
                                operation and contemplated co-location or
                                additional tenants, the ground lease lacks
                                appropriate indemnification of ground lessee for
                                environmental conditions and events, ground
                                lessor is not obligated to provide landlord lien
                                waivers in usual and customary form and/or
                                ground lessee does not have the right to
                                mortgage or otherwise secure financing using the
                                ground lease as security for same.

                          (ii)  TENANT LEASES AND LICENSES. During the Twenty
                                Day Due Diligence Period, the Purchaser may
                                specify in writing its rejection of any Tower
                                Site in the event that any Third Party Lessee
                                Lease in relation to such Tower Site contains
                                provisions which have a Material Adverse Effect
                                on Purchaser's anticipated use of such Tower
                                Site, including but not limited to the
                                following: tenant termination rights except in
                                the event of either (a) tenant loss of FCC
                                licenses, (b) unresolved radio interference, or
                                (c) default by lessor, tenant control over other
                                activities within such Tower Site, area leased
                                or licensed is so large as to interfere with
                                prospective co-location opportunities, under
                                market rent or license payments, under market
                                rent or license escalations, no requirement that
                                tenants provide lien waivers, and/or no right to
                                require tenant to provide estoppels upon
                                landlord request.

                          True, correct and complete copies of each Ground Lease
                          for each Tower Site, including all amendments and
                          modifications thereof, are included on the Due
                          Diligence Discs. In addition, Seller shall make
                          available to Purchaser for review and copying, all
                          Third Party Lessee Leases. In the event of any
                          conflict or difference between the information on
                          either the Due Diligence Discs or the Third Party
                          Lessee Leases and any executed landlord estoppel or
                          tenant estoppel in relation to any Tower Site which
                          results in a Material Adverse Effect on Purchaser's
                          anticipated use of such Tower Site, Purchaser shall
                          have five (5) Business Days from its receipt of such
                          estoppel to object to such Tower Site based upon such
                          conflict or different information.

                    (b)   THIRTY-FIVE DAY DUE DILIGENCE ITEMS. Purchaser shall
                          have a Thirty-Five (35) day period commencing on
                          August 23, 2004 to review and approve the following
                          matters with respect to each Tower Site (the
                          "Thirty-Five Day Due Diligence Period"):

                                        4
<Page>

                          (i)   ENVIRONMENTAL: During the Thirty-Five Day Due
                                Diligence Period, Purchaser may reject any Tower
                                Site upon written notice to Seller in the event
                                that it is unsatisfied, in the exercise of its
                                sole, unfettered and unreviewable discretion,
                                with any information or state of events
                                regarding the environmental condition or
                                contamination of any such Tower Site.

                          (ii)  FEDERAL GOVERNMENT REGULATORY FILINGS OR
                                APPROVALS. During the Thirty-Five Day Due
                                Diligence Period, the Purchaser may reject any
                                Tower Site in the event that such Tower Site
                                lacks any required federal government approval,
                                authorization, permit, license or other
                                notification filing, including but not limited
                                to any approval, authorization, permit, license
                                or other notification from the Federal
                                Communications Commission, Federal Aviation
                                Administration, National Environmental Policy
                                Act or NOTAMS, which will result in a Material
                                Adverse Effect on Purchaser's anticipated use of
                                such Tower Site.

                          (iii) STRUCTURAL AND FOUNDATION. During the Thirty-
                                Five Day Due Diligence Period, the Purchaser may
                                reject any Tower Site in the event that the
                                Tower on such Tower Site is not Structurally
                                Sound. For purposes of this Agreement,
                                "STRUCTURALLY SOUND" shall mean a Tower that,
                                without the need for any material modification
                                or material repair, can accommodate: (A)
                                Seller's use of the Reserved Capacity (as
                                defined in the Master Leaseback Agreement) of
                                such Tower and (B) the actual or contractually
                                pending use by an existing third party carrier,
                                other than Seller, of the Tower. Prior to the
                                Closing for a Tower Site, Seller shall have the
                                right to modify the number, types, or height of
                                its antennas and lines to ensure that the Tower
                                is Structurally Sound or to otherwise satisfy
                                any condition to Closing, only with prior,
                                written consent of the Purchaser, which consent
                                shall not be unreasonably withheld or delayed,
                                but need not be given in the event any such
                                changes have a Material Adverse Effect on the
                                ability of Purchaser to operate and use the
                                Tower for co-location of cellular and/or PCS
                                Communications Equipment.

                    (c)   FORTY-FIVE DAY DUE DILIGENCE ITEMS. Purchaser shall
                          have a Forty-Five (45) day period commencing on August
                          23, 2004 to review and approve the following matters
                          with respect to each Tower Site (the "Forty-Five Day
                          Due Diligence Period"):

                                        5
<Page>

                          (i)   ZONING AND PERMITTING. During the Forty-Five Day
                                Due Diligence Period, the Purchaser may reject
                                any Tower Site in the event that Seller does not
                                have any and all required zoning, planning, use
                                and other permits, approvals, authorizations and
                                the like (excluding those described above in
                                Section (b)(ii), above) which are required or
                                necessary to continue operations as currently
                                conducted, to the extent that the non-existence
                                of such permits, approvals or authorizations
                                results in a Material Adverse Effect on
                                Purchaser's anticipated use of such Tower Site.

               ENTITY means a corporation, partnership, limited liability
company, limited liability partnership, trust, estate, or other organization,
entity or association, and the heirs, executors, administrators, legal
representatives, successors, and assigns of the Entity where the context so
permits.

               ENVIRONMENTAL CLAIMS means any and all administrative or judicial
actions, suits, orders, claims, liens, notices, violations or proceedings
related to any applicable Environmental Law brought, issued or asserted by a
Governmental Authority for compliance, damages, penalties, removal, response,
remedial or other action pursuant to any applicable Environmental Law.

               ENVIRONMENTAL LAWS means the Comprehensive Environmental
Response, Compensation and Liability Act of 1980, as amended, 42 U.S.C. Section
9601 ET SEQ. ("CERCLA"), the Resource Conservation and Recovery Act, as amended,
42 U.S.C. Section 6901 ET SEQ. ("RCRA"), and any other U.S. federal or state
law, rule or regulation relating to protection of the environment and applicable
to the ownership or operation of the Assets.

               EXCLUDED ASSETS has the meaning set forth in SECTION 2.3.

               EXCLUDED LIABILITIES means any debt, liability or obligation of
the Seller (i) due and owing with respect to the ownership or operation of the
Assets prior to the Closing Date; or (ii) relating to the Excluded Assets; and
shall also include all items listed on attached SCHEDULE 1.1A - EXCLUDED
LIABILITIES.

               EXCLUDED SITE has the meaning set forth in SECTIONS 4.3 and 6.7.

               EXECUTION DATE means the date that this Agreement has been
executed and delivered by the parties hereto.

               FAA means the Federal Aviation Administration.

               FCC means the Federal Communications Commission.

               FINAL CLOSING means the Closing to occur on the Final Closing
Date.

                                        6
<Page>

               FINAL CLOSING DATE has the meaning set forth in SECTION 6.6.

               GOVERNMENTAL APPROVAL means any governmental approval,
registration, permit, license, certification or authorization required in
connection with the ownership or operation of the Assets by a Governmental
Authority.

               GOVERNMENTAL AUTHORITY means any federal, state, territorial,
county, municipal, local or other government or governmental agency or body or
any other type of regulatory body, whether domestic or foreign, including,
without limitation, the FCC and the FAA.

               GOVERNMENTAL LAWS means all applicable federal, state and local
laws, ordinances, regulations, orders, codes, directives, decrees, notices,
rules and statutes, now or hereinafter in effect.

               GROUND LEASE means a lease between a Landlord, as lessor, and
Seller, as lessee, for the applicable Seller Leasehold. Ground Leases to which
the Seller, as of the date hereof, is a party are listed for each Tower Site on
the attached SCHEDULE 2.6.1.

               HAZARDOUS MATERIAL means any substance, chemical, material or
waste including, without limitation, petroleum products, PCBS, or asbestos, that
is currently identified as hazardous, toxic or dangerous by any Governmental
Laws.

               INCLUDED EXPENSES shall mean an amount equal to the product of
twelve (12) times the sum of (a) the monthly ground rent for the month of
Closing (or an amount to be agreed to by the parties in the event that any real
property upon which a Tower is located is owned by the Seller and not leased),
(b) the average of the actual utility expense for the twelve (12) months prior
to the Closing Date for each Tower, or the monthly average of such lesser period
in operation, (c) for any Tower with respect to which taxes have been levied,
the actual amount of real estate taxes and personal property taxes for the year
of the Closing (or the prior year if unavailable) if such taxes include an
assessment for a Tower or are otherwise payable by Seller as owner of the Tower,
(excluding, however, any such taxes that relate to Seller Equipment or
Communications Equipment which are to be paid by Seller under the Master
Leaseback Agreement) divided by twelve (12), (d) the assumed insurance expense
of Fifty Dollars ($50) per Tower, (e) the assumed maintenance expense of Fifty
Dollars ($50) per Tower and (f) the actual monthly amount of any other expenses
that Seller is obligated prior to the Closing Date to pay in connection with the
ownership or operation of the applicable Tower pursuant to agreements with third
parties that are not terminated prior to the Closing Date. For the avoidance of
doubt, if real estate taxes and/or personal property taxes have not been levied
prior to the Closing with regard to any Tower, no amount shall be estimated or
calculated as part of the Included Expenses for such Tower.

               INCLUDED LEASE shall mean, with respect to an Included Site, any
Site Lease Agreement and any Third Party Lessee Lease for cellular voice or PCS
communications provided: (a) Purchaser has determined that (1) if Seller or any
Third Party Lessee has filed a petition for bankruptcy or has had one filed
against it, the relevant Site Lease Agreement or Third Party Lessee Lease has
either been assumed by the Seller or Third Party Lessee through appropriate
bankruptcy proceedings or was entered into as a post-petition obligation of the
Seller

                                        7
<Page>

or Third Party Lessee and provided such bankruptcy has not been converted into a
Chapter 7 liquidation or the equivalent liquidating plan of reorganization under
Chapter 11; (2) such Third Party Lessee is not in default under such Third Party
Lessee Lease; and (3) such Third Party Lessee has not alleged a default by the
landlord under such Third Party Lessee Lease prior to the Closing, AND (b)
either (i) the applicable Seller or Third Party Lessee has installed its
equipment on the applicable Tower and the Third Party Lessee has commenced
paying rent under the applicable Third Party Lessee Lease, or (ii) the Seller or
applicable Third Party Lessee has not installed its equipment on the applicable
Tower but has commenced paying rent under the applicable Site Lease Agreement or
Third Party Lessee Lease which has a minimum of three (3) years remaining at the
applicable Closing without a right of termination except in the event of either
(1) Third Party Lessee's loss of FCC license(s), (2) unresolved radio
interference, or (3) default by lessor under such Third Party Lessee Lease. No
Third Party Lessee Lease with a Third Party Lessee who is an Affiliate of Seller
shall be considered an Included Lease unless such lessee prepays three (3) years
rent under such Third Party Lessee Lease at the Closing. Notwithstanding the
foregoing, with respect to any Site Lease Agreement or Third Party Lessee Lease
that would be an Included Lease except for the provisions of subparagraph (a)(2)
above, the parties agree to promptly meet and review the relevant facts
surrounding such alleged default and further agree that any such alleged default
shall preclude such Site Lease Agreement or Third Party Lessee Lease from being
an Included Lease only in the event there is reasonable evidence that the
alleged default is true and material, and would prevent Purchaser from
reasonable use of the affected Tower for future co-location of cellular and/or
PCS Communications Equipment. No alleged default shall preclude the Site Lease
Agreement or Third Party Lessee Lease from being an Included Lease if such
default may be cured by the payment of money and the parties agree in writing on
the method of and timing for such payment. Additionally, and notwithstanding
anything in this Agreement to the contrary, the term Included Lease shall
include the Site Lease Agreements and Third Party Lessee Leases set forth on
attached SCHEDULE 1.1B - INCLUDED THIRD PARTY LEASES. This schedule may be
updated by Seller from time to time to include any new Site Lease Agreements or
Third Party Lessee Leases signed pursuant to a master lease agreement or similar
agreement currently in force, or that is executed pursuant to SECTION 2.6.2, and
pursuant to which such Third Party Lessee has either (c) begun paying rent under
a Third Party Lessee Lease which has a minimum of three (3) years remaining at
the applicable Closing without a right of termination except in the event of
either (i) Third Party Lessee's loss of FCC license(s), (ii) unresolved radio
interference, or (iii) default by lessor under such Third Party Lessee Lease, or
(d) installed Communications Equipment on the applicable Tower, even though such
Site Lease Agreement or Third Party Lessee Lease may have a thirty day or other
short notice provision allowing termination.

               INCLUDED REVENUE shall mean an amount equal to twelve (12) times
the total monthly rent payments paid or payable (provided the same are not more
than thirty (30) days delinquent) by Third Party Lessees and Seller (pursuant to
the Third Party Lessee Leases and Site Lease Agreements) under an Included Lease
based on the rent in effect for the month immediately preceding each Closing
Date or, in the case of a Site Lease Agreement, the first month's rent
regardless of whether such first month's rent has been paid; PROVIDED, HOWEVER,
such amount (a) shall not include any security deposits, prepaid rents (except
as described below), refunds to tenants, sales, property, excise or similar
taxes imposed by Governmental Authorities and collected from subtenants and pass
through expenses collected from any Third

                                        8
<Page>

Party Lessees or the Seller, and (b) shall include, in the case of prepaid rent,
an apportioned amount of such prepaid rent attributable to the month of Closing.

               INCLUDED SITE means each of the Tower Sites sold at the Initial
Closing and at each Additional Closing.

               INITIAL CLOSING has the meaning set forth in SECTION 6.1.

               INITIAL CLOSING DATE means the date on which the Initial Closing
occurs, which shall not be later than the earlier of (i) October 15, 2004 or
(ii) five (5) Business Days after all conditions to the Initial Closing have
been satisfied.

               INDEMNIFIED PARTIES has the meaning set forth in SECTION 11.1.2.

               INDIVIDUAL TOWER PRICE has the meaning set forth in
SECTION 3.1.1.

               INSTRUMENTS OF TRANSFER has the meaning set forth in
SECTION 6.2.1.

               KNOWLEDGE has the meaning set forth in SECTION 7.5.

               LANDLORD means (i) the fee owner, (ii) any other Person entitled
to possession of the real property being leased or subleased or (iii) any other
holder of the reversionary interest in the real property leased or subleased, as
the case may be.

               LEASED BACK SPACE means the Seller Ground Space, Seller Tower
Space and Seller Related Rights on each of the Included Sites.

               LEGAL ACTION means, with respect to any Person, any and all
litigation or legal or other actions, arbitrations, counterclaims,
investigations, proceedings, or suits, at law or in arbitration or equity,
affecting such Person or any of such Person's business, property or assets.

               LIEN means any lien, guarantee, mortgage, security interest,
attachment, levy, charge, claim, restriction, imposition, pledge, encumbrance,
conditional sale or title retention arrangement, or any other interest in
property or assets (or the income or profits therefrom), whether consensual or
nonconsensual and whether arising by agreement or under any Governmental Law or
otherwise.

               MASTER LEASEBACK AGREEMENT means the Master Leaseback Agreement
providing for the lease back from Purchaser to Seller (or its designees) of the
use and possession rights contained therein related to the Included Sites, in
the form attached hereto as EXHIBIT A, to be executed by Seller and Purchaser at
or prior to the Initial Closing, as the same may be amended from time to time.

               MATERIAL means any event, circumstance, action or happening, the
consequence of which might reasonably result in a loss, diminution of value,
cost, expense, liability, obligation or payment by a party in excess of the sum
of $50,000 for any single occurrence or $150,000, in the aggregate.

                                        9
<Page>

               MATERIAL ADVERSE EFFECT means any event, fact, condition or
circumstance and collectively facts, conditions or circumstances that have or
could reasonably be expected to have a material and adverse effect on the
revenues, expenses, operations or financial condition of the Person referred to.

               MAXIMUM PURCHASE PRICE has the meaning set forth in
SECTION 3.1.2.

               MEMORANDUM OF LEASE has the meaning set forth in the Master
Leaseback Agreement.

               PENDING TOWER SITES has the meaning set forth in SECTION 6.5.

               PERMITTED LIEN means (a) municipal, zoning and other ordinances,
easements for utilities serving the burdened estate, and covenants, conditions
and restrictions of record which do not interfere with the operation,
maintenance, repair and use of the Assets by the Purchaser in the manner
currently operated by Seller, or for the purpose of co-location of additional
cellular and/or PCS Communications Equipment, and does not prohibit the
Purchaser from financing such Tower Site under its existing financing facility
or its equivalent, (b) title defects or encumbrances that do not materially and
adversely affect Purchaser's ability to operate, maintain, and repair the Assets
in the manner currently operated by Seller, to co-locate additional cellular
and/or PCS Communications Equipment, and does not prohibit the Purchaser from
financing such Tower Site under its existing financing facility or its
equivalent, (c) those Liens affecting the Assets that are specifically listed on
SCHEDULE 1.1C - PERMITTED LIENS, copies of which are appended to SCHEDULE 1.1C -
PERMITTED LIENS, (d) Liens for taxes not yet due, (e) all matters listed on the
Title Commitments as exceptions or exclusions to which Purchaser does not raise
a Title Objection or otherwise object in writing prior to the applicable Closing
or, having objected, Purchaser waives or is deemed to have waived in accordance
with SECTION 7.4.6B, and (f) any and all other title defects, encumbrances or
Liens which are otherwise disclosed by Seller to Purchaser in writing and with
respect to which Purchaser fails to provide Seller with a written objection
thereto within ten business(10) days after receipt of such written disclosure
from Seller.

