Document:

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                                                                   Exhibit 10.64

BANK OF AMERICA, N.A.                                    As of February 13, 2002

                                    GUARANTY

         1. As an inducement for and in consideration of any loan(s) or other
financial accommodation(s) of even date herewith granted to OCM Direct, Inc., a
Delaware corporation; Collegiate Carpets, Inc., a Maryland corporation; and
CarePackages, Inc., a Delaware corporation (hereinafter jointly and severally
called "Borrower"), by Bank of America, N.A., 6610 Rockledge Drive, 3rd Floor,
Bethesda, Maryland 20817 (hereinafter, together with its successors and assigns,
called "Lender"), the undersigned corporation (hereinafter called "Guarantor"),
hereby unconditionally guarantees the full and prompt payment, observance and
performance when due, whether at the stated time, by acceleration or otherwise,
of all obligations of Borrower to Lender, howsoever created, arising or
evidenced, whether direct or indirect, absolute or contingent, whether or not of
the same or similar class or of like kind to any indebtedness incurred
contemporaneously with the execution of this Guaranty, and whether now or
hereafter existing, or due or to become due, including without limitation, the
following:

                  a. Any and all amounts owed by Borrower under, in connection
         with, and/or pursuant to the indebtedness evidenced by that certain
         Revolving Note of even date herewith, in the original principal sum of
         Five Million and No/100 Dollars ($5,000,000.00) (the "Revolving Note"),
         with interest thereon according to the provisions thereof, and all
         obligations of Borrower thereunder, in connection therewith and/or
         pursuant to any and all agreements and other documents in connection
         therewith; and

                  b. Any and all amounts owed by Borrower under, in connection
         with, and/or pursuant to the indebtedness evidenced by that certain
         Revolving Line of Credit Loan Agreement and Security Agreement between
         Borrower and Lender of even date herewith (the "Loan Agreement"), any
         and all obligations of Borrower thereunder, in connection therewith
         and/or pursuant to any and all agreements and other documents in
         connection therewith; and

                  c. All sums advanced or expenses or costs paid or incurred
         (including without limitation, reasonable attorneys' fees and other
         legal expenses and [if applicable] arbitration fees and costs) by
         Lender pursuant to or in connection with the Revolving Note or any
         agreements and other documents in connection therewith plus applicable
         interest on such sums, expenses or costs; and

                  d. Any extensions, modifications, changes, substitutions,
         restatements, renewals or increases or decreases of any or all of the
         indebtedness referenced above; and

                  e. Any and all other indebtedness, obligations and liabilities
         of any kind, of any Borrower to Lender, now or hereafter existing,
         absolute or contingent, joint and/or several, due or not due, secured
         or unsecured, arising by operation of law or otherwise,

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         direct or indirect, including without limitation indebtedness,
         obligations and liabilities of Borrower to Lender as a member of any
         partnership, syndicate or association or other group and whether
         incurred by such Borrower as principal, surety, endorser, guarantor,
         accommodation party or otherwise, and any obligations which give rise
         to an equitable remedy for breach of performance if such breach gives
         rise to an obligation by such Borrower to pay Lender.

         2. All of the obligations described in paragraph 1, above, shall be
referred to hereafter as the "Liabilities". In the event any of the Liabilities
shall not be paid or performed according to their terms (subject to any
applicable grace or cure period), Guarantor shall immediately pay, perform or
cause the performance of the same, this Guaranty being a guarantee of full
payment and performance and not of collectibility and in no way conditional or
contingent. This Guaranty is an absolute, unconditional and continuing guarantee
with the Guarantor being jointly and severally liable with the Borrower and is
in no way conditioned upon any requirement that Lender first attempt to collect
payment or seek performances of any of the Liabilities from Borrower or any
other borrower or guarantor, or resort to any other security or other means of
obtaining payment or performance of any of the Liabilities, or upon any other
contingency whatsoever. NOTWITHSTANDING ANYTHING IN THIS GUARANTY TO THE
CONTRARY, THE MAXIMUM AMOUNT OF PRINCIPAL OWING ON THE LIABILITIES WHICH IS
GUARANTEED BY GUARANTOR PURSUANT TO THIS GUARANTY IS FIVE MILLION AND 00/100
DOLLARS ($5,000,000.00), AND THE MAXIMUM AMOUNT OF INTEREST, EXPENSES, ADVANCES,
FEES AND COSTS (INCLUDING ATTORNEYS FEES) OWING WITH RESPECT TO THE PRINCIPAL
AMOUNT OWING ON THE LIABILITIES WHICH IS GUARANTEED UNDER THIS GUARANTY IS ONE
MILLION AND 00/100 DOLLARS ($1,000,000.00). ACCORDINGLY, THE TOTAL AMOUNT OWING
WITH RESPECT TO THIS GUARANTY SHALL NOT EXCEED SIX MILLION AND 00/100 DOLLARS
($6,000,000.00).

         3. Guarantor further agrees to pay all reasonable expenses (including
attorneys' fees and expenses and arbitration fees and costs) paid or incurred by
Lender in endeavoring to collect the Liabilities, or any part thereof, and in
enforcing or defending this Guaranty, whether or not a lawsuit is commenced.

         4. Guarantor represents and warrants that Guarantor is either
financially interested in Borrower or will receive other material economic
benefits as a result of any loan(s), or other financial accommodation(s) made or
granted to Borrower by Lender from time to time. Guarantor further represents
and warrants that Guarantor is willing to enter into this Guaranty as a material
inducement to Lender to extend loan(s) or other financial accommodation(s), from
time to time with Borrower, and acknowledges that Lender would not be willing to
extend any such loan(s) or other financial accommodation(s) absent this
Guaranty.

         5. Guarantor agrees that the occurrence of any of the following events
shall constitute a default under this Guaranty: (a) the failure of any Guarantor
to perform or observe

