Document:

Prepared by R.R. Donnelley Financial -- TSI Non-employee Directors Stock Option Plan

 EXHIBIT 10.34 
  
 TSI TELECOMMUNICATION HOLDINGS, INC. 
 NON-EMPLOYEE DIRECTORS STOCK OPTION PLAN 
  
 ARTICLE I 
  
 Purpose of Plan 
  
 The Non-Employee Directors Stock Option Plan (the “Plan”)
of TSI Telecommunication Holdings, Inc., a Delaware corporation (the “Company”), adopted by the Board of Directors of the Company on August 2, 2002, for non-employee directors, is intended to promote the interests of the Company by
providing an inducement to obtain and retain the services of qualified persons as members of the Company’s Board of Directors (the “Board”) and to align more closely the interests of such persons with the interests of the
Company’s stockholders by providing a portion of the compensation provided to such persons in the form of equity securities of the Company. The Plan is a compensatory benefit plan within the meaning of Rule 701 of the Securities Act and, unless
and until the Common Shares (as defined herein) are publicly traded, the issuance of options to purchase Common Shares pursuant to the Plan and the issuance of Common Shares pursuant to such options is intended to qualify for the exemption from
registration under the Securities Act provided by Rule 701. 
  
 ARTICLE II 
  
 Definitions 
  
 For purposes of the Plan, except where the context clearly indicates otherwise, the following terms shall have the meanings set forth below: 
  
 “Affiliate” shall mean, with respect to any Person, any other Person, which, directly or indirectly, controls, is controlled by, or is
under common control with such Person. 
  
 “Board” shall mean the Board of Directors
of the Company. 
  
 “Code” shall mean the Internal Revenue Code of 1986, as amended,
and any successor statute. 
  
 “Committee” shall mean the committee of the Board
that shall be designated by the Board to administer the Plan. 
  
 “Common Shares”
shall mean shares of the Company’s non-voting common stock, par value $.01 per share, and any other shares into which such stock may be changed or converted by reason of a recapitalization, reorganization, merger, consolidation, or any other
change in the corporate structure or capital stock of the Company. 
  
 “Company”
shall mean TSI Telecommunication Holdings, Inc., a Delaware corporation and (except to the extent the context requires otherwise) any subsidiary corporation of TSI Telecommunications Holdings, Inc. as such term is defined in Section 424(f) of the
Code. 
  
 “Exchange Act” means the Securities Exchange Act of 1934, as amended.

 

  
 “Expiration Date” shall have the meaning set
forth in Section 6.5. 
  
 “Fair Market Value” of the Common Shares on any
given date means (a) the closing sale price of a Common Share on the Nasdaq National Market, or the domestic stock exchange on which the Common Shares are then listed on such date, or if the Nasdaq National Market (or the applicable exchange) is
closed on that date, on the last preceding date on which the Nasdaq National Market or such exchange was open for trading or (b) if the foregoing clause does not apply, the fair market value of such stock, taking into account all relevant factors
determinative of value, as solely determined by the Committee. 
  
 “Incentive Stock
Option” shall have the meaning set forth in Section 5.2. 
  
 “Investors” shall mean GTCR Fund VII, L.P., a Delaware limited partnership, and any other investment fund managed by GTCR Golder Rauner, L.L.C. 
  
 “Initial Election Date” means, for each non-employee director of the Company, the later to occur of (i) the date the Plan is approved by
the Company’s stockholders and (ii) the date of such Person’s initial election or appointment to the Board. 
  
 “Nonqualified Stock Option” shall have the meaning set forth in Section 5.2. 
  
 “Option Agreement” shall have the meaning set forth in Section 6.3. 
  
 “Options” shall have the meaning set forth in Article IV. 
  
 “Participant” shall mean any non-employee director of the Company who does not have an equity interest in TSI Telecommunication Holdings, L.L.C. 
  
 “Person” means an individual, a partnership, a corporation, a limited liability company, an association,
a joint stock company, a trust, a joint venture, an unincorporated organization, and a governmental entity or any department, agency, or political subdivision thereof. 
  
 “Plan” shall have the meaning set forth in Article I. 
  
 “Public Offering” shall mean an initial public offering registered under the Securities Act of equity securities of the Company, as
approved by the Board and GTCR. 
  
 “Sale of the Company” means any transaction or
series of transactions as a consequence of which any Person or group of related Persons (other than the Investors and their Affiliates) in the aggregate acquire(s) (i) capital stock of the Company possessing the voting power (other than voting
rights accruing only in the event of a default, breach or event of noncompliance) to elect a majority of the Company’s board of directors (whether by merger, consolidation, reorganization, combination, sale or transfer of the Company’s
capital stock, shareholder or voting agreement, proxy, power of attorney or otherwise) or (ii) all or substantially all of the Company’s assets determined on a consolidated basis; provided that a Public Offering shall not constitute a
Sale of the Company. 
  
 “Securities Act” means the Securities Act of 1933, as
amended. 
 

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 “Shares” shall have the meaning set forth in
Article IV. 
  
 “Subsidiary” means, with respect to any Person, any
corporation, limited liability company, partnership, association, or business entity of which (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the
election of directors, managers, or trustees thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof, or (ii) if a limited liability company,
partnership, association, or other business entity (other than a corporation), a majority of partnership or other similar ownership interest thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more
Subsidiaries of that Person or a combination thereof. For purposes hereof, a Person or Persons shall be deemed to have a majority ownership interest in a limited liability company, partnership, association, or other business entity (other than a
corporation) if such Person or Persons shall be allocated a majority of limited liability company, partnership, association, or other business entity gains or losses or shall be or control any managing director or general partner of such limited
liability company, partnership, association, or other business entity. For purposes hereof, references to a “Subsidiary” of any Person shall be given effect only at such times that such Person has one or more Subsidiaries, and,
unless otherwise indicated, the term “Subsidiary” refers to a Subsidiary of the Company. 
  
 ARTICLE III

  
 Administration 
  
 The Plan shall be administered by the Committee. Subject to the limitations of the Plan, the Committee shall have the sole and complete authority to construe and interpret this Plan and options and
shares granted hereunder, to establish and amend rules for its administration and to correct any defect or omission and to reconcile any inconsistency in this Plan or in any option or share granted hereunder to the extent the Committee deems
desirable to carry this Plan or any option or share granted hereunder into effect, subject to such limitations as may be imposed by the Code on the grant of Incentive Stock Options or other applicable law. The Committee’s determinations on
matters within its authority shall be conclusive and binding upon the Participants, the Company, and all other Persons. The validity, construction, and effect of the Plan and any rules and regulations relating to the Plan shall be determined in
accordance with applicable federal and state laws and rules and regulations promulgated pursuant thereto. No member of the Committee and no officer of the Company shall be liable for any action taken or omitted to be taken by such member, by any
other member of the Committee, or by any officer of the Company in connection with the performance of duties under the Plan, except for such person’s own willful misconduct or as expressly provided by statute. All expenses associated with the
administration of the Plan shall be borne by the Company. The Committee may, as approved by the Board and to the extent permissible by law, delegate any of its authority hereunder to such persons as it deems appropriate. 
 