               PERSON means any individual or Entity.

               PREPAID EXPENSES means all prepaid items, unbilled costs and
fees, and accounts, notes, and other receivables under the Contracts, including
Third Party Contracts, Ground Leases and Third Party Lessee Leases as of the
applicable Closing Date.

               PRIME RATE means the "PRIME RATE" of interest, as published in
the "MONEY RATES" table of The Wall Street Journal, Midwestern Edition, from
time to time.

               PRIVATE APPROVALS means all approvals, concessions, consents,
franchises, licenses, permits, and other authorizations of all Persons (other
than Governmental Authorities).

               PURCHASE PRICE has the meaning set forth in SECTION 3.1.1.

                                       10
<Page>

               PURCHASER means TCP Communications LLC, a Delaware limited
liability company.

               PURCHASER INDEMNIFIED PARTIES has the meaning set forth in
SECTION 11.1.1.

               REAL ESTATE CONSENT means each Private Approval or Governmental
Approval that is applicable to a specific Tower Site but not generally
applicable to the transactions contemplated by this Agreement.

               REAL ESTATE REPRESENTATION means each representation and warranty
made by Seller in SECTIONS 7.1.6 through 7.1.14, inclusive.

               REQUIRED CONSENTS means all Consents that are required to be
obtained in order to consummate the transactions contemplated by an applicable
Closing. Under no circumstances will a Real Estate Consent that relates only to
Tower Sites that are not included in a Closing be deemed to be a Required
Consent.

               SELLER means iPCS Wireless, Inc., a Delaware corporation.

               SELLER EQUIPMENT means the Seller's antenna arrays and associated
equipment for their wireless communications systems as described in the Site
Lease Agreements, which may include (without limitation): electronic equipment,
transmission equipment, microwave dishes, wireless communications antennas,
coaxial cables, equipment buildings and the concrete pads thereunder, shelters
and cabinets (including the contents thereof), the platform for location of the
Seller Equipment on the Tower, mounts, generators, above-ground or underground
storage tanks, hangers, brackets and other specified accessories and equipment.

               SELLER FEE INTERESTS means the Seller's fee interest in the real
property on which a Seller Tower is located.

               SELLER GROUND SPACE means a portion of the real property
comprising a Tower Site, which is to be leased or subleased by Purchaser to
Seller (or its designees) pursuant to the Master Leaseback Agreement and a Site
Lease Agreement, the size and location of which is set forth in the Site Lease
Agreement for each such Site executed pursuant to the Master Leaseback Agreement
for the respective Leased Back Spaces.

               SELLER INDEMNIFIED PARTIES has the meaning set forth in
SECTION 11.1.2.

               SELLER LEASEHOLD means the Seller's leasehold interest in the
real property under the Ground Leases.

               SELLER'S NOTICE PERIOD has the meaning set forth in
SECTION 7.4.6b.

               SELLER RELATED RIGHTS means the rights of Lessee as provided in
the Master Leaseback Agreement.

               SELLER'S TITLE NOTICE has the meaning set forth in
SECTION 7.4.6b.

                                       11
<Page>

               SELLER TOWER means the Seller's rights, title and interest in any
one (1) of the towers designated on SCHEDULE 1.1D - TOWER IDENTIFICATION as a
"TOWER."

               SELLER TOWER SPACE means, for each Leased Back Space, the portion
and/or portions of the Tower leased by Purchaser to Seller (or its designee) for
location of the antenna array(s), platforms and mounts comprising the Seller
Equipment and other related rights provided in the Master Leaseback Agreement,
pursuant to the Master Leaseback Agreement and a Site Lease Agreement, the size
and location of which is set forth for identification purposes in SCHEDULE 1.1D
- TOWER IDENTIFICATION for the respective Leased Back Spaces.

               SITE LEASE AGREEMENT means an instrument providing for the lease
and/or sublease of a Leased Back Space by Purchaser to Seller (or its designees)
on each of the Included Sites in substantially the form attached to the Master
Leaseback Agreement.

               STRUCTURALLY SOUND has the meaning set forth in subparagraph
(b)(iii) of the definition of Due Diligence Review.

               THIRD PARTY CONTRACT means any contractual relationship with a
third party, including without limitation a Third Party Lessee, related to all
or any portion of a Tower Site or a Third Party Lessee Lease other than a Ground
Lease.

               THIRD PARTY LESSEE means a Person, other than the Seller, having
Communications Equipment on a Tower and/or tower space comprising a Tower Site
pursuant to the terms of a lease or license.

               THIRD PARTY LESSEE LEASE means a lease or license from the
Seller, as lessor or licensor, to a Third Party Lessee, as lessee or licensee,
for a portion of a Tower Site. All Third Party Lessee Leases to which the
Seller, as of the date hereof, is a party are listed for each Tower Site on the
attached SCHEDULE 2.6.1.

               TITLE COMMITMENTS has the meaning set forth in SECTION 7.4.6a.

               TITLE OBJECTION has the meaning set forth in SECTION 7.4.6b.

               TOTAL PROJECTED PURCHASE PRICE has the meaning set forth in
SECTION 3.1.2.

               TOWER means a monopole, self-supporting lattice or guyed
telecommunications tower owned by the Seller upon which Communications Equipment
may be located, which shall include, without limitation, the tower foundation,
footings, bolts, tower structure, anchors, caissons, guys, lighting, lightening
rod and tower grounding system.

               TOWER RELATED ASSETS means, with respect to each Tower Site, (i)
the security deposits (if any) from tenants under the Third Party Lessee Leases,
(ii) all rights to any warranties held by the Seller with respect to such Tower
Site, including without limitation, the related Seller Tower to the extent
transferable, (iii) all rights under any Governmental Approvals necessary for
the ownership and operation of such Tower Site to the extent transferable,
except for FCC broadcast licenses used or needed by the Seller to provide
communications services or operate communications equipment and (iv) copies of
all material files and records of the Seller

                                       12
<Page>

related to the ownership, occupancy or leasing of such Tower Site (other than
relating to Communications Equipment).

               TOWER SITE means (i) a Seller Tower; (ii) the land, leased to or
owned by the Seller, on which such Tower is located, together with the
buildings, structures, other improvements and facilities (if any) located on
such land; (iii) the Associated Tower Improvements pertaining to such Tower;
(iv) the Tower Related Assets pertaining to such Tower; (v) the Third Party
Contracts pertaining to such Tower; (vi) the Third Party Lessee Leases
pertaining to such Tower; (vii) the Ground Leases pertaining to such Tower; and
(viii) all Appurtenant Easements thereto.

               TOWER SITE DUE DILIGENCE shall mean the satisfactory completion
of the Due Diligence Review for each Tower Site.

               TRANSACTION DOCUMENTS means the Master Leaseback Agreement, the
Deposit Escrow Agreement and the other documents and instruments executed and
delivered pursuant to this Agreement, as the same may be amended from time to
time.

     Except as otherwise specified herein, Seller and Purchaser acknowledge and
agree that any defined term used herein which is a document, instrument,
drawing, survey, map, plan, technical description or other writing, and any
other reference herein to a writing, shall include the original of such writing
and, if permitted under this Agreement, any and all amendments, supplements,
modifications, renewals, extensions, restatements, or replacements of or to the
same from time to time.

                                   ARTICLE II
                                PURCHASE AND SALE

     2.1       PURCHASE AND SALE OF ASSETS. Upon the terms and subject to the
conditions of this Agreement, the Seller shall sell, assign, convey, and
transfer to Purchaser and Purchaser shall purchase, accept and assume the good
and marketable title to the Assets from the Seller. The parties hereto agree to
use their good faith commercially reasonable efforts to cause the Initial
Closing to (i) include all of the Towers as reasonably practicable and (ii)
occur as soon as reasonably practicable on or before October 15, 2004.

     2.2       ASSUMED LIABILITIES. On each Closing, Purchaser shall assume and
agree to discharge and perform, as and when due, all liabilities and obligations
of the Seller accruing, arising out of or directly relating to events or
occurrences on or after the applicable Closing with respect to any Assets sold
to Purchaser at such Closing, which liabilities are disclosed to Purchaser by
Seller prior to such Closing, and excluding liabilities and expenses which
become payable in the ordinary course subsequent to such Closing but relate to
time periods or events prior to such Closing (collectively, the "ASSUMED
LIABILITIES"). With the exception of the Assumed Liabilities, no obligation or
liability of the Seller or relating to the Assets of any nature whatsoever
(whether express or implied, fixed or contingent, liquidated or unliquidated,
known or unknown, accrued, due or to become due), is being assumed by Purchaser,
nor shall Purchaser be liable to pay, perform or discharge any such obligation
or liability.

                                       13
<Page>

     2.3       EXCLUDED ASSETS. Seller and Purchaser agree that at the
applicable Closing for the sale of any Assets subject to and in accordance with
the terms and conditions set forth herein, Purchaser shall obtain all of the
Seller's rights, title and interest in and to such Assets. The parties hereto
understand and agree that the Assets do not include, without limitation, the
following: the Seller Equipment, the Communications Equipment of any Third Party
Lessee located on a Tower Site, the electricity infrastructure and telephone
infrastructure associated solely with the placement and operation of Seller's
Equipment and any Third Party Lessee's Communications Equipment on a Tower Site
belonging to any public utility; any Excluded Site and any other asset of the
Seller or any third party, whether tangible or intangible, not expressly
included in the Assets (collectively and including all rights related thereto,
the "EXCLUDED ASSETS"). The Excluded Assets shall at all times remain the
property of the Seller, the Third Party Lessee, the applicable utility company
or other third party, regardless of whether such Excluded Asset is affixed or
attached to a Tower Site.

     2.4       LEASE OF PORTION OF TOWER SITES. Contemporaneously with the
Seller's sale and Purchaser's purchase of any Included Sites, Purchaser shall
lease and/or sublease to Seller (or its designee) and Seller (or its designee)
shall lease and/or sublease from Purchaser, the Leased Back Space on each such
applicable Included Site pursuant to a Site Lease Agreement, subject to the
terms of the Master Leaseback Agreement. Seller and Purchaser agree to execute
the Master Leaseback Agreement on or before the Initial Closing Date. Seller and
Purchaser agree that, where applicable, the terms of the Master Leaseback
Agreement shall govern any and all lease or sublease agreements between Seller
(or its designees) and Purchaser for all Included Sites. Notwithstanding the
foregoing, the parties agree that the Tower Site designated by Seller as Site
No. 680 will not be included under a Site Lease Agreement and Seller shall not
occupy any Leased Back Space on such tower unless Seller notifies Purchaser of
its intention to do so on or before the date of the Closing that includes that
Tower Site.

     2.5       CONDITION OF TOWER SITES. Except as expressly set forth herein,
Seller and Purchaser agree that the Assets will be sold and purchased subject to
all Third Party Lessee Leases, Permitted Liens and liabilities and obligations
associated therewith (except for Excluded Liabilities). FURTHER, EXCEPT AS
EXPRESSLY SET FORTH HEREIN, SELLER AND PURCHASER UNDERSTAND AND AGREE THAT THE
ASSETS BEING SOLD ARE BEING SOLD, ASSIGNED, CONVEYED, AND TRANSFERRED HEREUNDER
"AS IS, WHERE IS, WITH ALL FAULTS" WITHOUT ANY REPRESENTATION OR WARRANTY BY THE
SELLER OR ANY OTHER PERSON, INCLUDING NATIONS MEDIA PARTNERS, OTHER THAN THE
EXPRESS REPRESENTATIONS AND WARRANTIES MADE BY SELLER WITH RESPECT TO THE ASSETS
CONTAINED HEREIN OR IN THE TRANSACTION DOCUMENTS. OTHER THAN SUCH EXPRESS
REPRESENTATIONS AND WARRANTIES MADE BY SELLER HEREIN OR IN THE TRANSACTION
DOCUMENTS, THERE ARE NO EXPRESS OR IMPLIED REPRESENTATIONS OR WARRANTIES WITH
RESPECT TO THE ASSETS INCLUDING, WITHOUT LIMITATION, ANY REPRESENTATION OR
WARRANTY REGARDING THE QUALITY OF CONSTRUCTION; WORKMANSHIP; SAFETY;
MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE; COMPLIANCE WITH
APPLICABLE CITY, COUNTY, STATE OR FEDERAL STATUTES, CODES, OR REGULATIONS
RELATING IN ANY WAY TO HAZARDOUS MATERIALS OR ANY ENVIRONMENTAL MATTERS OR THE

                                       14
<Page>

AMERICANS WITH DISABILITIES ACT; OPERATION OF MECHANICAL SYSTEMS, EQUIPMENT AND
FIXTURES; SUITABILITY OF SOIL OR GEOLOGY; ABSENCE OF DEFECTS OR HAZARDOUS
MATERIALS; ANY PAST, PRESENT OR FUTURE OPERATING RESULTS, INCLUDING BOTH INCOME
AND EXPENSES; ANY PROJECTIONS WITH RESPECT TO OPERATING RESULTS; THE FINANCIAL
VIABILITY OF THE ASSETS; OR THE COMPLETENESS OR ACCURACY OF ANY BOOKS OR RECORDS
PROVIDED BY NATIONS MEDIA PARTNERS PERTAINING TO THE ASSETS. PURCHASER
ACKNOWLEDGES AND REPRESENTS THAT, EXCEPT FOR THE EXPRESS REPRESENTATIONS AND
WARRANTIES MADE BY SELLER WITH RESPECT TO THE ASSETS CONTAINED HEREIN AND IN THE
TRANSACTION DOCUMENTS, PURCHASER IS ENTERING INTO THIS AGREEMENT BASED SOLELY
UPON PURCHASER'S OWN INSPECTIONS, INVESTIGATIONS AND ANALYSIS OF THE ASSETS. THE
PROVISIONS OF THIS SECTION 2.5 SHALL SURVIVE EACH CLOSING AND THE DELIVERY OF
THE INSTRUMENTS OF TRANSFER AND THE TERMINATION OR EXPIRATION OF THIS AGREEMENT
AND THE TRANSACTION DOCUMENTS.

     2.6       GROUND LEASES AND THIRD PARTY LESSEE LEASES.

               2.6.1     ASSIGNMENT AND ASSUMPTION. As part of the purchase and
sale of the applicable Included Sites, the Seller shall assign and, without
limiting SECTION 2.1, Purchaser shall assume, at the applicable Closing, all of
the Seller's rights, title and interest as a lessee under the applicable Ground
Leases for the applicable Seller Leaseholds comprising a part of the applicable
Included Sites and all of the Seller's rights, title and interest as a lessor or
licensor under all Third Party Lessee Leases leasing or licensing a portion of
such Included Sites to such Third Party Lessees. The Ground Leases and Third
Party Lessee Leases relating to each Tower Site, as of the date hereof, are
summarized as set forth in the attached SCHEDULE 2.6.1. At the applicable
Closing, Purchaser shall accept and assume full responsibility, including,
without limitation, direct performance, of all of the Seller's duties and
obligations under such Ground Leases and Third Party Lessee Leases relating to
the applicable Included Sites from and after the applicable Closing Date.
Further, Purchaser agrees to indemnify, hold harmless and defend the Seller
Indemnified Parties from and against all Damages arising out of any default,
breach, event, or occurrence taking place on or after the applicable Closing
Date with respect to the Ground Leases and any Third Party Lessee Leases
affecting one (1) or more of the applicable Included Sites.

               2.6.2     RESTRICTION ON NEW AGREEMENTS. After the date hereof,
Seller shall not enter into any Ground Leases or Third Party Lessee Leases for
any of the Tower Sites without Purchaser's prior written approval, not to be
unreasonably withheld or delayed and provided that Seller shall use lease forms
which have been approved by Purchaser and shall be on commercially reasonable
terms or terms more favorable to Purchaser. The foregoing shall not restrict
Seller from continuing negotiations and executing Ground Leases or Third Party
Lessee Leases with those third parties or on those Tower Sites identified on
SCHEDULE 2.6.2 hereto, which may be updated from time to time, and so long as
the terms and conditions of such Ground Leases or Third Party Lessee Leases are
on commercially reasonable terms or terms more favorable to Purchaser and are
materially consistent either with Seller's current form or

                                       15
<Page>

with those general terms and conditions provided on EXHIBIT 2.6.2 hereto, then
Purchaser's prior approval shall not be required, provided that the form of such
Leases shall not materially deviate from the forms approved by Purchaser. Seller
additionally agrees that after the execution of this Agreement Seller shall not
enter into any master lease agreement, master license agreement or similar
agreement with respect to the Towers without Purchaser's prior written approval,
not to be unreasonably withheld or delayed, and provided that the form of any
such agreement shall have been approved by Purchaser.

     2.7       THIRD PARTY CONTRACTS.

               2.7.1     ASSIGNMENT AND ASSUMPTION.

                         (i)    As part of the purchase and sale to Purchaser of
the applicable Included Sites, the Seller shall assign and, without limiting
SECTION 2.1, Purchaser shall assume, at the applicable Closing, all of Seller's
rights, title and interest in and to any Third Party Contracts relating to such
Included Sites. A list of material Third Party Contracts is set forth on
SCHEDULE 2.7.1. At the applicable Closing, Purchaser shall accept and assume
full responsibility, including, without limitation, direct performance, of all
of the Seller's duties and obligations under the Third Party Contracts relating
to the applicable Included Sites from and after the applicable Closing Date.
Further, Purchaser agrees to indemnify, hold harmless and defend the Seller
Indemnified Parties against all Damages arising out of any default, breach,
event, or occurrence taking place on or after the applicable Closing Date with
respect to any Third Party Contract affecting one (1) or more of the applicable
Included Sites.