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any obligation under this Guaranty after the expiration of any applicable cure
periods, or (b) the dissolution or insolvency of the Guarantor, or (c) the
failure generally of the Guarantor to pay debts as such debts come due, or (d)
an assignment by the Guarantor for the benefit of creditors, or (e) the
institution of any proceeding by or against the Guarantor (under the Bankruptcy
Code or otherwise) seeking to adjudicate Guarantor or any other guarantor of any
of the Liabilities bankrupt or insolvent, or seeking reorganization,
arrangement, adjustment or composition of it or its debts under any law relating
to bankruptcy, insolvency or reorganization or relief of debtors or seeking the
appointment of a receiver, trustee or custodian for itself or for all or a
substantial part of its property, which proceeding (unless instituted by
Guarantor ) is not dismissed within sixty (60) days thereafter, or (f) the
default by Borrower under any agreement or document concerning or relating to
the Liabilities (including without limitation, the Revolving Note, Loan
Agreement and any other Loan Documents [as hereafter defined]), after expiration
of the applicable cure periods or (g) the default by any Guarantor under the
terms of any other obligation of any Guarantor to Lender, or (h) any
representation or warranty contained herein or in any other document delivered
by or on behalf of any Guarantor to Lender shall be false or misleading to any
material extent, or (i) there shall be an event of default under any
indebtedness or obligation of any Guarantor to any third party (including
without limitation, a default or event of default under any obligation or on any
indebtedness now or hereafter existing of Guarantor to any of the Reservoir
Parties or the Administrative Agent, as such terms are described in that certain
Intercreditor Agreement by and among said Reservoir Parties, the Administrative
Agent, Guarantor, Borrower and Lender dated as of February 13, 2002 [jointly and
severally, the "Reservoir Obligations"]), which default results in such third
party to declare such indebtedness or obligation to be due prior to its
scheduled date of maturity, or (j) in the case of any Guarantor that is a
corporation, the transfer of all or substantially all of the assets of
Guarantor; the merger or consolidation of that Guarantor with another company or
entity in which Guarantor is not the surviving entity, or the liquidation of the
Guarantor. Upon and after the occurrence of a default hereunder, and after
expiration of any applicable cure periods, the Liabilities shall be
automatically accelerated and shall become immediately due and payable by
Guarantor, or Guarantor's successor or estate, without presentment, demand,
protest, or further notice of any kind, all of which are hereby expressly waived
by Guarantor. Notwithstanding the above, prior to Lender enforcing its rights
and remedies under this Guaranty, Lender shall give written notice to Guarantor
of the occurrence of a default hereunder, and such default must remain uncured
thirty (30) days from the date notice of such default is given by Lender to
Guarantor, notice of such default being deemed given the day such notice is
deposited for mailing by first class mail to Guarantor at the address set forth
for the Guarantor in this Guaranty. Lender's agreement not to enforce its rights
and remedies under this Guaranty for a period of thirty (30) days shall not
preclude Lender from sending notices to the Guarantor or Borrower during the
thirty (30) day period, including (without limiting the generality of the
foregoing) notice that a default or additional default has occurred under any of
the documents evidencing, securing, guaranteeing or supporting any of the
Liabilities (collectively, the "Loan Documents") or a notice demanding payment
of all sums owing under the Guaranty.

         6. Guarantor further agrees that this Guaranty shall continue to be
effective or shall be reinstated, as the case may be, if at any time payment to
or for the benefit of Lender of the

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Liabilities, or any part thereof, is rescinded or must otherwise be returned by
Lender due to the insolvency, bankruptcy or reorganization of an Borrower or
otherwise, all as though such payment to or for the benefit of Lender had not
been made.

         7. Lender may, without demand or notice of any kind, at any time when
any amount shall be due and payable hereunder by Guarantor, appropriate and
apply toward the payment of such amount, and in such order of application as
Lender may from time to time elect, any property, balances, credits, deposits,
accounts, instruments or moneys of Guarantor in the possession or control of
Lender for any purpose.

         8. This Guaranty shall be a continuing, absolute and unconditional
guaranty of payment and performance and not of collectibility and shall remain
in full force and effect as to Guarantor unless and until this Guaranty is
released in writing by the Lender, which Lender shall do when the indebtedness
covered by this Guaranty has been repaid in full and Lender has no further
obligations to advance funds to the Borrower in the form of loans or other
credit facilities that would be covered by this Guaranty.

         9. Lender may at any time and from time to time, without the consent
of, or notice to, Guarantor, and without affecting, impairing or releasing the
obligations of Guarantor hereunder, do any or all of the following: (a) retain
or obtain a security interest in any property to secure any of the Liabilities
or any obligations hereunder, (b) retain or obtain the primary or secondary
liability of any party or parties, in addition to Guarantor, with respect to any
of the Liabilities, (c) renew, extend (including extensions beyond the original
term), modify, alter, change the interest rate of, release or discharge any of
the Liabilities, (d) settle, release or compromise any liability of the Borrower
or of any of the Liabilities or any liability of any nature of any other party
or parties with respect to the Liabilities or any security therefor, (e) accept
partial payments of the Liabilities, (f) settle, release (by operation of law or
otherwise), compound, compromise, collect or liquidate any of the Liabilities
and any property securing any of the Liabilities, (g) consent to the transfer of
any property securing any of the Liabilities, (h) resort to Guarantor for
payment of any of the Liabilities, whether or not Lender shall have resorted to
any property securing any of the Liabilities or any obligation hereunder or
shall have proceeded against any other guarantor or any other party primarily or
secondarily liable on any of the Liabilities, (i) make any other changes in its
agreements with any Borrower, and (j) stop lending money or extending other
credit to any Borrower.

         10. Any amount received by Lender from whatsoever source and applied by
it to the payment of the Liabilities may be applied in such order of application
as Lender may from time to time elect.

         11. Guarantor is now adequately informed of Borrower's financial
condition, and Guarantor agrees to keep so informed. Guarantor agrees that
Lender has no obligation to provide Guarantor with any present or future
information concerning the financial condition of Borrower. Guarantor has not
relied on financial information furnished by Lender in deciding to execute this
Guaranty.

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         12. Guarantor hereby agrees that any debt of any Borrower to Guarantor
is expressly subordinate to the right of Lender to payment of the Liabilities,
and that Lender shall be entitled to full payment of all of the Liabilities
prior to the exercise by Guarantor of any rights to payment or performance of
any debt which the Borrower may owe Guarantor (except as may otherwise be set
forth in a separate Subordination Agreement executed by Guarantor, Borrower and
Lender of even date herewith [the "Subordination Agreement"]). This assignment
does not prevent Lender from enforcing Guarantor's obligations hereunder in any
way. To the extent permitted by law, and except as may otherwise be permitted
pursuant to the Subordination Agreement, any payments or other property at any
time received by Guarantor from the Borrower in respect of any indebtedness of
Borrower to Guarantor shall be held in trust for and shall be paid or
transferred to Lender upon demand.

         13. Guarantor hereby expressly waives: (a) notice of the acceptance of
this Guaranty, (b) notice of the existence or creation of all or any of the
Liabilities, (c) presentment, demand, notice of dishonor, protest, and all other
notices whatsoever, (d) all diligence in collection or protection of or
realization upon the Liabilities or any part thereof, any obligation hereunder,
or any security for any of the foregoing, (e) all defenses based on suretyship
or impairment of collateral, and (f) all events and circumstances which might
otherwise constitute a defense or discharge of the obligations of any Borrower,
Guarantor or any other guarantor. Guarantor shall not be released or discharged,
either in whole or in part, by Lender's failure to perfect, delay in perfection
or failure to continue the perfection of any security interest in any property
that secures any of the Liabilities or any obligation of Guarantor hereunder, or
to protect the property covered by any such security interest. Guarantor further
waives, to the extent permitted by law, the benefit of any homestead or similar
exemption, state or federal, with respect to the obligations covered by this
Guaranty.

