Document:

<PAGE>
                                                                    Exhibit 10.1

        SECOND AMENDMENT, REINSTATEMENT AND EXTENSION OF FIRST
          AMENDED AND RESTATED LIMITED FORBEARANCE AGREEMENT

          THIS SECOND AMENDMENT, REINSTATEMENT AND EXTENSION OF FIRST AMENDED
AND RESTATED LIMITED FORBEARANCE AGREEMENT (this "Second Amendment") is dated
as of May 1, 2002, among PINNACLE TOWERS INC., a Delaware corporation (the
"Borrower"), the Parent, each of their Subsidiaries (the Borrower, the Parent
and their Subsidiaries, each a "Loan Party" and collectively, the "Loan
Parties") the several Lenders (as such term is defined in the hereinafter
described Credit Agreement) parties to this Second Amendment, and BANK OF
AMERICA, N.A., as Administrative Agent for the Lenders (in such capacity, the
"Administrative Agent").

                                R E C I T A L S:

          A. The Borrower, the Administrative Agent, and the several Lenders
parties thereto entered into that certain Fifth Amended and Restated Credit
Agreement, dated as of September 17, 1999 (as amended through the date hereof
and as may be further amended, modified, restated, supplemented, renewed,
extended, increased, rearranged and/or substituted from time to time, the
"Credit Agreement").

          B. The Borrower advised the Lenders in connection with that certain
First Amended and Restated Limited Forbearance Agreement dated as of March 8,
2002, as amended by the First Amendment to First Amended and Restated
Forbearance Agreement dated as of April 12, 2002 (the "Forbearance Agreement")
that the Defaults and Events of Default set forth on the attached Schedule I
(the "Existing Defaults") occurred as evidenced by the Borrower's delivery of a
Compliance Certificate on November 14, 2001 and on February 14, 2002, among
other things.

          C. The Borrower has advised the Lenders that the Existing Defaults
continue to exist. The Borrower has advised the Administrative Agent that there
are no other Defaults or Events of Default except those set forth on Schedule I
hereto.

          D. As a result of Borrower's failure to deliver to Administrative
Agent an extension of that certain commitment letter described in Section 2(v)
of the First Amendment and Extension to the First Amended and Restated Limited
Forbearance Agreement dated as of April 12, 2002 (such extension having now been
delivered), the First Amended and Restated Forbearance Agreement dated as of
March 8, 2002 expired by its own terms.

          E. The Borrower has requested that the Lenders agree to amend,
reinstate and extend the Forbearance Agreement and to forbear from exercising
certain rights available to them as a result of the Existing Defaults by the
Borrower, and the Lenders have agreed to do so on the terms set forth herein.

          NOW, THEREFORE, subject to compliance with the Forbearance Agreement
as amended hereby, and in consideration of the premises and the covenants,
terms, conditions, representations and warranties herein contained, the parties
hereto agree hereby as follows:

<PAGE>

         SECTION 1. DEFINED TERMS. Capitalized terms used herein and not
otherwise defined herein shall have the meanings set forth in the Forbearance
Agreement.

         SECTION 2. AMENDMENT AND RESTATEMENT OF SECTION 2 OF THE FORBEARANCE
AGREEMENT. Section 2 of the Forbearance Agreement is hereby amended and restated
in its entirety as follows:

                  SECTION 2. LIMITED FORBEARANCE. The Borrower has requested
         that the Administrative Agent and the Lenders forbear from exercising
         the rights and remedies available to them as a result of the Existing
         Defaults during the period from the date hereof to and including May
         10, 2002. The Administrative Agent and the Lenders hereby agree to
         forbear from exercising the rights and remedies available to them as a
         result of the Existing Defaults, including the right to demand default
         interest under Section 2.08 of the Credit Agreement, commencing on the
         earliest date each of the conditions precedent set forth in Section 10
         hereof have been satisfied to, and (so long as none of the events
         specified in subsections 2(i) through 2(iv) below has occurred)
         through, the Termination Date (as defined below), subject to the terms
         of this Agreement and subject to the occurrence of no further Default
         or Event of Default either pursuant to the Sections of the Credit
         Agreement subject to the Existing Defaults or otherwise. Upon the
         earlier of (i) the occurrence of any Default or Event of Default, other
         than the Existing Defaults, (ii) the filing of, or exercise by, or the
         taking of any other action by Borrower, the Parent or any of their
         Subsidiaries or by any third party of any right or remedy under any
         Debtor Relief Law with respect to the Borrower, the Parent or any of
         their Subsidiaries, (iii) the payment by the Borrower of any
         Distribution to the Parent or their Subsidiaries, or any Restricted
         Payment in connection with the Subordinated Notes, the Subordinated
         Notes Documentation, the Parent Senior Notes or the Parent Senior Note
         Documentation prohibited by Section 7 hereof, (iv) the failure of
         Borrower to initiate a wire transfer of immediately available funds to
         reimburse Administrative Agent within two business hours of a request
         by Administrative Agent for payment in connection with a drawn Letter
         of Credit, or (v) May 10, 2002 (the "Termination Date"), the
         Administrative Agent's and the Lenders' agreement herein to forbear
         from exercising the rights and remedies available to them as the result
         of the Existing Defaults shall immediately terminate, and the
         Administrative Agent and the Lenders shall be entitled immediately to
         exercise any and all rights and remedies available under the Credit
         Agreement and any other Loan Paper, at law, in equity, or otherwise,
         without notice, demand, presentment, notice of dishonor, notice of
         acceleration, notice of intent to accelerate, protest, or other
         formalities of any kind, all of which are hereby expressly waived by
         the Borrower. The Borrower and the Lenders hereby acknowledge
         Borrower's noncompliance with the Credit Agreement as a result of the
         Existing Defaults and acknowledge that this Agreement constitutes
         notice thereof and waive any and all further notices with respect
         thereto. The agreement of the Administrative Agent and the Lenders
         herein shall not constitute a waiver