                         (ii)   Purchaser may purchase back-up electricity
generators for certain Tower Sites which are identified on SCHEDULE 9.3,
pursuant to terms as may be agreed upon by the Seller and Purchaser. If such
back-up generators are purchased by Purchaser from Seller, then Seller shall
assign, and Purchaser shall assume, at the applicable Closing, all of Seller's
rights, title and interest in and to any Third Party Contracts relating to such
back-up generators on the applicable Included Sites, including but not limited
to any maintenance agreements for such back-up generators, copies of which
Seller shall provide to Purchaser within ten (10) days after the execution of an
agreement entered into by and between Seller and Purchaser detailing the terms
of the purchase of any and all such back-up generators by Purchaser.
Notwithstanding the foregoing, Seller shall be under no obligation to assign
such back-up generator maintenance agreements, or any of them, if the parties
mutually agree that Seller's existing maintenance contract shall be terminated
and that Purchaser shall enter into new maintenance agreements in relation to
the back-up generator at any Included Site.

               2.7.2     RESTRICTION ON NEW AGREEMENTS. After the date hereof,
Seller shall not enter into any Third Party Contracts for any of the Tower Sites
without Purchaser's prior written approval, not to be unreasonably withheld or
delayed, except with respect to Third Party Lessee Leases as provided pursuant
to SECTION 2.6.2 herein.

     2.8       PURCHASER'S RIGHT TO ACCESS TOWER SITES.

               2.8.1     RIGHT TO ACCESS TOWER SITES. After the Execution Date
and until either the Closing has occurred with respect to a Tower Site or the
Seller's obligation to sell a Tower Site

                                       16
<Page>

to Purchaser terminates in accordance with SECTION 6.7 and the other terms and
conditions set forth herein, Purchaser and its duly authorized agents,
contractors, advisors and employees shall have the right to conduct field visits
at the Tower Sites, review the Contracts related to the Towers and Tower Sites,
and perform structural analyses of the Towers for the purpose of inspecting the
same and determining of the Towers are Structurally Sound, at Purchaser's sole
expense. Purchaser agrees to indemnify, hold harmless and defend the Landlord,
the Seller Indemnified Parties and any other interested party against all
Damages arising out of Purchaser's exercise of such rights. Notwithstanding
anything in this paragraph to the contrary, Purchaser's rights under this
Section 2.8.1 shall in no event be deemed to be an extension of time for the
completion of Purchaser's Due Diligence Review provided herein.

               2.8.2     INSURANCE. Prior to accessing a Tower Site pursuant to
this Agreement and throughout the time period during which Purchaser is entitled
to access a Tower Site, Purchaser shall have insurance coverage in such amounts
and of such types as are customary in the industry with a national carrier in
sound financial standing. The Seller shall be named as additional insured under
such policy of insurance, and the insurer shall be required to give Seller at
least thirty (30) Days prior written notice of cancellation. Purchaser shall
provide Seller with a certificate of insurance evidencing all of the foregoing
prior to accessing a Tower Site.

     2.9       CERTAIN APPORTIONMENTS. Notwithstanding any provision to the
contrary in this SECTION 2.9 or elsewhere in this Agreement, at the applicable
Closing, the following items shall be apportioned between Seller and Purchaser
in respect of the applicable Included Sites at such Closing, with such
adjustments to be made as of the applicable Closing Date by the party that on a
net basis owes money to the other party under this SECTION 2.9 by means of
"netting" such amount against the Purchase Price: (a) rents and revenues under
all Contracts included in the Assets; (b) Prepaid Expenses; (c) real property
and personal property taxes paid or payable with respect to the Assets; (d) all
other revenues and expenses arising or relating to the Assets, including but not
limited to any and all utility charges, including specifically electricity and
telephone line charges, used for purposes of monitoring the tower lights on the
Tower Site known as site #680 and located in Walton, Michigan; and (e) charges
and payments under all Contracts included in the Assets; provided, however,
Seller shall retain all previously collected access fees and other prepaid sums
(other than prepaid rent) paid by a Third Party Lessee in consideration for
entering into a Third Party Lessee Lease, and no such access fees or other
prepaid sums (other than prepaid rent) shall be deemed Included Revenue. Such
apportionments shall be made pro rata on a per diem basis as of 12:01 a.m. (EST)
on the applicable Closing Date so that all such rents, revenues, taxes, charges
and payments attributable to the period prior to the applicable Closing Date are
for the account of Seller, and all such rents, revenues, taxes, charges and
payments attributable to the period from and after the applicable Closing Date
are for the account of Purchaser. If any of the aforesaid apportionments cannot
be calculated promptly and accurately following the applicable Closing Date,
then the same shall be jointly calculated and adjusted once by Seller and
Purchaser after the applicable Closing Date in accordance with the following
procedures. Within ninety (90) Business Days after the applicable Closing Date,
Seller and Purchaser shall exchange their respective post-Closing calculations
of such apportionments. Seller and Purchaser shall in good faith attempt to
agree upon the post-Closing apportionments on or before the last day of the
fourth full calendar month following the Closing

                                       17
<Page>

Date. If at the end of such period, Seller and Purchaser cannot agree on the
post-Closing apportionments, Seller and Purchaser shall submit to an independent
accounting firm (the "ACCOUNTING FIRM") for review and resolution any and all
matters which remain in dispute. The Accounting Firm shall be Ernst & Young or
another mutually agreeable accounting firm of national reputation not providing
services to either Seller or Purchaser or their respective affiliates. The
Accounting Firm shall be instructed to, within thirty (30) Days after the
submission of any disputed matters, review and resolve all such disputed matters
and to report its resolution thereof to Seller and Purchaser, and such report
shall be final, binding and conclusive on Seller and Purchaser with respect to
all such disputed matters. The fees and expenses of the Accounting Firm incurred
pursuant to this SECTION 2.9 shall be divided evenly between Seller and
Purchaser. The party owing the other party a sum of money based on the agreed
upon (or Accounting Firm-determined) post-Closing apportionments shall pay said
sum to such other party within ten (10) Business Days of the determination. If
payment of any such amount is not paid when due, interest shall accrue on the
past due amount at a rate equal to the Prime Rate plus two percent (2%) per
annum from the due date to the date of payment. The aforesaid post-Closing
adjustment shall be the only post-Closing adjustment of the items to be
apportioned under this SECTION 2.9, and if not paid before a subsequent Closing,
may be taken as a credit or debit with respect to the Purchase Price at such
Closing.

     2.10      BULK SALES COMPLIANCE. Seller shall, prior to any Closing, comply
fully with any applicable bulk sales act or comparable statutory provisions of
each applicable jurisdiction.

                                   ARTICLE III
                                 PURCHASE PRICE

     3.1       PURCHASE PRICE AND PAYMENT.

               3.1.1     PURCHASE PRICE. Purchaser shall pay Seller a purchase
price equal to the ANOI for each of the Tower Sites actually purchased by
Purchaser multiplied by the factor of thirteen and three-tenths (13.3) (the
"PURCHASE PRICE"). At each Closing, Purchaser shall pay Seller for each Included
Site purchased at the Closing an amount equal to the factor of thirteen and
three-tenths (13.3) multiplied by the ANOI of the Tower Site ("INDIVIDUAL TOWER
PRICE"). The Purchase Price shall be paid in cash by wire transfer of
immediately available funds to an account designated by Seller. A portion of the
Deposit shall be used to pay the Purchase Price at each Closing, as described
below, and shall be released from the Deposit Escrow to Seller for such purpose.
Subject to the provisions of ARTICLE 10, the amount of the Deposit to be
released and applied to each Closing shall be determined by multiplying the
amount of the original Deposit by a fraction, the numerator of which is the
total ANOI of all Towers included in that Closing, and the denominator of which
is $1,242,323, and any portion of the Deposit that has not been applied to a
Closing after the Final Closing Date shall be promptly returned to Purchaser,
provided Purchaser shall not have breached this Agreement.

               3.1.2     PURCHASE PRICE VARIANCE. If the Purchase Price,
determined in the manner set forth in SECTION 3.1.1 above at the time of the
Initial Closing with the assumption that all Towers are includable in the
Initial Closing, without regard to whether such Towers shall then be Pending
Tower Sites or Excluded Sites, (the "TOTAL PROJECTED PURCHASE PRICE"), shall be
less than Fifteen Million Fifty Six Thousand One Hundred Dollars ($15,056,100),
then Seller shall have

                                       18
<Page>

the right to terminate this Agreement upon written notice and without further
liability of any nature unless Purchaser shall, within five (5) business days of
receipt of Seller's notice of termination, agree in writing to pay the total
minimum amount of $15,056,100 for all such Towers. In such event, the actual
amount to be paid for each Tower otherwise includable in any Closing shall be a
price to be determined by multiplying the ANOI for such Tower by the factor (to
replace the factor of 13.3 set out in SECTION 3.1.1 above) that would result in
a Total Projected Purchase Price of $15,056,100. Pursuant to SECTION 3.1.4, in
no event shall the Total Projected Purchase Price exceed Seventeen Million
Dollars ($17,000,000) (the "MAXIMUM PURCHASE PRICE"). In such event that the
Maximum Purchaser Price would otherwise be exceeded, and except as provided in
SECTION 3.1.4, the actual amount to be paid for each Tower otherwise includable
in any Closing shall be a price to be determined by multiplying the ANOI for
such Tower by the factor (to replace the factor of 13.3 set out in SECTION 3.1.1
above) that would result in a Total Projected Purchase Price of $17,000,000.

               3.1.3     This Section is intentionally blank.

               3.1.4     PENDING TENANTS. For each Third Party Lessee Lease on a
Tower purchased by Purchaser under this Agreement which is fully executed prior
to such Closing but did not then qualify as an Included Lease, (a "PENDING
LEASE") which subsequently satisfies the conditions of an Included Lease within
the ninety (90) day period commencing with such Closing, the Purchaser shall pay
to Seller an amount equal to the incremental ANOI for such Pending Lease times a
factor of thirteen and three-tenths (13.3) (each a "Pending Lease Payment"), up
to an aggregate amount, with all other Purchase Price payments, of the Maximum
Purchase Price, such that with respect to the Pending Lease Payment which would
otherwise cause the aggregate amount, with all other Purchase Price payments, to
exceed Seventeen Million Dollars ($17,000,000) (such payment being the "Final
Pending Lease Payment", and the corresponding Pending Lease being the "Maximum
Price Pending Lease"), such Final Pending Lease Payment will be reduced by the
amount necessary to bring the aggregate Purchase Price payments to exactly
Seventeen Million Dollars ($17,000,000). Notwithstanding anything in this
Agreement to the contrary, for any Pending Lease which qualifies as an Included
Lease (a) after the Maximum Price Pending Lease qualifies as an Included Lease,
and (b) does so within the ninety (90) day period commencing with the Closing on
the corresponding Tower, the Purchaser shall pay to Seller an amount equal to
the annual base rent for the first twelve (12) months of such Pending Lease,
which such payment shall become part of the Purchase Price, and the Maximum
Purchase Price shall not be applicable to any such payments by Purchaser. Except
as already included in the ANOI calculation, or as otherwise included in the
amount to be paid by Purchaser to Seller for the applicable Closing, as
applicable, Purchaser shall pay such amounts within five (5) Business Days after
the payment of initial rent under the Pending Lease, in addition to the Purchase
Price and the Individual Purchase Price for the applicable Tower.
Notwithstanding anything in this Agreement to the contrary, if a Third Party
Lessee provides written notice of its termination of any such Third Party Lessee
Lease within thirty (30) days after the earlier of (i) paying the first month's
rent, or (ii) installing Communications Equipment on the applicable Tower, then
Lessee shall not be entitled to the payment provided in this Section 3.1.4, and
if such payment was made by Lessor to Lessee, then Lessor shall be given a
credit from the Purchase Price otherwise payable at the next Closing, in the
amount of such previous payment to Lessee, or, if the final Closing has taken
place, then Lessee shall repay to Lessor the

                                       19
<Page>

amount of such previous payment within ten (10) days after receiving written
notice of the termination of such Third Party Lessee Lease. The terms of this
Section 3.1.4 shall survive each applicable Closing.

     3.2       DEPOSIT. On the Execution Date, Purchaser shall pay to Fox
Rothschild, LLP (the "DEPOSIT ESCROW AGENT") the sum of One Million Three
Hundred Fifty Thousand Dollars ($1,350,000) (including interest thereon, the
"DEPOSIT"), by wire transfer of immediately available funds to an account
designated by the Deposit Escrow Agent, to be held in escrow (the "DEPOSIT
ESCROW") pursuant to an escrow agreement in the form attached hereto as EXHIBIT
3.2 and incorporated herein by this reference (the "DEPOSIT ESCROW AGREEMENT").
Interest accruing on the Deposit, if any, shall be paid as provided in the
Deposit Escrow Agreement. Deposit Escrow Agent will cause the Deposit to be
maintained in an interest bearing account. The Deposit shall be applied to
payment of the Purchase Price pursuant to the provisions of SECTION 3.1.1,
unless otherwise required under this Agreement.

     3.3       ALLOCATION OF PURCHASE PRICE. Seller and Purchaser agree that at
each Closing they shall prepare and execute a mutually agreeable schedule (the
"ALLOCATION SCHEDULE"), allocating the Purchase Price among the Assets
transferred at that Closing. Seller and Purchaser each agree to file IRS Form
8594, and all federal, state, and local tax returns, in accordance with the
Allocation Schedule and in accordance with Section 1060 of the Code, as amended,
and the regulations thereunder. Purchaser and Seller each agree to promptly
provide the other with any other information required to complete the Allocation
Schedule.

                                   ARTICLE IV
                              CONDITIONS PRECEDENT

     4.1       CONDITIONS TO OBLIGATION TO SELL A TOWER SITE. Seller's
obligation to sell a Tower Site to Purchaser at a Closing shall be expressly
conditioned upon the satisfaction or waiver of the following:

               4.1.1     REPRESENTATIONS, WARRANTIES AND COVENANTS. The
representations and warranties of Purchaser set forth in this Agreement shall be
true and correct in all material respects (except to the extent any
representation or warranty is already qualified by materiality in which case it
shall be true and correct in all respects) at and as of such Closing, and
Purchaser shall have complied with and performed in all material respects all of
Purchaser's covenants and agreements at and as of each Closing, including
payment of the applicable Purchase Price.

               4.1.2     MASTER LEASEBACK AGREEMENT. Purchaser shall have
executed and delivered the Master Leaseback Agreement, and the Master Leaseback
Agreement shall be in full force and effect.

               4.1.3     NON-DISTURBANCE AGREEMENT. If any Person has or will
have a Lien on Purchaser's interest in all or any part of a Tower Site to be
included in such Closing, any applicable Site Lease Agreement, the Master
Leaseback Agreement with respect to a Tower Site, or any other item of real or
personal property related to a Tower Site, such Person shall have executed and
delivered to Seller at or prior to such Closing a customary nondisturbance

                                       20
<Page>

agreement for such Tower Site in a form reasonably satisfactory to Seller, and
not differing in any material way from the form set out as attached
EXHIBIT 4.1.3.

               4.1.4     CLOSING DELIVERIES. The agreements, instruments and
other documents required to be delivered pursuant to SECTION 6.3 shall have been
delivered.

               4.1.5     CONSENTS. All Required Consents with respect to the
applicable Tower Sites to be included in such Closing shall have been obtained
without the imposition, individually or in the aggregate, of any condition or
requirement that has or would be reasonably likely to have a material adverse
effect on the use or operational value of such Tower Site, provided however that
this condition shall be waived by Seller in the event Purchaser agrees in
writing and with respect to each applicable Tower Site to: (a) assume and
fulfill any such condition or requirement and hold Seller Indemnified Parties
harmless in respect thereof; and (b) waive any Required Consents not yet
obtained and close without any reduction in the Individual Tower Price for the
applicable Tower Site.

               4.1.6     NO ACTION. No Legal Action shall have been undertaken
by any Person (other than the Seller or its agent with the intent of frustrating
the purposes of this Agreement), nor shall any statute, rule, regulation,
legislation, interpretation, judgment, order or injunction have been enacted,
enforced, promulgated, amended or issued which would be deemed applicable to the
consummation of the transactions contemplated hereby by any Governmental
Authority, that would reasonably be expected to restrain, make illegal or
otherwise prohibit the consummation of any applicable Closing contemplated
hereby.

               4.1.7     BUILD-TO-SUIT AGREEMENT. Seller and Purchaser shall
have executed a mutually satisfactory agreement providing for build-to-suit
services of Seller on a non-exclusive basis; specifying no minimum or maximum
number of tower sites; providing for payment to Seller in the amount of $50,000
upon presentation by Seller of an approved site for which Seller has (i) secured
a ground lease on a form agreeable to Purchaser and (ii) obtained permitting for
a tower of height and structure agreeable to Purchaser; specifying the initial
process for preliminary site identification and the approval by Purchaser and
commitment by Purchaser to accept the site; and such additional provisions as
the parties may agree.