         14. The Lender shall have the right to set-off, at any time without
notice to the Guarantor, any and all deposits or other sums at any time or times
credited by or due from the Lender to the Guarantor (whether or not matured)
against the obligations of the Guarantor hereunder.

         15. Lender may, without notice to Guarantor or Borrower of any kind,
sell, assign, or transfer all or any of the Liabilities, and in such event each
and every immediate and successive assignee, transferee, or holder of all or any
of the Liabilities shall have the right to enforce this Guaranty, by suit or
otherwise, for the benefit of such assignee, transferee, or holder, as fully as
if such assignee, transferee or holder were herein by name specifically given
such rights, powers and benefits. Lender shall have an unimpaired right, prior
and superior to that of any such assignee, transferee or holder, to enforce this
Guaranty for the benefit of Lender as to so much of the Liabilities as it has
not sold, assigned, or transferred.

         16. No delay on the part of Lender in the exercise of any right or
remedy shall operate as a waiver thereof, and no single or partial exercise by
Lender of any right or remedy shall preclude other or further exercise thereof
or the exercise of any other right or remedy.

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         17. No action of Lender permitted hereunder shall in any way affect,
impair or release this Guaranty.

         18. Representations and Warranties of Guarantor. To induce Lender to
make the loans evidenced by the Revolving Note, Guarantor makes the following
representations and warranties, upon each of which Lender, its successors, and
assigns are entitled to rely and have relied, notwithstanding any investigation
heretofore or hereafter made by Lender and such successors and assigns. All such
representations and warranties are true and complete in all respects and do not
omit any material fact necessary to make such representations and warranties not
misleading.

                  (a) No Conflicts or Defaults. The execution and delivery of
this Guaranty and the performance by the Guarantor of the Guarantor's
obligations hereunder will not conflict with or violate, or constitute a default
or require any consent or waiver under, any provision of any mortgage, deed of
trust, evidence of indebtedness, order, decree or agreement to which the
Guarantor is a party or for which the Guarantor or any part of the Guarantor's
property is bound.

                  (b) Enforceability. This Guaranty is a legal, valid and
binding obligation of the Guarantor, enforceable against the Guarantor in
accordance with its terms, except as limited by bankruptcy, insolvency and other
laws affecting the rights of creditors generally and general principles of
equity.

                  (c) Borrower's Representations and Warranties. The Guarantor
has examined the representations and warranties made by Borrower in the Loan
Agreement and, having complete access to the information necessary to make such
a determination, believes that each of those representations and warranties is
true in all material respects and does not omit any material fact necessary to
make each such representation and warranty not misleading. The Guarantor has
made an independent investigation of the financial condition and affairs of the
Borrower prior to entering into this Guaranty and will continue to make
appraisals of the creditworthiness of Borrower, and, in entering into this
Guaranty, has not relied upon any representation of Lender as to the financial
condition, operation or creditworthiness of the Borrower. The Guarantor agrees
that Lender shall have no duty or responsibility now or hereafter to make any
investigation or appraisal of the Borrower on behalf of the Guarantor or to
provide the Guarantor with any credit or other information which may come to
Lender's attention.

                  (d) Litigation; Violations of Law. There are no actions, suits
or proceedings pending or overtly threatened against or affecting the Guarantor
that will have a material adverse change effect on the Guarantor's financial
condition or affairs, and no event has occurred (including, without limitation,
the execution, acknowledgment and delivery of this Guaranty and the consummation
of the transactions contemplated hereby) which will violate, be in conflict
with, result in the breach of or constitute (with or without notice or the
passage of time, or both) a default under any judicial decision, statute,
ruling, direction, rule, regulation, permit, certificate or ordinance of any
governmental authority in any way applicable to the Guarantor. The

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Guarantor is not in default with respect to any judgment, order, writ,
injunction, decree or demand of any court, arbitrator, administrative agency or
other governmental or quasi-governmental authority.

                  (e) Financial Information. All financial information furnished
to Lender by the Guarantor on or after January 1, 2001 is complete in all
material respects, and fairly and accurately presents such Guarantor's financial
condition as of the dates thereof, and no material adverse change has occurred
in the financial condition reflected therein since the dates thereof.

                  (f) Insolvency Matters. No bankruptcy, reorganization,
arrangement, readjustment of debt, insolvency or other proceeding has been
commenced or threatened by or against the Guarantor, or consented to or
acquiesced in by the Guarantor, and no judgment has been entered against the
Guarantor which has not been satisfied or otherwise discharged.

         19. This Guaranty shall be binding upon Guarantor and the successors
and assigns of Guarantor. If more than one party shall execute this Guaranty,
the term "Guarantor" shall mean all parties executing this Guaranty, or any one
of them, as the context may require, and all such parties shall be jointly and
severally obligated hereunder.

         20. As further consideration for the loan(s) or other financial
accommodation(s) by Lender to Borrower and as a material inducement to Lender to
make or enter into the loan(s) or other financial accommodation(s) and accept
this Guaranty, Guarantor hereby irrevocably subordinates and covenants not to
pursue or receive payment on any claims, rights or remedies which Guarantor may
now have or hereafter acquire against any Borrower, including without limitation
any claim, remedy or right of subrogation, reimbursement, exoneration,
contribution, indemnification, or participation in any claim, right or remedy of
Lender against Borrower or any security which Lender now has or hereafter
acquires, whether or not such claim, right or remedy arises in equity, under
contract, by statute, under common law or otherwise, until such time as all
amounts owing to Lender under the Revolving Note, Loan Agreement and other Loan
Documents are fully paid and satisfied in full. Notwithstanding the above,
Guarantor may receive from Borrower such payments as may be permitted under the
Subordination Agreement. In the event that Guarantor receives, prior to the
satisfaction and full payment of the amounts owing under the Loan Documents, any
payment on any claim against Borrower or with respect to any liability of
Borrower to Guarantor (except such payment as may be otherwise permitted under
the Subordination Agreement), such payment shall have been received by
Guarantor, in trust, for the benefit of Lender, and shall be immediately turned
over to Lender, in the same form as received by Guarantor, properly endorsed by
Guarantor to Lender.

         21. All notices pursuant to this Guaranty shall be in writing and shall
be directed to the addresses set forth below or such other address as may be
specified in a notice given in accordance with the requirements of this
paragraph. Except as otherwise specifically provided herein, notices shall be
deemed to be given three (3) days after mailing by certified or registered mail,
return receipt requested, or one (1) business day after deposit with a
recognized receipted commercial overnight courier, or when personally delivered
to and received at the required

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address.

