Document:

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                                                                     EXHIBIT 4.5

               AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT

     This Amended and Restated Registration Rights Agreement dated as of March
31, 2000, is among Gabriel Communications, Inc., a Delaware corporation (the
"Company"), and all other parties that are signatory hereto or that have
executed an Instrument of Accession in the form of Exhibit A hereto.

                              W I T N E S S E T H:

     WHEREAS, pursuant to an Amended and Restated Stockholders' Agreement of
even date herewith among the parties hereto (as amended and in effect from time
to time, the "Stockholders' Agreement") and a Securities Purchase Agreement of
even date herewith among the Company and the Purchasers named therein providing
for the purchase and sale of Series B Convertible Preferred Stock of the Company
(as amended and in effect from time to time, the "Series B Purchase Agreement"),
the parties hereto have agreed to provide for the registration rights set forth
in this Agreement; and

     WHEREAS, certain parties to the Securities Purchase Agreement dated as of
November 18, 1998, as amended as of December 14, 1998, providing for the
purchase of shares of Series A Preferred Stock (as hereinafter defined) of the
Company, and certain other stockholders of the Company who are not also parties
to the Series B Purchase Agreement desire to amend and restate the Registration
Rights Agreement dated as of November 18, 1998;

     NOW, THEREFORE, the parties to this Agreement hereby agree as follows:

     1. Definitions. For all purposes of this Agreement, the following terms
shall have the meanings set forth below (capitalized terms used herein and not
otherwise defined herein shall have the meaning set forth in the Stockholders'
Agreement for such term):

     Commission means the Securities and Exchange Commission.

     Common Stock means (a) the Common Stock, $.01 par value per share, of the
Company and (b) any shares of any other class of capital stock of the Company
hereafter issued which is (i) not preferred in the Company's charter as to
dividends or assets over any class of stock of the Company, (ii) not subject to
redemption in the Company's charter, or (iii) issued to the holders of shares of
Common Stock upon any reclassification thereof.

     Demand Registration means any registration requested by the Stockholders
pursuant to Section 2(a)(i).

     indemnified party. As defined in Section 8(c).

     Instrument of Accession means an Instrument of Accession in the form of
Exhibit A hereto.

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     Person means an individual, partnership, corporation, association, trust,
joint venture, unincorporated organization, or any government, governmental
department or agency or political subdivision thereof.

     Piggyback Registration. As defined in Section 3(a)(i).

     Preferred Stock means (a) the Series A Preferred Stock, the Series A-1
Preferred Stock and the Series B Preferred Stock and (b) any shares of any other
class or series of preferred stock of the Company hereafter issued, including
any shares which are issued to the holders of shares of Preferred Stock upon any
reclassification thereof.

     Public Sale means any sale of Restricted Securities to the public pursuant
to a public offering registered under the Securities Act or to the public
through a broker or market-maker pursuant to the provisions of Rule 144 (or any
successor rule) adopted under the Securities Act or any other public offering
not required to be registered under the Securities Act.

     Registration Expenses. As defined in Section 7(a).

     registered and registration refer to a registration effected by preparing
and filing a registration statement in compliance with the Securities Act and
the declaration or ordering by the Commission of the effectiveness of such
registration statement.

     Restricted Securities means at any particular time all of the Company's
then outstanding shares of Stock, and all shares of Stock issuable upon exercise
of outstanding options or warrants or conversion of outstanding securities
convertible therefor, which have not been sold in a Public Sale, or which are
not able to be sold within any ninety (90) day period in a Public Sale pursuant
to the provisions of Rule 144 of the Securities Act.

     Securities Act means the Securities Act of 1933, as amended, or any
successor federal statute, and the rules and regulations of the Securities and
Exchange Commission thereunder, all as the same shall be in effect at the time.

     Series A Preferred Stock means the Series A Convertible Preferred Stock,
$.01 par value per share, of the Company.

     Series A-1 Preferred Stock means the Series A-1 Convertible Preferred
Stock, $.01 par value per share, of the Company

     Series B Preferred Stock means the Series B Convertible Preferred Stock,
$.01 par value per share, of the Company

     Stock means all shares of Common Stock or Preferred Stock now or hereafter
owned by the Stockholders.

     Stockholders means, initially, the Purchasers and the Management
Stockholders identified as such on the signature pages of this Agreement, and
thereafter any Person who becomes a party to this Agreement by executing an
Instrument of Accession in connection with the transfer to or

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acquisition by such Person of any Stock from any Purchaser or the Company or any
subsequent transferee of a Purchaser; provided that a Person shall cease to be a
Stockholder hereunder at such time as such Person ceases to own Restricted
Securities.

     Underwriters Maximum Number means for any Piggyback Registration, Demand
Registration or other registration which is an underwritten registration, that
number of securities to which such registration should, in the opinion of the
managing underwriters of such registration in the light of marketing factors, be
limited.

     2. Stockholder Demand Registration.

          (a) Request for Demand Registration.

          (i) Subject to the limitations contained in the following paragraphs
     of this Section 2, the holders of at least 20% of the total number of
     outstanding Restricted Securities may at any time after the earlier to
     occur of (A) November 18, 2002 and (B) the Company's initial public
     offering of the Common Stock, give to the Company, pursuant to this clause
     (i), a written request for a Demand Registration of Restricted Securities
     on SEC Form S-1 or any successor form (a "Long-Form Registration"). In the
     event of any such request for a Demand Registration of Restricted
     Securities prior to the Company's initial public offering of the Common
     Stock, the proposed public offering price (prior to underwriters' discounts
     and expenses) shall be equal to or exceed $15.00 per share of Common Stock
     (as adjusted for any stock dividends, combinations or splits with respect
     to the Common Stock) and the proposed aggregate proceeds to the
     Stockholders requesting the Demand Registration and the Company (prior to
     underwriters' discounts and expenses) shall be at least $30,000,000. In
     addition, at such time as the Company is eligible to utilize SEC Form S-3
     or any successor form thereto, the holders of at least 10% of the total
     number of outstanding Restricted Securities may give to the Company
     pursuant to this clause (i) a written request for a demand registration of
     Restricted Securities with an anticipated aggregate public offering price
     of not less than $5,000,000 on SEC Form S-3 or any successor form thereto
     (a "Short-Form Registration"). Within 10 days after the receipt by the
     Company of any such written request, the Company will give written notice
     of such registration request to all Stockholders.