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 ARTICLE IV 
  
 Limitation on Aggregate Shares 
  
 The
number of Common Shares with respect to which options may be granted under the Plan (the “Options”) and which may be issued upon the exercise thereof shall not exceed, in the aggregate, 300,000 Common Shares (the
“Shares”); provided that the type and the aggregate number of Common Shares which may be subject to Options shall be subject to adjustment in accordance with the provisions of Section 6.7 below, and further
provided that to the extent any Options expire unexercised or are canceled, terminated, or forfeited in any manner without the issuance of Common Shares thereunder, such shares shall again be available under the Plan. The Shares available under
the Plan may be either authorized and unissued shares, treasury shares, or a combination thereof, as the Committee shall determine. 
  
 ARTICLE V 
  
 Awards 
  
 5.1  Options.    Each member of the Board who is not an officer or employee of the Company or any of its Subsidiaries shall be eligible
to participate in the Plan. The Committee may grant Options to Participants in accordance with this Article V. 
  
 5.2  Form of Option.    Options granted under this Plan shall be presumed to be nonqualified stock options (the “Nonqualified Stock Options”) and are not intended to be
incentive stock options within the meaning of Section 422A of the Code or any successor provision (“Incentive Stock Options”) unless clearly indicated by the Committee in an Option Agreement. It is the Company’s intent that
Nonqualified Stock Options granted under the Plan not be classified as Incentive Stock Options, that Incentive Stock Options be consistent with and contain or be deemed to contain all provisions required under Section 422A of the Code and any
successor thereto, and that any ambiguities in construction be interpreted in order to effectuate such intent. 
  
 5.3  Formula Option Grants.    Options granted under this Plan shall be subject to such terms and conditions and conditions set forth below: 
  

(a)  Grant of Options.    Options to purchase 50,000 Common Shares shall be granted to each Participant on the
later to occur of (i) the election of such Participant as a director of the Company or (ii) the establishment of this Plan. 
  
 (b)  Option Price.    The option price per Common Share shall be 100% of the Fair Market Value of a Common Share on the date of grant, subject to adjustment in
accordance with the provisions of Section 6.7. 
  
 (c)  Additional
Provisions. 
  
 (i)  Termination of Term of
Directorship.    Any Option shall be exercisable only during the holder’s term as a director of the Company, except that an Option may be exercisable by a holder for a period of 180 days after such holder fails to be
re-elected as a 
 

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 director of the Company, and an Option may be exercisable for up to one year after the death of a holder while a director
of the Company; provided that such Option shall be exercisable (x) only to the extent that the holder was entitled to exercise on the date of his failure to be re-elected or his death and (y) only to the extent that the Option would not have
expired had the holder continued to be a director of the Company. 
  
 (ii)  Sale of the
Company.    In the event of the Sale of the Company, the Options shall immediately vest and become exercisable and such Options shall terminate if not exercised as of the date of the Sale of the Company or other prescribed
period of time. 
  
 (iii)  Liquidation or Dissolution.    In the
event of the liquidation or dissolution of the Company, options shall terminate immediately prior to the liquidation or dissolution. 
  
 5.4  Exercisability.    Options granted hereunder shall be exercisable at such times and under such circumstances as determined by the Committee and as shall be permissible under the
terms of the Plan, and as specified in an Option Agreement. 
  
 5.5  Payment of Exercise
Price.    Options shall be exercised in whole or in part by written notice to the Company (to the attention of the Company’s Secretary) accompanied by payment in full of the option exercise price. Payment of the option
exercise price shall be made (i) in cash (including check, bank draft, or money order), (ii) in the discretion of the Committee, by delivery of a promissory note (if in accordance with policies approved by the Board), (iii) by delivery of
outstanding shares of Common Stock that have been owned by the Participant for a minimum of six months and one day with a Fair Market Value on the date of exercise equal to the aggregate exercise price payable with respect to the options’
exercise, (iv) through a “same day sale” commitment from a Participant and a broker-dealer that is a member of the National Association of Securities Dealers, Inc. specified by the Committee (the “NASD Dealer”) whereby the
Participant irrevocably elects to exercise the Option and to sell a portion of the Option Shares so purchased to pay for the Option Price and whereby the NASD Dealer irrevocably commits upon receipt of such Option Shares to forward the Option Price
directly to the Company, (v) through a “margin” commitment from a Participant and the NASD Dealer reasonably acceptable to the Committee whereby the Participant irrevocably elects to exercise such Participant’s Option and to pledge
the Option Shares so purchased to the NASD Dealer in a margin account as security for a loan from the NASD Dealer in the amount of the Option Price, and whereby the NASD Dealer irrevocably commits upon receipt of the Option Shares to forward the
Option Price to the Company, or (vi) by any combination of the foregoing; provided that the Committee may require the Option Price to be paid in cash. The methods of payment set forth in clauses (iii) through (v) above shall apply only if there is a
public market for the Common Shares. 
  
 5.6  Terms of Options.    The
term during which each Option may be exercised shall be determined by the Committee, but, except as otherwise provided herein, in no event shall an option be exercisable in whole or in part, in the case of a Nonqualified Stock Option or an Incentive
Stock Option (other than as described below), more than ten (10) years from the date it is granted or, in the case of an Incentive Stock Option granted to a Participant who at the time of the grant owns more than 10% of the total combined voting
power of all classes of stock of the Company or any of its Subsidiaries, if required by the Code, more than five (5) years from the 
 

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 date it is granted. All rights to purchase Common Shares pursuant to an Option shall, unless sooner terminated, expire at the date designated by
the Committee. Subject to the immediately preceding sentence, the Committee shall determine the date on which each Option shall become exercisable and may provide that an option shall become exercisable in installments. The Common Shares
constituting each installment may be purchased in whole or in part at any time after such installment becomes exercisable, subject to such minimum exercise requirements as may be designated by the Committee. Unless otherwise provided herein or in
the terms of the related grant, an optionee may exercise an Option only if he or she is, and has continuously since the date the Option was granted, been a director of the Company or a Subsidiary. Prior to the exercise of an Option and delivery of
the Common Shares represented thereby, the optionee shall have no rights as a stockholder with respect to any Common Shares covered by such outstanding Option (including any dividend or voting rights). 
  