GUARANTOR:

STUDENT ADVANTAGE, INC.
280 Summer Street
Boston, Massachusetts 02210
Attention: Chief Financial Officer and General Counsel

with a copy to:

Hale and Dorr LLP
60 State Street
Boston, Massachusetts 02109
Attention: Mark G. Borden, Esquire

LENDER:

BANK OF AMERICA, N.A.
6610 Rockledge Drive, 3rd Floor
Bethesda, Maryland
Michael J. Radcliffe, Vice President

and

BANK OF AMERICA, N.A.
200 S. College Street
Charlotte, NC 28255-0001

with copy to:

Joseph P. Corish, Esquire
Bean, Kinney & Korman, P.C.
2000 N. 14th Street, Suite 100
Arlington, Virginia 22201

         22. If any term or provision of this Guaranty or the application
thereof to any person or circumstance shall be invalid or unenforceable to any
extent, the remainder of this Guaranty and the application of such term or
provision to persons or circumstances other than those as to which it is held
invalid or unenforceable, shall not be affected thereby, and each term and
provision of this Guaranty shall be valid and be enforceable to the fullest
extent permitted by law.

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         23. ARBITRATION.

         This paragraph concerns the resolution of any controversies or claims
between the Guarantor and the Lender, whether arising in contract, tort or by
statute, including but not limited to controversies or claims that arise out of
or relate to: (i) this Guaranty; or (ii) any document related to this Guaranty;
(collectively a "Claim").

         At the request of the Borrower or the Lender, any Claim shall be
resolved by binding arbitration in accordance with the Federal Arbitration Act
(Title 9, U.S. Code) (the "Act"). The Act will apply even though this Guaranty
provides that it is governed by the law of a specified state.

         Arbitration proceedings will be determined in accordance with the Act,
the applicable rules and procedures for the arbitration of disputes of JAMS or
any successor thereof ("JAMS"), and the terms of this paragraph. In the event of
any inconsistency, the terms of this paragraph shall control.

         The arbitration shall be administered by JAMS and conducted in any U.S.
state where real or tangible personal property collateral for this credit is
located or if there is no such collateral, in Maryland. All Claims shall be
determined by one arbitrator; however, if Claims exceed $5,000,000, upon the
request of any party, the Claims shall be decided by three arbitrators. All
arbitration hearings shall commence within 90 days of the demand for arbitration
and close within 90 days of commencement and the award of the arbitrator(s)
shall be issued within 30 days of the close of the hearing. However, the
arbitrator(s), upon a showing of good cause, may extend the commencement of the
hearing for up to an additional 60 days. The arbitrator(s) shall provide a
concise written statement of reasons for the award. The arbitration award may be
submitted to any court having jurisdiction to be confirmed and enforced.

         The arbitrator(s) will have the authority to decide whether any Claim
is barred by the statute of limitations and, if so, to dismiss the arbitration
on that basis. For purposes of the application of the statute of limitations,
the service on JAMS under applicable JAMS rules of a notice of Claim is the
equivalent of the filing of a lawsuit. Any dispute concerning this arbitration
provision or whether a claim is arbitrable shall be determined by the
arbitrator(s). The arbitrator(s) shall have the power to award legal fees
pursuant to the terms of this Guaranty.

         This paragraph does not limit the right of the Borrower or the Lender
to: (i) exercise self-help remedies, such as but not limited to, setoff; (ii)
initiate judicial or nonjudicial foreclosure against any real or personal
property collateral; (iii) exercise any judicial or power of sale rights, or
(iv) act in a court of law to obtain an interim remedy, such as but not limited
to, injunctive relief, writ of possession or appointment of a receiver, or
additional or supplementary remedies.

         24. WAIVER OF TRIAL BY JURY. BY AGREEING TO BINDING ARBITRATION,
GUARANTOR AND LENDER IRREVOCABLY AND VOLUNTARILY

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WAIVE ANY RIGHT THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF A CLAIM.
FURTHERMORE, WITHOUT INTENDING IN ANY WAY TO LIMIT THIS AGREEMENT TO ARBITRATE,
TO THE EXTENT ANY CLAIM IS NOT ARBITRATED, THE PARTIES IRREVOCABLY AND
VOLUNTARILY WAIVE ANY RIGHT THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF SUCH
CLAIM. THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE PARTIES ENTERING INTO
THIS GUARANTY.

         25. THIS GUARANTY IS GOVERNED BY THE LAW OF THE STATE OF MARYLAND,
WITHOUT REGARD FOR CONFLICTS OF LAWS PRINCIPLES. GUARANTOR CONSENTS TO THE
NON-EXCLUSIVE PERSONAL JURISDICTION OF THE COURTS OF THE STATE OF MARYLAND AND
THE FEDERAL COURTS LOCATED IN MARYLAND SO THAT LENDER MAY SUE GUARANTOR IN
MARYLAND TO ENFORCE THIS GUARANTY. GUARANTOR AGREES NOT TO CLAIM THAT MARYLAND
IS AN INCONVENIENT PLACE FOR TRIAL. AT LENDER'S OPTION, THE VENUE (LOCATION) OF
ANY SUIT TO ENFORCE THIS GUARANTY MAY BE IN THE COUNTY OF MONTGOMERY, MARYLAND.
GUARANTOR HEREBY IRREVOCABLY AGREES AND CONSENTS THAT, IN ADDITION TO ANY
METHODS OF SERVICE OF PROCESS PROVIDED FOR UNDER APPLICABLE LAW, ALL SERVICE OF
PROCESS IN ANY SUCH SUIT, ACTION OR PROCEEDING MAY BE MADE BY CERTIFIED OR
REGISTERED MAIL, RETURN RECEIPT REQUESTED, DIRECTED TO GUARANTOR AT THE ADDRESS
PROVIDED FOR NOTICES UNDER THIS GUARANTY.

         IN WITNESS WHEREOF, the undersigned has executed this Guaranty as of
the date first written above.

                                    STUDENT ADVANTAGE, INC., a Delaware
                                    corporation

                                    By: /s/ Raymond V. Sozzi, Jr. (SEAL)

                                    Name: Raymond V. Sozzi, Jr.

                                    Title: President and Chief Executive Officer

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COMMONWEALTH OF MASSACHUSETTS )
                              )       To-wit:
COUNTY/CITY OF SUFFOLK        )

         I Michael Traister , a Notary Public in and for the jurisdiction
aforesaid, do certify that Raymond V. Sozzi, Jr., President of Student
Advantage, Inc., a Delaware corporation, whose name is signed to the writing
above, bearing date as of February 13, 2002 has acknowledged the same before me
in my jurisdiction aforesaid.

         Given under my hand and seal this 14th day of February, 2002.

                                              /s/ Michael Traister
                                              ----------------------------------
                                              Notary Public

My Commission Expires:   9/4/03
                      ---------------

                                       11<PAGE>

                                                                   EXHIBIT 10.60

                              EMPLOYMENT AGREEMENT

         This Employment Agreement (this "Agreement") is entered into this date
by and between ALAMOSA PCS, INC., a Texas corporation, having its principal
executive office located at 4403 Brownfield Highway, Lubbock, Texas 79407 (the
"Company"), and MARGARET COUCH, an individual residing at Lubbock, Texas (the
"Employee").