          (ii) Subject to the limitations contained in the following paragraphs
     of this Section 2, after the receipt of such written request for a Demand
     Registration, (A) the Company will be obligated and required to include in
     such Demand Registration all Restricted Securities with respect to which
     the Company shall receive from Stockholders, within 30 days after the date
     on which the Company shall have given to all Stockholders a written notice
     of registration request pursuant to Section 2(a)(i) hereof, the written
     requests of such Stockholders for inclusion of their respective shares of
     Restricted Securities in such Demand Registration, and (B) the Company will
     use its reasonable best efforts in good faith to effect promptly the
     registration of all such Restricted Securities; provided, that, the Company
     shall not be obligated and required to cause the effectiveness of a Demand
     Registration of any convertible Restricted Securities unless and until such
     convertible Restricted Securities included in a Demand Registration shall
     have been

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     converted into Common Stock of the Company prior to or simultaneously with
     the effectiveness of a Demand Registration; and provided, further, that
     each Stockholder shall be entitled to convert any Common Stock so converted
     back into convertible Restricted Securities in the event such Demand
     Registration is not declared effective. All written requests made by
     Stockholders pursuant to this clause (ii) will specify the number of shares
     of Restricted Securities to be registered and will also specify the
     intended method of disposition thereof. Such method of disposition shall,
     in any case, be an underwritten offering if an underwritten offering is
     requested by holders of 51% or more of the Restricted Securities to be
     included in such Demand Registration.

          (iii) The Stockholders shall be permitted to withdraw all or any part
     of the Restricted Securities of such Stockholders from any Demand
     Registration at any time prior to the effective date of such Demand
     Registration but only in the case of an underwritten public offering, if
     such Stockholders are permitted to do so by the managing underwriters or
     pursuant to any agreement therewith. Upon such withdrawal, subject to
     Section 2(b)(ii), such Demand Registration shall count as a Demand
     Registration for purposes of Section 7(a) hereof unless the withdrawing
     Stockholder bears one-half of its pro rata share of the costs associated
     with such Demand Registration.

     (b) Limitations on Demand Registration.

          (i) The Stockholders will not be entitled to require the Company to
     effect any Demand Registrations pursuant to Section 2(a) hereof more
     frequently than once during any twelve-month period or within six months
     after the effective date of any Demand or Piggyback Registration pursuant
     to Sections 2 or 3 hereof. Registrations pursuant to this Section 2 shall
     be on Form S-1 or S-2 or, if any Demand Registration would be eligible for
     registration on Form S-3, the Company may effect such Demand Registration
     pursuant to Form S-3.

          (ii) Any registration initiated pursuant to Section 2(a) hereof shall
     not count as a Demand Registration for purposes of Section 7(a) hereof
     unless and until such registration shall have become effective and
     seventy-five percent (75%) of the number of shares initially included in
     the first filing with the Commission on Form S-1, S-2 or S-3, but not
     withdrawn under Section 2(a)(iii) above, shall have been actually sold.

          (iii) The Company shall not be obligated or required to effect the
     Demand Registration of any Restricted Securities pursuant to Section 2(a)
     hereof during the period commencing on the date falling 60 days prior to
     the Company's estimated date of filing of, and ending on the date 180 days
     following the effective date of, any registration statement pertaining to
     any underwritten registration initiated by the Company, for the account of
     the Company, if the written request of Stockholders for such Demand
     Registration pursuant to Section 2(a)(i) hereof shall have been received by
     the Company after the Company shall have given to all Stockholders a
     written notice stating that the Company is commencing an underwritten
     registration initiated by the Company; provided, however, that the Company
     will use its reasonable best efforts in good faith to cause any such
     registration statement to be filed and to become effective as expeditiously
     as shall be

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     reasonably possible. The Company shall not be required to maintain the
     effectiveness of any Demand Registration beyond the earlier to occur of (i)
     the consummation of the distribution by Stockholders of the Restricted
     Securities included therein or (ii) 120 days after the effective date
     thereof.

     (c) Priority on Demand Registrations. If the managing underwriters in any
Demand Registration pursuant to this Section 2 shall give written advice to the
Company and the Stockholders that, in their opinion, there is an Underwriters'
Maximum Number of shares of Restricted Securities that may successfully be
included in such registration, then: (i) if the Underwriters' Maximum Number is
less than the number of shares of Restricted Securities requested to be included
in such registration, the Company will be obligated and required to include in
such registration that number of shares of Restricted Securities which does not
exceed the Underwriters' Maximum Number, and such number of shares of Stock
shall be allocated pro rata among such Stockholders on the basis of the number
of shares of Restricted Securities requested to be included therein by each such
Stockholder; and (ii) if the Underwriters' Maximum Number exceeds the number of
shares of Restricted Securities requested to be included in such registration,
then the Company will be entitled to include in such registration that number of
securities which shall have been requested by the Company to be included in such
registration for the account of the Company and which shall not be greater than
such excess. Neither the Company nor any of its security holders (other than the
Stockholders) shall be entitled to include any securities in any underwritten
Demand Registration unless (i) the holders of sixty-six and two thirds percent
(66 2/3%) of the Restricted Securities to be included in such Demand
Registration by the Stockholders consent in writing to such inclusion and (ii)
the Company or such security holders (as the case may be) shall have agreed in
writing to sell such securities on the same terms and conditions as shall apply
to the Restricted Securities to be included in such Demand Registration.

     (d) Selection of Underwriters. If any Demand Registration or any
registration effected pursuant to Section 2 hereof is an underwritten offering,
or a best efforts underwritten offering, the investment bankers and managing
underwriters in such registration will be selected by the Company, subject to
the approval of the holders of 51% or more of the Restricted Securities to be
included in such registration.

     3. Piggyback Registrations.

          (a) Rights to Piggyback.

          (i) If (and on each occasion that) the Company proposes to register
     any of its equity securities or any other securities convertible into
     equity securities under the Securities Act for its own account or for the
     account of any holder of Restricted Securities (each such registration not
     withdrawn or abandoned prior to the effective date thereof being herein
     called a "Piggyback Registration"), the Company will give written notice to
     all Stockholders of such proposal not later than 20 days prior to the
     anticipated filing date of such Piggyback Registration.