                                       -2-

<PAGE>

of any Default or Event of Default including without limitation, the Existing
Defaults. The Borrower hereby acknowledges that the Lenders have no obligation
to make Revolver Advances, Swingline Advances or issue Letters of Credit or
otherwise advance any funds to the Borrower as a result of Borrower's
termination of (i) the Commitment, (ii) the Swingline Commitment and (iii) the
Letter of Credit Commitment, each on December 12, 2001. Notwithstanding any
provision in the Credit Agreement or any other Loan Paper to the contrary, the
parties hereto expressly acknowledge and agree that, the Administrative Agent
may renew (but not increase) Letters of Credit in existence as of the date
hereof until the earlier of (i) the Termination Date, (ii) the Administrative
Agent is otherwise directed in writing by Majority Lenders or (iii) the
Borrower, the Parent or any of their Subsidiaries is granted relief under any
Debtor Relief Laws. Notwithstanding any provision in the Credit Agreement or any
other Loan Paper, the parties hereto expressly acknowledge and agree that, any
draw under any Letter of Credit during the term of this Agreement shall
immediately and automatically result in an obligation for the Borrower to
reimburse the Administrative Agent for any such draw (which reimbursement
obligation may not be paid by the Borrower with the proceeds of a Revolver
Advance). Failure of the Borrower to initiate a wire transfer to reimburse the
Administrative Agent in immediately available funds for any such draw within 2
business hours after receipt of notice of such draw shall constitute an Event of
Default hereunder and under the Credit Agreement (such reimbursement then to be
effected by payment in full from the Cash Collateral Account or by wire transfer
of immediately available funds, or any combination of the foregoing). The
parties hereto expressly acknowledge and agree that the agreement of the
Borrower in the preceding three sentences does not affect or abrogate any of the
obligations of the Lenders to the Administrative Agent to participate in any
such draws under the Letter of Credit in accordance with the terms of the Credit
Agreement. The parties hereto further expressly acknowledge and agree that the
agreements of the Administrative Agent and the Lenders herein shall not in any
manner restrict or impair any rights or remedies available to them with respect
to any Persons other than the Borrower and other Persons guaranteeing the
Obligations or providing collateral security therefor. Notwithstanding the
forbearance contained in this Agreement, the issuance of a payment blockage
notice by the Administrative Agent or any of the other Lenders to the Borrower
and/or to the Trustee under the Subordinated Notes Indenture (as provided for in
Section 5.5 of the Subordinated Notes Indenture) shall not be deemed to be an
exercise of any right or remedy under the Credit Agreement or any of the other
the Loan Papers, or the exercise of any right or remedy otherwise available at
law or in equity, and shall not be prohibited by any provision of this
Agreement.

                                       -3-

<PAGE>

         SECTION 3. AMENDMENT AND RESTATEMENT OF SECTION 6(i) OF THE FORBEARANCE
AGREEMENT. Section 6(i) of the Forbearance Agreement is hereby amended and
restated in its entirety as follows:

         (i) make any Capital Expenditure or acquisition, except the purchase of
         immaterial office supplies and equipment from time to time and other
         Capital Expenditures made during the period from November 16, 2001
         through the Termination Date in an amount not more than $6,860,000 in
         the aggregate.

         SECTION 4. CONDITIONS PRECEDENT. The parties hereto agree that no
provision of this Second Amendment shall be effective until (a) the
Administrative Agent shall have received a copy of this Second Amendment
executed and delivered by each of the Loan Parties made signatory hereto and by
each Lender required by the Credit Agreement for the effectiveness of such
provision hereof, (b) the Administrative Agent shall have received all accrued
and unpaid interest up to the Effective Date of this Second Amendment in
connection with Section 3(a) of the Forbearance Agreement and (c) all fees and
expenses in connection with the Loan Papers, including this Second Amendment,
including legal and other professional fees and expenses incurred on or prior to
the date of this Second Amendment by Administrative Agent, including, without
limitation, the fees and expenses of Winstead Sechrest & Minick P.C., local
counsel and Deloitte Consulting, shall have been paid.

         SECTION 5. OTHER AGREEMENTS.

     (a) Except as specifically modified by this Second Amendment, the terms,
provisions, conditions and covenants of the Credit Agreement and the other Loan
Papers remain in full force and effect and are hereby ratified and confirmed,
and the execution, delivery and performance of this Second Amendment shall not
in any manner operate as a waiver of, consent to or amendment of any other term,
provision, condition or covenant of the Credit Agreement or any other Loan
Paper. Without limiting the generality of the foregoing, the forbearance
provided by this Second Amendment shall not be deemed to constitute a waiver of
compliance or consent to noncompliance by any of the Loan Parties with respect
to any other term, provision, condition or covenant of the Credit Agreement or
other Loan Papers.

     (b) The parties hereto agree that in connection with the Asset Sale Consent
Agreement dated as of February 28, 2002 (the "Consent Agreement"), which granted
the Borrower or its Subsidiaries permission to sell the Oldsmar rental building,
described as Site Number 0324-009 on Schedule I thereof, for gross cash proceeds
of no less than $3.1 million, the Consent Agreement is hereby amended to allow
the Borrower or its Subsidiaries to sell such property provided that the gross
cash proceeds related to such asset sale are not less than $2.8 million.

         SECTION 6. PARTIES TO THIS SECOND AMENDMENT. For purposes of the
benefit of all of the Collateral securing the Obligations, the Canada Lender and
each Bank Affiliate which is a party to any Interest Rate Protection Agreement
are hereby deemed to be lender parties to the Credit Agreement and this Second
Amendment.

                                      -4-
<PAGE>

         SECTION 7. RELEASE.

         (a) Borrower, the Parent, and each of their Subsidiaries (collectively,
the "Borrower Parties") hereby unconditionally and irrevocably remises, acquits,
and fully and forever releases and discharges the Administrative Agent and the
Lenders and all respective Affiliates, Bank Affiliates and Subsidiaries of the
Administrative Agent and the Lenders, their respective officers, servants,
employees, agents, attorneys, financial advisors, principals, directors and
shareholders, and their respective heirs, legal representatives, successors and
assigns (collectively, the "Released Lender Parties") from any and all claims,
demands, causes of action, obligations, remedies, suits, damages and liabilities
of any nature whatsoever, whether now known, suspected or claimed, whether
arising under common law, in equity or under statute, which any Borrower Party
ever had or now has against the Released Lender Parties which may have arisen at
any time on or prior to the date of this Second Amendment and which were in any
manner related to any of the Loan Papers or the enforcement or attempted
enforcement by the Administrative Agent or the Lenders of rights, remedies or
recourses related thereto (collectively, the "Borrower Claims").