 ARTICLE VI 
  
 General Provisions 
  
 6.1  Conditions and Limitations on
Exercise.    Except as otherwise provided in this Plan, Options may be made exercisable in one or more installments, upon the happening of certain events, upon the passage of a specified period of time, upon the fulfillment
of certain conditions, or upon the achievement by the Company of certain performance goals, as the Committee shall decide in each case when the Options are granted; provided that, prior exercising any Options, each Participant shall consult
with the Company’s compliance office to confirm that no blackout period with respect to the Company’s Common Shares is then in effect. 
  
 6.2  Written Agreement.    Each Option granted hereunder to a Participant shall be embodied in a written agreement (an “Option Agreement”) in such
form as shall be determined from time to time by the Committee and which shall be signed by the Participant and by the Chief Executive Officer of the Company for and in the name and on behalf of the Company and shall be subject to the terms and
conditions of the Plan prescribed in the Option Agreement. 
  
 6.3  Listing, Registration,
and Compliance with Laws and Regulations.    Options shall be subject to the requirement that, if at any time the Committee shall determine, in its discretion, that the listing, registration, or qualification of the
shares subject to the Options upon any securities exchange or under any state or federal securities or other law or regulation, or the consent or approval of any governmental regulatory body, is necessary or desirable as a condition to or in
connection with the granting of the Options or the issuance or purchase of shares thereunder, then no Options may be granted or exercised, in whole or in part, unless such listing, registration, qualification, consent, or approval shall have been
effected or obtained free of any conditions not acceptable to the Committee. The holders of such Options shall supply the Company with such certificates, representations, and information as the Company shall request and shall otherwise cooperate
with the Company in obtaining such listing, registration, qualification, consent, or approval. If the Company, as part of an offering of securities or otherwise, finds it desirable because of federal or state regulatory requirements to reduce the
period during which any Options may be exercised, then the Committee, may, in its discretion and without the Participant’s consent, so reduce such period on not less than 15 days written notice to the holders thereof. 
 

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 6.4  Nontransferability.    Options may not
be transferred other than by will or the laws of descent and distribution and, during the lifetime of the Participant, may be exercised only by such Participant (or his legal guardian or legal representative). In the event of the death of a
Participant, exercise of Options granted hereunder shall be made only: 
  
 (i)  by the
executor or administrator of the estate of the deceased Participant or the Person or Persons to whom the deceased Participant’s rights under the Option shall pass by will or the laws of descent and distribution; and 
  
 (ii)  to the extent that the deceased Participant was entitled thereto at the date of his death, unless
otherwise provided by the Committee in such Participant’s Option Agreement. 
  
 6.5  Expiration of
Options.    In no event shall any part of any Option be exercisable after the date of expiration thereof (the “Expiration Date”), as determined by the Committee pursuant to Section 5.6 above.

  
 6.6  Withholding of Taxes.    (i) The Company shall be entitled, if
necessary or desirable, to withhold from any Participant, from any amounts due and payable by the Company to such Participant (or secure payment from such Participant in lieu of withholding), the amount of any withholding or other tax due from the
Company with respect to any shares issuable under the Options, and the Company may defer the exercise of the Options or the issuance of the Shares thereunder unless indemnified to its satisfaction. 
  
 (ii)  Notwithstanding any provision of this Plan to the contrary, in connection with the transfer of an Option
to a transferee pursuant to Section 6.4 of the Plan, the grantee shall remain liable for any withholding taxes required to be withheld upon exercise of such Option by the transferee. 
  
 6.7  Adjustments.    In the event of a reorganization, recapitalization, stock dividend, or stock split, combination or other
reclassification affecting the Common Shares, the Board or the Committee shall, in order to prevent the dilution or enlargement of rights under outstanding Options, make such adjustments in the number and type of shares authorized by the Plan, the
number and type of shares covered by outstanding Options, and the exercise prices specified therein as may be determined to be appropriate and equitable. 
  
 6.8  Amendment, Suspension, and Termination of Plan.    The Board or the Committee may suspend or terminate the Plan or any portion thereof at any time and may
amend it from time to time in such respects as the Board or the Committee may deem advisable; provided that no such amendment shall be made without stockholder approval to the extent such approval is required by law, agreement, or the rules
of any exchange upon which the Common Shares are listed, and no such amendment, suspension, or termination shall impair the rights of Participants under outstanding Options without the consent of the Participants affected thereby. No Option shall be
granted or Common Shares issued hereunder after 5 years from the date this Plan is adopted or the date this Plan is approved by the shareholders, whichever is earlier. 
  
 6.9  Amendment, Modification, and Cancellation of Outstanding Options.    The Committee may amend or modify any Option in any manner to
the extent that the Committee 
 

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 would have had the authority under the Plan initially to grant such Option; provided that no such amendment or modification shall impair
the rights of any Participant under any Option in a manner not contemplated hereby without the consent of such Participant adversely affected thereby. With the Participant’s consent or as otherwise contemplated hereby, the Committee may cancel
any Option and issue a new Option to such Participant. 
  
 6.10  Shareholder
Approval.    This Plan shall be subject to approval by the shareholders of the Company within twelve (12) months before or after this Plan is adopted by the Board. Any Option exercised before shareholder approval is obtained
must be rescinded if shareholder approval is not obtained within twelve (12) months before or after the Plan is adopted. Shares issued upon the exercise of any such Option shall not be counted in determining whether such approval is obtained.

  
 6.11  Indemnification.    In addition to such other rights of
indemnification as they may have as members of the Board or the Committee, the members of the Committee shall be indemnified by the Company against all costs and expenses reasonably incurred by them in connection with any action, suit, or proceeding
to which they or any of them may be party by reason of any action taken or failure to act under or in connection with the Plan or any Option granted thereunder, and against all amounts paid by them in settlement thereof (provided such settlement is
approved by independent legal counsel selected by the Company) or paid by them in satisfaction of a judgment in any such action, suit, or proceeding; provided that any such Committee member shall be entitled to the indemnification rights set
forth in this Section 6.11 only if such member has acted in good faith and in a manner that such member reasonably believed to be in or not opposed to the best interests of the Company and, with respect to any criminal action or proceeding,
had no reasonable cause to believe that such conduct was unlawful, and further provided that upon the institution of any such action, suit, or proceeding a Committee member shall give the Company written notice thereof and an opportunity, at
its own expense, to handle and defend the same before such Committee member undertakes to handle and defend it on his own behalf. 
  
 Adopted by the Board of Directors on August 2, 2002 and approved by the 
 shareholders of
the Company on August 2, 2002. 
  