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          (ii) Subject to the provisions contained in paragraphs (b) and (c) of
     this Section 3 and in the last sentence of this clause (ii), (A) the
     Company will be obligated and required to include in each Piggyback
     Registration all Restricted Securities with respect to which the Company
     shall receive from Stockholders, within 15 days after the date on which the
     Company shall have given written notice of such Piggyback Registration to
     all Stockholders pursuant to Section 3(a)(i) hereof, the written requests
     of such Stockholders for inclusion in such Piggyback Registration, and (B)
     the Company will use its reasonable best efforts in good faith to effect
     promptly the registration of all such Restricted Securities; provided, that
     the Company shall not be obligated and required to cause the effectiveness
     of a Piggyback Registration of any convertible Restricted Securities unless
     and until such convertible Restricted Securities included in a Piggyback
     Registration shall have been converted into Common Stock of the Company
     prior to or simultaneously with the effectiveness of a Piggyback
     Registration; and provided, further, that each Stockholder shall be
     entitled to convert any Common Stock so converted back into convertible
     Restricted Securities in the event such Demand Registration is not declared
     effective. The Stockholders shall be permitted to withdraw all or any part
     of the Restricted Securities of such Stockholders from any Piggyback
     Registration at any time prior to the effective date of such Piggyback
     Registration but only in the case of an underwritten offering if such
     Stockholders are permitted to do so by the managing underwriters or
     pursuant to any agreement therewith. The Company will not be obligated or
     required to include any Restricted Securities in any registration effected
     solely to implement an employee benefit plan or a transaction to which Rule
     145 of the Commission is applicable. The Company shall not be required to
     maintain the effectiveness of any Piggyback Registration beyond the earlier
     to occur of (i) the consummation of the distribution by holders of
     Restricted Securities included in such Piggyback Registration or (ii) 120
     days after the effective date thereof.

          (b) Priority on Primary Registrations. If a Piggyback Registration is
an underwritten primary registration initiated by the Company for its own
account, and the managing underwriters shall give written advice to the Company
that, in their opinion, there is an Underwriters' Maximum Number of securities
that may successfully be included in such registration, then: (i) the Company
shall be entitled to include in such registration that number of securities
which the Company proposes to offer and sell for its own account in such
registration and which does not exceed the Underwriters' Maximum Number; and
(ii) the Company will be obligated and required to include in such registration
that number of shares of Restricted Securities which shall have been requested
by the holders thereof to be included in such registration and which does not
exceed the difference between the Underwriters' Maximum Number and that number
of securities which the Company is entitled to include therein pursuant to
clause (i) above and such number of shares of Restricted Securities shall be
allocated pro rata among such Stockholders on the basis of the number of shares
of Restricted Securities requested to be included therein by each such
Stockholder.

          (c) In no event will shares of any holder of Restricted Stock (other
than the Stockholders) be included in any such Piggyback Registration if such
inclusion would reduce the number of shares which may be included by the
Stockholders without the written consent of

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Stockholders holding no less than sixty-six and two-thirds percent (66 2/3%) of
the Restricted Securities proposed to be included in such Piggyback
Registration.

          (d) Selection of Underwriters. In any Piggyback Registration, the
Company shall (unless the Company shall otherwise agree) have the right to
select the investment bankers and managing underwriters in such registration.

     4.   Lockup Agreements.

          (a) Restrictions on Public Sale by Stockholders. Each Stockholder, if
the Company or the managing underwriters so requests in connection with such
registration, will not, without the prior written consent of the Company or such
underwriters, effect any Public Sale or other distribution of any equity
securities of the Company, including any sale pursuant to Rule 144, during the
seven days prior to, and during the ninety-day period (180 day period in the
case of the Company's initial public offering of the Common Stock) commencing on
the effective date of such underwritten registration, except in connection with
such underwritten registration.

          (b) Restrictions on Public Sale by the Company. The Company agrees,
unless it obtains the consent of the managing underwriter(s) of any underwritten
offering of Restricted Securities pursuant to Sections 2 or 3 hereof, not to
effect any public sale or distribution of its equity securities, or any
securities convertible into or exchangeable or exercisable for such equity
securities, during the period commencing on the seventh day prior to, and ending
on the ninetieth day (in the case of the Company's initial public offering of
the Common Stock 180 day period) following, the effective date of any
underwritten Demand or Piggyback Registration, except in connection with any
such underwritten registration, pursuant to any employee benefit plan or, if the
managing underwriter(s) agrees, as part of an acquisition.

     5.   Registration Procedures. If (and on each occasion that) the Company
shall become obligated to effect any registration of any Restricted Securities
hereunder, the Company will use its reasonable best efforts in good faith to
effect promptly the registration of such Restricted Securities under the
Securities Act and to permit the public offering and sale of such Restricted
Securities in accordance with the intended method of disposition thereof, and,
in connection therewith, the Company, as expeditiously as shall be reasonably
possible, will:

          (a) prepare and file with the Commission a registration statement with
respect to such Restricted Securities, and use its reasonable best efforts in
good faith to cause such registration statement to become and remain effective
as provided herein;

          (b) prepare and file with the Commission such amendments and
supplements to such registration statement and the prospectus included in such
registration statement as may be necessary or advisable to comply in all
material respects with the provisions of the Securities Act with respect to the
disposition of all securities covered by such registration statement or as may
be necessary to keep such registration statement effective and current as
provided herein;

          (c) furnish to each seller of Restricted Securities such number of
copies of such registration statement, each amendment and supplement thereto (in
each case including all

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exhibits thereto), the prospectus included in such registration statement
(including each preliminary prospectus), and such other documents as any such
seller may reasonably request in order to facilitate the disposition of the
Restricted Securities held by such seller;

          (d) enter into such customary agreements (provided they do not require
the issuance of securities at a discount to any underwriter) and take all such
other customary actions in connection therewith as the Stockholders holding 51%
or more of the Restricted Securities being registered reasonably request in
order to expedite or facilitate the disposition of such Restricted Securities;

          (e) use its reasonable best efforts in good faith to register and
qualify the Restricted Securities covered by such registration statement under
such securities or blue sky laws of such jurisdictions as any seller (or the
managing underwriter, in the case of any underwritten offering) shall reasonably
request and do any and all such other acts and things as may be reasonably
necessary or advisable to permit the disposition in such jurisdictions of the
Restricted Securities covered by such registration statement; provided, however
that the Company shall not be required in connection therewith to qualify to do
business or file a general consent to service of process in any such
jurisdiction or subject itself to taxation in any jurisdiction where the Company
is not already subject to taxation; and

          (f) furnish to each prospective seller a signed counterpart, addressed
to the prospective sellers, (or to the underwriters, in the case of any
underwritten offering) of (i) an opinion of counsel for the Company, dated the
effective date of the registration statement, and (ii) a "comfort" letter signed
by the independent public accountants who have certified the Company's financial
statements included in the registration statement, covering substantially the
same matters with respect to the registration statement (and the prospectus
included therein) and (in the case of the "comfort" letter) with respect to
events subsequent to the date of the financial statements, as are customarily
covered (at the time of such registration) in opinions of issuer's counsel and
in "comfort" letters delivered to the underwriters in underwritten public
offerings of securities.