     4.2       CONDITIONS TO PURCHASER'S OBLIGATION TO PURCHASE A TOWER SITE.
Purchaser's obligation to purchase a Tower Site which is neither a Pending Site
nor an Excluded Site, from the Seller at a Closing shall be expressly
conditioned upon the satisfaction or waiver of the following:

               4.2.1     REPRESENTATIONS, WARRANTIES AND COVENANTS. The
representations and warranties of Seller set forth in this Agreement shall be
true, correct and complete at such Closing in all material respects (except to
the extent any representation or warranty is already qualified by materiality in
which case it shall be true and correct in all respects) at and as of the
applicable Closing. Seller shall also have complied in all material respects
with all of Seller's covenants related to such Tower Site at and as of such
Closing.

               4.2.2     MASTER LEASEBACK AGREEMENT. Seller shall have executed
and delivered the Master Leaseback Agreement, and the Master Leaseback Agreement
shall be in full force

                                       21
<Page>

and effect. The Seller shall also have executed and delivered Site Lease
Agreements for each of the Towers set forth on SCHEDULE 1.1D which are Included
Sites, except for the Tower Site known as site #680 and located in Walton,
Michigan.

               4.2.3     This Section is intentionally blank.

               4.2.4     CONSENTS. All Required Consents with respect to such
Tower Site shall have been obtained, without the imposition, individually or in
the aggregate, of any condition or requirement that has or would be reasonably
likely to have a material adverse effect on the use, operation or value of the
Assets with respect to such Tower Site.

               4.2.5     FIRPTA. Purchaser shall have received an affidavit
dated as of the Closing Date complying with Section 1445(b)(2) of the Code
confirming that Seller is not a foreign person within the meaning of Section
1445 of the Code.

               4.2.6     TITLE. All Title Objections with respect to such Tower
Sites that are to be included in such Closing shall have been cleared or waived.

               4.2.7     CLOSING DELIVERIES. The agreements, instruments and
other documents required to be delivered pursuant to SECTION 6.2 shall have been
delivered.

               4.2.8     NO ACTION. No Legal Action shall have been undertaken
by any Person (other than Purchaser or agent thereof with the intent of
frustrating the purposes of this Agreement), nor shall any statute, rule,
regulation, legislation, interpretation, judgment, order or injunction have been
enacted, enforced, promulgated, amended or issued which would be deemed
applicable to the consummation of the transactions contemplated hereby by any
Governmental Authority that would reasonably be expected to restrain, make
illegal or otherwise prohibit the consummation of any applicable Closing
contemplated hereby.

               4.2.9     ZONING, FAA AND FCC MATTERS. Each Tower shall have
requisite zoning approval, FAA clearance and FCC registration, as applicable,
for use in a manner consistent with its current use, and such approval,
clearance and registration, as the case may be, must be in a form reasonably
satisfactory to Purchaser. Purchaser acknowledges that as of the date of
execution of this Agreement, there are certain outstanding issues in relation to
certain Tower Sites as provided in SCHEDULE 4.2.9. Notwithstanding the
foregoing, Seller acknowledges that it must resolve any and all such outstanding
issues applicable to the Tower Site prior to the applicable Closing for such
Tower Site in a manner reasonably satisfactory to Purchaser.

     4.3       EXCLUDED SITES. If any of the conditions set forth in SECTION 4.2
fail to be satisfied on any Closing Date (other than the Final Closing Date)
with respect to any Tower Site hereunder, and Purchaser does not waive all
unsatisfied conditions respecting such Tower Site, such Tower Site will be
deemed to be a Pending Tower Site pursuant to SECTION 6.5 and thus deferred to a
later Closing, subject to Seller's rights under SECTION 6.7 to deem such Tower
Site to be an Excluded Site; provided, that if as of the Final Closing Date any
conditions to Closing with respect to any such Pending Tower Site continue to be
unwaived and unsatisfied, such Tower Site will constitute an Excluded Site
hereunder. The parties agree to use good faith

                                       22
<Page>

commercially reasonable efforts to cure any defects of an Excluded Site so it
may become an Included Site.

     4.4       RIGHT TO TERMINATE. The parties agree that notwithstanding any
other provision of this Agreement to the contrary, in the event the number of
Tower Sites to be included in the Initial Closing is less than 50, Seller will
be under no obligation to consummate any of the transactions contemplated
hereby. In such event, Seller may elect to terminate this Agreement on or before
October 15, 2004 and such election shall not be deemed to be a breach hereunder
by Seller, unless the failure to include such number of Tower Sites in the
Initial Closing constitutes a default by Seller. In the event Seller elects to
terminate this Agreement as provided above, Purchaser shall be entitled to
receive the return of the Deposit in full, unless Purchaser shall have been in
breach of this Agreement by refusing to accept at least 50 Towers at the time of
the Initial Closing.

     4.5       EFFECT OF WAIVER. In the event either party waives any condition,
consent or other requirement of this Agreement, such party shall be deemed to
have fully released the other party with respect thereto, shall be forever
barred from making any claim of any nature with respect thereto, and agrees not
to make any such claim.

                                    ARTICLE V
                              DUE DILIGENCE REVIEW

     5.1       DUE DILIGENCE REVIEW. Any Tower Site which is objected to by
Purchaser, in writing, within the periods specified in the Due Diligence Review
definition shall be deemed a Pending Tower Site under the provisions of SECTION
4.3, and the parties agree to use commercially reasonable efforts to cure any
defects of any such Pending Tower Site on or before the Final Closing Date, as
determined pursuant to SECTION 6.6. The parties further agree to, in good faith,
cooperate with one another in making such commercially reasonable efforts to
cure defects of any Pending Tower Site. Notwithstanding anything in this
Agreement to the contrary, if Purchaser objects to ten (10) or more Tower Sites
during Purchaser's Twenty Day Due Diligence Period for any reason relating to
such Twenty Day Due Diligence Period Items as provided in the definition of Due
Diligence Review, then Seller may terminate this Agreement by providing written
notice to Purchaser within seven (7) Business Days after the expiration of such
Twenty Day Due Diligence Period. If Seller elects to terminate this Agreement
pursuant to this SECTION 5.1, then the Deposit, plus interest, shall be returned
in full to Purchaser, and Seller shall pay to Purchaser a fee equal to the
lesser of Purchaser's actual costs and expenses incurred to the date of delivery
of Seller's notice of termination, or $100,000.00.

                                   ARTICLE VI
                                    CLOSINGS

     6.1       CLOSINGS. On the terms and subject to the conditions set forth in
this Agreement, the parties shall effect the sale and leaseback of Included
Sites and the consummation of the transactions contemplated hereby at one or
more Closings. Each Closing with respect to the applicable Included Sites shall
take place at the offices of Purchaser's counsel, Fox Rothschild LLP, 997 Lenox
Drive, Lawrenceville, NJ 08648, or by mail, or at such other location as the

                                       23
<Page>

parties may mutually designate in writing. The first Closing, which is intended
to include every Tower that can then be ready for Closing and is expected to
occur on or before October 15, 2004 (the "INITIAL CLOSING"), shall take place at
10:00 a.m., Eastern Standard Time, on the Initial Closing Date. This Agreement
shall not be deemed to merge into any of the Instruments of Transfer or any
closing escrow utilized in connection with a Closing. Unless the parties
otherwise agree, each Closing after the Initial Closing shall include a minimum
of ten (10) Towers, other than the Final Closing which shall have no minimum
requirement.

     6.2       DELIVERIES BY SELLER. At each Closing, Seller shall execute and
deliver to Purchaser:

               6.2.1     INSTRUMENTS OF TRANSFER. Instruments of transfer
("INSTRUMENTS OF TRANSFER") transferring to Purchaser all of Seller's rights,
title and interest in the Assets for which such Closing is occurring. The
Instruments of Transfer shall be as follows:

                         6.2.1.a   BILL OF SALE. A warranty bill of sale and
general assignment and assumption agreement transferring all of Seller's rights,
title and interest in the Seller Tower, Associated Tower Improvements and Tower
Related Assets for the Tower Sites that are included in such Closing and
providing for the assumption of all of the Assumed Liabilities associated
therewith, which shall be in the form of EXHIBIT 6.2.1.a.

                         6.2.1.b   ASSIGNMENT AND ASSUMPTION OF GROUND LEASE. To
the extent Required Consents have been obtained as of the Closing Date for the
assignment of Ground Leases to Purchaser, an assignment and assumption of such
Ground Lease for the Tower Sites that are included in such Closing conveying to
Purchaser all of Seller's rights, title, and interest as a lessee in and to the
Seller Leasehold and Ground Lease, which shall be in the form of EXHIBIT
6.2.1.b. A copy of each Ground Lease for every Included Site must be provided to
Purchaser.

                         6.2.1.c   ASSIGNMENT OF THIRD PARTY LESSEE LEASES. If
any portion of an Included Site has been leased, subleased, licensed or
sublicensed to a Third Party Lessee, then to the extent Required Consents have
been obtained as of the Closing Date for the assignment of such lease, sublease,
license or sublicense to Purchaser, an assignment and assumption of such Third
Party Lessee Leases for the Tower Sites that are included in such Closing
conveying to Purchaser all of Seller's rights, title and interest as lessor or
licensor in and to the Third Party Lessee Leases, which shall be in the form of
EXHIBIT 6.2.1.c.

                         6.2.1.d   ASSIGNMENT OF THIRD PARTY CONTRACTS. If all
or any portion of an Included Site is subject to one (1) or more material Third
Party Contract(s), including but not limited to any back-up generator
maintenance agreements as provided in SECTION 2.7.1 herein, as well as any
telephone line services agreement and electricity services agreement with
respect to the Tower Site known as site #680 and located in Walton, Michigan, as
applicable, then to the extent consents and approvals have been obtained as of
the Closing Date for the assignment of such material Third Party Contract(s), an
assignment and assumption of the material Third Party Contract(s) for the Tower
Sites that are included in such Closing conveying to Purchaser all of the
Seller's rights, title and interest in and to such material Third Party
Contract(s), which shall be in the form of EXHIBIT 6.2.1.d.

                                       24
<Page>

                         6.2.1.e   DEED. A special warranty deed transferring
all of Seller's rights, title and interest in each Seller Fee Interest that is
included in such Closing, in a form (i) consistent with the laws of the
jurisdiction in which the applicable Tower Site is located and (ii) otherwise
reasonably satisfactory to the parties, and, if reasonably requested by the
title company, an affidavit of title in usual and customary form for clearing
standard exceptions to title that are regularly cleared by affidavit and without
additional expense in the jurisdiction in which the applicable Tower Site is
located.

               6.2.2     CERTIFICATE OF GOOD STANDING. A certificate of good
standing from the State of Delaware evidencing Seller's good standing; provided,
however, at each Closing other than the Initial Closing, rather than delivering
a certificate of good standing to Purchaser as provided above, Seller, at its
option, may deliver to Purchaser a certificate of Seller's Secretary confirming
its continued good standing.

               6.2.3     DOCUMENTS OF AUTHORITY. Documents, certificates, or
resolutions evidencing that the person or persons executing and delivering this
Agreement and the Transaction Documents contemplated hereby on behalf of Seller
has or have the authority to execute, deliver and consummate this Agreement and
the Transaction Documents contemplated hereby; provided, however, at each
Closing other than the Initial Closing, rather than delivering the
aforementioned as provided above, Seller at its option, may deliver to Purchaser
a certificate of Seller's Secretary confirming the aforementioned.

               6.2.4     SITE LEASE AGREEMENTS. For each Included Site, a Site
Lease Agreement providing for the lease and/or sublease of the portion of such
Included Site constituting the Leased Back Space pursuant to the Master
Leaseback Agreement.

               6.2.5     MEMORANDUM OF LEASE. Except as set forth on SCHEDULE
6.2.5, for each Included Site, a Memorandum of Lease referencing the
corresponding Site Lease Agreement, the Master Leaseback Agreement, the Ground
Lease and the Leased Back Space, for recordation in the jurisdiction in which
such Included Site is located unless the Ground Lease for the Seller Leasehold
comprising the Included Site specifically prohibits the recordation of a
memorandum of lease.

               6.2.6     CERTIFICATE OF COVENANTS, REPRESENTATIONS AND
WARRANTIES. A certificate of Seller in the form of EXHIBIT 6.2.6, signed by an
executive officer of Seller certifying (in his capacity as an officer of Seller
and without personal liability) that (i) each covenant and agreement of the
Seller to be performed prior to or as of the applicable Closing Date pursuant to
this Agreement related to the applicable Included Sites has been performed in
all material respects, (ii) each representation and warranty of Seller set forth
in this Agreement is true and correct in all material respects (except to the
extent any representation or warranty is already qualified by materiality in
which case it shall be true and correct in all respects) at and as of the
Closing Date, subject to the limitations on the liability of Seller set forth in
this Agreement.

               6.2.7     THIRD PARTY LESSEE LEASES; ESTOPPELS. Seller must
provide Purchaser with a copy of all Third Party Lessee Leases relating to the
Tower Site. Seller will use commercially reasonable efforts to obtain estoppel
certificates (in a form reasonably satisfactory to Purchaser), for each Third
Party Lessee Lease; provided, however, that this condition will be deemed

                                       25
<Page>

satisfied with respect to any Tower Site: (a) once Seller has provided Purchaser
with copies of canceled checks representing payment of rent under any Third
Party Lessee Lease for the prior six month period, or such shorter period as the
Third Party Lessee Lease shall have been in force; and (b) by the delivery by
Seller of a replacement estoppel certificate given on the basis of Seller's
Knowledge.

               6.2.8     BOOKS AND RECORDS. Seller must provide Purchaser copies
of any essential books, records, and other relevant proprietary information
regarding the Tower Site.

               6.2.9     AM STUDY. Seller must provide Purchaser a copy of an AM
study, if applicable.

               6.2.10    OTHER INSTRUMENTS. Seller shall provide any other
documents, instruments, certificates or other writings reasonably requested by
Purchaser, its counsel or the title company in order to effectuate the intent of
this Agreement.

               6.2.11    LEGAL OPINION. At each Closing, an opinion of Seller's
legal counsel addressing only the corporate existence and authority of Seller to
enter and perform this Agreement, in a form reasonably acceptable to the parties
hereto.

     6.3       DELIVERIES BY PURCHASER. At each Closing, Purchaser shall
execute, where applicable, and deliver to Seller:

               6.3.1     PURCHASE PRICE. The portion of the Purchase Price for
the applicable Included Sites, as adjusted in accordance with the terms and
conditions of this Agreement, in the case of the Initial Closing (and any
subsequent Closings, if applicable) after giving effect to the application at
such Closing of the Deposit to the Purchase Price as provided in SECTION 3.1.1.

               6.3.2     INSTRUMENTS OF TRANSFER. The Instruments of Transfer
for the applicable Included Sites for which Closing is occurring.

               6.3.3     CERTIFICATE OF GOOD STANDING. A certificate of good
standing and/or existence or similar document from the State in which Purchaser
is organized evidencing Purchaser's good standing and/or formation under the
laws of such State and a certificate evidencing the qualification of Purchaser
to transact business in each state in which any of the Assets are located;
provided, however, at each Closing other than the Initial Closing, rather than
delivering a certificate of good standing to Seller as provided above,
Purchaser, at its option, may deliver to Seller a certificate of Purchaser's
Secretary confirming its continued good standing.

               6.3.4     DOCUMENTS OF AUTHORITY. Documents, certificates, or
resolutions evidencing that the person or persons executing and delivering this
Agreement and the Transaction Documents to which it is a party contemplated
hereby on behalf of Purchaser has or have the authority to execute, deliver and
consummate this Agreement and the Transaction Documents; provided, however, at
each Closing other than the Initial Closing, rather than delivering the
aforementioned as provided above, the Secretary of Purchaser, at its option, may
provide a certificate confirming the aforementioned.

                                       26
<Page>

               6.3.5     SITE LEASE AGREEMENTS. For each Included Site, a Site
Lease Agreement providing for the lease and/or sublease of the portion of such
Included Site constituting the Leased Back Space pursuant to the Master
Leaseback Agreement.

               6.3.6     MEMORANDUM OF LEASE. For each Included Site, a
Memorandum of Lease shall be delivered referencing the corresponding Site Lease
Agreement, the Master Leaseback Agreement, the Ground Lease and Leased Back
Space, for recordation in the jurisdiction in which such Included Site is
located unless the Ground Lease for the Seller Leasehold comprising the Included
Site specifically prohibits the recordation of a memorandum of lease.

               6.3.7     CERTIFICATE OF COVENANTS, REPRESENTATIONS AND
WARRANTIES. A certificate of Purchaser in the form of EXHIBIT 6.3.7, signed by
an executive officer of Purchaser, certifying (in his capacity as an officer of
Purchaser and without personal liability) that each covenant and agreement of
Purchaser to be performed prior to or as of such Closing Date pursuant to this
Agreement related to the applicable Included Sites has been performed in all
material respects and each warranty and representation of Purchaser is true and
correct in all material respects (except to the extent any representation or
warranty is already qualified by materiality in which case it shall be true and
correct in all respects) on the Closing Date, as if made on and as of the
Closing Date.

               6.3.8     NONDISTURBANCE AGREEMENT. For each Tower Site for which
such Closing is occurring, if any Person will have a Lien on Purchaser's
interest in all or any part of such Tower Site, any Site Lease Agreement, the
Master Leaseback Agreement, or any other item of real or personal property
related to the Tower Site, Purchaser shall obtain an executed nondisturbance
agreement that shall not differ in any material way from the form set out as
EXHIBIT 4.1.3 and described in SECTION 25 of the Master Leaseback Agreement,
from such Person.