 * * * * 
 

 8Prepared by R.R. Donnelley Financial -- Stock Option Agree for Non-employee Directors

 EXHIBIT 10.35 
  
 FORM OF 
  
 NONQUALIFIED STOCK OPTION AGREEMENT 
  
 August     , 2002 
  
 [Name] 
 [Address] 
  
 Re:    TSI Telecommunication Holdings, Inc. (the 
           “Company”) Grant of Nonqualified Stock Option 
  
 Dear [Name]: 
  
 The
Company is pleased to advise you that its Board of Directors has granted to you a stock option (an “Option”), as provided below, under the TSI Telecommunication Holdings, Inc. Non-Employee Directors Stock Option Plan (the
“Plan”), a copy of which is attached hereto and incorporated herein by reference. Certain terms used herein are defined in Section 16 hereof. 
  
 1.  Option. 
  
 (a)  Terms.    Your Option is for the purchase of up to the number of Common Shares written next to your name on the signature page attached hereto (the “Option Shares”) at the
price per share written next to your name on the signature page attached hereto (the “Exercise Price”), payable upon exercise as set forth in Section 1(b) below. Your Option shall expire at the close of business ten (10)
years from the date of issuance (the “Expiration Date”), subject to earlier expiration in connection with the termination of your term as a director as provided in Section 3(b) below. Your Option is not intended to be
an “incentive stock option” within the meaning of Section 422A of the Code. 
  
 (b)  Payment of Option Price.    Subject to Section 2 and 3 below, your Option may be exercised in whole (and not in part, except as provided in Section 2(b) below)
upon payment of an amount (the “Option Price”) equal to the product of (1) the Exercise Price multiplied by (2) the number of Option Shares to be acquired. Payment of the Option Price shall be made (i) in cash (including
check, bank draft, or money order), (ii) in the discretion of the Committee, by delivery of a promissory note (if in accordance with policies approved by the Board), (iii) by delivery of outstanding shares of Common Shares that, on the date of
exercise, have (x) been owned by you for a minimum of six months and one day and (y) a Fair Market Value equal to the aggregate exercise price payable with respect to the options’ exercise, (iv) through a “same day sale” commitment
from you and a broker-dealer that is a member of the National Association of Securities Dealers, Inc. specified by the Committee (the “NASD Dealer”) whereby you irrevocably elect to exercise the Option and to sell a portion of the Option

 

 Shares so purchased to pay for the Option Price and whereby the NASD Dealer irrevocably commits upon receipt of such
Option Shares to forward the Option Price directly to the Company, (v) through a “margin” commitment from you and the NASD Dealer reasonably acceptable to the Committee whereby you irrevocably elect to exercise your Option and to pledge
the Option Shares so purchased to the NASD Dealer in a margin account as security for a loan from the NASD Dealer in the amount of the Option Price, and whereby the NASD Dealer irrevocably commits upon receipt of the Option Shares to forward the
Option Price to the Company, or (vi) by any combination of the foregoing; provided that the Committee may require the Option Price to be paid in cash. The methods of payment set forth in clauses (iii) through (v) above shall apply only if
there is a public market for the Common Shares. 
  
 2.  Exercisability/Vesting.    (a) Your Option may be exercised only to the extent it has become vested. [        ] Option Shares shall vest and become
exercisable on the date that is one year from the date of this Agreement, and thereafter [        ] Option Shares will become vested on the last day of each three-month period following the one year
anniversary date of this Agreement such that on [        ], 200[7], the Option will be 100% vested, if and only if, you have been continuously serving as a director of the Company from the date of this
Agreement through and including each such date. The number of Option Shares with respect to which your Option may be exercised shall not increase once you cease to serve as a director of the Company, and any portion of your Option which has not been
exercised prior to or in connection with the Sale of the Company will be forfeited, unless otherwise determined by the Committee. 
  
 (b)  If you have been continuously serving as a director of the Company from the date of this Agreement until a Sale of the Company, any outstanding Option which has not vested at the date of
such event will immediately vest and become exercisable with respect to 100% of the Option Shares simultaneously with the consummation of the Sale of the Company. 
  
 3.  Expiration of Option. 
  
 (a)  Normal Expiration.    In no event shall any part of your Option be exercisable after the Expiration Date set forth in Section 1(a) above. 
  
 (b)  Early Expiration Upon Termination of Service as a Director.    Any Option
that was not vested and exercisable on the date your service as a director of the Company terminates (the “Termination”) (for any reason whatsoever) will expire and be forfeited on such date, and any Option that was vested and
exercisable on the date of the Termination will also expire and be forfeited; provided, however, that: (i) if you die while serving as a director of the Company, any Option that is vested and exercisable will expire one year from the date of
your death, but in no event after the Expiration Date and (ii) if you are not re-elected as a director of the Company, any Option that is vested and exercisable will expire 180 days from the date after the date on which you failed to be re-elected
as a director, but in no event after the Expiration Date. 
  
 4.  Procedure for
Exercise.    You may exercise your Option, to the extent it has vested and is outstanding, at any time and from time to time prior to its expiration, by delivering written notice to the Company (to the attention of the
Company’s Secretary) and your written acknowledgment that you have read and have been afforded an opportunity to ask questions of 
 

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 management of the Company regarding all financial and other information provided to you regarding the Company, together with payment of the
Option Price in accordance with the provisions of Section 1(b) above. As a condition to any exercise of your Option, you shall permit the Company to deliver to you all financial and other information regarding the Company it believes
necessary to enable you to make an informed investment decision, and you shall make all customary investment representations which the Company requires. In addition, prior exercising any Options you will consult with the Company’s compliance
office to confirm that no blackout period with respect to the Company’s Common Shares is then in effect. 
  
 5.  Securities Laws Restrictions and Other Restrictions on Transfer of Option Shares.    You represent that when you exercise your Option you shall be purchasing Option Shares for your own account
and not on behalf of others. You understand and acknowledge that federal and state securities laws govern and restrict your right to offer, sell, or otherwise dispose of any Option Shares unless your offer, sale, or other disposition thereof is
registered under the Securities Act and state securities laws, or in the opinion of the Company’s counsel, such offer, sale, or other disposition is exempt from registration or qualification thereunder. You agree that you shall not offer, sell,
or otherwise dispose of any Option Shares in any manner which would: (i) require the Company to file any registration statement with the Securities and Exchange Commission (or any similar filing under state law) or to amend or supplement any such
filing or (ii) violate or cause the Company to violate the Securities Act, the rules and regulations promulgated thereunder, or any other state or federal law. You further understand that the certificates for any Option Shares you purchase shall
bear such legends as the Company deems necessary or desirable in connection with the Securities Act or other rules, regulations or laws. You also agree to furnish the Company with any information that it requests for the purpose of making any filing
with Securities and Exchange Commission, including but not limited to, providing the information required by Forms 3, 4 and 5 of the Securities Exchange Act of 1934 and any directors and officers questionnaire provided by the Company. 