         (b) Each Borrower Party covenants and agrees never to commence,
voluntarily aid in any way, prosecute or cause to be commenced or prosecuted
against any of the Released Lender Parties any of the Borrower Claims which may
have arisen at any time on or prior to the date of this Second Amendment and
were in any manner related to any of the Loan Papers.

         (c) The agreements of each Borrower Party set forth in this Section 7
shall survive termination of this Second Amendment and the other Loan Papers.

         SECTION 8. MISCELLANEOUS.

         (a) RATIFICATION AND CONFIRMATION OF LOAN PAPERS. Except as
specifically modified by this Second Amendment, the terms, provisions,
conditions and covenants of the Credit Agreement and the other Loan Papers
remain in full force and effect and are hereby ratified and confirmed, and the
execution, delivery and performance of this Second Amendment shall not in any
manner operate as a waiver of, consent to or amendment of any other term,
provision, condition or covenant of the Credit Agreement or any other Loan
Paper. Without limiting the generality of the foregoing, the forbearance
provided by this Second Amendment shall not be deemed to constitute a waiver of
compliance or consent to noncompliance by any of the Loan Parties with respect
to any other term, provision, condition or covenant of the Credit Agreement or
other Loan Papers.

         (b) AFFIRMATION OF GUARANTEES. Notwithstanding that such consent is not
required thereunder, the Parent, the Borrower and the Subsidiaries of the Parent
and the Borrower hereby consent to the execution and delivery of this Second
Amendment by the parties hereto and reaffirm their respective obligations under
each of their respective Guaranties.

         (c) LIENS. The Parent, the Borrower and the Subsidiaries agree hereby
that all Liens, security interests, assignments, superior titles, rights,
remedies, powers, equities and priorities

                                       -5-

<PAGE>

securing the Obligations including but not limited to those under the Loan
Papers are hereby ratified and confirmed as valid, subsisting and continuing to
secure the Obligations, and this Second Amendment shall not affect the priority
of such Liens. Nothing in this Second Amendment shall in any manner diminish,
impair or extinguish any of the Liens securing the Obligations, the Guaranties,
or the other Loan Papers or be construed as a novation in any respect.

         (d) HEADINGS. Section and subsection headings in this Second Amendment
are included herein for convenience of reference only and shall not constitute a
part of this Second Amendment for any other purpose or be given any substantive
effect.

         (e) APPLICABLE LAW. THIS SECOND AMENDMENT SHALL BE GOVERNED BY, AND
SHALL BE CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
TEXAS, WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES.

         (f) COUNTERPARTS, BINDING EFFECT AND EFFECTIVE DATE. This Second
Amendment may be executed in any number of counterparts and by different parties
hereto in separate counterparts, each of which when so executed and delivered
shall be deemed an original, but all such counterparts together shall constitute
but one and the same instrument; signature pages may be detached from multiple
separate counterparts and attached to a single counterpart so that all signature
pages are physically attached to the same document. This Second Amendment
constitutes the legal, valid and binding obligations of each signatory hereto
and such obligations shall survive the assignment of such obligations and be
binding on each assignee with respect to such signatory's obligations hereunder.
The Effective Date shall occur when the conditions precedent set forth in
Section 4 of this Second Amendment have been satisfied in full with respect to
any provision of this Second Amendment (the "Effective Date").

         (g) FINAL AGREEMENT. THIS SECOND AMENDMENT, TOGETHER WITH THE CREDIT
AGREEMENT AND OTHER LOAN PAPERS, REPRESENTS THE FINAL AGREEMENT BETWEEN THE
PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR
SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL
AGREEMENTS BETWEEN THE PARTIES.

      [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK; SIGNATURE PAGES FOLLOW]

                                       -6-

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Second
Amendment to be duly executed and delivered by their proper and duly authorized
officers effective as of the day and year first above written.

         THE BORROWER:

                                       PINNACLE TOWERS INC.

                                       -----------------------------------------
                                       By:  William T. Freeman
                                       Its: Chief Financial Officer

                                            and Vice President

<PAGE>
                          ADMINISTRATIVE AGENT:

                          BANK OF AMERICA, N.A.,
                          as Administrative Agent

                            ________________________________________
                          By:_______________________________________
                          Its: _____________________________________

                          BANK OF AMERICA CANADA HAS EXECUTED THIS

                          SECOND AMENDMENT BELOW FOR THE SOLE PURPOSE

                          OF SECTION 6 OF THIS SECOND AMENDMENT:

                          BANK OF AMERICA CANADA, a Canadian
                          chartered bank

                            ________________________________________
                          By:_______________________________________
                          Its: _____________________________________
<PAGE>

                          LENDERS:

                          BANK OF AMERICA, N.A., individually as a
                          Lender

                            ________________________________________
                          By:_______________________________________
                          Its: _____________________________________

<PAGE>

                          FLEET NATIONAL BANK (f/k/a
                          BANKBOSTON, N.A.)

                            ________________________________________
                          By:_______________________________________
                          Its: _____________________________________

<PAGE>

                          BANKERS TRUST COMPANY

                            ________________________________________
                          By:_______________________________________
                          Its: _____________________________________

<PAGE>

                          SOCIETE GENERALE

                            ________________________________________
                          By:_______________________________________
                          Its: _____________________________________
<PAGE>

                          UNION BANK OF CALIFORNIA, N.A.

                            ________________________________________
                          By:_______________________________________
                          Its: _____________________________________

<PAGE>
                          KEY CORPORATE CAPITAL INC.