                                   WITNESSETH:

         WHEREAS, the parties are entering into this Agreement to set forth and
confirm their respective rights and obligations with respect to the Employee's
employment by the Company.

         NOW, THEREFORE, in consideration of the mutual covenants herein
contained, the parties hereto mutually agree as follows:

         1. EMPLOYMENT; TERM; DUTIES. The Company hereby employs the Employee as
Vice President and General Manager. The term of the Employee's employment,
pursuant to this Agreement, will commence on February 3, 2000 (the "Commencement
Date"), and will continue until the date that is immediately prior to the fourth
(4th) anniversary of the Commencement Date (the "Termination Date"), or the
termination of this Agreement as described in Section 5 hereof, whichever shall
occur first. The Employee hereby accepts such employment, and agrees to devote
his full time and effort to the business and affairs of the Company with such
duties consistent with the Employee's position as may be assigned to him from
time to time by the Chief Executive Officer ("CEO") or the Chief Operating
Officer ("COO") of the Company. Notwithstanding anything to the contrary in this
Agreement, nothing in this Agreement shall be deemed to impose any obligation on
the Company or any of its subsidiaries to continue to employ the Employee, or on
the Employee to remain in the employ of the Company or any of its subsidiaries.

         2. COMPENSATION. In consideration of all services rendered by the
Employee during the term of his employment, pursuant to this Agreement, the
Company will provide the Employee with the following compensation:

              (A) BASE SALARY. The Company will pay the Employee a base salary
              at the annual rate of $90,000.00, payable periodically but no less
              often than semi-monthly, in substantially equal amounts, in
              accordance with the Company's payroll practices from time to time
              in effect. The Company will review the Employee's base salary at
              least once each year and may, in its discretion, increase the
              Employee's base salary.

              (B) BONUS. In addition to the Employee's base salary, the Employee
              shall be eligible to receive a bonus (a "Quarterly Bonus") for
              each calendar quarter in an amount, if any, determined by the
              Company based on performance goals established from time to time
              by the Company. Any

<PAGE>

              Quarterly Bonus owing to the Employee shall be paid within
              forty-five (45) days following the end of the applicable calendar
              quarter.

The Employee will receive no additional compensation for serving the Company in
any other capacity.

         3. EMPLOYEE BENEFITS. The Employee will be entitled to participate in
all incentive, retirement, profit-sharing, life, medical, disability and other
benefit plans and programs (collectively "Benefit Plans") as are from time to
time generally available to other executives of the Company with comparable
responsibilities, subject to the provisions of those programs. Without limiting
the generality of the foregoing, the Company will provide the Employee with
basic health and medical benefits on the terms that such benefits are provided
to other employees of the Company with comparable responsibilities. The Employee
will also be entitled to holidays, sick leave and vacation in accordance with
the Company's policies as they may change from time to time.

         4. EXPENSES.

              (a) Reimbursement for Expenses. The Company will promptly
              reimburse the Employee, in accordance with the Company's policies
              and practices in effect from time to time, for all expenses
              reasonably incurred by the Employee in performance of the
              Employee's duties under this Agreement, including reimbursement
              for miles driven by the Employee in furtherance of the Company's
              business ("Business Mileage").

                   (1) Reimbursement for Business Mileage shall be at the rate
                   of eighteen cents (18(cent)) per mile.

                   (2) Business mileage does not include commuting from
                   Employee's residence to the Company's headquarters.

                   (3) Employee is responsible for proper substantiation and
                   reporting of Business Mileage and/or actual expenses.

                   (4) Employee acknowledges that the payment to him of a
                   monthly vehicle allowance plus the standard mileage rate may
                   result in taxable income if the business portion of actual
                   automobile expenses is less than the total amount paid to
                   employee under this subsection, or if employee does not
                   maintain the records required by the Internal Revenue Code
                   and the Regulations thereunder. Employee has been advised to
                   consult a tax advisor to determine the taxability of payments
                   under this subsection, and the record keeping requirements
                   associated with the travel and expenses associated with such
                   payments.

              (b) Vehicle Allowance. In addition to reimbursed expenses,
              Employee is entitled to $400.00 per month as a vehicle allowance.

                                       2
<PAGE>

         5. TERMINATION. The Employee's employment by the Company: (a) shall
terminate upon the Employee's death or disability (as defined below); (b) may be
terminated by the Company for any reason other than cause or non-performance at
any time; (c) may be terminated by the Company for cause (as defined below) at
any time; (d) may be terminated by the Employee at any time upon forty-five (45)
days' prior written notice delivered by the Employee to the Company; and (e) may
be terminated by the Company for non-performance by the Employee at any time.

              (a) The term "disability" means the determination under the
              Company's Long-Term Disability Plan that the Employee is eligible
              to receive a disability benefit.

              (b) The term "cause" in the event of termination of the Employee's
              employment by the Company means (i) any breach of Sections 7 or 9
              of this Agreement by Employee which has a material adverse effect
              on the Company and which is not or cannot be cured within thirty
              (30) days after notice from the COO thereof; (ii) commission of
              any act of fraud, embezzlement or dishonesty by the Employee that
              is materially and demonstrably injurious to the Company; or (iii)
              any other intentional misconduct by the Employee adversely
              affecting the business or affairs of the Company in a material
              manner. The term "intentional misconduct by the Employee adversely
              affecting the business or affairs of the Company" shall mean such
              misconduct that is detrimental to the business or the reputation
              of the Company as it is perceived both by the general public and
              the telecommunications industry.

              (c) The term "non-performance by the Employee" in the event of
              termination of the Employee's employment by the Company means the
              determination by the COO of the Company, in his sole and absolute
              discretion, that the Employee is not performing his duties under
              this Agreement after the COO has delivered to the Employee written
              notice which specifically identifies the manner in which the COO
              believes he is not performing his duties and which is not or
              cannot be cured within 15 days after such written notice is
              delivered to the Employee.

         6.   CONSEQUENCES OF TERMINATION.

              (A) CONSEQUENCES OF TERMINATION ON EMPLOYEE'S DEATH OR DISABILITY.
              If the Employee's employment is terminated prior to the
              Termination Date, because of the Employee's death or disability,
              (i) subject to Section 6(f) hereof, this Agreement terminates
              immediately; (ii) the Company will pay the Employee, or his legal
              representative or estate, as the case may be, in full satisfaction
              of all of its compensation (base salary and bonus) obligations
              under this Agreement, an amount equal to the sum of any base
              salary due to the Employee through the last day of employment,
              plus any accrued bonus to which the Employee may have been
              entitled on the last day of employment, but had not yet been

                                       3
<PAGE>

              received; and (iii) the Employee's benefits and rights under any
              Benefit Plan shall be paid, retained or forfeited in accordance
              with the terms of such plan; provided, however, that Employer
              shall have no obligation to make any payments toward these
              benefits for Employee from and after termination.