     6.   Cooperation by Prospective Sellers, Etc.

          (a) Each prospective seller of Restricted Securities will furnish to
the Company in writing such information as the Company may reasonably require
and which is customary in such transactions from such seller (as to such seller,
the Restricted Securities held by such seller and the intended method of
distribution of such Restricted Securities), and otherwise reasonably cooperate
with the Company in connection with any registration statement with respect to
such Restricted Securities, and the Company may exclude from such Registration
Statement the Restricted Securities of any prospective seller who fails to
furnish such reasonably requested information within 30 days after receiving
such request.

          (b) The failure of any prospective seller of Restricted Securities to
furnish any information or documents in accordance with any provision contained
in this Agreement shall not affect the obligations of the Company under this
Agreement to any remaining sellers who furnish such information and documents
unless in the reasonable opinion of counsel to the Company or

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the underwriters, such failure impairs or may impair the viability of the
offering or the legality of the registration statement or the underlying
offering.

          (c) The Stockholders included in any registration statement will not
(until further notice) effect sales of Restricted Securities included in any
registration statement after receipt of telegraphic or written notice from the
Company to suspend sales to permit the Company to correct or update such
registration statement or prospectus; but the obligations of the Company with
respect to maintaining any registration statement current and effective shall be
extended by a period of days equal to the period such suspension is in effect.

          (d) At the end of any period during which the Company is obligated to
keep any registration statement current and effective as provided herein (and
any extensions thereof required by the preceding paragraph (c) of this Section
6), the Stockholders included in such registration statement shall discontinue
sales of shares pursuant to such registration statement upon receipt of notice
from the Company of its intention to remove from registration the shares covered
by such registration statement which remain unsold, and such Stockholders shall
notify the Company of the number of shares registered which remain unsold
promptly after receipt of such notice from the Company.

     7.   Registration Expenses.

          (a) Except as otherwise provided herein, all out of pocket costs and
expenses incurred or sustained by the Company in connection with or arising out
of the first two Long-Form Demand Registrations and two Short-Form Demand
Registrations pursuant to Section 2 hereof and each registration pursuant to
Section 3 hereof, including, without limitation, all registration and filing
fees, fees and expenses of compliance with federal and state securities or blue
sky laws (including reasonable fees and disbursements of counsel for the
underwriters in connection with the blue sky qualification of Restricted
Securities), printing expenses, messenger, telephone and delivery expenses, fees
and disbursements of counsel for the Company, reasonable fees and disbursements
of one counsel representing any or all of the holders of Stock, fees and
disbursements of all independent certified public accountants of the Company
(including the expenses relating to the preparation and delivery of any special
audit or "cold comfort" letters required by or incident to such registration),
and fees and disbursements of underwriters, including any qualified independent
underwriter (excluding discounts, commissions and expenses representing
disguised commissions), the reasonable fees and expenses of any special experts
retained by the Company of its own initiative or at the request of the managing
underwriters in connection with such registration, and fees and expenses of all
(if any) other persons retained by the Company (all such costs and expenses
being herein called, collectively, the "Registration Expenses"), will be borne
and paid by the Company; provided, however, that the Company shall not pay nor
otherwise be responsible for any legal fees or disbursements of additional
counsel other than as set forth above. The Company will, in any case, pay its
internal expenses (including, without limitation, all salaries and expenses of
its officers and employees performing legal or accounting duties), the expense
of any annual audit, and the fees and expenses incurred in connection with the
listing of the securities to be registered on each securities exchange on which
similar securities of the Company are then listed.

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          (b) The Company will not bear the cost of nor pay for any stock
transfer taxes imposed in respect of the transfer of any Restricted Securities
to any purchaser thereof by any Stockholder in connection with any registration
of Restricted Securities pursuant to this Agreement.

          (c) To the extent that Registration Expenses incident to any
registration are, under the terms of this Agreement, not required to be paid by
the Company, each Stockholder included in such registration will pay all
Registration Expenses which are clearly solely attributable to the registration
of such Stockholder's Restricted Securities so included in such registration,
and all other Registration Expenses not so attributable to one Stockholder will
be borne and paid by all sellers of securities included in such registration in
proportion to the number of securities so included by each such seller.

     8. Indemnification.

          (a) Indemnification by the Company. To the full extent permitted by
law, the Company will indemnify each Stockholder requesting or joining in a
registration and each underwriter of the securities so registered, the officers,
directors, agents, employees, members, partners, trustees and fiduciaries of
each such Person and each Person, if any, who controls any thereof (within the
meaning of the Securities Act) against any and all claims, losses, damages and
liabilities (or actions in respect thereof) arising out of or based on any
untrue statement (or alleged untrue statement) of any material fact contained in
any registration statement, prospectus or any amendment or supplement thereto,
or any document filed pursuant to state securities laws (or in any related
registration statement, notification or the like) or any omission (or alleged
omission) to state therein any material fact required to be stated therein or
necessary to make the statements therein not misleading, or any violation by the
Company of the Securities Act or any rule or regulation promulgated under the
Securities Act applicable to the Company and relating to any action or inaction
required of the Company in connection with any such registration, qualification
or compliance, and the Company will reimburse each such Stockholder,
underwriter, and each other Person indemnified pursuant to this paragraph (a)
for any legal and any other expenses reasonably incurred in connection with
investigating or defending any such claim, loss, damage, liability or action;
provided, however, that the Company will not be liable in any such case to the
extent that any such claim, loss, damage, liability or expense arises out of or
is based on any untrue statement or omission (or alleged untrue statement or
omission) made in reliance upon and in conformity with written information
furnished to the Company in an instrument duly executed by such Stockholder,
underwriter, officer, director, partner or controlling person and stated to be
specifically for use therein.