               6.3.9     OTHER INSTRUMENTS. Purchaser shall provide any other
documents, instruments, certificates or other writings reasonably requested by
Seller, its counsel or the title company in order to effectuate the intent of
this Agreement.

               6.3.10    LEGAL OPINION. At each Closing, addressing only the
limited liability company existence and authority of Purchaser to enter and
perform this Agreement, an opinion of Purchaser's legal counsel, in a form
reasonably acceptable to the parties hereto.

     6.4       CLOSING COSTS.

               6.4.1     SALES AND USE TAXES; PERSONAL PROPERTY TAXES; REAL
PROPERTY TAXES. At each Closing, Purchaser shall be responsible for and shall
pay at each Closing any sales, use or other taxes, which may be due as a result
of the purchase and sale of the Assets (other than income or gains taxes of the
Seller). On and after each Closing and notwithstanding the terms of any Ground
Lease, Purchaser shall be responsible for and shall pay when due all personal
and real property taxes accruing against the Assets on and after such Closing.

               6.4.2     RECORDATION FEES, COSTS AND TAXES. At each Closing, the
parties shall each pay one-half of any real estate transfer taxes and document
stamps or other charges levied

                                       27
<Page>

by any Governmental Authority as a result of the purchase and sale of the Assets
sold at such Closing. Seller shall pay all recording costs required to record
the Memoranda of Lease with respect to its Site Lease Agreements for the
applicable Included Sites. Purchaser shall pay all other recording costs
associated with the assignment to Purchaser of Ground Leases and Third Party
Lessee Leases(.) Seller shall pay all fees and taxes associated with the release
of Liens in connection with the transactions contemplated hereby and other
documents intended to clear title (including, but not limited to, releases of
mortgages, the filing of UCC-3s and if applicable, the recording of memoranda of
ground lease).

               6.4.3     OTHER CHARGES. Seller and Purchaser shall each pay
one-half (l/2) of all escrow charges. Purchaser shall pay all costs incurred by
Purchaser in securing financing, recording any mortgages or other security
instruments and obtaining title insurance. Purchaser shall pay the costs of any
title examinations, surveys, structural examinations, environmental assessments
and other similar examinations, tests, assessments and studies desired by
Purchaser. Each party shall be responsible for paying its own legal and
accounting fees and other expenses.

     6.5       PENDING TOWER SITES. The parties intend that each Tower Site be
included in the earliest Closing as of which all conditions to Purchaser's
obligations to purchase such Tower Site are satisfied or waived. If as of any
Closing any such condition respecting any Tower Site remains unsatisfied and
unwaived or Purchaser can reasonably evidence in writing that any representation
or warranty with respect to such Tower is untrue or incorrect, or has been
modified in a manner adverse to Purchaser's interest in such Tower subsequent to
the execution of this Agreement, the Closing for such Tower Site will be
deferred, automatically and without further action of any party, until such time
as all conditions applicable to such Tower Site are satisfied or waived by
Purchaser. Any Tower Site with respect to which a condition to Closing is not
satisfied or waived as of the Initial Closing Date or which Purchaser and Seller
otherwise agree to defer to a later Closing, is referred to herein as a "PENDING
TOWER SITE," it being understood that Purchaser's assertion that a condition to
Closing has not been satisfied or waived is not binding and conclusive, even if
such Tower Site is deemed a Pending Tower Site hereunder.

     6.6       ADDITIONAL CLOSINGS. If all the conditions to Closing with
respect to a Pending Tower Site are satisfied or waived, Purchaser shall
purchase and the Seller shall sell such Tower Site at a subsequent closing
(each, an "ADDITIONAL CLOSING") with respect to some or all of the Pending Tower
Sites. Seller and Purchaser shall use good faith commercially reasonable efforts
to satisfy all conditions to Closing related to each Pending Tower Site as soon
as is reasonably practicable after the Initial Closing Date so that the parties
hereto may effect an Additional Closing for such Pending Tower Site, unless and
until Seller deems such Tower Site to be an Excluded Site pursuant to SECTION
6.7. All of the terms of this Agreement shall continue in full force and effect
with respect to each Pending Tower Site. The parties hereto acknowledge and
agree that all such Additional Closings shall take place on or prior to the
final Additional Closing Date, which shall occur not later than March 31, 2005
unless (i) on March 31, 2005, there remains one (1) or more Pending Tower
Site(s) with respect to which either or both of the parties are still making
commercially reasonable efforts to cure a defect(s) pursuant to this SECTION 6.6
or SECTION 5.1, in which case the final Additional Closing Date shall occur not
later than June 30, 2005; or (ii) the parties otherwise agree (the "FINAL
CLOSING DATE"). Any Pending Tower Site

                                       28
<Page>

that does not become an Included Site at or prior to the Final Closing Date is
thereafter deemed to be an Excluded Site. Except as otherwise set forth herein,
no party hereto will have any further obligation or liability by virtue of the
fact that no Closing occurred with respect to any Excluded Site.

     6.7       EXCLUDED SITES. Notwithstanding anything in this Agreement to the
contrary, if a Tower Site has been deemed a Pending Tower Site, Seller will have
the right, upon written notice to Purchaser, to deem such Tower Site to be an
Excluded Site, unless Purchaser waives any defects and elects to close on such
Tower at the next Closing Date. This Agreement shall terminate as to such Tower
Site upon the giving of such notice by Seller and provided that Purchaser has
not elected in writing to waive any conditions precedent within ten (10)
business days of its receipt of Seller's notice. If, by the Final Closing Date,
the Seller causes any unsatisfied and unwaived condition to be satisfied with
respect to any such Pending Tower Site or Purchaser waives same, such Tower Site
shall become an Included Site and it shall be sold to Purchaser as part of the
Final Closing. Purchaser expressly acknowledges and agrees that any and all
Tower Sites that do not become Included Sites as a result of Seller's exercise
of its rights under this SECTION 6.7, will not be subject to the provisions of
SECTION 12.11.2.

     6.8       ADDITIONAL INFORMATION. At any time and from time to time after
the date hereof, with respect to each Tower Site that has not become an Included
Site as of such time, absent fraud or willful misconduct, Seller may update the
Schedules to this Agreement, provide new Schedules to this Agreement or
otherwise disclose in writing any material information, known to Seller, that
may affect the truthfulness, correctness or completeness of any representation,
warranty, covenant or agreement to be made by Seller in this Agreement with
respect to Pending Tower Sites, any Transaction Document or any document,
agreement, instrument, certificate or writing furnished to any party or its
respective Affiliates pursuant to or in connection with this Agreement,
including without limitation: (x) to set forth exceptions to any such
representations and warranties, where such exceptions were not theretofore set
forth in this Agreement or any Schedule hereto, or (y) to reflect any lease,
sublease license or agreement that becomes a Ground Lease, Third Party Lessee
Lease or Third Party Contract entered into after the date of this Agreement in
accordance with SECTIONS 2.6.2 and 2.7.2. Any Tower Site in respect of which
Seller makes any disclosure pursuant to this SECTION 6.8 may, at Purchaser's
option, be deferred to a later Closing Date, and subsequently be deemed an
Excluded Site pursuant to SECTION 6.7 if the conditions to Closing related to
such Tower Site are not satisfied prior to the Final Closing Date, but only
where the matters so described would have a material adverse effect on the use
and operation of such Tower Site for co-location of cellular and/or PCS
Communications Equipment. In the event Seller updates a Schedule, creates a new
Schedule or otherwise makes a disclosure and the disclosed matters would have or
would reasonably be likely to have a material adverse effect upon the use,
operation or value of one or more specific Tower Sites, absent fraud or willful
misconduct, such update or disclosure shall not be deemed a breach hereunder,
and the sole consequence thereof will be that such Tower Site will be deemed a
Pending Tower Site in accordance with the terms of this Agreement.

                                       29
<Page>

                                   ARTICLE VII
                    REPRESENTATIONS, WARRANTIES AND COVENANTS

     7.1       REPRESENTATIONS AND WARRANTIES BY SELLER. Subject to SECTION 7.7,
Seller represents and warrants as follows:

               7.1.1     ORGANIZATION. Seller is a corporation duly organized,
validly existing, and in good standing under the laws of the State of Delaware
and is qualified to conduct business in the jurisdictions where the Assets are
located, except where failure to be so qualified would not, individually or in
the aggregate, have a material adverse effect on the use, operation or value of
the Assets, as a whole, after the Closing.

               7.1.2     CORPORATE AUTHORITY. The execution and delivery of this
Agreement and the Transaction Documents to which Seller is or will be a party
and the consummation and performance of the transactions contemplated hereby
have been duly authorized by all requisite action on the part of the Seller. The
Seller has the right, power, and authority to execute, deliver, and perform this
Agreement and each Transaction Document to which it is or will be a party, and
this Agreement and the Transaction Documents constitute, or upon execution and
delivery will constitute valid and binding agreements of the Seller, enforceable
against each in accordance with their terms, except as such enforceability may
be limited by bankruptcy, moratorium, insolvency and similar laws affecting the
rights and remedies of creditors and obligations of debtors generally and by
general principles of equity.

               7.1.3     LEGAL AUTHORITY. Except for the need to receive the
Required Consents for the transfer of the Assets from the Seller to Purchaser,
the execution, delivery and performance of this Agreement and the Transaction
Documents to which it is or may be a party and the consummation of the
transactions herein contemplated do not and will not conflict with, or result in
a breach or violation of, or constitute a default under, any provision of the
charter, certificate of incorporation, by-laws or any other organizational
documents of the Seller, or to Seller's Knowledge, any Governmental Law, or to
Seller's Knowledge, conflict with, or result in a breach or violation of, or
constitute a default under, or permit the acceleration of any obligation or
liability in, or but for any requirement of giving of notice or passage of time
or both would constitute such a conflict with, breach or violation of, or
default under, or permit any such acceleration in, any of its Contracts, other
than the Required Consents, except where the occurrence of the foregoing would
not, individually or in the aggregate, have a material adverse effect on the
use, operation or value of such Assets, as a whole, after the Closing. The
Required Consents known to Seller as of the date hereof are set forth in
SCHEDULE 7.1.3.

               7.1.4     BROKER OR FINDER. Except for Nations Media Partners, no
Person assisted in or brought about the negotiation of this Agreement in the
capacity of investment banker, broker, agent or finder or in any similar
capacity on behalf of the Seller. Seller agrees to pay all real estate broker's
or real estate salesperson's commissions or fees due to Nations Media Partners
in connection with the transaction contemplated in this Agreement, and further
agrees to indemnify, defend and hold harmless the Purchaser of and from any
liability for real estate broker's or real estate salesperson's commissions or
claims to or payment thereof for commissions arising in connection with this
transaction by virtue of any dealings the Seller may have had with any real
estate broker, agent or salesperson.

                                       30
<Page>

               7.1.5     LITIGATION. As of the date hereof, there are no
material Legal Actions pending or, to Seller's Knowledge, threatened in writing
with respect to or involving any of the Assets. To Seller's Knowledge, there are
no orders or stipulations of or by any Governmental Authority against the Seller
with respect to any of its Assets or otherwise binding on any of the Assets.

               7.1.6     CONTRACTS. SCHEDULES 2.6.1, 2.7.1 and 7.1.6 identify
all material Contracts with respect to the Assets to which the Seller is a
party, or by which it is bound. Except as identified in SCHEDULE 7.1.6 the
material Contracts have not been assigned, modified or amended.

               7.1.7     TITLE TO ASSETS. The Seller will transfer to Purchaser
at the applicable Closing good and marketable title to the Assets, including,
but not limited to (i) (x) the applicable Seller Fee Interests (in the case of
Tower Sites owned by the Seller) free and clear of Liens except Permitted Liens
or (y) the tenant's interests under the applicable Ground Leases, as applicable;
(ii) the lessor's interest under the Third Party Lessee Leases; (iii) the
Seller's interest in, to and under the Third Party Contracts; (iv) Seller's
interest in the Appurtenant Easements; and (v) the Seller Tower at each Tower
Site and any Associated Tower Improvements thereto and the Tower Related Assets;
in each case, free and clear of Liens, except Permitted Liens.

               7.1.8     GROUND LEASES. The Seller holds the leasehold interest
created under each of its Ground Leases, and Seller is the sole owner of the
Towers located on the Seller Leasehold. Furthermore, Seller represents and
warrants that to its knowledge (i) each Ground Lease is in full force and effect
in all material respects; (ii) the Seller is not in default in any material
respect under any of the Ground Leases; and (iii) except as set forth in
SCHEDULE 7.1.8, no consent or approval is required from the applicable ground
lessor to assign any of the applicable Ground Leases.

               7.1.9     THIRD PARTY LESSEE LEASES. To Seller's Knowledge (i)
each Third Party Lessee Lease is in full force and effect; (ii) the Seller is
not in default in any material respect under any of the Third Party Lessee
Leases; and (iii) except as set forth in SCHEDULE 7.1.9, no consent or approval
is required from the applicable Third Party Lessee to assign any of the
applicable Third Party Lessee Leases.

               7.1.10    COMPLIANCE WITH LAWS. Except as disclosed in SCHEDULE
7.1.10, to Seller's Knowledge, all Tower Sites and the current use, occupancy,
safety and operation thereof are in compliance, in all material respects, with
applicable Governmental Laws (including, without limitation, applicable zoning,
wetlands and land use laws), title covenants, conditions, restrictions and
reservations, Governmental Approvals and Private Approvals except where failure
to be in such compliance would not, individually or in the aggregate, have a
material adverse effect on the use, operation or value of such Tower Site, after
Closing.

               7.1.11    EMINENT DOMAIN. To Seller's Knowledge, except as set
forth on SCHEDULE 7.1.11, Seller has not received any written notice that any
Governmental Authority having the power of eminent domain over any of its Tower
Sites included in the Assets has commenced or intends to exercise the power of
eminent domain or a similar power with respect to all or part of such Tower
Sites.

                                       31
<Page>

               7.1.12    EASEMENTS. To Seller's Knowledge, the Appurtenant
Easements are all the easements and rights of way that are reasonably necessary
to provide vehicular and pedestrian ingress and egress to and from each of the
Tower Sites for the purposes used by the Seller in the ordinary course, except
where failure to provide such ingress and egress would not, individually or in
the aggregate, have a material adverse effect on the use, operation or value of
such Tower Sites after the Closing.

               7.1.13    REAL ESTATE TAXES. To Seller's Knowledge, the Seller
has duly and timely filed all federal, state, municipal and local tax returns
and reports with respect to all taxes owing in respect of the Tower Sites, and
has paid all taxes that are due and payable, except where failure to file said
returns and reports or pay such taxes would not, individually or in the
aggregate, have a material adverse effect on the use, operation or value of such
Tower Site, after the Closing. Seller has received no notice of any proposed
assessments against it in respect of its Tower Sites.

               7.1.14    ENVIRONMENTAL MATTERS. To Seller's Knowledge, except as
described in SCHEDULE 7.1.14, each Tower Site is in compliance with all
Environmental Laws, except where failure to be in such compliance would not,
individually or in the aggregate, have a material adverse effect on the use,
operation or value of such Tower Site, after the Closing. There is no
Environmental Claim pending or, to the knowledge of Seller, threatened in
writing against the Seller in connection with any Tower Site relating to any
applicable Environmental Law. To Seller's Knowledge, there has been no release
of Hazardous Materials on, at, over, or under any Tower Site by the Seller or
any other Person. As used herein, "RELEASE" shall have the meaning set forth in
CERCLA.

               7.1.15    CONDITION OF TOWERS. To Seller's Knowledge, the Towers
being conveyed hereunder (i) have been constructed, maintained and operated in
accordance with standards and practices customary in the industry, including,
without limitation, those of the National Fire Protection Association, (ii) are
in good operating condition, and (iii) are suitable for their existing use as
communication towers in their present form.

     7.2       SELLER'S COVENANTS. Seller hereby covenants and agrees with
Purchaser as follows:

               7.2.1     CONDUCT OF BUSINESS PENDING CLOSING. Except as
otherwise set forth herein, between the Execution Date and the date that the
applicable Closing occurs, Seller will have the right to operate, construct,
maintain, repair and replace the Tower Sites in accordance with Seller's normal
and customary business practices.

               7.2.2     ACCESS TO RECORDS. Between the Execution Date and the
applicable Closing Date or the date Seller's obligation to sell a Tower Site to
Purchaser terminates, Seller shall provide Purchaser and its authorized
representatives access to all books, records, documents, and other requested
information which relate to a Tower Site for examination and review at times,
during normal business hours and at the location where the information
ordinarily resides.

                                       32
<Page>

               7.2.3     CONSUMMATION OF AGREEMENT. Subject to SECTIONS 6.5,
6.6, 6.7 and 6.8, Seller shall use its commercially reasonable efforts to
perform and fulfill all conditions and obligations on its part to be performed
and fulfilled under this Agreement and shall use commercially reasonable efforts
to perform and fulfill all conditions and obligations on their part to be
performed and fulfilled under this Agreement, with the intent that the
transactions contemplated by this Agreement shall be fully carried out.

     7.3       REPRESENTATIONS AND WARRANTIES BY PURCHASER. Purchaser represents
and warrants as of the date hereof that:

               7.3.1     ORGANIZATION. Purchaser is a limited liability company
duly organized, validly existing, and in good standing under the laws of the
State of Delaware. Prior to the Initial Closing Date, Purchaser shall be
qualified in each state in which any of the Assets are located, and such other
states in which failure to qualify could have a material adverse effect on the
assets of Purchaser.