                            ________________________________________
                          By:_______________________________________
                          Its: _____________________________________
<PAGE>

                          COBANK, ACB

                            ________________________________________
                          By:_______________________________________
                          Its: _____________________________________

<PAGE>

                          CREDIT LYONNAIS NEW YORK BRANCH

                            ________________________________________
                          By:_______________________________________
                          Its: _____________________________________
<PAGE>

                          THE BANK OF NOVA SCOTIA

                            ________________________________________
                          By:_______________________________________
                          Its: _____________________________________

<PAGE>

                          DRESDNER BANK AG NEW YORK & GRAND
                          CAYMAN BRANCHES

                            ________________________________________
                          By:_______________________________________
                          Its: _____________________________________

                            ________________________________________
                          By:_______________________________________
                          Its: _____________________________________
<PAGE>

                          U.S. BANK NATIONAL ASSOCIATION (f/k/a
                          FIRSTAR BANK, N.A. f/k/a MERCANTILE
                          BANK NATIONAL ASSOCIATION)

                            ________________________________________
                          By:_______________________________________
                          Its: _____________________________________

<PAGE>

                          IBM CREDIT CORPORATION

                            ________________________________________
                          By:_______________________________________
                          Its: _____________________________________
<PAGE>

                          THE CIT GROUP/EQUIPMENT FINANCING,
                          INC.

                            ________________________________________
                          By:_______________________________________
                          Its: _____________________________________

<PAGE>

                          ALLFIRST BANK

                            ________________________________________
                          By:_______________________________________
                          Its: _____________________________________

<PAGE>
                                        GOLDMAN SACHS CREDIT PARTNERS, L.P.

                                        ---------------------------------------
                                        By:
                                             ----------------------------------
                                        Its:
                                             ----------------------------------
<PAGE>
                                        HELLER FINANCIAL, INC.

                                        ---------------------------------------
                                        By:
                                             ----------------------------------
                                        Its:
                                             ----------------------------------
<PAGE>
                                        PILGRIM PRIME RATE TRUST

                                        By:    ING Pilgrim Investments,
                                               as its investment manager

                                        ---------------------------------------
                                        By:
                                             ----------------------------------
                                        Its:
                                             ----------------------------------
<PAGE>
                                        PPM SPYGLASS FUNDING TRUST

                                        ---------------------------------------
                                        By:
                                             ----------------------------------
                                        Its:
                                             ----------------------------------
<PAGE>
                                        MORGAN STANLEY DEAN WITTER PRIME
                                        INCOME TRUST

                                        ---------------------------------------
                                        By:
                                             ----------------------------------
                                        Its:
                                             ----------------------------------
<PAGE>
                                        ENDURANCE CLO I, LTD

                                        C/o ING Capital Advisors LLC, as
                                        Portfolio Manager

                                        ---------------------------------------
                                        By:
                                             ----------------------------------
                                        Its:
                                             ----------------------------------
<PAGE>
                                        KZH ING-2 LLC

                                        ---------------------------------------
                                        By:
                                             ----------------------------------
                                        Its:
                                             ----------------------------------
<PAGE>
                                        SEQUILS-ING I (HBDGM), LTD.

                                        By:    ING Capital Advisors LLC,
                                               Collateral Manager and
                                               Authorized signatory

                                        ---------------------------------------
                                        By:
                                             ----------------------------------
                                        Its:
                                             ----------------------------------
<PAGE>
                                        TORONTO DOMINION (NEW YORK), INC.

                                        ---------------------------------------
                                        By:
                                             ----------------------------------
                                        Its:
                                             ----------------------------------
<PAGE>
                                        SEQUILS PILGRIM I, LTD.

                                        By:    ING Pilgrim Investments,
                                               as its investment manager

                                        ---------------------------------------
                                        By:
                                             ----------------------------------
                                        Its:
                                             ----------------------------------
<PAGE>
                                        WEBSTER BANK

                                        ---------------------------------------
                                        By:
                                             ----------------------------------
                                        Its:
                                             ----------------------------------
<PAGE>
                                        ARCHIMEDES FUNDING III, Ltd.

                                        By:    ING Capital Advisors LLC,
                                               as Collateral Manager

                                        ---------------------------------------
                                        By:
                                             ----------------------------------
                                        Its:
                                             ----------------------------------
<PAGE>
                                        SALOMON BROTHERS HOLDING COMPANY
                                        INC.

                                        ---------------------------------------
                                        By:
                                             ----------------------------------
                                        Its:
                                             ----------------------------------
<PAGE>
Accepted and Agreed as of April,   , 2002:

                                        PINNACLE HOLDINGS INC.

                                        ---------------------------------------
                                        By:  William T. Freeman
                                        Its: Chief Financial Officer and
                                             Vice President

                                        COVERAGE PLUS ANTENNA SYSTEMS, INC.

                                        ---------------------------------------
                                        By:  William T. Freeman
                                        Its: Chief Financial Officer and
                                             Vice President

                                        TOWER SYSTEMS, INC.

                                        ---------------------------------------
                                        By:  William T. Freeman
                                        Its: Chief Financial Officer and
                                             Vice President

                                        RADIO STATION WGLD, INC.

                                        ---------------------------------------
                                        By:  William T. Freeman
                                        Its: Chief Financial Officer and
                                             Vice President
<PAGE>
                                        ICB TOWERS, LLC

                                        ---------------------------------------
                                        By:  William T. Freeman
                                        Its: Chief Financial Officer and
                                             Vice President

                                        AIRCOMM OF AVON, LLC

                                        ---------------------------------------
                                        By:  William T. Freeman
                                        Its: Chief Financial Officer and
                                             Vice President

                                        HIGH POINT MANAGEMENT CO., INC.

                                        ---------------------------------------
                                        By:  William T. Freeman
                                        Its: Chief Financial Officer and
                                             Vice President

                                        TOWER TECHNOLOGY CORPORATION OF
                                        JACKSONVILLE, INC.

                                        ---------------------------------------
                                        By:  William T. Freeman
                                        Its: Chief Financial Officer and
                                             Vice President
<PAGE>
                                        INTERSTATE TOWER COMMUNICATIONS,
                                        INC.

                                        ---------------------------------------
                                        By:  William T. Freeman
                                        Its: Chief Financial Officer and
                                             Vice President

                                        BROADCAST TOWERS, INC.

                                        ---------------------------------------
                                        By:  William T. Freeman
                                        Its: Chief Financial Officer and
                                             Vice President

                                        PINNACLE TOWERS III INC.

                                        ---------------------------------------
                                        By:  William T. Freeman
                                        Its: Chief Financial Officer and
                                             Vice President

                                        SHAFFER & ASSOCIATES, INC.