          (b) Indemnification by Each Stockholder. Each Stockholder requesting
or joining in a registration will severally and not jointly indemnify each
underwriter of the securities so registered, the Company, each of the other
Stockholders selling Restricted Securities in such registration and the
officers, directors, agents, employees, members, partners, trustees and
fiduciaries of each such Person and each Person, if any, who controls any
thereof (within the meaning of the Securities Act) and their respective
successors in title and assigns against any and all claims, losses, damages and
liabilities (or actions in respect thereof) arising out of or based on any
untrue statement (or alleged untrue statement) of any material fact contained in
any

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registration statement, prospectus, or any amendment or supplement thereto, or
any document filed pursuant to state securities laws (or in any related
registration statement, notification or the like) or any omission (or alleged
omission) to state therein any material fact required to be stated therein or
necessary to make the statements therein not misleading, or any violation by
such Stockholder of any rule or regulation promulgated under the Securities Act
applicable to such Person and relating to any action or inaction required of
such Person in connection with any such registration, qualification or
compliance, and such Stockholder will reimburse each underwriter, the Company
and each other Person indemnified pursuant to this paragraph (b) for any legal
and any other expenses reasonably incurred in connection with investigating or
defending any such claim, loss, damage, liability or action; provided, however,
that this paragraph (b) shall apply only if (and only to the extent that) such
statement or omission (or alleged untrue statement or omission) was made in
reliance upon and in conformity with written information furnished to such
underwriter or the Company in an instrument duly executed by any such
Stockholder or any officer, director, partner or controlling person of such
Stockholder and stated to be specifically for use therein, and provided further
that each Stockholder's liability hereunder (including, without limitation,
Section 9) with respect to any particular registration shall be limited to an
amount equal to the net proceeds received by such Stockholder from the sale of
the Restricted Securities sold by such Stockholder in such registration. The
Company and the Stockholders shall be entitled to receive indemnities from
underwriters participating in any distribution of Restricted Securities to the
same extent as provided above with respect to information so furnished in
writing by such underwriters expressly for use in any prospectus or registration
statement.

          (c) Indemnification Proceedings. Each party entitled to
indemnification pursuant to this Section 8 (the "indemnified party") shall give
notice to the party required to provide indemnification pursuant to this Section
8 (the "indemnifying party") promptly after such indemnified party acquires
actual knowledge of any claim as to which indemnity may be sought, and shall
permit the indemnifying party (at its expense), upon written notice to the
indemnified party within thirty (30) days after receipt of the indemnified
party's notice, to assume the defense of any claim or any litigation resulting
therefrom; provided that counsel for the indemnifying party, who shall conduct
the defense of such claim or litigation, shall be reasonably acceptable to the
indemnified party (unless objected to within ten (10) days after the
indemnifying party's notice, such counsel shall be deemed acceptable), and the
indemnified party may participate in such defense at the indemnified party's
expense; and provided, further, that (i) the failure by any indemnified party to
give notice as provided in this paragraph (c) shall not relieve the indemnifying
party of its obligations under this Section 8 except to the extent that the
failure results in a failure of actual notice to the indemnifying party and such
indemnifying party is materially prejudiced solely as a result of the failure to
give notice and (ii) in the event of any failure of the indemnifying party to
retain counsel to assume the defense of such claim or litigation within thirty
(30) days after receipt of the indemnified party's notice, the indemnified party
may retain such counsel at the indemnifying party's expense. No indemnifying
party, in the defense of any such claim or litigation, shall, except with the
consent of each indemnified party, consent to entry of any judgment or enter
into any settlement which does not include as an unconditional term thereof the
giving by the claimant or plaintiff to such indemnified party of a release from
all liability in respect to such claim or litigation or which includes an
admission of fault by the

                                       11
<PAGE>   12
indemnified party or the entry of any injunction against the indemnified party.
The reimbursement required by this Section 8 shall be made by periodic payments
during the course of the investigation or defense, as and when bills are
received or expenses incurred.

          9. Contribution in Lieu of Indemnification. If the indemnification
provided for in Section 8 hereof is unavailable to a party that would have been
an indemnified party under any such section in respect of any losses, claims,
damages or liabilities (or actions in respect thereof) referred to therein, then
each party that would have been an indemnifying party thereunder shall, in lieu
of indemnifying such indemnified party, contribute to the amount paid or payable
by such indemnified party as a result of such losses, claims, damages or
liabilities (or actions in respect thereof) in such proportion as is appropriate
to reflect the relative fault of the indemnifying party on the one hand and such
indemnified party on the other in connection with the statements or omissions
which resulted in such losses, claims, damages or liabilities (or actions in
respect thereof); provided that each Stockholder's liability hereunder
(including, without limitation, Section 8) with respect to any particular
registration shall be limited to an amount equal to the net proceeds received by
such Stockholder from the sale of the Restricted Securities sold by such
Stockholder in such registration. The relative fault shall be determined by
reference to, among other things, whether the untrue or alleged untrue statement
of a material fact or the omission or alleged omission to state a material fact
relates to information supplied by the indemnifying party or such indemnified
party and the parties' relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission. The Company and
each Stockholder agree that it would not be just and equitable if contribution
pursuant to this Section 9 were determined by pro rata allocation or by any
other method of allocation which does not take account the equitable
considerations referred to above in this Section 9. The amount paid or payable
by an indemnified party as a result of the losses, claims, damages or
liabilities (or actions in respect thereof) referred to above in this Section 9
shall include any legal or other expenses reasonably incurred by such
indemnified party in connection with investigating or defending any such action
or claim. No Person guilty of fraudulent misrepresentation (within the meaning
of Section 11(f) of the Securities Act) shall be entitled to indemnification or
contribution from any Person who was not guilty of such fraudulent
misrepresentation.

          10. Rule 144 Requirements; Form S-3. From time to time after the
earlier to occur of (a) the ninetieth day following the date on which there
shall first become effective a registration statement filed by the Company under
the Securities Act with respect to its equity securities, or (b) the date on
which the Company shall register a class of equity securities under Section 12
of the Securities Exchange Act of 1934, the Company will use its reasonable best
efforts in good faith to take all steps necessary to ensure that the Company
will be eligible to register securities on Form S-3 (or any comparable form
adopted by the Commission) as soon thereafter as possible, and to file all
reports required to be filed by it under the Securities Exchange Act of 1934 in
order that there will be publicly available current public information
concerning the Company within the meaning of Rule 144(c) of the Commission under
the Securities Act. The Company will furnish to any Stockholder, upon request
made by such Stockholder at any time after the undertaking of the Company in the
preceding sentence shall have first become effective, a written statement signed
by the Company, addressed to such Stockholder, describing briefly the action the
Company has taken or proposes to take to comply with the current public
information requirements of Rule 144. The Company will, at the request of any
Stockholder, upon receipt from such Stockholder

                                       12
<PAGE>   13
of a certificate certifying (i) that such Stockholder has held such Restricted
Securities for a period of not less than two (2) consecutive years calculated as
described in paragraph (d) of Rule 144, (ii) that such Stockholder has not been
an affiliate (as defined in paragraph (a) of Rule 144) of the Company for more
than the preceding three months, and (iii) as to such other matters as may be
appropriate in accordance with such Rule, remove from the stock certificates
representing such Restricted Securities that portion of any restrictive legend
which relates to the registration provisions of the Securities Act, and,
thereupon, such Restricted Securities will cease to be Restricted Securities for
purposes of this Agreement.