               7.3.2     AUTHORITY. The execution and delivery of this Agreement
and the Transaction Documents to which it is or will be a party and the
consummation and performance of the transactions contemplated hereby have been
duly authorized by all requisite action. Purchaser has the right, power, and
authority to execute, deliver, and perform this Agreement and the Transaction
Documents to which it is or will be a party, and this Agreement and the
Transaction Documents to which it is a party constitute a valid and binding
agreement of Purchaser, enforceable against it in accordance with its terms
except as such enforceability may be limited by bankruptcy, moratorium,
insolvency and similar laws affecting the rights and remedies of creditors and
obligations of debtors generally and by general principles of equity.

               7.3.3     LEGAL AUTHORITY. Except as set forth on SCHEDULE 7.3.3,
the execution, delivery and performance of this Agreement and the Transaction
Documents to which it is or will be a party and the consummation of the
transactions herein contemplated do not and will not conflict with, or result in
a breach or violation of, or constitute a default under, any provision of the
charter, Articles of Organization, Operating Agreement, by-laws, or any other
organizational documents of Purchaser or any Governmental Law, or will conflict
with, or result in a breach or violation of, or constitute a default under, or
permit the acceleration of any obligation or liability in, or but for any
requirement of giving of notice or passage of time or both would constitute such
a conflict with, breach or violation of, or default under, or permit any such
acceleration in, any of its Contracts.

               7.3.4     BROKER OR FINDER. Except as set forth on SCHEDULE
7.3.4, no Person assisted in or brought about the negotiation of this Agreement
in the capacity of investment banker, broker, agent or finder or in any similar
capacity on behalf of Purchaser. Purchaser agrees to indemnify, defend and hold
harmless the Seller of and from any liability for real estate broker's or real
estate salesperson's commissions or claims to or payment thereof for commissions
arising in connection with the transaction contemplated by this Agreement by
virtue of any dealings the Purchaser may have had with any real estate broker,
agent or salesperson.

                                       33
<Page>

               7.3.5     FINANCIAL CAPABILITY. Purchaser has and will maintain
the financial resources to consummate the transactions contemplated hereby
without requiring additional financing.

               7.3.6     LITIGATION. As of the date hereof, there are no Legal
Actions pending or, to Purchaser's knowledge, threatened in writing which could
reasonably be expected to restrain, enjoin or otherwise prohibit or make illegal
the consummation of any of the transactions contemplated by this Agreement or
the Transaction Documents.

               7.3.7     PURCHASER'S OPERATING ASSETS. Title to all of the
assets required for the operation of Purchaser's business, as currently
conducted, are held directly by Purchaser and not by any other entity.

     7.4       PURCHASER'S COVENANTS. Purchaser hereby covenants and agrees with
Seller as follows:

               7.4.1     CONSUMMATION OF AGREEMENT. Purchaser shall use its
commercially reasonable efforts to perform and fulfill all conditions, and
obligations on its part to be performed and fulfilled under this Agreement, with
the intent that the transactions contemplated by this Agreement shall be fully
carried out. Purchaser agrees to act in good faith to resolve any matters that
would preclude any Tower Site from becoming an Included Site. Purchaser further
agrees that if the Seller is unable to obtain a Required Consent for any Tower
Site, Purchaser shall cooperate with Seller and use commercially reasonable
efforts to assist the Seller in obtaining such Required Consent. In the event
that despite such efforts the parties hereto are unable to obtain a Required
Consent, Purchaser shall act in good faith to develop and enter into an
alternative arrangement with Seller or a third party, such as a subcontract or
other arrangement, in order to provide Purchaser and Seller with the equivalent
economic benefits of the transactions contemplated hereby without such Required
Consent.

               7.4.2     COMPLIANCE WITH GROUND LEASES, THIRD PARTY LESSEE
LEASES AND THIRD PARTY CONTRACTS. Purchaser shall comply with and perform all of
the duties and obligations hereunder, including, without limitation, the
assumption, discharge and performance of all Assumed Liabilities including all
duties and obligations with respect to any Ground Lease, Third Party Lessee
Lease, and Third Party Contract assumed by Purchaser at a Closing.

               7.4.3     PURCHASER INSURANCE. Purchaser shall maintain the
insurance required to be maintained by Purchaser pursuant to SECTION 2.8.2.

               7.4.4     CONFIDENTIALITY. Purchaser shall simultaneously with
the execution of this Agreement, execute a confidentiality agreement in the form
attached hereto as EXHIBIT 7.4.4, providing for confidentiality with respect to
and concerning this transaction. Purchaser expressly acknowledges and agrees
that such confidentiality agreement shall continue to bind Purchaser and be
applicable to all information obtained by Purchaser that is not included in the
Assets acquired by Purchaser at a Closing pursuant to the terms hereof.

               7.4.5     SELLER EMPLOYEES. Purchaser, its Affiliates, employees,
agents and representatives, during a period of one (1) year after the Final
Closing Date, shall not directly

                                       34
<Page>

solicit the employment of or knowingly employ any employee of Seller or any
similarly situated person who becomes an employee of Seller or its Affiliates
after the Final Closing Date who is identified to Purchaser, without the express
prior written consent of Seller. Seller shall have the right to obtain equitable
remedies, including injunctive relief with respect to any breach or threatened
breach of this Section.

               7.4.6     TITLE COMMITMENTS.

                         7.4.6.a   Purchaser shall use commercially reasonable
efforts to obtain not later than five (5) Business Days prior to the Initial
Closing Date, ALTA title insurance commitments proposing to insure title to all
the Seller Fee Interests and Seller Leasehold interests under Ground Leases
contemplated by SECTION 2.1 (the "TITLE COMMITMENTS"), and all surveys Purchaser
desires to obtain in relation to all Tower Sites, both at its sole cost and
expense. Purchaser shall pay the cost of all title searches, commitments and
title insurance policies.

                         7.4.6.b   Purchaser shall deliver written notice to
Seller within twelve (12) business days following receipt of a Title Commitment,
and if applicable, a survey, with respect to an individual Tower, but no later
than ten (10) days prior to the Initial Closing, of all matters disclosed on the
Title Commitments or the survey that are reasonably objected to by Purchaser due
to the existence of a Lien that is not a Permitted Lien within the meaning of
subsections (a), (b), or (d) of the definition of Permitted Lien (a "TITLE
OBJECTION") or any such matters shall be deemed waived. Upon delivery of a Title
Objection, Purchaser shall provide Seller with a copy of the relevant Title
Commitment and survey. In the event Purchaser makes a Title Objection with
respect to a Tower Site, Seller may, but shall not be obligated to, cure such
Title Objection; provided, however, if Seller is able and willing to eliminate
or cure such Title Objection, Seller shall notify Purchaser in writing within
twenty (20) Business Days after receipt of the Title Objection ("SELLER'S NOTICE
PERIOD") of such facts (said notice hereinafter called "SELLER'S TITLE NOTICE")
and in which case the elimination or curing of the Title Objection with respect
to such Tower Site shall be completed on or before the Final Closing Date. In
the event Seller does not deliver Seller's Title Notice to Purchaser within
Seller's Notice Period, Purchaser is deemed to be notified that Seller is unable
or unwilling to cure the Title Objection with respect to such Tower Site. In the
event Seller (i) does not deliver Seller's Title Notice, or (ii) notifies
Purchaser that Seller is unable or unwilling to cure any Title Objection, or
(iii) after delivery of Seller's Title Notice, Seller remains unable to cure in
accordance therewith, the parties hereto shall each refer to their respective
rights set forth in SECTIONS 6.5, 6.6 and 6.7.

     7.5       DEFINITIONS OF "KNOWLEDGE" AND "BELIEF". When reference is made
in this Agreement to Seller's "knowledge" or "belief," such terms shall mean the
actual knowledge and belief of the persons identified in SCHEDULE 7.5, as well
as any material information contained in any writing received by Seller at any
of its following offices during the period from March 1, 2003 to the date of
each applicable Closing: (i) Schaumburg, Illinois, (ii) Geneseo, Illinois, (iii)
Kentwood, Michigan, or (iv) Davenport, Iowa.

     7.6       COVENANT OF SELLER AND PURCHASER REGARDING CONSENTS. To the
extent that Seller's rights under any Ground Lease, Third Party Lessee Lease or
Third Party Contract may not be assigned without the consent of any party
thereto which has not been obtained, this Agreement

                                       35
<Page>

shall not constitute an agreement to assign the same if an attempted assignment
would constitute a breach thereof or be unlawful. Subject to SECTION 4.1.5
Seller shall use commercially reasonable efforts to obtain the consent of any
party whose consent is required in connection with the consummation of the
transaction contemplated hereby as promptly as possible. Purchaser will
cooperate with and assist Seller in its efforts under this SECTION 7.6.

     7.7       LIMITATIONS ON SELLER'S REPRESENTATIONS AND WARRANTIES. Purchaser
acknowledges and agrees that Seller is making the Real Estate Representations as
of any Closing only with respect to Tower Sites included in such Closing, and
that all of Seller's representations and warranties set out in this Agreement
are true, correct and complete to the best of Seller's Knowledge.

                                  ARTICLE VIII
                                  RISK OF LOSS

     8.1       CASUALTY LOSS. The risk of loss or damage to a Tower Site by fire
or other casualty, until the Closing for the Tower Sites, is retained by Seller,
but without any liability or obligation of Seller to repair any such loss or
damage, except that Seller, at Seller's sole option, shall have the right to
repair or replace such loss or damage to a Tower Site. Seller shall provide
Purchaser with written notice of any loss or damage to a Tower Site, within ten
(10) days of Seller's knowledge of such loss or damage. If Seller elects (such
election to be made within twenty (20) Business Days after Seller shall have
actual knowledge of such loss or damage by giving Purchaser written notice
thereof) to make such repair or replacement, and such repair or replacement can
be fully completed prior to the Closing of such Tower Sites, the obligations of
Seller and Purchaser under this Agreement to sell and purchase the Tower Site
shall continue in full force and effect. If Seller does not elect to repair or
replace any such loss or damage or such repair or replacement loss or damage
cannot be fully completed prior to the Final Closing, such Tower Site will be
deemed an Excluded Site.

     8.2       EMINENT DOMAIN. If notice of any action, suit or proceeding shall
be given after the Execution Date hereof, but prior to the Closing of a Tower
Site, for the purpose of taking by eminent domain or condemning any portion of a
Tower Site that would have a material adverse effect on the use, operation or
value of such Tower Site, Seller and Purchaser shall each have the right to
terminate their respective obligations to sell and purchase such Tower Site by
giving written notice to the other party within twenty (20) Business Days after
receiving notice of such condemnation or taking. If written notice of
termination is given by Seller or Purchaser to the other party, the obligation
of Seller and Purchaser to purchase and sell such Tower Site shall terminate as
of the date such notice is given and Seller and Purchaser shall have no further
obligations to one another with respect to such Tower Site after the date of
termination. If neither Seller nor Purchaser elects to terminate its obligation
to purchase or sell such Tower Site as provided above or if the taking or
condemnation would not have a material adverse effect on the use, operation or
value of such Tower Site, the award with respect to such condemnation or taking,
except for any expense incurred by Seller for restoration or safety in
connection therewith, which sum shall be reimbursed by Purchaser to Seller at
the Closing, shall be assigned (without representation or warranty by or
recourse against Seller) to Purchaser without further consideration following
the Closing for such Tower Site, and this Agreement shall continue in

                                       36
<Page>

full force and effect without any modification or abatement of the Purchase
Price or any liability or obligation on the part of Seller by reason of such
taking.

                                   ARTICLE IX
                              ADDITIONAL AGREEMENTS

     The parties agree to the following additional provisions, all of which
shall apply notwithstanding any other provision of this Agreement to the
contrary.

     9.1       REVENUE SHARING. Purchaser acknowledges that the Tower Sites
identified on attached SCHEDULE 9.1 involve Ground Leases which contain revenue
sharing provisions that are triggered upon the co-location of additional tenants
on the Tower Site. Purchaser acknowledges having reviewed and become familiar
with these revenue sharing provisions. Purchaser further agrees that the rent to
be paid by Seller to Purchaser under the terms of the Master Leaseback Agreement
and the relevant Site Lease Agreement for any such Tower shall not be adjusted
at any time as a result of the obligation of Purchaser now or at any later date
to pay any such revenue sharing amounts.

     9.2       NO DEPOSIT. Purchaser acknowledges that Seller shall not be
required to make payment of any deposit with respect to the Master Leaseback
Agreement or any individual Site Lease Agreement executed pursuant to the Master
Leaseback Agreement.

     9.3       USE OF EMERGENCY GENERATORS.

                         (i)    Purchaser acknowledges that twelve (12) of the
Tower Sites, which are identified on SCHEDULE 9.3, are lighted and that Seller
owns and maintains at each of these sites an emergency back-up generator for the
purpose of assuring continuous power to operate the tower lighting and Seller's
Equipment in the event of a power loss. Purchaser agrees with respect to each of
these sites that from after the Closing that includes each respective Tower Site
on SCHEDULE 9.3, Purchaser shall not draw any electricity from the emergency
back-up generator or allow any third party, including any current or future
co-location tenant on the Tower, to draw any additional power from the emergency
back-up generator, without Seller's prior written consent, which may be withheld
in Seller's discretion.

                         (ii)   Notwithstanding the provisions of SECTION 9.3(i)
to the contrary, Purchaser may elect to purchase from Seller any and all such
emergency back-up generators at the applicable twelve (12) Tower Sites as
identified on SCHEDULE 9.3, upon the terms and conditions as may be agreed to by
and between Seller and Purchaser pursuant to a separate written agreement
entered into by and between the parties. If any such back-up generators are
acquired from Seller by Purchaser, then Purchaser shall not remove any such
back-up generator from any Tower Site during the Term or any Renewal Term of the
applicable Site Lease Agreement (as defined therein), and Purchaser shall permit
Seller to use any and all such back-up generators for any purpose and in any
capacity which Seller, in Seller's sole discretion, may determine. Purchaser
shall be permitted to draw electricity from and use the back-up generator for
any purpose and to the extent deemed necessary, at Purchaser's sole discretion,
but neither Seller nor Purchaser shall allow any Third Party, including any
current of future co-location

                                       37
<Page>

tenant (other than Seller) on the Tower to draw any additional power from the
emergency back-up generator, without the other party's prior written consent.

     9.4       UTILITIES; TOWER MONITORING. Purchaser shall transfer all
utilities that are specific to a Tower Site and that are not used by Seller or
any other Third Party Lessee into Purchaser's name effective as of the Closing
Date for each lighted Tower Site. Seller agrees, for a period of sixty (60) days
following the Closing on any Tower, to continue its current remote monitoring of
the lighting on such Tower. This monitoring obligation shall require only that
if Seller receives electronic notification that the light is not functioning,
Seller will promptly advise Purchaser in writing by facsimile to the phone
number for this purpose set out in SECTION 12.6. Purchaser shall be responsible
for promptly providing any maintenance necessary to restore the function of the
lighting. Unless otherwise agreed in writing, Seller's obligation in SECTION 9.4
shall end at 5:00 p.m. local time on the sixtieth (60th) day following the
Closing with regard to each such Tower. Purchaser shall pay Seller the amount of
$100 for each Tower to be monitored by Seller under this SECTION 9.4, and such
payment shall be paid at the time of Closing for such Tower as an increase in
the Individual Tower Price for such Tower. Seller and Purchaser shall work
together to transfer responsibility for same within such period of time. All
light controllers shall be considered Assets being transferred and sold to
Purchaser.

                                    ARTICLE X
                                   TERMINATION

     10.1      TERMINATION. This Agreement may be terminated upon the occurrence
of any of the following events:

               10.1.1    CONSENT. Seller and Purchaser may terminate this
Agreement by written mutual consent at any time prior to the Final Closing Date.

               10.1.2    OPTIONAL TERMINATION.

                         (a) Seller may terminate this Agreement upon written
notice to Purchaser if: (i) Seller has presented at least fifty (50) Towers that
are not Pending Tower Sites or Excluded Sites by October 15, 2004 for the
Initial Closing and the Initial Closing has not taken place on or before 11:59
p.m. (CST) on October 15, 2004; or, (ii) if Seller has not been able to present
at least fifty (50) Towers that are not Pending Tower Sites or Excluded Sites by
October 15, 2004 but does so by October 31, 2004 and a Closing including at
least fifty (50) Towers has not taken place on or before 11:59 p.m. (CST) on
October 31, 2004, provided that such termination shall not affect the rights of
the parties with respect to any Towers for which Closing has previously
occurred. No Tower Site shall be deemed an Included Site, nor shall the
Purchaser be required to close on the Tower Site, unless and until the Purchaser
shall have received all of its Due Diligence materials with respect to the Tower
Site including, without limitation, all title reports, at least five (5)
Business Days prior to the Closing Date, so long as Purchaser's failure to
fulfill any of its obligations under this Agreement is not the cause of or
resulted in the failure to obtain its Due Diligence materials with respect to
the Tower Site, including title reports.

                         (b) Purchaser may terminate this Agreement upon written
notice to Seller if Seller has not presented at least fifty (50) Towers that are
not Pending Tower Sites or

                                       38
<Page>

Excluded Sites for Closing by 11:59 p.m. on December 31, 2004, provided that
such termination shall not affect the rights of the parties with respect to any
Towers for which Closing has previously occurred.