                                        ---------------------------------------
                                        By:  William T. Freeman
                                        Its: Chief Financial Officer and
                                             Vice President
<PAGE>
                                        PINNACLE ST. LOUIS LLC

                                        By:  Pinnacle Towers Inc., sole member

                                        ---------------------------------------
                                        By:  William T. Freeman
                                        Its: Chief Financial Officer and
                                             Vice President

                                        SIERRA TOWERS, INC.

                                        ---------------------------------------
                                        By:  William T. Freeman
                                        Its: Chief Financial Officer and
                                             Vice President

                                        QTI, INC.

                                        ---------------------------------------
                                        By:  William T. Freeman
                                        Its: Chief Financial Officer and
                                             Vice President
<PAGE>
                                        INTRACOASTAL CITY TOWERS, INC.

                                        ---------------------------------------
                                        By:  William T. Freeman
                                        Its: Chief Financial Officer and
                                             Vice President

                                        PINNACLE TOWERS IV INC.

                                        ---------------------------------------
                                        By:  William T. Freeman
                                        Its: Chief Financial Officer and
                                             Vice President

                                        PINNACLE TOWERS V INC.

                                        ---------------------------------------
                                        By:  William T. Freeman
                                        Its: Chief Financial Officer and
                                             Vice President
<PAGE>
                                        PINNACLE SAN ANTONIO L.L.C.

                                        By:  Pinnacle Towers Inc., sole member

                                        ---------------------------------------
                                        By:  William T. Freeman
                                        Its: Chief Financial Officer and
                                             Vice President

                                        COASTAL ANTENNAS, INC.

                                        ---------------------------------------
                                        By:  William T. Freeman
                                        Its: Chief Financial Officer and
                                             Vice President

                                        PINNACLE TOWERS LTD.

                                        ---------------------------------------
                                        By:  William T. Freeman
                                        Its: Chief Financial Officer and
                                             Vice President

                                        PINNACLE TOWERS CANADA INC.

                                        ---------------------------------------
                                        By:  William T. Freeman
                                        Its: Chief Financial Officer and
                                             Vice President
<PAGE>
                                   SCHEDULE I
                                EXISTING DEFAULTS

1.       Noncompliance as of September 30, 2001 with the financial covenants set
         forth in Section 8.01 of the Credit Agreement as follows:

                  a)       Leverage Ratio, section 8.01(a);

                  b)       Consolidated Interest Coverage Ratio, section
                           8.01(c); and

                  c)       Consolidated Pro Form Debt Service Coverage Ratio,
                           section 8.01 (d).

2.       Noncompliance with the requirement to deliver third quarter
         consolidating financial statements on November 15, 2001 as required by
         Section 7.01 of the Credit Agreement.

3.       Noncompliance as of December 31, 2001 with the financial covenants set
         forth in Section 8.01 of the Credit Agreement as follows:

                  a)       Leverage Ratio, section 8.01(a);

                  b)       Consolidated Leverage Ratio, section 8.01(b);

                  c)       Consolidated Interest Coverage Ratio, section
                           8.01(c);

                  d)       Consolidated Pro Forma Debt Service Coverage Ratio,
                           section 8.01(d); and

                  e)       Consolidated Fixed Charge Coverage Ratio, section
                           8.01(e).

4.       Noncompliance with the requirement to deliver fourth quarter
         consolidating financial statements by February 14, 2001 as required by
         Section 7.01 of the Credit Agreement.

5.       Noncompliance with certain collateral covenants set forth in Section
         2.16 of the Credit Agreement, including the following:

         a) mortgages/deeds of trust for approximately 59 out of a total of 925
         fee owned sites

         b) leasehold mortgages for 7 leasehold sites (out of top 20 leaseholds)

6.       Pinnacle Holdings Inc. did not pay the interest due March 15, 202 on
         its 5 1/2% Convertible Subordinated Notes Due 2007.
<PAGE>
                                  Schedule IV
                         Permitted Seller Note Payments

Pinnacle Towers Inc. Seller Promissory Notes
Payable
--------------------------------------------------------------------------
<TABLE>
<CAPTION>
Proforma Principal Payment                             Apr-02       May-02
                                                       ------       ------
<S>                                               <C>            <C>
1 Rock & Withers
                                                      916.64        924.28
2 Maurer
                                                    1,923.09      1,942.32
4 Lennon
                                                      639.29        646.32
6 HV Towers
                                                    6,510.91      6,565.16
12 Hardin
                                                    4,015.99      4,049.45
14 Stark Communications
                                                  125,000.00
28 Frank Hicks (Atlanta/Hicks)
                                                    6,659.07      6,717.34
30 Azzarelli Development Corporation (Tampa
Azzarelli)                                          5,534.25      5,580.37

33 Woodfin-Hirsch
                                                   24,339.20     24,542.02
34 Johnny & Jacklon Howard (Marianna Land)
                                                      219.81        221.65
37 J & D Trunking-Greenville Rushing Deal
                                                    6,003.85      6,053.88
38 Henry & Jacquelyn Flowers
                                                   13,057.52     13,166.33
40 John H. Abrams and Helen Dale Abrams
                                                    2,210.89      2,229.31
41 H. Stanley Hines
                                                       66.09         66.58
41 H. Stanley Hines, as Trustee
                                                    3,925.40      3,954.84
41 H. Stanley Hines
                                                    6,412.40      6,460.50
46 Donald N. Woodward
                                                   16,702.40     16,841.58
55 Marguerite Atcher
                                                      326.54        329.26
58 S&R Communications Partnership (Flint MI
Rice Acq)                                           2,508.50      2,529.41
</TABLE>
<PAGE>
<TABLE>
<S>                                               <C>                   <C>
59 Cyril E. Vetter
                                                  107,954.47            108,854.10
64 Tower Investments Inc
    (KS Motorola Deal)
                                                    2,239.38              2,258.04
65 Stanley C. & Diana M. Norman
                                                    1,828.14              1,843.37
69 Dorothy Ferguson Combee
                                                      158.86                160.18
                                                  ----------            ----------

                                                  339,152.69            215,936.29
                                                  ==========            ==========

   -------------------------------------------------------------------------------
   Total April and May
    Principal Payments
                                                                        555,088.98
   -------------------------------------------------------------------------------
</TABLE><PAGE>
                                                                   Exhibit 10.58