          11. Participation in Underwritten Registrations. No person may
participate in any underwritten registration pursuant to this Agreement unless
such person (a) agrees to sell such person's securities on the basis provided in
any underwriting arrangements approved by the persons entitled, under the
provisions hereof, to approve such arrangements, and (b) completes and executes
all questionnaires, powers of attorney, indemnities, underwriting agreements and
other documents reasonably required by the terms of such underwriting
arrangements. Any Stockholder to be included in any underwritten registration
shall be entitled at any time to withdraw such Restricted Securities from such
registration prior to the execution of the related underwriting agreement in the
event that such Stockholder shall disapprove of any of the terms of such
agreement.

     12. Miscellaneous.

          (a) No Inconsistent Agreements. The Company hereby represents and
warrants that it is not a party to or bound in any manner under, and covenants
that it will not enter into at any time after the date hereof, any agreement or
contract (whether written or oral) with respect to any of its securities which
grants to any securityholder (other than under this Agreement) any demand
registration rights or prevents the Company from complying in any respect with
the registration rights granted by the Company to the Stockholders hereunder.

          (b) Amendments and Waivers. The provisions of this Agreement,
including the provisions of this paragraph (b), may not be amended, modified or
supplemented, and any waiver or consent to or any departure from any of the
provisions of this Agreement may not be given and shall not become or be
effective, unless and until (in each case) the Company shall have received the
prior written consent of the holders of at least 66 2/3% of the Restricted
Securities then outstanding to any such amendment, modification, supplement,
waiver or consent; provided however, that any amendment, modification or waiver
of any provision of this Agreement that affects only one or more particular
parties hereto to this Agreement may become effective only with the written
approval of such party or parties.

          (c) Restricted Securities Held by the Company. Whenever the consent or
approval of Stockholders is required pursuant to this Agreement, Restricted
Securities held by the Company shall not be counted in determining whether such
consent or approval was duly and properly given by such Stockholders.

          (d) Term. The agreements of the Company contained in this Agreement
shall continue in full force and effect so long as any Stockholder holds any
Restricted Securities.

                                       13
<PAGE>   14
          (e) Notices. Any notice or other communication in connection with this
Agreement shall be deemed to be delivered if in writing (or in the form of a
telex or telecopy) addressed as provided below (a) when actually delivered, in
person, (b) when telexed or telecopied to said address, confirmed by registered
or certified mail, (c) when received if delivered by overnight courier, or (d)
in the case of delivery by mail, three business days shall have elapsed after
the same shall have been deposited in the United States mails, postage prepaid
and registered or certified:

          (i) if to a Stockholder, at such Stockholder's address on the stock
     transfer books of the Company (which the Company shall make available for
     determining the address of any Stockholder for notification purposes
     hereunder).

          (ii) if to the Company, at:

               16650 Chesterfield Grove Rd.
               Suite 110
               Chesterfield, MO 63006
               Attention: Chairman or President

          with a copy to:

               Nick H. Varsam, Esq.
               Bryan Cave, LLP
               One Metropolitan Square
               211 N. Broadway
               St. Louis, MO 63102

and thereafter at such other address, notice of which is given in accordance
with the provisions of this Section 13(e).

          (f) Successors and Assigns. This Agreement shall inure to the benefit
of and be binding upon the successors and assigns of each of the parties,
including, without limitation, subsequent holders of Stock agreeing to be bound
by all of the terms and conditions of this Agreement by executing an Instrument
of Accession in the form set forth in attached Exhibit A.

          (g) Counterparts. This Agreement may be executed in one or more
counterparts and by the parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken
together shall constitute one and the same instrument.

          (h) Headings. The headings in this Agreement are for convenience of
reference only and shall not constitute a part of this Agreement, nor shall they
affect the meaning, construction or effect of any of the terms of this
Agreement.

          (i) Governing Law. The validity, performance, construction and effect
of this Agreement shall be governed by and construed in accordance with the
internal laws of the State of New York, without giving effect to principles of
conflicts of law.

                                       14
<PAGE>   15
          (j) Severability. In the event that any one or more of the provisions
contained herein, or the application thereof in any circumstance, is held
invalid, illegal or unenforceable, the validity, legality and enforceability of
any such provision in every other respect and of the remaining provisions
contained herein shall not be affected or impaired thereby.

          (k) Entire Agreement. This Agreement is intended by the parties as a
final expression of their agreement and intended to be a complete and exclusive
statement of the agreement and understanding of the parties hereto in respect of
the subject matter contained herein. There are no restrictions, promises,
warranties or undertakings, other than those set forth or referred to herein,
with respect to the registration rights granted by the Company with respect to
the Restricted Securities. This Agreement supersedes all prior agreements and
understandings between the parties with respect to such subject matter.

                                       15
<PAGE>   16
         IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date first written above.

                                     GABRIEL COMMUNICATIONS, INC.

                                     By:
                                        ----------------------------------------
                                         Name:
                                         Title:

                                       16
<PAGE>   17

PURCHASERS:

BROOKS INVESTMENTS, L.P.                 RAB PARTNERSHIP, L.P.