              (B) CONSEQUENCES OF TERMINATION BY THE COMPANY FOR ANY REASON
              OTHER THAN FOR CAUSE OR FOR NON-PERFORMANCE OF EMPLOYEE

                   (1) If the Employee's employment is terminated by the Company
                   prior to the Termination Date, for any reason other than for
                   cause or non-performance of Employee, (i) subject to Section
                   6(f) hereof, this Agreement terminates immediately; (ii) the
                   Company will pay the Employee, in full satisfaction of all of
                   its compensation (base salary and bonus) obligations under
                   this Agreement, an amount equal to the sum of any base salary
                   due to the Employee through the last day of employment, plus
                   any accrued bonus to which the Employee may have been
                   entitled on the last day of employment, but had not yet been
                   received; (iii) the Company will pay the Employee, within
                   sixty (60) days of such termination, a lump sum severance
                   payment equal to one (1) month's base salary as in effect at
                   the date of employment termination for every three hundred
                   sixty-five (365) days of the Employee's employment with the
                   Company, but in no event less than three (3) month's base
                   salary; and (iv) the Employee's benefits and rights under any
                   Benefit Plan, other than any basic health and medical benefit
                   plan, shall be paid, retained or forfeited in accordance with
                   the terms of such plan; provided, however, that Employer
                   shall have no obligation to make any payments toward these
                   benefits for Employee from and after termination.

                   (2) Any payment pursuant to clause (b)(1)(iv) above (the
                   "Termination Payment"):

                        a. will be subject to offset for any advances, amounts
                        receivable, and loans, including accrued interest,
                        outstanding on the date of the employment termination;
                        and

                        b. will not be subject to offset on account of any
                        remuneration paid or payable to the Employee for any
                        subsequent employment the Employee may obtain, whether
                        during or after the period during which the Termination
                        Payment is made, and the Employee shall have no
                        obligation whatever to seek any subsequent employment.

              (C) CONSEQUENCES OF TERMINATION FOR CAUSE BY THE COMPANY. If the
              Employee's employment is terminated by the Company prior to the

                                       4
<PAGE>

              Termination Date, for cause, (i) subject to Section 6(f) hereof,
              this Agreement terminates immediately; (ii) the Company will pay
              the Employee, in full satisfaction of all of its compensation
              (base salary and bonus) obligations under this Agreement, an
              amount equal to the sum of any base salary due to the Employee
              through the last day of employment, plus any accrued bonus to
              which the Employee may have been entitled on the last day of
              employment, but had not yet been received; and (iii) the
              Employee's benefits and rights under any Benefit Plan shall be
              paid, retained or forfeited in accordance with the terms of such
              plan; provided, however, that Employer shall have no obligation to
              make any payments toward these benefits for Employee from and
              after termination.

              (D) CONSEQUENCES OF TERMINATION BY THE EMPLOYEE FOR ANY REASON
              OTHER THAN EMPLOYEE'S DEATH OR DISABILITY. If, upon forty-five
              (45) days' prior written notice to the Company by the Employee,
              the Employee's employment is terminated by the Employee prior to
              the Termination Date, for any reason other than Employee's death
              or disability, (i) subject to Section 6(f) hereof, this Agreement
              terminates immediately; (ii) the Company will pay the Employee, in
              full satisfaction of all of its compensation (base salary and
              bonus) obligations under this Agreement, an amount equal to the
              sum of any base salary due to the Employee through the last day of
              employment, plus any accrued bonus to which the Employee may have
              been entitled on the last day of employment, but had not yet been
              received; and (iii) the Employee's benefits and rights under any
              Benefit Plan, other than any basic health and medical benefit
              plan, shall be retained or forfeited in accordance with the terms
              of such plan; provided, however, that Employer shall have no
              obligation to make any payments toward these benefits for Employee
              from and after termination.

              (E) CONSEQUENCES OF TERMINATION BY THE COMPANY FOR NON-PERFORMANCE
              BY THE EMPLOYEE. If the Employee's employment is terminated by the
              Company prior to the Termination Date, for non-performance by the
              Employee (i) subject to Section 6(f) hereof, this Agreement
              terminates immediately; (ii) the Company will pay the Employee, in
              full satisfaction of all of its compensation (base salary and
              bonus) obligations under this Agreement, an amount equal to the
              sum of any base salary due to the Employee through the last day of
              employment, plus any accrued bonus to which the Employee may have
              been entitled on the last day of employment, but had not yet been
              received; and (iii) the Employee's benefits and rights under any
              Benefit Plan, other than any basic health and medical benefit
              plan, shall be paid, retained or forfeited in accordance with the
              terms of such plan; provided, however, that Employer shall have no
              obligation to make any payments toward these benefits for Employee
              from and after termination.

                                       5
<PAGE>

              (F) PRESERVATION OF CERTAIN PROVISIONS. Notwithstanding any
              provisions of this Agreement to the contrary, the provisions of
              Sections 7 through 12 hereof shall survive the expiration or
              termination of this Agreement as necessary to give full effect to
              all of the provisions of this Agreement.

         7. NON-COMPETITION BY EMPLOYEE. During the term of this Agreement, the
Employee shall not, directly or indirectly, either as an Employee, Employer,
Consultant, Agent, Principal, Partner, Corporate Officer, Director, Shareholder,
Member, Investor or in any other individual or representative capacity, engage
or participate in any business that is in competition in any manner whatever
with the business of the Company. For these purposes, the business of the
Company is establishing and providing mobile wireless communications services
(the "Business"), including all aspects of the Business, within the Service Area
as that term is defined in the Schedule of Definitions referred to in and
incorporated by reference into that certain Sprint PCS Management Agreement
dated July 17, 1998 and as it may be amended from time to time or any other
similar Sprint Management Agreement to which the Company or any of its
affiliates or subsidiaries may be a party ("the Sprint Agreement"). Furthermore,
upon the expiration of this Agreement or the termination of this Agreement prior
to the Termination Date, for any reason, the Employee expressly agrees not to
engage or participate, directly or indirectly, either as an Employee, Employer,
Consultant, Agent, Principal, Partner, Stockholder, Corporate Officer, Director,
Shareholder, Member, Investor or in any other individual or representative
capacity, for a period of two (2) years in any business that is in competition
with the Business and that is located within and/or doing business within the
Service Area as defined above as in existence during the term of the Employee's
employment with the Company. The parties agree that the Company has a legitimate
interest in protecting the Business and goodwill of the Company that has
developed in the areas of the Company's Business and in the geographical areas
of this Covenant Not To Compete as a result of the operations of the Company.
The parties agree that the Company is entitled to protection of its interests in
these areas. The parties further agree that the limitations as to time,
geographical area, and scope of activity to be restrained do not impose a
greater restraint upon Employee than is necessary to protect the goodwill or
other business interest of the Company. The parties further agree that in the
event of a violation of this Covenant Not To Compete, that the Company shall be
entitled to the recovery of damages from Employee and/or an injunction against
Employee for the breach or violation or continued breach or violation of this
Covenant. The Employee agrees that if a court of competent jurisdiction
determines that the length of time or any other restriction, or portion thereof,
set forth in this Section 7 is overly restrictive and unenforceable, the court
may reduce or modify such restrictions to those which it deems reasonable and
enforceable under the circumstances, and as so reduced or modified, the parties
hereto agree that the restrictions of this Section 7 shall remain in full force
and effect. The Employee further agrees that if a court of competent
jurisdiction determines that any provision of this Section 7 is invalid or
against public policy, the remaining provisions of this Section 7 and the
remainder of this Agreement shall not be affected thereby, and shall remain in
full force and effect.