                             TRACTOR SUPPLY COMPANY
                      EXECUTIVE DEFERRED COMPENSATION PLAN

                                    Section 1

                            Establishment and Purpose

         The purpose of the Tractor Supply Company Executive Deferred
Compensation Plan ("Plan") is to provide a select group of management or highly
compensated employees of Tractor Supply Company ("Company") and its subsidiaries
and related limited partnerships an opportunity, in accordance with the terms
and conditions set forth in the Plan, to defer compensation that otherwise would
be payable currently, and to accrue interest on such amounts until paid. This
Plan is intended to be an unfunded plan for purposes of the Internal Revenue
Code and to be an unfunded plan maintained primarily for the purpose of
providing deferred compensation for a select group of management or highly
compensated employees for purposes of Title I of the Employee Retirement Income
Security Act of 1974, as amended ("ERISA") and shall be construed to effect such
intent. This Plan is established effective October 31, 2001 ("Effective Date").

                                    Section 2

                                 Administration

         This Plan shall be administered by the Board of Directors of Company
which may delegate authority to its officers and other persons to properly
administer the Plan on a day-to-day basis. Among other administrative functions,
Company shall be responsible for collecting all deferral election forms. Company
shall have the exclusive responsibility and complete discretionary authority to
control the operation and the administration of this Plan, with all powers
necessary to enable it to properly carry out such responsibility, including, but
not limited to, the power to construe the terms of this Plan, to determine
status, coverage and eligibility for benefits, and to resolve all interpretive,
equitable and other questions that shall arise in the operation and
administration of this Plan. All actions or determinations of Company shall be
final, conclusive and binding on all persons.

                                    Section 3

                                   Eligibility

         Any employee of Company or Tractor Supply Company of Texas, LP who
shall satisfy both of the following requirements for a calendar year will be
eligible to defer any annual bonus payment relating to such year: (i) is either
an officer or employee director of the Company on January 1 of such calendar
year and (ii) is eligible to receive annual base compensation and on-target
bonuses relating to such calendar year totaling no less than $ 100,000
("Eligible Employee"). In order to be eligible to defer annual base salary, the
Eligible Employee must have deferred the maximum permitted by law into the
Company's 401(k) Plan for the calendar year immediately preceding the calendar
year in which the base salary is payable and the Eligible Employee has either
(a) owned 5% or more of the common stock of the Company or (b) participated in
the Company's employee stock purchase plan in an amount not less than
<PAGE>
the lower of (1) 2% of the annual base compensation of such employee or (2)
$10,000 in the calendar year immediately preceding the calendar year in which
the base salary is payable. Notwithstanding the foregoing, for purposes of
deferring 2002 annual base salary, the 401(k) and stock purchase plan
contribution requirements will be applied for 2002 as opposed to the preceding
calendar year. It is the intent of Company that any employee eligible to
participate under the Plan shall be part of a "select group of management or
highly compensated employees," as that term is used in Section 201(2), Section
301(a)(3), and Section 401(a)(1) of ERISA.

                                    Section 4

                                  Contributions

         (a) Elective Deferrals. An Eligible Employee may elect in writing to
defer receipt of up to 40% of his or her annual base salary payable from
Company. An Eligible Employee may also elect to defer up to 100% of any annual
bonus payment that may be payable. Company reserves the right in its discretion
to alter the foregoing percentage limitations for any subsequent calendar years.

         An Eligible Employee who elects to defer any of his or her annual base
salary or annual bonus payment under the Plan shall become a participant in the
Plan ("Participant"). Deferral elections shall be made in increments of 1% of
compensation under procedures established by Company. Election forms for
Participants to defer salary and bonuses shall be provided by Company, and all
such elections shall be made on such forms. Once made, an election to defer may
not be revoked, changed or modified for the calendar year or bonus payment at
issue.

         The election by a Participant to defer annual base salary must be made
prior to the beginning of the calendar year in which falls the period of service
for which such compensation is payable. Except, however, an Eligible Employee
who initially becomes eligible to participate in the Plan during the calendar
year shall be permitted to make a deferral election under this Section 4(a) for
services to be performed subsequent to the election, provided such election is
made within thirty (30) days of the effective date of his or her eligibility.
Except for the year this Plan is adopted, the election by a Participant to defer
all or part of his/her discretionary annual bonus payment must be made prior to
June 30 of the calendar year preceding the calendar year in which the bonus is
paid. For the year in which this Plan is adopted, an Eligible Employee may elect
to defer all or part of his/her discretionary annual bonus payment no later than
November 15 of the calendar year preceding the calendar year in which such bonus
is paid. A Participant must make a separate election with respect to each
calendar year of participation in the Plan pursuant to procedures established by
Company.

         (b) Employer Matching Contribution. Company shall credit to the
Participant's account a matching contribution equal to 100% of the first $3,000
deferred by a Participant under Section 4(a) for a calendar year and 50% of the
next $3,000 deferred under Section 4(a) for a calendar year, for a maximum
matching contribution of $4,500 per Participant per calendar year. Such matching
contributions shall only be credited to the extent deferrals are actually made
under Section 4(a).

                                    Section 5

                 Establishment of Deferred Compensation Accounts
<PAGE>
         At the time of the Participant's initial election to defer under
Section 4(a), Company shall establish a bookkeeping account (a "Deferred
Compensation Account") for such Participant on its books. The amounts deferred
under Section 4(a) shall be credited to the Participant's Deferred Compensation
Account as of the first day of the month following the month that the
compensation would have otherwise been paid to the Participant and amounts
credited under Section 4(b) shall be credited as of the same day as the deferral
under Section 4(a) is credited for which the Section 4(b) contribution relates.

                                    Section 6

                  Investment of Deferred Compensation Accounts

         A Participant's Deferred Compensation Account shall consist of all
annual additions under Sections 4(a) and (b) together with interest
accrued thereon calculated each calendar year at an annual rate equal to the
prime rate listed in the Wall Street Journal on the first business day of such
calendar year, compounded annually. The amounts held in the Deferred
Compensation Account shall continue to earn interest until the first day of the
month in which all amounts in such Account have been paid. Each Deferred
Compensation Account is a hypothetical account. "Hypothetical" means that the
amounts deferred and credited are not actually placed in the Deferred
Compensation Account.