By:  Brooks Investments, Inc.            By:
Its: General Partner                        ------------------------------------
                                             Robert A. Brooks
                                             General Partner
By:
   ------------------------------------
    Robert A. Brooks,
    President

ONELIBERTY FUND IV, L.P.                 ONELIBERTY ADVISORS FUND IV, L.P.
By:  OneLiberty Partners IV, L.L.C.      By:  OneLiberty Partners IV, L.L.C.
Its: General Partner                     Its: General Partner

By:                                      By:
   ------------------------------------     ------------------------------------

GS CAPITAL PARTNERS III, L.P.            GS CAPITAL PARTNERS III OFFSHORE, L.P.
By:  GS Advisors III, L.P.               By:  GS Advisors III (Cayman), L.P.
Its: General Partner                     Its: General Partner
By:  GS Advisors III, L.L.C.             By:  GS Advisors III, L.L.C.
Its: General Partner                     Its: General Partner

By:                                      By:
   ------------------------------------     ------------------------------------

GOLDMAN, SACHS & CO.                     STONE STREET FUND 2000, L.P.
VERWALTUNGS GmbH                         By:  Stone Street 2000, L.L.C.
                                         Its: General Partner
By:
   ------------------------------------
    Managing Director                    By:
                                            ------------------------------------

By:
   ------------------------------------
    Registered Agent

STONE STREET FUND 1998, L.P.             BRIDGE STREET FUND 1998, L.P.
By:  Stone Street Advantage Corp.        By:  Stone Street Advantage Corp.
Its: General Partner                     Its: General Partner

By:                                      By:
   ------------------------------------     ------------------------------------

                                       17
<PAGE>   18

BRIDGE STREET SPECIAL OPPORTUNITIES
FUND 2000, L.P.
By:  Bridge Street Special Opportunities 2000, L.L.C.
Its: General Partner

By:
   ------------------------------------

J. H. WHITNEY III, L.P.                     WHITNEY STRATEGIC PARTNERS III, L.P.
By:                                         By:
Its: General Partner                        Its: General Partner

By:                                         By:
   ------------------------------------        ---------------------------------

J. H. WHITNEY IV, L.P.                      CENTENNIAL FUND V, L.P.
By:  J. H. Whitney Equity Partners IV, LLC  By:  Centennial Holdings V, L.P.
Its: General Partner                        Its: General Partner

By:                                         By:
   ------------------------------------        ---------------------------------
                                                  Steven C. Halstedt
                                                  A General Partner

CHASE VENTURE CAPITAL                       NORWEST EQUITY PARTNERS VI, L.P.
ASSOCIATES, L.P.                            By:
By:                                         Its: General Partner
Its: General Partner

By:                                         By:
   ------------------------------------        ---------------------------------

TELECOM PARTNERS II, L.P.                   DON INVESTMENT GROUP, L.P.
By:  Telecom Management II, L.L.C.,         By:  BGC Investors, Inc.
Its: General Partner                        Its: General Partner

By:                                         By:
   ------------------------------------        ---------------------------------
Name and Title:                             Name and Title:
               ------------------------                    ---------------------

                                       18
<PAGE>   19
CENTENNIAL ENTREPRENEURS                 MERITAGE ENTREPRENEURS FUND, L.P.
FUND V, L.P.                             By:  Meritage Investment Partners, LLC
By:  Centennial Holdings V, L.P.         Its: General Partner
Its: General Partner

By:                                      By:
   ------------------------------------     ------------------------------------
    Steven C. Halstedt
    A General Partner

MERITAGE PRIVATE EQUITY FUND, L.P.       MERITAGE PRIVATE EQUITY PARALLEL
                                         FUND, L.P.
By:  Meritage Investment Partners, LLC   By:  Meritage Investment Partners, LLC
Its: General Partner                     Its: General Partner

By:                                      By:
   ------------------------------------     ------------------------------------

                                       19
<PAGE>   20
MANAGEMENT STOCKHOLDERS:

------------------------------------     ------------------------------------
Ross Bopp                                Larry W. Britt

                                         Brian L. Butler and Susan L. Butler
                                         Joint Caring Trust dated July 7, 1988
------------------------------------
Robert A. Brooks                         By:
                                            ------------------------------------
                                               Trustee

------------------------------------     ------------------------------------
Edward Cadieux                           Barbara A. Clements

------------------------------------     ------------------------------------
John P. Denneen                          Gary W. Eaves

Thomas P. Erickson Revocable Trust       Marguerite A. Forrest Revocable Trust
U/T/A dated April 6, 1998                U/T/A dated August 11, 1998

By:                                      By:
   ------------------------------------     ------------------------------------
    Trustee                                    Trustee

------------------------------------     ------------------------------------
Jennifer Garner                          Gerard J. Howe

------------------------------------     ------------------------------------
Jeffrey M. Jay                           Dale Kammerich

------------------------------------     ------------------------------------
Kevin J. Keaveny                         Brett Kirby

------------------------------------     ------------------------------------
Ivan Kuhn                                Bobby Maddox

                                       20
<PAGE>   21
------------------------------------     ------------------------------------
Gregory P. Pace                          John Presley

------------------------------------     ------------------------------------
Richard Scott                            Richard G. Sikora

                                         Tettambel Investments LLC
------------------------------------
David L. Solomon                         By:
                                            ------------------------------------
                                         Name:
                                         Title:

------------------------------------     ------------------------------------
Christopher A. Thornton                  Gregory H. Truitt

                                         Tettambel Irrevocable Family Trust
------------------------------------     Dated March 7, 2000
Janet M. Wendel

Keaveny Family Millenium Trust
Dated March 10, 2000                     By:
                                            ------------------------------------
                                               Trustee
By:
   ------------------------------------
    Trustee
                                         Catherine B. Howe Irrevocable Trust
By:                                      U/T/A Dated November 17, 1998
   ------------------------------------
    Trustee
                                         By:
                                            ------------------------------------
Margaret A. Howe Irrevocable Trust U/T/A       Trustee
Dated November 17, 1998
                                         By:
                                            ------------------------------------
By:                                            Trustee
   ------------------------------------
    Trustee
                                         Thomas P. Erickson Individual
By:                                      Retirement Account
   ------------------------------------
    Trustee
                                         By:
                                            ------------------------------------
                                         Name:
                                         Title:

                                       21
<PAGE>   22
                                                                       EXHIBIT A

                             Instrument of Accession

     Reference is made to that certain Amended and Restated Registration Rights
Agreement dated as of March 31, 2000, a copy of which is attached hereto (as
amended and in effect from time to time, the "Registration Rights Agreement"),
among Gabriel Communications, Inc., a Delaware corporation (the "Company"), and
the Stockholders of the Company (as defined therein).

     The undersigned,               , in order to become the owner or holder of
         shares (the "Shares") of              Stock, hereby agrees that by the
undersigned's execution hereof (a) the undersigned is a Stockholder party to the
Registration Rights Agreement subject to all of the rights, restrictions and
conditions applicable to Stockholders set forth in the Registration Rights
Agreement, and (b) all of the Shares (and any and all shares of stock of the
Company issued in respect thereof) constitute Restricted Securities subject to
all the rights, restrictions and conditions applicable to Restricted Securities
as set forth in the Registration Rights Agreement. This Instrument of Accession
shall take effect and shall become a part of said Registration Rights Agreement
immediately upon execution.