 
 6.  Non-Transferability of Option.    Your Option is personal to you and is not
transferable by you other than by will or the laws of descent and distribution or pursuant to a qualified domestic relations order, as defined by §1 et seq. of the Code, Title I of ERISA and the rules thereunder. During your lifetime
only, you (or your guardian or legal representative) may exercise your Option. In the event of your death, your Option may be exercised only (i) by the executor or administrator of your estate or the person or persons to whom your rights under the
Option shall pass by will or the laws of descent and distribution and (ii) to the extent that you were entitled hereunder at the date of your death. 
  
 7.  Conformity with Plan.    Your Option is intended to conform in all respects with, and is subject to all applicable terms, conditions and provisions of,
the Plan (which is incorporated in its entirety herein by reference). Inconsistencies between this Agreement and the Plan shall be resolved in accordance with the terms of the Plan. By executing and returning the enclosed copy of this Agreement, you
acknowledge your receipt of this Agreement and the Plan and agree to be bound by all of the terms of this Agreement and the Plan. 
  
 8.  Withholding of Taxes.    (i) The Company shall be entitled, if necessary or desirable, to withhold from any Participant, from any amounts due and payable by the Company to such
Participant (or secure payment from such Participant in lieu of withholding), the amount 
 

 3 

 of any withholding or other tax due from the Company with respect to any shares issuable under the Option, and the Company may defer the
exercise of the Option or the issuance of the Option Shares thereunder unless indemnified to its satisfaction. 
  
 (ii)  Notwithstanding any provision of this Option to the contrary, in connection with the transfer of this Option to a transferee pursuant to Section 11 hereof, the Participant shall remain liable for any
withholding taxes required to be withheld upon exercise of such Option by the transferee. 
  
 9.  Adjustments.    In the event of a reorganization, recapitalization, stock dividend or stock split, or combination or other change in the Common Shares, the Board or the Committee shall, in
order to prevent the dilution or enlargement of rights under your Option, make such adjustments in the number and type of shares authorized by the Plan, the number and type of shares covered by your Option, and the Exercise Price specified herein,
in each case as may be determined by the Board or Committee to be appropriate and equitable. 
  
 10.  Right to Purchase Option Shares Upon Termination of Service as a Director.    Prior to a Public Offering or a Sale of the Company, your Option Shares shall be subject to the Repurchase Option
set forth in this Section 10. 
  
 (a)  Repurchase of Option Shares on
Termination.    Upon the occurrence of the Termination, the Company and/or the Investors shall have the right to repurchase all or any portion of your Option Shares at a price equal to the Fair Market Value of such Option
Shares. 
  
 (b)  Repurchase Procedure for the
Company.    The Company may elect to repurchase all or any portion of your Option Shares (the “Available Option Shares”) if your service as a director of the Company has terminated (the “Repurchase
Option”) by delivery of written notice (a “Repurchase Notice”) to you within 90 days after the date of the Termination for any Option Shares issued 181 days or more prior to the date of Termination (or in the case of Option
Shares issued 180 days or less prior to the date of Termination or issued at any time after the date of Termination upon exercise of this Option, no earlier than 181 days and no later than 271 days after the date of the issuance of such Option
Shares) (the “Repurchase Notice Period”). The Repurchase Notice shall set forth the amount of Option Shares to be acquired, the aggregate consideration to be paid for such Option Shares, and the time and place for the closing of the
transaction. 
  
 (c)  Repurchase Procedure for the
Investors.    If for any reason the Company does not elect to purchase all of the Available Option Shares, then the Investors shall be entitled to exercise the Repurchase Option for all or any portion of the Available
Option Shares that were not repurchased by the Company pursuant to Section 10(b) above (the “Remaining Option Shares”). The Investors may assign their Repurchase Option to TSI Telecommunication Holdings, LLC. As soon as
practicable after the Company has determined that it will not purchase all of the Available Option Shares, but in any event within 60 days after the beginning of the Repurchase Notice Period corresponding to such Available Option Shares, the Company
shall give written notice (the “Option Notice”) to each Investor setting forth the number of Remaining Option Shares and the purchase price for the Remaining Option Shares. The Investors may elect to purchase all or any portion of
the Remaining Option Shares by giving 
 

 4 

  
 written notice to the Company within 60 days after the Option Notice has been
delivered to the Investors by the Company. If the Investors elect to purchase an aggregate amount of Remaining Option Shares in excess of the amount of Remaining Option Shares specified in the Option Notice, then the Remaining Option Shares shall be
allocated among the Investors based on the amount of such type or types of Common Shares owned by each Investor on the date of the Option Notice. Any Investor may condition its election to purchase such Remaining Option Shares on the election of one
or more other Investors to purchase Remaining Option Shares. As soon as practicable, and in any event within 10 days after the expiration of the 60 day period set forth in the immediately preceding sentence, the Company shall deliver a Repurchase
Notice to the holders of such Remaining Option Shares setting forth the aggregate consideration to be paid by the respective Investors for such Remaining Option Shares and the time and place for the closing of the transaction. At the time the
Company delivers such Repurchase Notice to the holders of such Remaining Option Shares, the Company shall also deliver written notice to each Investor setting forth the amount of securities such Investor is entitled to purchase, the aggregate
purchase price, and the time and place of the closing of the transaction. 
  
 (d)  Manner of Payment.    If the Company purchases all or any portion of such Option Shares, including Option Shares held by one or more of your transferees, then the Company shall pay for such
Option Shares (i) first by offsetting obligations owed by you or your transferee(s) to the Company or to any Investor and (ii) second with a subordinated promissory note of the Company, which subordinated promissory note shall bear interest at the
rate of 10% per annum (which shall be payable annually in cash unless otherwise prohibited), shall have all principal payment due on the fifth anniversary of the date of issuance and shall be subordinated on terms and conditions satisfactory to the
holders of the Company’s indebtedness for borrowed money, or (iii), at the Company’s option, by certified check or wire transfer of funds. If an Investor elects to purchase all or any portion of the Remaining Option Shares, such Investor
shall pay for such Option Shares by certified check or wire transfer of funds. 
  
 11.  Restrictions on Transfer. Transfer of Option Shares.    The holders of Option Shares shall not sell, transfer, assign, pledge, or otherwise dispose of (a
“Transfer”) any interest in any Option Shares, except pursuant to (i) a Public Sale, (ii) a Sale of the Company, or (iii) the provisions of Section 11(b) hereof. 
  
 (b)  Certain Permitted Transfers.    The restrictions set forth in this Section 11 shall
not apply with respect to any Transfer of Option Shares made by will or pursuant to applicable laws of descent and distribution or to such Person’s legal guardian in case of any mental incapacity or among such Person’s Family Group;
provided that the restrictions contained in this Section 11 will continue to be applicable to the Option Shares after any Transfer of the type referred to in this Section 11(b) and the transferees of such Option Shares will
agree in writing to be bound by the provisions of this Agreement. Any transferee of Option Shares pursuant to a transfer in accordance with the provisions of this Section 11(b) is herein referred to as a “Permitted
Transferee.” Upon the transfer of Option Shares pursuant to this Section 11(b), you will deliver a written notice (a “Transfer Notice”) to the Company. The Transfer Notice will disclose in reasonable detail the
identity of the Permitted Transferee(s). 
  