                         (c) Notwithstanding the foregoing, the right to
terminate this Agreement under this SECTION 10.1.2 will not be available to a
party whose failure to fulfill any of its obligations under this Agreement has
been the cause of or resulted in the failure to complete the relevant Closing on
or before such dates.

                         (d) If this Agreement is terminated pursuant to this
SECTION 10.1.2 the Escrow Agent shall pay the then-current balance of the
Deposit (plus any accrued interest thereon) to (i) Seller, if Seller terminates
pursuant to subparagraph (a) above, or (ii) Purchaser, if Purchaser terminates
pursuant to subparagraph (b) above. In the event Purchaser shall elect to
terminate this Agreement pursuant to subparagraph (b) above and such termination
shall not be the result of any breach by Purchaser of any of the provisions of
this Agreement, Seller agrees to pay to Purchaser a fee equal to the lesser of
Purchaser's actual costs and expenses incurred to the date of delivery of
Seller's notice of termination or $250,000.

               10.1.3    PURCHASER'S BREACH. If Purchaser is in breach in any
material respect of its covenants made hereunder or if any of the
representations and warranties of Purchaser contained herein are not true and
correct in all material respects (except to the extent any representation or
warranty is already qualified by materiality in which case it shall not be true
and correct in all respects) on the date made, Seller will have the right to
give Purchaser written notice specifying the breach. Purchaser will have a
period of thirty (30) Days following Purchaser's receipt of such notice of
breach to cure such breach; provided, however, that if such breach is not
capable of being cured within such thirty (30) Day period but Purchaser has
undertaken efforts to cure such breach within such thirty (30) Day period and
such breach is capable of being cured, such thirty (30) Day period shall be
extended for an additional twenty (20) Days provided, further, however, if the
breach involves the non-payment of sums due to Seller, Purchaser will only have
a period of five (5) Days to cure such breach without right of extension. If
Purchaser's breach is not cured within such applicable periods, Seller will have
as a remedy, without limitation, the right to (i) terminate this Agreement by
giving Purchaser and the Escrow Agent written notice thereof, and (ii) elect one
of the following, whichever is greater: (a) have the balance of the Deposit
(plus interest, if any) paid to Seller, or (b) obtain payment from Purchaser in
the amount of $250,000.00, which such payment from Purchaser shall be made to
Seller within three (3) Business Days after Purchaser's receipt of Seller's
written notice of termination, or, in the alternative to the remedies in
subparagraphs (i) and (ii) above, bring, maintain and consummate an action for
specific performance in any court of competent jurisdiction. In the event
Purchaser files a petition for relief under any chapter of the Bankruptcy Code
or any involuntary bankruptcy petition is filed against Purchaser, the parties
intend that such filing shall not prevent or any way impede or delay Seller's
exercise of Seller's termination rights hereunder. Purchaser hereby consents to
the entry of an order providing relief from the automatic stay under Section 362
of the Bankruptcy Code to permit Seller to exercise Seller's termination rights,
and Purchaser hereby waives any right, under Section 105 of the Bankruptcy Code
and any other applicable Governmental Law, to seek a stay, temporary restraining
order, or injunction to prevent or in any way impede or delay Seller's exercise
of Seller's termination rights. No

                                       39
<Page>

termination hereof shall affect the parties' respective rights and obligations
under the Transaction Documents with respect to the Tower Sites for which a
Closing has occurred prior to such termination. Notwithstanding the foregoing,
Seller's remedies in the event of Purchaser's breach of the provisions of
SECTION 7.4.4 shall be as set forth in the confidentiality agreement described
in SECTION 7.4.4, and Seller's remedies in the event of Purchaser's breach of
the provisions of Section 7.4.5 shall include equitable remedies.

               10.1.4    SELLER'S BREACH. If Seller is in breach in any material
respect of its covenants made hereunder (other than covenants related to Tower
Sites prior to such Tower Sites becoming Included Sites) or if, subject to
SECTION 7.7, any of the representations and warranties of Seller contained in
this Agreement are not true and correct in all material respects (except to the
extent any representation or warranty is already qualified by materiality in
which case it shall not be true and correct in all respects) on the date made,
Purchaser will have the right to give Seller written notice specifying the
breach. Seller will have a period of thirty (30) Days following Seller's receipt
of such notice of breach to cure such breach; provided, however, that if such
breach is not capable of being cured within such thirty (30) Day period but
Seller has undertaken efforts to cure such breach within such thirty (30) Day
period and such breach is capable of being cured, such thirty (30) Day period
shall be extended for an additional twenty (20) Days provided, further, however,
if the breach involves the non-payment of sums due to Purchaser, Seller shall
only have a period of five (5) Days to cure such breach without right of
extension. If Seller's breach is not cured within such applicable periods,
Purchaser will have as a remedy, without limitation, the right to (i) terminate
this Agreement by giving Seller and the Deposit Escrow Agent written notice
thereof, (ii) have the balance of the Deposit (and all interest accrued thereon)
returned to it and (iii) obtain indemnification for any Damages in accordance
with SECTION 11.1 or, in the alternative to the remedies in subparagraphs (i),
(ii) and (iii) above, bring, maintain and consummate an action for specific
performance in any court of competent jurisdiction. In the event Seller files a
petition for relief under any chapter of the Bankruptcy Code or an involuntary
bankruptcy petition is filed against Seller, the parties intend that such filing
shall not prevent or in any way impede or delay Purchaser's exercise of
Purchaser's termination rights hereunder. Seller hereby consents to the entry of
an order providing relief from the automatic stay under Section 362 of the
Bankruptcy Code to permit Purchaser to exercise Purchaser's termination rights,
and Seller hereby waives any right, under Section 105 of the Bankruptcy Code and
any other applicable Governmental Law, to seek a stay, temporary restraining
order, or injunction to prevent or in any way impede or delay Purchaser's
exercise of Purchaser's termination rights. No termination hereof shall affect
the parties' respective rights and obligations under the Transaction Documents
with respect to the Tower Sites for which a Closing has occurred prior to such
termination. It is understood and agreed, without limiting the foregoing, that
the sole remedies of Purchaser in respect of a breach by Seller of any Real
Estate Representation or any pre-Closing covenant or agreement related thereto
will be to cause Seller to continue to use reasonable efforts to cure such
breach, as contemplated by SECTION 7.2.3, until the Final Closing Date, except
to the extent such Tower Site becomes an Excluded Site in accordance with the
terms of this Agreement. Accordingly, Purchaser will have no right to terminate
this Agreement in respect of a failure of a Tower Site to be included at a
Closing, regardless of the reasons for such failure.

                                       40
<Page>

                                   ARTICLE XI
                                 INDEMNIFICATION

     11.1      INDEMNIFICATION.

               11.1.1    SELLER'S OBLIGATION TO INDEMNIFY. Except as provided in
SECTION 10.1.4, Seller shall indemnify and hold harmless Purchaser and all of
its officers, directors, employees, agents and Affiliates (collectively, the
"PURCHASER INDEMNIFIED PARTIES") against any and all damage, claim, loss,
liability or expense including, without limitation, reasonable expenses of
investigation and reasonable attorneys' fees and expenses (collectively,
"DAMAGES") incurred by any Purchaser Indemnified Party and arising out of or
relating to:

                         (i)    any material breach or inaccuracy of any of the
representations and warranties made by Seller in this Agreement; or

                         (ii)   any failure of Seller to carry out, perform,
satisfy and discharge any of its covenants, agreements, undertakings,
liabilities or obligations under this Agreement or under any of the documents
and instruments delivered by Seller pursuant to this Agreement (other than
related to Tower Sites prior to such Tower Sites becoming Included Sites), or

                         (iii)  any Excluded Liability;

PROVIDED, that from and after any Closing, Seller will not be liable for any
Damages incurred by Purchaser Indemnified Parties arising out of or relating to
the items listed in this SECTION 11.1.1 unless and until the total amount of all
Damages with respect thereto exceeds $167,000, and then Seller shall be liable
for all such Damages (including the threshhold $167,000), but only to an
aggregate amount (together with any Damages paid in respect to any other claims
for indemnification pursuant to this SECTION 11.1.1) equal to $4,000,000. The
amount of indemnification Purchaser Indemnified Parties are entitled to receive
hereunder shall be reduced by any applicable insurance proceeds that Purchaser
is entitled to receive.

                         In addition, the indemnification obligations hereunder
shall be reduced so as to give effect to any (i) net reduction in federal,
state, local or foreign income or franchise tax liability realized at any time
by Seller in connection with the satisfaction by the Purchaser Indemnified Party
of a claim with respect to which indemnification is sought hereunder and (ii)
amount of the Purchaser Indemnified Parties' Damages that are subsequently
recovered by the Purchaser Indemnified Parties pursuant to a settlement or
otherwise. Furthermore, in no event shall the term Damages include any
consequential, incidental, indirect or any loss or damage to a Purchaser
Indemnified Party, whether or not based upon events giving rise to
indemnification hereunder, including claims brought by third parties in
connection with any public offering or damages based on a multiple of earnings
formula.

                         Nothing in this Agreement shall be deemed to require
Seller to indemnify Purchaser Indemnified Parties for or in respect of a breach
of any Real Estate Representation or any pre-Closing covenant or agreement
related to Tower Sites prior to such Tower Sites becoming Included Sites.
Without limiting the generality of the foregoing, the sole remedies of Purchaser
in respect of a breach by Seller of any Real Estate Representation or any
pre-Closing

                                       41
<Page>

covenant or agreement related to any Tower Site prior to such Tower Site
becoming an Included Site will be to cause Seller to continue to use reasonable
efforts to cure such breach, as contemplated by SECTION 7.2.3, until the Final
Closing Date, except to the extent such Tower Site becomes an Excluded Site in
accordance with the terms of this Agreement.

                         Notwithstanding anything else contained in this
Agreement to the contrary, in the event that prior to a Closing Purchaser has
knowledge of an event, circumstance or condition that would, without the effect
of this provision, afford Purchaser indemnification rights hereunder after the
applicable Closing, and Purchaser proceeds with said Closing, Purchaser will
have no rights of indemnification hereunder with respect to said event,
circumstance or condition. For the purposes of this provision, the term
"knowledge" shall mean information Purchaser shall have received in writing from
Seller and information in tangible form obtained or learned by Purchaser or
Purchaser's representative in performing due diligence with regard to this
transaction.

               11.1.2    PURCHASER'S OBLIGATION TO INDEMNIFY. Except as
permitted by SECTION 10.1.3, Purchaser shall indemnify and hold harmless the
Seller and each of its officers, directors, employees, agents, Affiliates and
equity holders (collectively, the "SELLER INDEMNIFIED PARTIES", together with
Purchaser Indemnified Parties, and as context requires, the "INDEMNIFIED
PARTIES") against any and all Damages incurred by any Seller Indemnified Party
and arising out of:

                         (i)    any material breach or inaccuracy of any of the
representations and warranties made by Purchaser in this Agreement;

                         (ii)   any failure of Purchaser to carry out, perform,
satisfy and discharge any of its covenants, agreements, undertakings,
liabilities or obligations under this Agreement or under any of the documents
and instruments delivered by Purchaser pursuant to this Agreement; or

                         (iii)  Purchaser's obligation to indemnify Seller in
accordance with the provisions of this Agreement.

PROVIDED, that from and after any Closing, Purchaser shall not be liable for any
Damages incurred by Seller Indemnified Parties arising out of or relating to the
items listed in this SECTION 11.1.2 until such Damages (together with any other
Damages paid by Purchaser) exceed $167,000 (in which case Purchaser shall be
liable for the threshold $167,000.00), but only to an aggregate amount (together
with any Damages paid in respect to any other claims for indemnification
pursuant to SECTION 11.1.1) equal to $4,000,000. The amount of indemnification
the Seller Indemnified Parties are entitled to receive hereunder shall be
reduced by any applicable insurance proceeds that Seller is entitled to receive.

                         In addition, the indemnification obligations hereunder
shall be reduced so as to give effect to any (i) net reduction in federal,
state, local or foreign income or franchise tax liability realized at any time
by Seller in connection with the satisfaction by the Seller Indemnified Party of
a claim with respect to which indemnification is sought hereunder and (ii)
amount of the Seller Indemnified Parties' Damages that are subsequently
recovered by the Seller Indemnified Parties pursuant to a settlement or
otherwise. Furthermore, in no event shall the

                                       42
<Page>

term Damages include any consequential, incidental, indirect or any loss or
damage to a Seller Indemnified Party, whether or not based upon events giving
rise to indemnification hereunder, including claims brought by third parties in
connection with any public offering or damages based on a multiple of earnings
formula.

                         Notwithstanding anything else contained in this
Agreement to the contrary, in the event that prior to a Closing the Seller has
Knowledge of an event, circumstance or condition that would, without the effect
of this provision, afford the Seller's indemnification rights hereunder after
the applicable Closing, and the Seller proceeds with such Closing, the Seller
will have no rights of indemnification hereunder with respect to said event,
circumstance or condition.

     11.2      TIME LIMITATIONS FOR INDEMNIFICATION CLAIM. The right to seek
indemnification pursuant to the terms of this Agreement will survive for a
period of eighteen (18) months beginning on the Initial Closing Date (or with
respect to Additional Closing Sites, the date of the applicable Additional
Closing), but no longer, and shall only be effective with respect to any claim
when notice of such claim shall have been given in writing to the other party
against whom indemnification is sought within such period prescribed; provided,
however, that any representation or warranty contained in SECTION 7.1.13 or
7.1.14 shall survive until the expiration of the relevant statute of limitations
period (including any applicable extensions thereof).

     11.3      NOTICE OF CLAIM FOR INDEMNIFICATION; DEFENSE OF CLAIMS. In the
event a claim against any of the Indemnified Parties arises that is covered by
the indemnity provisions of SECTION 11.1.1 or SECTION 11.1.2 of this Agreement,
notice stating the provision or provisions of this Agreement under which the
liability or obligation is asserted shall be promptly given by the Indemnified
Parties to the indemnifying party, and the indemnifying party will have the
right to control all settlements (unless any Indemnified Party agrees to assume
the cost of settlement and to forego such indemnity) and to select lead counsel
to defend any and all such claims at the sole cost and expense of the
indemnifying party; PROVIDED, HOWEVER, that the indemnifying party may not
effect any settlement that could result in any cost, expense or liability to any
Indemnified Party unless the applicable Indemnified Party consents in writing to
such settlement and the indemnifying party agrees to indemnify the applicable
Indemnified Party therefor. An Indemnified Party may select counsel to
participate in any defense, in which event such Indemnified Party's counsel
shall be at the sole cost and expense of such Indemnified Party. In the event
that the indemnifying party does not admit in writing to the party seeking
indemnification that such claim is covered by the indemnity provisions of
SECTION 11.1.1 or SECTION 11.1.2, as the case may be, then the Indemnified Party
seeking indemnification and the indemnifying party shall cooperate in good faith
jointly to contest, defend and settle such claim. In connection with all such
claims, actions or proceedings, the parties shall cooperate with each other and
provide each other with access to relevant books and records in their
possession.

     11.4      MITIGATION. Purchaser Indemnified Parties and the Seller
Indemnified Parties shall take and shall cause their Affiliates to take all
reasonable steps to mitigate any Damages upon becoming aware of any event which
would reasonably be expected to, or does give rise thereto, including costs only
to the minimum extent necessary to remedy the breach which gives rise to the
Damages.

                                       43
<Page>

     11.5      EXCLUSIVE REMEDY. The rights and remedies of each party under
ARTICLE X and ARTICLE XI in respect of a breach by the other party shall
constitute the non-breaching party's sole rights and remedies under this
Agreement, except as may be otherwise expressly set forth herein.

                                   ARTICLE XII
                                  MISCELLANEOUS

     12.1      SUCCESSORS AND ASSIGNS. This Agreement shall be binding upon and
inure to the benefit of the parties hereto, their respective successors in
interest, permitted assigns, heirs and personal representatives.

     12.2      ENTIRE AGREEMENT. This Agreement and the schedules and exhibits
hereto which are incorporated herein by this reference, contain the entire
agreement between Seller and Purchaser with respect to the transactions
contemplated herein. Except with respect to the Confidentiality Agreement
entered into by Purchaser and Nations Media Partners, Inc., which
Confidentiality Agreement shall continue to survive and may be enforced by
Seller as a third party beneficiary and is not superceded either by execution of
this Agreement or the Confidentiality Agreement provided for in SECTION 7.4.4,
this Agreement supersedes any prior agreements and understandings between them
as to the subject matter hereof. This Agreement cannot be modified and no
provision hereof can be waived except by an instrument in writing, signed by the
parties hereto.

     12.3      COSTS AND EXPENSES. Except as specifically provided herein, each
party hereto shall bear its own respective legal, accounting or other fees and
other expenses in connection with this Agreement.

     12.4      HEADINGS. The headings of the articles, paragraphs, and
subparagraphs of this Agreement are for the convenience of reference only, are
not to be considered a part hereof and shall not limit, expand, or otherwise
affect any of the terms hereof.

     12.5      RECITALS. The Recitals hereto are specifically incorporated
herein by reference and made a part of this Agreement as if they appeared
herein.