                                       6
<PAGE>

         8. EXCEPTIONS TO NON-COMPETITION COVENANTS. Notwithstanding anything
herein to the contrary or apparently to the contrary, the following shall not be
a violation or breach of the non-competition covenants contained in this
Agreement. Employee may invest in the securities of any enterprise (but without
otherwise participating in the activities of such enterprise) if (a) such
securities are listed on any national or regional securities exchange or have
been registered under section 12(g) of the Securities Exchange Act of 1934 and
(b) the Employee does not beneficially own (as defined in Rule 13d-3 promulgated
under the Securities Exchange Act of 1934) in excess of 5% of the outstanding
capital stock of such enterprise.

         9. CONFIDENTIAL INFORMATION. The Employee recognizes and acknowledges
that he will have access to certain information of members of the Company Group
(as defined below) and that such information is confidential and constitutes
valuable, special and unique property of such members of the Company Group. The
parties agree that the Company has a legitimate interest in protecting the
Confidential Information, as defined below. The parties agree that the Company
is entitled to protection of its interests in the Confidential Information. The
Employee shall not at any time, either during or subsequent to the term of this
Agreement, disclose to others, use, copy or permit to be copied, except in
pursuance of his duties for and on behalf of the Company, it successors, assigns
or nominees, any Confidential Information of any member of the Company Group
(regardless of whether developed by the Employee) without the prior written
consent of the Company. Employee acknowledges that the use or disclosure of the
Confidential Information to anyone or any third party could cause monetary loss
and damages to the Company. The parties further agree that in the event of a
violation of this covenant against non-use and non-disclosure of Confidential
Information, that the Company shall be entitled to a recovery of damages from
Employee and/or an injunction against Employee for the breach or violation or
continued breach or violation of this covenant.

         As used herein, "Company Group" means the Company, and any entity that
directly or indirectly controls, is Controlled by, or is under common control
with, the Company, and for purposes of this definition "control" means the
possession, directly or indirectly, of the power to direct or cause the
direction of the management and policies of such entity, whether through the
ownership of voting securities, by contract or otherwise.

         The term "Confidential Information" with respect to any person means
any secret or confidential information or know-how and shall include, but shall
not be limited to, the plans, financial and operating information, customers,
supplier arrangements, contracts, costs, prices, uses, and applications of
products and services, results of investigations, studies or experiments owned
or used by such person, and all apparatus, products, processes, compositions,
samples, formulas, computer programs, computer hardware designs, computer
firmware designs, and servicing, marketing or manufacturing methods and
techniques at any time used, developed, investigated, made or sold by such
person, before or during the term of this Agreement, that are not readily
available to the public or that are maintained as confidential by such person.
The Employee shall maintain in confidence any Confidential Information of third
parties received as a result of his

                                       7
<PAGE>

employment with the Company in accordance with the Company's obligations to such
third parties and the policies established by the Company.

         10. DELIVERY OF DOCUMENTS UPON TERMINATION. The Employee shall deliver
to the Company or its designee at the termination of his employment all
correspondence, memoranda, notes, records, drawings, sketches, plans, customer
lists, product compositions, and other documents and all copies thereof, made,
composed or received by the Employee, solely or jointly with others, that are in
the Employee's possession, custody, or control at termination and that are
related in any manner to the past, present, or anticipated business or any
member of the Company Group. In this regard, the Employee hereby grants and
conveys to the Company all right, title and interest in and to, including
without limitation, the right to possess, print, copy, and sell or otherwise
dispose of, any reports, records, papers, summaries, photographs, drawings or
other documents, and writings, and copies, abstracts or summaries thereof, that
may be prepared by the Employee or under his direction or that may come into his
possession in any way during the term of his employment with the Company that
relate in any manner to the past, present or anticipated business of any member
of the Company Group.

         11. MEDIATION. The Company and Employee agree to mediate any disputes
between them arising under any of the provisions of this Agreement other than
the provisions of Sections 7 through 10 hereof. Nothing in this Section 11
applies to or governs disputes arising under Sections 7 through 10 of this
Agreement. In the event of any such dispute, the parties, within thirty (30)
days of a written request for mediation, shall attend, in good faith, a
mediation in order to make a good faith reasonable effort to resolve such
dispute arising under this Agreement. The parties shall attempt, in good faith,
to agree to a mediator. If unable to so agree, in that event, there will be no
mediation. If this good faith mediation effort fails to resolve any dispute
arising under this Agreement, either party may pursue any appropriate legal
action regarding said dispute.

         12. SUCCESSORS; BINDING AGREEMENT; ASSIGNMENT. The Company shall
require any successor (whether direct or indirect, by purchase, merger,
consolidation or otherwise) to all or substantially all of the business or
assets of the Company to expressly assume and agree in writing to perform this
Agreement in the same manner and to the same extent that the Company would be
required to perform it if no such succession had taken place. Failure of the
Company to obtain such express assumption and agreement at or prior to the
effectiveness of any such succession shall be a breach of this Agreement and
shall entitle the Employee to compensation and benefits from the Company in the
same amount and on the same terms to which the Employee would be entitled
hereunder if the Company terminated the Employee's employment without Cause. For
purposes of implementing the foregoing, the date on which any such succession
becomes effective shall be deemed the date of termination. As used in this
Agreement, "Company" shall mean the Company as hereinbefore defined and any
successor to its business or assets as aforesaid which assumes and agrees to
perform this Agreement by operation of law, or otherwise. The Company may not
assign this Agreement, except in connection with, and to the acquiror of, all or
substantially all of the business or assets of the Company, provided such
acquiror expressly assumes and agrees in writing to perform this

                                       8
<PAGE>

Agreement as provided in this Section. The Employee may not assign his rights or
delegate his duties or obligations under this Agreement.