 (c)  Termination of
Restrictions.    The restrictions set forth in this Section 11 will continue with respect to each Option Share until the earlier to occur of (i) the date on which 
 

 5 

  
 such Option Share has been transferred in a Public Sale in compliance with the
terms hereof or (ii) the consummation of a Sale of the Company. 
  
 12.  Additional
Restrictions on Transfer. 
  
 (a)  Restrictive
Legend.    The certificates representing the Option Shares shall bear the following legend: 
  
 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE WERE ORIGINALLY ISSUED ON AUGUST [    ], 2002 HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER ANY
STATE SECURITIES LAWS AND MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM REGISTRATION THEREUNDER. THE SECURITIES REPRESENTED BY THIS
CERTIFICATE ARE ALSO SUBJECT TO ADDITIONAL RESTRICTIONS ON TRANSFER, CERTAIN REPURCHASE OPTIONS, AND CERTAIN OTHER AGREEMENTS SET FORTH IN AN OPTION AGREEMENT BETWEEN THE COMPANY AND PARTICIPANT DATED AS OF AUGUST [    ], 2002 A
COPY OF WHICH MAY BE OBTAINED BY THE HOLDER HEREOF AT THE COMPANY’S PRINCIPAL PLACE OF BUSINESS WITHOUT CHARGE.” 
  
 (b)  Opinion of Counsel.    You may not sell, transfer, or dispose of any Option Shares (except pursuant to an effective registration statement under the Securities
Act) without first delivering to the Company an opinion of counsel reasonably acceptable in form and substance to the Company that registration under the Securities Act or any applicable state securities law is not required in connection with such
transfer. 
  
 (c)  Holdback.    You agree
not to effect any public sale or distribution of any equity securities of the Company, or any securities convertible into or exchangeable or exercisable for such securities, during the seven days prior to and the 180 days after the effectiveness of
any underwritten offering of the Company’s equity securities except as part of such underwritten registration if otherwise permitted. 
  
 13.  Sale of the Company. 
  
 (a)  If the holders of a majority of the Common Shares then outstanding (the “Approving Holders”) approve a Sale of the Company (the “Approved Sale”), you (in your capacity as a holder of
Option Shares) shall consent to and raise no objections against the Approved Sale, and if the Approved Sale is structured as a sale of stock, you shall vote for, consent to, raise no objection against, and agree to sell your Common Shares and
surrender any stock options owned by you on the terms and conditions approved by the Approving Holders, subject to the provisions of Section 13(b). You shall take all necessary and desirable actions in connection with the consummation of the
Approved Sale. 
 

 6 

  
 (b)  Your obligations with respect to the Approved Sale
are subject to the satisfaction of the following conditions: (i) upon the consummation of the Approved Sale, you shall receive the same form and amount of consideration per Common Share as other holders of Common Shares, or if you are given an
option as to the form and amount of consideration to be received, then all holders of Common Shares shall be given the same option; and (ii) if you have currently exercisable or convertible rights to acquire Common Shares, then you shall be given
the opportunity to either (A) exercise such rights prior to the consummation of the Approved Sale and participate in such sale as a holder of Common Shares or (B) upon the consummation of the Approved Sale, receive in exchange for such rights
consideration equal to the amount determined by multiplying (1) the same amount of consideration per Common Share received by the holders of Common Shares in connection with the Approved Sale less the exercise or conversion price per Common Share of
such rights to acquire Common Shares by (2) the number of Common Shares represented by such rights. 
  
 (c)  You shall bear the pro-rata share (based upon the aggregate consideration received in such sale) of the costs of any sale of Common Shares pursuant to an Approved Sale to the extent such costs are reasonable and
incurred for the benefit of all holders of Common Shares and are not otherwise paid by the Company or the acquiring party. Costs incurred by the holders of Common Shares on their own behalf shall not be considered costs of the transaction hereunder.

  
 (d)  Subject to the terms of Section 2(b), any portion of your Option which has
not been exercised prior to or in connection with the consummation of the Sale of the Company shall be forfeited. 
  
 (e)  Termination of Restrictions.    The provisions of this Section 13 shall terminate upon the consummation of a Public Offering. 
  
 14.  Confidentiality, Inventions, Disclosure. 
  
 (a)  Obligation to Maintain Confidentiality.    You acknowledge that the information, observations
and data obtained by you during the course of your service as a director of the Company concerning the business and affairs of the Company and its Subsidiaries and Affiliates are the property of the Company. Therefore, you agree that you will not
disclose to any unauthorized person or use for your own account any of such information, observations or data without the prior written consent of the Board or the Committee, unless and to the extent that the aforementioned matters become generally
known to and available for use by the public other than as a result of your acts or omissions to act. You agree to deliver to the Board at Termination, or at any other time the Board may request in writing, all memoranda, notes, plans, records,
reports and other documents (and copies thereof) relating to the business of the Company and its Subsidiaries and Affiliates which you may then possess or have under your control. 
  
 (b)  Third Party Information.    You understand that the Board, the Company, its Subsidiaries and Affiliates will
receive from third parties confidential or proprietary information (“Third Party Information”) subject to a duty on the Board’s, the Company’s, its Subsidiaries’ and Affiliates’ part to maintain the
confidentiality of such information and to use it only for certain 
 

 7 

  
 limited purposes. During your service as a director of the Company and
thereafter, you will hold Third Party Information in the strictest confidence and will not disclose to anyone (other than other members of the Board, personnel of the Company, its Subsidiaries and Affiliates who need to know such information in
connection with their work for or on behalf of the Company, its Subsidiaries and Affiliates) or use, except in connection with your service as a director of the Company, its Subsidiaries and Affiliates, Third Party Information without the prior
written consent of the Board. 
  
 (c)  Use of Prior
Information.    During your service as a director of the Company, you will not improperly use or disclose any confidential information or trade secrets, if any, of any former employers or any other person to whom you have an
obligation of confidentiality, and will not bring onto the premises of the Company, its Subsidiaries or Affiliates any unpublished documents or any property belonging to any former employer or any other person to whom you have an obligation of
confidentiality unless consented to in writing by the former employer or person. You will use in the performance of your duties only information which is (i)(x) common knowledge in the industry or (y) is otherwise legally in the public domain, (ii)
is otherwise provided or developed by the Company, its Subsidiaries or Affiliates or (iii) in the case of materials, property or information belonging to any former employer or other person to whom you have an obligation of confidentiality, approved
for such use in writing by such former employer or person. 
  