                                    Section 7

                                     Vesting

         A Participant shall be fully vested at all times in all amounts
credited to the Participant's Deferred Compensation Account.

                                    Section 8

         Payment of Amounts from Deferred Compensation Accounts

         (a) The balance of the Participant's Deferred Compensation Account
calculated under Section 6 shall be paid, or payments shall commence, to
Participant within 30 days following the earlier of the Participant's (i) death,
(ii) Retirement, (iii) Total and Permanent Disability, (iv) termination of
employment with Company, or (v) some other date designated by Participant at the
time of his initial deferral and which is agreed to by the Company, provided
such date is not less than three years after the deferral election. If a date is
designated under parenthetical (v), such date must be the same for all deferrals
under the Plan, but to the extent such date is less than two years after any
deferral, the date will be extended (with respect only to that deferral) to the
date two years after the deferral. The date established under (v) may be
extended by the Participant but only to the extent permitted by the policies and
procedures which may be established by the Company governing such extensions.

         All payments under this Plan shall be made in cash. The Participant's
Deferred Compensation Account shall be paid in ten annual installments or in a
single lump sum payment. Participant shall make an election to receive payment
in one of these forms at the time of his initial deferral under the Plan and
such election shall be irrevocable.
<PAGE>
         If payments are made in ten annual installments, the amount of each
installment shall be determined by dividing the balance in the Deferred
Compensation Account as of any payment date by the number of installments then
remaining to be paid. Once the first installment payment is made, the remaining
Deferred Compensation Account shall continue to accrue interest at a rate and in
a manner as set forth above in Section 6 until paid in full.

         In the event payment commences due to the Participant's death, payment
shall be made in a lump sum to the Participant's Designated Beneficiary. In the
event of the Participant's Total and Permanent Disability, payment shall be
made, in ten annual installments as described above, to the Participant or to an
adult with whom the Participant maintains his or her residence, as Company in
its sole and absolute discretion shall determine. Such a payment to a legal
guardian, conservator or adult shall fully discharge Company, and the Plan from
further liability on account thereof.

         Company reserves the right in its sole discretion to accelerate the
payment of any amounts payable under this Plan without the Participant's consent
and interest will only accrue until the first day of the month in which payment
occurs. If Participant dies and installment payments are being made or are to be
made, then Participant's Designated Beneficiary(ies) shall receive the remaining
balance credited to Participant's Deferred Compensation Account in a lump sum
payment.

         (b) For purposes of this Section 8, the following capitalized terms
shall have the meanings set forth below:

                  (1) "Retirement" means the first day of the month coinciding
with or next following the Participant's 65th birthday. Early retirement is
defined at the first of the month coinciding with or next following the
Participant's 55th birthday and with 6 years of employment service.

                  (2) "Total and Permanent Disability" means a physical or
mental condition of a Participant resulting from bodily injury, disease, or
mental disorder which renders him incapable of continuing any gainful occupation
and which condition constitutes total disability under the federal Social
Security Acts.

                  (3) "Designated Beneficiary" means the one or more than one
persons designated by a Participant in writing to receive all or part of the
Participant's Deferred Compensation Account upon the Participant's death
provided such designation is delivered to the President of Company prior to the
Participant's death. A designation may be replaced by a new beneficiary
designation or may by revoked by the Participant at any time by written notice
delivered to the President of Company prior to the Participant's death. In the
event that a Designated Beneficiary(ies) has not been designated, cannot be
located, or is not living at the time of Participant's death, payment of any
amounts then credited to the Participant's Deferred Compensation Account shall
be made to the Participant's surviving spouse or, if none, to the Participant's
estate. If a Designated Beneficiary is missing or dies prior to Participant's
death, then only the remaining Designated Beneficiary(ies) in the same class
(i.e., primary or secondary) , if any, shall receive the deceased or missing
Beneficiaries share as if such Beneficiary had not been designated in the first
instance. If any Designated Beneficiary dies simultaneously with Participant or
within 24 hours of the Participant's death, all benefits payable under the Plan
shall be paid as if such Designated Beneficiary predeceased the Participant.

         (c) In the event of an unforeseeable emergency, Company, in its sole
and absolute discretion and upon written application of such Participant, may
direct immediate commencement of payment of all or a portion of the then vested
and current value of such Participant's Deferred Compensation Account.
<PAGE>
For purposes of this Section 8(c), the term "unforeseeable emergency" shall mean
severe financial hardship to the Participant resulting from a sudden and
unexpected illness or accident of the Participant or of a dependent (as defined
in Section 152(a) of the Code) of the Participant, loss of the Participant's
property due to casualty, or other similar extraordinary and unforeseeable
circumstances arising as a result of events beyond the control of the
Participant. The circumstances that will constitute an unforeseeable emergency
will depend upon the facts of each case, as determined in the sole and absolute
discretion of Company. Company shall not permit withdrawal for unforeseeable
emergencies to the extent that such hardship is or may be relieved:

                  (1) Through reimbursement or compensation by insurance or
otherwise;

                  (2) By liquidation of the Participant's assets, to the extent
the liquidation of such assets would not itself cause severe financial hardship,
or

                  (3) By cessation of deferrals under the Plan.

         Company shall not consider the need to send a Participant's child to
college or the desire to purchase a home as unforeseeable emergencies. Company
shall permit withdrawals of amounts because of an unforeseeable emergency only
to the extent reasonably needed to satisfy the emergency need.

                                    Section 9

                          Transferability of Interests

         Except as otherwise required by law, benefits payable to Participants
and their beneficiaries under this Plan may not be in any manner anticipated,
assigned (either at law or in equity), alienated, sold, transferred, pledged,
encumbered or subjected to attachment, garnishment, levy, execution or other
legal or equitable process by creditors of the Participant or the Participant's
beneficiaries.