         13. NOTICE. Any notices or other communications required or permitted
to be given hereunder shall be in writing and shall be deemed to have been duly
made or given when hand delivered, one (1) business day after being transmitted
by telecopier (confirmed by mail) or sent by overnight courier against receipt,
or five (5) days after being mailed by registered or certified mail, postage
prepaid, return receipt requested, to the party to whom such communication is
given at the address set forth below, which address may be changed by notice
given in accordance with this Section:

If to the Company:                       Alamosa PCS, Inc.
                                         4403 Brownfield Highway
                                         Lubbock, Texas 79407
                                         Attn: David E. Sharbutt, Chairman

With Copy to:                            Jack McCutchin, Jr.
                                         Crenshaw, Dupree & Milam, L.L.P.
                                         P.O. Box 1499
                                         Lubbock, Texas 79408-1499

If to the Employee:                      Margaret Couch
                                         5215 87th
                                         Lubbock, Texas 79724

With Copy to:
                                         ---------------------------------------

                                         ---------------------------------------

                                         ---------------------------------------

         14.  MISCELLANEOUS.

              (A) SEVERABILITY. If any provision of this Agreement shall be
              declared to be invalid or unenforceable, in whole or in part, such
              invalidity or unenforceability shall not affect the remaining
              provisions hereof which shall remain in full force and effect.

              (B) NO ORAL MODIFICATION, WAIVER OR DISCHARGE. No provisions of
              this Agreement may be modified, waived or discharged orally, but
              only by a waiver, modification or discharge in writing signed by
              the Employee and such officer as may be designated by the Board of
              Directors of the Company to execute such a waiver, modification or
              discharge, No waiver by either party hereto at any time of any
              breach by the other party hereto of, or failure to be in
              compliance with, any condition or provision of this Agreement to
              be performed by such other party shall be deemed a waiver of
              similar or dissimilar provisions or conditions at the time or at
              any prior or subsequent time. No agreements or representations,
              oral or otherwise, express or implied, with respect to the subject
              matter hereof have been

                                       9
<PAGE>

              made by either party which are not expressly set forth in this
              Agreement or in the documents attached as Exhibits to this
              Agreement.

              (C) INVALID PROVISIONS. Should any portion of this Agreement be
              adjudged or held to be invalid, unenforceable or void, such
              holding shall not have the effect of invalidating or voiding the
              remainder of this Agreement and the parties hereby agree that the
              portion so held invalid, unenforceable or void shall, if possible,
              be deemed amended or reduced in scope, or otherwise be stricken
              from this Agreement to the extent required for the purposes of
              validity and enforcement thereof.

              (D) ENTIRE AGREEMENTS. This Agreement and the Exhibits attached
              hereto represent the entire agreement of the parties and shall
              supersede any and all previous contracts, arrangements or
              understandings, express or implied, between the Employee and the
              Company with respect to the subject matter hereof.

              (E) SECTION HEADINGS FOR CONVENIENCE ONLY. The section headings
              herein are for the purpose of convenience only and are not
              intended to define or limit the contents of any section.

              (F) EXECUTION IN COUNTERPARTS. The parties may sign this Agreement
              in counterparts, all of which shall be considered one and the same
              instrument.

              (G) GOVERNING LAW AND PERFORMANCE. This Agreement shall be
              governed by the laws of the State of Texas and shall be deemed to
              be executed in and performance called for in Lubbock, Lubbock
              County, Texas, or at the Company's sole option, by the laws of the
              state or states where this Agreement may be at issue in any
              litigation involving the Company.

         DATED this 27th day of January, 2000, to be effective February 3, 2000.

                                       COMPANY

                                       ALAMOSA PCS, INC.

                                       By /s/ Jerry Brantley
                                          ------------------------------
                                          Name:  Jerry Brantley
                                          Title: COO

                                       10
<PAGE>

                                       EMPLOYEE

                                       /s/ Margaret Couch
                                       ---------------------------------
                                       Margaret Couch

Approved as to the mediation provisions in Paragraph 12 above.

                                       CRENSHAW, DUPREE & MILAM, L.L.P.

                                       By
                                          ------------------------------
                                          JACK McCUTCHIN, JR.
                                          Attorneys for Alamosa PCS, Inc.

                                       ---------------------------------
                                       Attorney for Employee

                                       11
<PAGE>

                          EMPLOYMENT AGREEMENT ADDENDUM

This Addendum ("Addendum") is made as of the 31st day of January, 2000
("Effective Date") between ALAMOSA PCS Holdings Inc., a Delaware corporation
("ALAMOSA PCS") Margaret Couch, (Employee). Pursuant to the Employment Agreement
executed by and between ALAMOSA PCS and the Employee, ALAMOSA PCS offers the
following addendum which is subject to the terms and conditions as agreed to in
the employment agreements and which will replace section 2(b) of the executed
employment agreement between said parties:

    BONUS. In addition to the Employee's base salary, the Employee shall be
    eligible to receive a bonus (a "Quarterly Bonus") for each calendar quarter
    in an amount, if any, determined as follows: In each calendar quarter,
    beginning with the quarter ending March 30, 2000, Employee's Quarterly Bonus
    shall be equal to the sum of (1) plus (2) as follows:

         (1) $7,500.00 multiplied by the percentage set forth opposite each
         Expected Milestone set forth in the bonus plan objectives as
         established from time to time by the employer.

         (2) $7,500.00 multiplied by the percentage set forth opposite each
         Exceptional Milestone set forth in the bonus plan objectives as
         established from time to time by the employer.

    If any particular Expected Milestone or Exceptional Milestone is not
    achieved for any calendar quarter, that percentage share of the dollar
    amount specified in (1) or (2) above, as the case may be, shall not be
    payable as part of the Quarterly Bonus. The Expected Milestones, Exceptional
    Milestones and percentages set forth on the plan containing the objectives
    to be evaluated as established by employer may be changed by the Company at
    any time and from time to time, but any such change shall not apply earlier
    than the calendar quarter following the calendar quarter in which such
    change is made by the Company and communicated to the Employee. Such changes
    are at the sole discretion of the employer. Employer may also, in its sole
    discretion, change the amounts of the bonuses to be awarded for each
    milestone. Such changes shall not apply earlier than the calendar quarter
    following the calendar quarter in which such change is made by the Company
    and communicated to the Employee.

    Any Quarterly Bonus owing to the Employee shall be paid within forty-five
    (45) days following the end of the applicable calendar quarter.

By signing below, the parties agree to perform in accordance with the terms and
conditions as set forth in this addendum.

Signature: /s/ Margaret Couch          Signature: /s/ Jerry Brantley
           ------------------------               ------------------------
Printed Name: Margaret Couch           Printed Name: Jerry Brantley
              ---------------------                  ---------------------
Date: 01-31-2000                       Date: 2/8/00
      -----------------------------          -----------------------------
Title: West Texas General Manager      Title: COO
       ----------------------------           ----------------------------

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