 (d)  Disclosure.    You agree that during the term of your service as a director of the Company you will become familiar with the Company’s and its Subsidiaries’
trade secrets and with other confidential information concerning the Company and its Subsidiaries and that your services will be of special, unique and extraordinary value to the Company and its Subsidiaries. Therefore, you agree that during the
term of your service as a director of the Company to promptly disclose to the Board if, at any time, you directly or indirectly own or become an owner of, manage, control, participate in, consult with, become employed by or in any manner engage in
any business competing with or relating to the businesses of the Company or its Subsidiaries. 
  
 (e)  Acknowledgments.    You acknowledge that the provisions of this Section 14 are in consideration of the issuance of the Option by the Company and additional good and valuable
consideration as set forth in this Agreement. You agree and acknowledge that the potential harm to the Company or its Subsidiaries of the non-enforcement of this Section 14 outweighs any potential harm to you of its enforcement by injunction
or otherwise. You acknowledge that you has carefully read this Agreement and have given careful consideration to the restraints imposed upon you by this Agreement, and are in full accord as to their necessity for the reasonable and proper protection
of confidential and proprietary information of the Company, its Subsidiaries and Affiliates now existing or to be developed in the future. You expressly acknowledge and agree that each and every restraint imposed by this Agreement is reasonable with
respect to subject matter, time period and geographical area, as applicable. 
  
 15.  Remedies.    The parties hereto (and the Investors as third-party beneficiaries hereof) shall be entitled to enforce their respective rights under this Agreement
specifically, to recover damages by reason of any breach of any provision of this Agreement, and to exercise all other rights existing in their favor. The parties hereto acknowledge and agree that money 
 

 8 

  
 damages would not be an adequate remedy for any breach of the provisions of this Agreement and that any
party hereto (and the Investors as third-party beneficiaries hereof) may, in their sole discretion, apply to any court of law or equity of competent jurisdiction for specific performance and/or injunctive relief (without posting bond or other
security) in order to enforce or prevent any violation of the provisions of this Agreement. 
  
 16.  Definitions.     For the purposes of this Agreement, the following terms shall have the meanings set forth below: 
  
 “Agreement” shall mean this stock option agreement. 
  
 “Affiliate” shall mean, with respect to any Person, any other Person, which, directly or indirectly, controls, is controlled by, or is
under common control with such Person. 
  
 “Board” shall mean the Board of Directors
of the Company. 
  
 “Code” shall mean the Internal Revenue Code of 1986, as amended,
and any successor statute. 
  
 “Committee” shall mean the committee of the Board
that shall be designated by the Board to administer the Plan. 
  
 “Common Shares”
shall mean the Company’s non-voting common stock, par value $.01 per share, and any other shares into which such stock may be changed or convert by reason of a recapitalization, reorganization, merger, consolidation, or any other change in the
corporate structure or capital stock of the Company. 
  
 “Company” shall mean TSI
Telecommunication Holdings, Inc., a Delaware corporation and (except to the extent the context requires otherwise) any “subsidiary corporation” of TSI Telecommunication Holdings, Inc. as such term is defined in Section 424(f) of the Code.

  
 “ERISA” shall mean the Employee Retirement Security Income Act of 1974, as
amended. 
  
 “Fair Market Value” of the Common Shares on any given date means (a)
the closing sale price of a Common Share on the Nasdaq National Market, or the domestic stock exchange on which the Common Shares are then listed on such date, or if the Nasdaq National Market (or the applicable exchange) is closed on that date, on
the last preceding date on which the Nasdaq National Market or such exchange was open for trading or (b) if the foregoing clause does not apply, the fair market value of such stock, taking into account all relevant factors determinative of value, as
solely determined by the Committee. 
  
 “Family Group” shall mean, with respect to a
Person who is an individual, such Person’s spouse and descendants (whether natural or adopted), and any trust, family limited partnership, limited liability company or other entity wholly owned, directly or indirectly, by such Person or such
Person’s spouse and/or descendants that is and remains solely for the benefit of such Person and/or such Person’s spouse and/or descendants and any retirement plan for such Person. 
 

 9 

  
 “GTCR” shall mean GTCR Fund VII, L.P., a
Delaware limited partnership. 
  
 “Investors” shall mean GTCR and any other
investment fund managed by GTCR Golder Rauner, L.L.C. 
  
 “Option Shares” shall mean
(i) all Common Shares issued or issuable upon the exercise of the Option and (ii) all Common Shares issued with respect to the Common Shares referred to in clause (i) above by way of stock dividend or stock split or in connection with any
conversion, merger, consolidation or recapitalization or other reorganization affecting the Common Shares. Option Shares shall continue to be Option Shares in the hands of any holder other than you (except for the Company or the Investors and, to
the extent that you are permitted to transfer Option Shares pursuant to Section 11 or Section 12 hereof, purchasers pursuant to a Public Offering under the Securities Act), and each such transferee thereof shall succeed to the rights
and obligations of a holder of Option Shares hereunder. 
  
 “Person” means an
individual, a partnership, a limited liability company, a corporation, an association, a joint stock company, a trust, a joint venture, an unincorporated organization, and a governmental entity or any department, agency, or political subdivision
thereof. 
  
 “Public Offering” means the sale in an underwritten public offering
registered under the Securities Act of shares of the Company’s Common Stock as approved by the Board or GTCR. 
  
 “Public Sale” shall mean any sale of Common Shares to the public pursuant to which such Common Shares have been effectively registered under the Securities Act and disposed of in accordance with the
registration statement covering such Common Shares or to the public through a broker, dealer, or market maker pursuant to the provisions of Rule 144 (or any similar provision then in force) under the Securities Act, other than Rule 144(k) prior to a
Public Offering. 
  
 “Sale of the Company” means any transaction or series of
transactions as a consequence of which any Person or group of related Persons (other than the Investors and their Affiliates) in the aggregate acquire(s) (i) capital stock of the Company possessing the voting power (other than voting rights accruing
only in the event of a default, breach or event of noncompliance) to elect a majority of the Company’s board of directors (whether by merger, consolidation, reorganization, combination, sale or transfer of the Company’s capital stock,
shareholder or voting agreement, proxy, power of attorney or otherwise) or (ii) all or substantially all of the Company’s assets determined on a consolidated basis; provided that a Public Offering shall not constitute a Sale of the
Company. 
  
 “Securities Act” shall mean the Securities Act of 1933, as amended, and
any successor statute. 
  