                                   Section 10

                      Amendment, Suspension and Termination

         Company, in its sole and absolute discretion at any time, may amend,
suspend or terminate the Plan or any portion thereof in any manner and to any
extent. Such amendment, suspension or termination of the Plan shall be final and
binding. No amendment, suspension or termination shall alter or impair a
Participant's rights to any amounts deferred before the date of such amendment,
suspension or termination without the consent of the Participant affected
thereby. Notwithstanding the preceding sentence, upon termination of the Plan,
all benefits under the Plan will be paid to Participants in accordance with
Section 8 as if an event described in Section 8(a) had occurred.
<PAGE>
                                   Section 11

                   General Creditor Status/Unfunded Obligation

         This Plan constitutes a mere contractual promise by Company to make the
future payments as provided under this Plan to Participants and, where
applicable, to Designated Beneficiaries. Notwithstanding any other provision of
this Plan, a Participant and his or her Designated Beneficiary shall be treated
as general, unsecured creditors of Company at all times under the Plan. Neither
a Participant nor a Designated Beneficiary shall have any preferred claim on, or
any beneficial interest in, any assets of Company, any other person, or any
trust maintained in connection with this Plan which is superior in any manner to
the right of any other general and unsecured creditor of Company. It is the
intention of Company that the Deferred Compensation Accounts be unfunded for tax
purposes and for purposes of Title I of ERISA and this Plan shall be construed
and operated to effect such intent. Further, it is intended that the recognition
of income on amounts deferred by a Participant (and any related investment
adjustments) shall be determined under Code Section 451(a) and such recognition
shall be deferred until such amounts are actually received by the Participant.

         Company may, establish a grantor trust described in Treasury Regulation
Sections 1.677(a)-(d) to accumulate funds to pay the Deferred Compensation
Accounts to Participants, provided that the trust assets shall be subject to the
claims of Company's general creditors and shall be required to be used to
satisfy the claims of Company's general creditors in the event Company is
"Insolvent" under the terms of such trust. The trust and any assets held by the
trust to assist it in meeting its obligations under the Plan will conform to the
terms of the model trust as described in Revenue Procedure 92-64. Upon transfer
to the grantor trust, any such amounts shall be subject to the terms and
conditions of the grantor trust, and shall be held and invested under the
grantor trust until paid to the Participant.

         If the Internal Revenue Service, the Department of Labor, or any court
determines or finds as a factual or legal conclusion that the intended treatment
of this Plan under the Code or under ERISA is incorrect and issues or intends to
issue an assessment, determination, opinion or report stating such or if it is
the opinion of legal counsel of Company based on authorities then existing that
the tax and ERISA status of this Plan is other than as intended and set forth
above, then, if Company so elects within one year of such finding,
determination, or opinion, each Participant shall be paid the then balance in
his or her Deferred Compensation Account.

                                   Section 12

                    No Right to Employment or Other Benefits

         Nothing contained in this Plan shall confer or shall be construed as
conferring upon any Participant the right to continue in the employ of Company
in any specific capacity or for any specific term of employment or at any
specific rate of compensation.
<PAGE>
                                   Section 13

                                Claims Procedures

         (a)      (1) Any Participant or, if the Participant is deceased, the
Participant's Designated Beneficiary (the "claimant," which term shall include
the duly authorized representative of claimant) may file a claim requesting
benefits under the Plan by submitting to the President of Company (or such other
officer or agent of Company as the President may designate for such purpose) a
written statement setting out the general nature of the claim.

                  (2) If a duly submitted claim is wholly or partly denied,
notice of the denial shall be furnished to the claimant within sixty (60) days
after receipt of the claim by the President or his designated person. Such
notice shall be given as provided in subparagraph 13(a)(3) hereunder, and if the
claim for benefits has not been granted within sixty (60) days of the submission
of the claim, the claim shall be deemed denied for the purposes hereof.

                  (3) The Senior Vice President/CFO or his designated person
shall provide to every claimant whose duly submitted claim for benefits is
denied, written notice setting forth in a manner calculated to be understood by
the claimant;

                      (A) The specific reason or reasons for the denial;

                      (B) Specific reference to pertinent Plan provisions on
                          which the denial is based;

                      (C) A description of any additional material or
                          information necessary for the claimant to perfect the
                          claim and an explanation of why such material or
                          information is necessary;

                      (D) An explanation of the Plan's claim review procedure.

                  Such notice shall be sent by certified mail, return receipt
requested, to the claimant's last known address.

         (b)      (1) The Senior Vice President/CFO shall appoint a Claims
Review Committee which shall consist of any number of officers of Company (other
than the claimant), as the Senior Vice President/CFO in his or her discretion
determines to be appropriate, to review and make decisions on claim denials. All
decisions of the Claims Review Committee shall be by majority vote.

                  (2) Within sixty (60) days after denial of a claim as herein
provided, the claimant may request review of the denied claim by submitting a
written request therefore to the Claims Review Committee, in the care of the
Senior Vice President/CFO of Company.
<PAGE>
                                   Section 14

                                  Miscellaneous

         (a) Withholding. Company shall have the right to take any and all
actions which it deems necessary or appropriate to satisfy any federal, state
and local withholding obligations with respect to any amounts payable under this
Plan.

         (b) Successors. Except as otherwise provided herein, this Plan shall be
binding upon and inure to the benefit of Company, the Participant and their
heirs, executors, administrators, legal representatives, and successors.

         (c) Choice of Law. This Plan shall be construed in accordance with and
governed by the law of the State of Tennessee, except to the extent preempted by
federal law.

         (d) Discharge of Obligations. The payment by Company of the benefits
due under this Plan to a Participant or Designated Beneficiary discharges
Company's obligations under this Plan with respect to such Participant and the
Participant shall have no further rights under this Plan.

         (e) Construction. The headings and subheadings set forth in this Plan
are intended for convenience only and have no substantive meaning whatsoever. In
the construction of this Plan, the masculine shall include the feminine and the
singular shall include the plural.

         (f) Entire Agreement. This Plan contains the entire agreement between
the parties hereto with respect to the subject matter hereof and supersedes all
understandings, both oral and written, respecting the subject matter hereof.

         IN WITNESS WHEREOF, Company has caused this Plan to be executed by its
duly authorized officer and its seal affixed hereto on this 11th day of
November, 2001.

                           TRACTOR SUPPLY COMPANY

                           By: /s/  Calvin B. Massmann
                               -----------------------------------

(corporate seal)           Title:  Senior Vice President-Chief Financial Officer
                                   ---------------------------------------------

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