     12.6      NOTICES. Any notice, request or demand required or permitted to
be given pursuant to this Agreement shall be in writing and shall be deemed
sufficiently given if (i) delivered by hand at the address of the intended
recipient, (ii) sent prepaid by guaranteed overnight delivery service, (iii)
deposited in the United States first class mail (registered or certified,
postage prepaid, with return receipt requested), or (iv) sent by telecopier
(with written confirmation of receipt), provided, however, that a copy is sent
prepaid by guaranteed overnight delivery service or mailed by registered mail,
return receipt requested, addressed to the intended recipient at the address set
forth below or at such other address as the intended recipient may have
specified by written notice to the sender in accordance with the requirements of
this SECTION 12.6. Any such notice, request, or demand so given shall be deemed
given on the Day it is delivered by hand at the specified address, on the Day
sent by telecopier provided that it is then mailed by certified mail, return
receipt requested), on the Business Day after the Day of deposit with a
guaranteed overnight delivery service, or on the Business Day that is two (2)
Business Days after deposit in the United States Mail, as the case may be.

                                       44
<Page>

              SELLER:
              iPCS Wireless, Inc.
              1901 N. Roselle Road, Suite 1040
              Schaumburg, IL 60195
              Attn: Stebbins B. Chandor
              Fax: (847) 885-7125

              WITH A COPY TO:
              Meyer Capel, A Professional Corporation
              306 W. Church Street
              Champaign, IL 61820
              Attn: Tracy J. Nugent
              Fax: (217) 353-1083

              PURCHASER:
              TCP Communications LLC
              900 Cummings Center, Suite 305U
              Beverly, MA 01915
              Attn: Paul McGinn
              Fax: (978) 921-4028

              WITH A COPY TO:
              Fox Rothschild, LLP
              997 Lenox Drive, Building 3
              Lawrenceville, NJ 08648
              Attn: Matthew H. Lubart
              Fax: (609) 896-1469

Any party may change his, her or its address for notice purposes by giving
notice in accordance with this SECTION 12.6.

     12.7      ASSIGNMENT.

               12.7.1    BY PURCHASER. Purchaser may upon written notice to
Seller: (a) after Purchaser has closed on the purchase of at least fifty (50)
Towers, assign this Agreement to any successor-in-interest or entity acquiring
fifty-one percent (51%) or more of its stock or assets, subject to any financing
entity's interest, if any, and upon such assignment pursuant to this
subparagraph (a) Purchaser shall be relieved of all future performance,
liabilities and obligations under this Agreement; and (b) assign as additional
collateral to the lenders under its primary secured credit facility or to any
agent for said lenders, its rights, including, without being limited to any
rights to indemnification, under this Agreement, provided that no such
assignment shall or shall be deemed to impose upon any such lender or agent, any
responsibility for performance of any obligation of Purchaser hereunder. Except
as otherwise provided, Purchaser may not assign this Agreement or any of its
rights, interests, or obligations hereunder without the prior written

                                       45
<Page>

approval of Seller, which approval shall not be unreasonably withheld,
conditioned or delayed by Seller. Except as expressly provided above, any
assignee of Purchaser shall agree to be bound by and subject to the terms of
this Agreement and Purchaser shall remain primarily obligated for all of the
obligations and liabilities hereunder in the event of an assignment.

               12.7.2    BY SELLER. Seller may upon written notice to Purchaser:
(a) assign this Agreement and transfer any of its rights, interests, or
obligations hereunder to an Affiliate of Seller, provided that such Affiliate
agrees to be bound by and subject to the terms of this Agreement; (b) assign
this Agreement to any successor-in-interest or entity acquiring fifty-one
percent (51%) or more of its stock or assets, subject to any financing entity's
interest, if any, and upon such assignment pursuant to this subparagraph (b)
Seller shall be relieved of all future performance, liabilities and obligations
under this Agreement except with respect to any Seller Towers that thereafter
continue to be owned by Seller; and (c) assign as additional collateral to the
lenders under its primary secured credit facility or to any agent for said
lenders, its rights, including, without being limited to any rights to
indemnification, under this Agreement, provided that no such assignment shall or
shall be deemed to impose upon any such lender or agent, any responsibility for
performance of any obligation of Seller hereunder. Except as otherwise provided,
Seller may not assign this Agreement or any of its rights, interests, or
obligations hereunder without the prior written approval of Purchaser, which
approval shall not be unreasonably withheld, conditioned or delayed by
Purchaser. Except as expressly provided above, any assignee of Seller shall
agree to be bound by and subject to the terms of this Agreement and Seller shall
remain primarily obligated for the obligations and liabilities hereunder in the
event of an assignment.

               12.7.3    ASSIGNMENTS IN VIOLATION VOID. Any assignment of this
Agreement in violation of the terms of this Agreement shall be void.

     12.8      SEVERABILITY. If any term, covenant or condition of this
Agreement or the application thereof to any person or circumstance shall to any
extent be invalid or unenforceable, the remainder of this Agreement or the
application of such term, covenant or condition to other persons or
circumstances shall not be affected thereby, and each term, covenant or
condition of this Agreement shall be valid and enforceable to the fullest extent
permitted by law.

     12.9      CONSTRUCTION. The parties hereto have participated jointly in the
negotiation and drafting of this Agreement. In the event an ambiguity or
question of intent or interpretation arises, this Agreement shall be construed
as if drafted jointly by the parties hereto and no presumption or burden of
proof shall arise favoring or disfavoring any party hereto by virtue of the
authorship of any of the provisions of this Agreement. Words of any gender used
in this Agreement shall be held and construed to include any other gender and
words in the singular number shall be held to include the plural and vice versa,
unless the context required otherwise. The words "herein", "hereof" and
"hereunder" and other similar compounds of the word "here" when used in this
Agreement shall refer to the entire Agreement and not to any particular
provision or paragraph. When used alone in this Agreement, the words
"including", "inclusive" and other similar components of the word "include"
shall be deemed to be followed by the words "without limitation."

                                       46
<Page>

     12.10     NO JOINT VENTURE. Notwithstanding any other provision of this
Agreement, or any agreements, contracts or obligations that may derive herefrom,
nothing herein shall be construed to make the parties hereto partners or joint
venturers or to render either party liable for any of the debts or obligations
of the other party.

     12.11     ARBITRATION.

               12.11.1   ARBITRATION AND DISPUTE RESOLUTION. Any controversy,
claim, or dispute arising out of or relating to the interpretation or
performance of this Agreement or the grounds for termination of this Agreement
(a "DISPUTE") shall be resolved in accordance with this SECTION 12.11.1. In the
case of any Dispute, either party may serve written notice of such Dispute to
the other party, and the parties shall meet to attempt to resolve the Dispute
within fifteen (15) Days of such notice. Such meeting shall be attended by
individuals with decision-making authority to attempt, in good faith, to
negotiate a resolution of the Dispute prior to pursuing other available
remedies. If, within thirty (30) Days after such meeting, the parties have not
succeeded in negotiating a resolution of the Dispute, such Dispute shall be
resolved through final and binding arbitration. Such arbitration shall be
conducted by three (3) arbitrators familiar with the wireless telecommunications
industry and shall be held in Wilmington, Delaware, in accordance with the
then-current Rules of Conciliation and Arbitration of the American Arbitration
Association. Such arbitrators shall be selected by mutual agreement of the
parties within thirty (30) Days of the request for arbitration, or failing such
agreement, each party shall select one (1) arbitrator and the two (2) selected
arbitrators shall mutually agree upon the selection of a third arbitrator within
forty-five (45) Days of the request for arbitration. The parties shall be
afforded ninety (90) Days to conduct discovery prior to the arbitration. The
arbitrators shall have the authority to resolve discovery disputes. The
arbitrators shall also have the authority to grant provisional or ancillary
remedies such as replevin, injunctive relief, ejectment and attachment. A court
reporter shall be present at all arbitration proceedings in order to transcribe
them and such transcription shall be the official record of such proceedings for
purposes of any judicial enforcement or review proceeding. The arbitrators'
decision shall specify the basis for any award and the types of damages awarded.
The parties shall bear the cost of such arbitration equally and the prevailing
party in any such arbitration shall be entitled to reasonable attorneys' fees
from the non-prevailing party in an amount to be determined by the arbitrators,
in addition to any other award ordered by the arbitrators. The prevailing party
in any judicial enforcement or review proceeding shall also be entitled to
reasonable attorneys' fees and costs from the non-prevailing party, in addition
to any other award ordered by the court. If judicial enforcement or review is
sought by either party, judgment on the arbitrator's decision may be entered in
any court of competent jurisdiction. This SECTION 12.11.1 shall survive any
expiration or termination of this Agreement and shall continue to be enforceable
in the event of the bankruptcy of a party. Purchaser and Seller shall proceed
diligently with the performance of the provisions set forth in this SECTION
12.11.1.

               12.11.2   EXPEDITED ARBITRATION. Notwithstanding anything in this
Agreement to the contrary, if at or after the Initial Closing Date Purchaser, in
good faith, asserts that more than nine (9) Tower Sites are to be Excluded Sites
pursuant to SECTION 6.7 or any other provision hereof and Seller, in good faith,
disputes such assertion, such dispute shall be settled and finally determined
promptly following the Initial Closing Date by arbitration in Wilmington,

                                       47
<Page>

Delaware in accordance with the "expedited arbitration" procedures of the
commercial arbitration rules then in effect of the American Arbitration
Association, or its successors (the "AAA"). The arbitrator shall be a person
having at least ten (10) years experience as to the subject matter in question.
After being duly appointed, the arbitrator shall proceed with all reasonable
dispatch to determine the issue. The arbitrator shall have no power to alter,
modify or amend the terms of this Agreement. The decision of the arbitrator
shall be in writing and in duplicate, one counterpart thereof to be delivered to
each of the parties. In the event the arbitrator determines with respect to any
particular Tower Site that Purchaser was incorrect in asserting that it is
entitled to exclude such Tower Site from the transaction, then, as the sole
remedy of Seller (other than as provided in SECTION 12.13), Purchaser shall be
bound by such determination. Any award of the arbitrators shall be limited to a
determination as to whether Purchaser validly asserted its right to exclude any
such Tower Sites. If Purchaser does not prevail in the arbitration with respect
to any of such disputed Tower Sites, then Purchaser shall purchase each such
Tower Site for the Individual Tower Price as provided in SECTION 3.1.1 herein, a
closing shall be held with respect to such Tower Sites within five (5) Business
Days following receipt of the arbitrator's decision, all of the terms and
conditions of this Agreement shall apply to such transaction and shall remain in
full force and effect thereafter.

     12.12     COUNTERPARTS. This Agreement may be executed in counterparts. It
shall not be necessary that the signature on behalf of all parties hereto appear
on each counterpart hereof, and it shall be sufficient that the signature on
behalf of all parties hereto appear on one (1) or more such counterparts. All
counterparts shall collectively constitute a single agreement.

     12.13     ENFORCEMENT. In the event that it is necessary for Seller or
Purchaser to incur any costs and expenses (i) in the enforcement of any of the
terms and provisions of this Agreement in arbitration or a court of law or
equity, (ii) in the defense of any attempted enforcement of any of the terms and
provisions of this Agreement in arbitration or a court of law or equity, (iii)
in an action for Damages in arbitration or a court of law, or (iv) in an effort
to protect the rights of the solvent party in an insolvency, bankruptcy, or
receivership proceeding, the non-prevailing party or parties shall pay forthwith
to the prevailing party or parties any and all costs and expenses thereby
incurred including, but not limited to, reasonable attorneys fees and costs.

     12.14     GOVERNING LAW. This Agreement shall be governed by, construed and
interpreted according to the laws of the State of Delaware, without regard to
conflicts of law principles.

     12.15     TIME OF THE ESSENCE. TIME IS OF THE ESSENCE as to all dates and
time periods contained in this Agreement.

     12.16     PRESS RELEASES. Without the prior approval of the other parties
to this Agreement, which approval shall not be unreasonably delayed or withheld,
except as required by law or regulation, by the rules of nasdaq, or in the
opinion of securities counsel to the seller, neither Seller nor Purchaser shall
issue any press release or make any public statement regarding the transactions
contemplated hereby or of the specific items of this Agreement or file this
Agreement with governmental authorities. Notwithstanding the foregoing,
immediately after the Execution Date, notice to third parties of the
transactions contemplated by this Agreement shall be given to the public
pursuant to a mutually agreeable form of press release. For the avoidance of
doubt, disclosures referred to above by seller shall include disclosures of
iPCS, Inc.

                                       48
<Page>

     12.17     FURTHER ASSURANCES. Each of the parties hereto will cooperate
with the other parties and execute and deliver to the other parties such other
instruments and documents and take such other actions as may be reasonably
requested from time to time by any other party to this Agreement as necessary to
carry out, evidence and confirm the intended purposes of this Agreement. Without
limiting the foregoing at each Closing, and from time to time thereafter, Seller
shall do all such additional and further acts, and shall execute and deliver all
such additional and further instruments, certificates and documents, as
Purchaser may reasonably require fully to vest in and assure Purchaser full
right, title and interest in and to the Assets to the full extent contemplated
by this Agreement and otherwise to effectuate the consummation of the
transactions contemplated by this Agreement.

                           [SIGNATURE PAGE TO FOLLOW]

                                       49
<Page>

     IN WITNESS WHEREOF, Seller and Purchaser have caused this Agreement to be
duly executed and delivered as of the date first written above.

                                   SELLER:

                                   IPCS WIRELESS, INC.

                                   By /s/ Timothy M. Yager
                                     ------------------------------------------

                                   Name: Timothy M. Yager
                                        ---------------------------------------

                                   Title: President and Chief Executive Officer
                                         --------------------------------------

                                   PURCHASER:

                                   TCP COMMUNICATIONS LLC

                                   By: /s/ Paul McGinn
                                      -----------------------------------------

                                   Name: Paul McGinn
                                        ---------------------------------------

                                   Title: Chief Executive Officer
                                         --------------------------------------

                                       50
<Page>

                      SCHEDULE 1.1A - EXCLUDED LIABILITIES

None.

                                       51
<Page>

                   SCHEDULE 1.1B - INCLUDED THIRD PARTY LEASES

                                       52
<Page>

                         SCHEDULE 1.1C - PERMITTED LIENS

None.

                                       53
<Page>

                      SCHEDULE 1.1D - TOWER IDENTIFICATION

                                       54
<Page>

          SCHEDULE 2.6.1 - GROUND LEASES AND THIRD PARTY LESSEE LEASES

                                       55
<Page>

                  SCHEDULE 2.6.2 - THIRD PARTIES IN NEGOTIATION

                                       56
<Page>

                     SCHEDULE 2.7.1 - THIRD PARTY CONTRACTS

None.

                                       57
<Page>

                  SCHEDULE 4.2.9 - ZONING, FAA AND FCC MATTERS

                                       58
<Page>

                 SCHEDULE 6.2.5 - MEMORANDUM OF LEASE EXCEPTIONS

                                       59
<Page>

                       SCHEDULE 7.1.3 - REQUIRED CONSENTS

None.

                                       60
<Page>

                           SCHEDULE 7.1.6 - CONTRACTS

None.

                                       61
<Page>

                     SCHEDULE 7.1.8 - GROUND LEASE CONSENTS

                                       62
<Page>

               SCHEDULE 7.1.9 - THIRD PARTY LESSEE LEASES CONSENTS

                                      None.

                                       63
<Page>

                     SCHEDULE 7.1.10 - COMPLIANCE WITH LAWS

None.

                                       64
<Page>

                        SCHEDULE 7.1.11 - EMINENT DOMAIN

None.

                                       65
<Page>

                     SCHEDULE 7.1.14 - ENVIRONMENTAL MATTERS

None.

                                       66
<Page>

                  SCHEDULE 7.3.3 - PURCHASER'S LEGAL AUTHORITY

None.

                                       67
<Page>

                  SCHEDULE 7.3.4 - PURCHASER'S BROKER OR FINDER

None.

                                       68
<Page>

                 SCHEDULE 7.5 - PERSONS WITH KNOWLEDGE OR BELIEF

                                       69
<Page>

                         SCHEDULE 9.1 - REVENUE SHARING

                                       70
<Page>

                       SCHEDULE 9.3 - LIGHTED TOWER SITES

                                       71
<Page>

                                    EXHIBIT A
                           MASTER LEASEBACK AGREEMENT

                                       72
<Page>

                                  EXHIBIT 2.6.2
         APPROVED TERMS FOR GROUND LEASES AND THIRD PARTY LESSEE LEASES

                                       73
<Page>

                                   EXHIBIT 3.2
                            DEPOSIT ESCROW AGREEMENT

                                       74
<Page>

                                  EXHIBIT 4.1.3
                            NON-DISTURBANCE AGREEMENT

                                       75
<Page>

                                 EXHIBIT 6.2.1.a
             WARRANTY BILL OF SALE AND GENERAL ASSUMPTION AGREEMENT

                                       76
<Page>

                                 EXHIBIT 6.2.1.b
               ASSIGNMENT AND ASSUMPTION OF GROUND LEASE AGREEMENT

                                       77
<Page>

                                 EXHIBIT 6.2.1.c
                ASSIGNMENT OF THIRD PARTY LESSEE LEASES AGREEMENT

                                       78
<Page>

                                 EXHIBIT 6.2.1.d
                       ASSIGNMENT OF THIRD PARTY CONTRACTS

                                       79
<Page>

                                  EXHIBIT 6.2.6
                          SELLER'S OFFICER CERTIFICATE

                                       80
<Page>

                                  EXHIBIT 6.3.7
                         PURCHASER'S OFFICER CERTIFICATE

                                       81
<Page>

                                  EXHIBIT 7.4.4
                            CONFIDENTIALITY AGREEMENT

                                       82

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00071-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00071-of-00352.parquet"}]]