 “Subsidiary” means, with respect to any Person, any
corporation, limited liability company, partnership, association or other business entity of which (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote
in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof, or (ii) if a limited liability
company, 
 

 10 

 partnership, association or other business entity, a majority of the partnership or other similar ownership interest
thereof is at the time owned or controlled, directly or indirectly, by any Person or one or more Subsidiaries of that Person or a combination thereof. For purposes hereof, a Person or Persons shall be deemed to have a majority ownership interest in
a limited liability company, partnership, association or other business entity if such Person or Persons shall be allocated a majority of limited liability company, partnership, association or other business entity gains or losses or shall be or
control any managing director or general partner of such limited liability company, partnership, association or other business entity. For purposes hereof, references to a “Subsidiary” of any Person shall be given effect only at
such times that such Person has one or more Subsidiaries, and, unless otherwise indicated, the term “Subsidiary” refers to a Subsidiary of the Company. 
  
 “Termination” shall have the meaning set forth in Section 3(b).  
  
 17.  Amendment.    Except as otherwise provided herein, any provision of this Agreement may be amended or waived only with the prior
written consent of you and the Company; provided that no provision of Section 10, 11, 12, 13, 14 or 15 or of this Section 17 may be amended or waived without the prior written consent of GTCR. 
  
 18.  Successors and Assigns.    Except as otherwise expressly provided herein, all covenants and
agreements contained in this Agreement by or on behalf of any of the parties hereto shall bind and inure to the benefit of the respective successors and permitted assigns of the parties hereto whether so expressed or not. 
  
 19.  Severability.    Whenever possible, each provision of this Agreement shall be interpreted in
such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or
invalidity, without invalidating the remainder of this Agreement. 
  
 20.  Counterparts.    This Agreement may be executed simultaneously in two or more counterparts (including by means of telecopied or electronically transcribed signature pages), each of which
shall constitute an original, but all of which taken together shall constitute one and the same Agreement. 
  
 21.  Descriptive Headings.    The descriptive headings of this Agreement are inserted for convenience only and do not constitute a part of this Agreement. 
  
 22.  Governing Law.    The corporate law of the State of Delaware shall govern all questions
concerning the relative rights of the Company and its stockholders. All other questions concerning the construction, validity and interpretation of this Agreement shall be governed by the internal law, and not the law of conflicts, of the State of
Delaware. 
  
 23.  Notices.    All notices, demands, or other communications to
be given or delivered under or by reason of the provisions of this Agreement shall be in writing and shall be deemed to have been given when delivered personally or mailed by certified or registered mail, return receipt requested and postage
prepaid, to the recipient. Such notices, demands, and other communications shall be sent to you and to the Company and the Investors at the addresses 
 

 11 

 indicated on the Notices Schedule attached hereto or to such other address or to the attention of such other person as the recipient party has
specified by prior written notice to the sending party. 
  
 24.   Third-Party
Beneficiary.    The Company and you acknowledge that each of the Investors is a third-party beneficiary under this Agreement. 
  
 26.  Rule 701 Compensation.    The Company and you acknowledge and agree that this Agreement has been executed and delivered, and the Option has been granted
hereunder, in connection with and as a part of the compensation and incentive arrangements between the Company and you. The grant of the Option hereunder and any issuance of Option Shares upon exercise of the Option are intended to qualify as an
exempt offering under Rule 701 of the Securities Act. 
  
 27.  Entire
Agreement.    This Agreement constitutes the entire understanding between you and the Company, and supersedes all other agreements, whether written or oral, with respect to the subject matter hereof.

  
 * * * * 
  
 

 12 

  
 Please execute the extra copy of this Agreement in the space below and return it
to the Company’s Secretary at its executive offices to confirm your understanding and acceptance of the agreements contained in this Agreement. 
  
 
	 Very truly yours,
 
	 
	 TSI TELECOMMUNICATION HOLDINGS, INC.
 
	 
	 

	 G. Edward Evans
 Chief
Executive Officer
 

 
  
 Enclosures:     1.    Extra copy of this Agreement 
 2.    Copy of the Plan 
  
 The undersigned hereby acknowledges having read this
Agreement and the Plan and hereby agrees to be bound by all provisions set forth herein and in the Plan. 
  
 
	 Dated as of:  __________________________
 	  	 PARTICIPANT
 
	 
	 Number of Option Shares        _________
 	  	 ____________________________________
 
	  	  	 [Participant in Caps]
 
	 Exercise
Price                          $________
 	  	  

 
 

 13 

  
 CONSENT 
  
 The undersigned spouse of Participant hereby acknowledges that I have read the foregoing Stock Option Agreement and that I understand its contents. I am aware that the
Agreement provides for the repurchase of my spouse’s Common Shares under certain circumstances and imposes other restrictions on the transfer of such Common Shares. I agree that my spouse’s interest in the Common Shares is subject to this
Agreement and any interest I may have in such Common Shares shall be irrevocably bound by this Agreement and further that my community property interest, if any, shall be similarly bound by this Agreement. 
  
 I am aware that the legal, financial, and other matters contained in this Agreement are complex and I am free to seek advice with respect
thereto from independent counsel. I have either sought such advice or determined after carefully reviewing this Agreement that I will waive such right. 
  
 
	 

	 Name:
  
 	 	 

	 
	 

	 Witness
 	 	  

 
 

 14 

  
  
 
	 NOTICES SCHEDULE
 
	 
	 If to the Participant:
 	 	 If to the Investors :
 
	 
	 [Name]
 [Address]
 	 	 GTCR Fund VII, L.P.
 c/o GTCR Golder Rauner, L.L.C.
 6100 Sears Tower
 Chicago, Illinois 60606-6402
 Attention:    David A.
Donnini
                     Collin E.
Roche
 Telephone: (312) 382-2200
 Facsimile: (312) 382-2201
 
	 
	 If to the Company:
 	 	 and:
 
	 
	 TSI Telecommunication Holdings, Inc.
 201 North Franklin Street
 Tampa, Florida 33602
 Attention: G. Edward Evans
 Telephone: (813)
273-3000
 Facsimile: (813) 273-4953
 	 	 Kirkland & Ellis
 200 East Randolph Drive
 Chicago, Illinois 60601
 Attention: Stephen L. Ritchie
 Telephone: (312) 861-2210
 Facsimile: (312) 861-2200
 
	 
	 with a copy (which will not constitute notice to
 the Company) to:
 	 	  
	 
	 GTCR Fund VII, L.P.
 c/o GTCR Golder Rauner, L.L.C.
 6100 Sears Tower
 Chicago, Illinois 60606-6402
 Attention:    David A.
Donnini
                     Collin E.
Roche
 Telephone: (312) 382-2200
 Facsimile: (312) 382-2201
 	 	  
	 
	 and:
 	 	  
	 
	 Kirkland & Ellis
 200 East Randolph Drive
 Chicago, Illinois 60601
 Attention: Stephen L. Ritchie
 Telephone: (312) 861-2210
 Facsimile: (312) 861-2200
 	 	  

 

	

 

 15

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