     Executed as of the date set forth below under the laws of the State of
Delaware.

                                    Signature:
                                              ----------------------------------

                                    Address:
                                              ----------------------------------
                                              ----------------------------------
                                              ----------------------------------

                                    Date:
                                              ----------------------------------

Accepted:

GABRIEL COMMUNICATIONS, INC.

By:
   ----------------------------------

Date:
     --------------------------------<PAGE>   1
                                                                    EXHIBIT 10.1

                                                        COMPOSITE CONFORMED COPY

                          SECURITIES PURCHASE AGREEMENT

                                      AMONG

                          GABRIEL COMMUNICATIONS. INC.

                                       AND

                           THE PURCHASERS NAMED HEREIN

                  DATED AS OF NOVEMBER 18, 1998, AS AMENDED BY
                     AGREEMENT DATED AS OF DECEMBER 14, 1998

                      SERIES A CONVERTIBLE PREFERRED STOCK
                               AT $3.00 PER SHARE

<PAGE>   2

                                TABLE OF CONTENTS
<TABLE>
<CAPTION>

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

ARTICLE II.  SALE AND PURCHASE OF SERIES A PREFERRED STOCK ON THE CLOSING DATE....................................8
         Section 2.1.  Sale and Purchase of Series A Preferred Stock..............................................8
         Section 2.2.  Purchase Price.............................................................................8
         Section 2.3.  Closing....................................................................................8
         Section 2.4.  Possible Subsequent Sales of Series A Preferred Stock......................................8
         Section 2.5.  Use of Proceeds............................................................................9

ARTICLE III.  ADDITIONAL PURCHASES OF SERIES A PREFERRED STOCK....................................................9
         Section 3.1.  Additional Preferred Stock Subscription Obligation of Purchasers...........................9
         Section 3.2.  Conditions to Additional Preferred Stock Subscription Obligation...........................10

ARTICLE IV.  REPRESENTATIONS AND WARRANTIES OF THE COMPANY........................................................11
         Section 4.1.  Organization and Good Standing.............................................................11
         Section 4.2.  Authorization..............................................................................11
         Section 4.3.  Enforceability.............................................................................11
         Section 4.4.  Consents...................................................................................11
         Section 4.5.  Capitalization.............................................................................11
         Section 4.6.  Subsidiaries...............................................................................12
         Section 4.7.  Financial Statements; Undisclosed Liabilities..............................................12
         Section 4.8.  Absence of Certain Developments............................................................13
         Section 4.9.  Indebtedness and Liens.....................................................................13
         Section 4.10. Indebtedness to and from Officers, Directors and Others....................................13
         Section 4.11. Licenses, Etc..............................................................................14
         Section 4.12. Solvency...................................................................................14
         Section 4.13. Title to Assets; Leases....................................................................14
         Section 4.14. Litigation.................................................................................14
         Section 4.15. Tax Returns................................................................................14
         Section 4.16. Defaults...................................................................................15
         Section 4.17. Burdensome Obligations.....................................................................15
         Section 4.18. Employee Benefit Plans.....................................................................15
         Section 4.19. Representations and Warranties under Related Agreements....................................15
         Section 4.20. Employment Contracts, Labor Relations......................................................16
         Section 4.21. Location of Office.........................................................................16
         Section 4.22. Necessary Property.........................................................................16
         Section 4.23. Transaction Costs..........................................................................16
         Section 4.24. Governmental Regulations...................................................................16
         Section 4.25. Small Business Concern.....................................................................17
         Section 4.26. Disclosure.................................................................................17
</TABLE>
                                       i
<PAGE>   3

<TABLE>
<S>                                                                                                              <C>
         Section 4.27.  Governmental Licenses....................................................................17
         Section 4.28.  Compliance with Laws.....................................................................17
         Section 4.29.  Acquisition Agreements...................................................................17
         Section 4.30.  Material Contracts and Obligations.......................................................17
         Section 4.31.  Environmental and Safety Laws............................................................19
         Section 4.32.  Investments in Real Property Holding Interests...........................................19
         Section 4.33.  Unrelated Business Taxable Income........................................................19

ARTICLE V.  PURCHASERS' INVESTMENT REPRESENTATIONS AND WARRANTIES................................................20

ARTICLE VI.  CONDITIONS TO PURCHASE..............................................................................22
         Section 6.1.  Purchaser's Conditions....................................................................22
                   Section 6.1.1.  Related Agreements............................................................22
                   Section 6.1.2.  Charter Documents; Good Standing Certificate..................................22
                   Section 6.1.3.  Proof of Corporate Action.....................................................22
                   Section 6.1.4.  Incumbency Certificate........................................................22
                   Section 6.1.5.  Legal Opinion.................................................................23
                   Section 6.1.6.  Representations and Warranties; Officers' Certificates........................23
                   Section 6.1.7.  Legality; Governmental and Other Authorizations...............................23
                   Section 6.1.8.  Due Diligence.................................................................23
                   Section 6.1.9.  Payment of Certain Fees and Disbursements.....................................23
                   Section 6.1.10. SBIC Documentation............................................................24
                   Section 6.1.11. Capitalization................................................................24
                   Section 6.1.12. Shareholder's Agreement.......................................................24
                   Section 6.1.13. Certification of Securities Holdings..........................................24
                   Section 6.1.14. Minimum Investment............................................................24
                   Section 6.1.15. General.......................................................................24
                   Section 6.2.    The Company's Conditions......................................................24
                   Section 6.2.1.  Related Agreements............................................................24
                   Section 6.2.2.  Legality:  Governmental and Other Authorizations..............................25
                   Section 6.2.3.  Capitalization................................................................25
                   Section 6.2.4.  General.......................................................................25

ARTICLE VII. COVENANTS APPLICABLE TO THE COMPANY WHILE ANY OF THE SERIES A PREFERRED STOCK ARE
         OUTSTANDING.............................................................................................25
         Section 7.1.  Records and Accounts......................................................................25
         Section 7.2.  Corporate Existence; Subsidiaries; Maintenance of Properties..............................25
         Section 7.3.  Insurance.................................................................................26
         Section 7.4.  Taxes and Claims..........................................................................26
         Section 7.5.  Inspection of Properties and Books........................................................26
         Section 7.6.  Compliance with Laws, Contracts, Licenses and Permits.....................................27
         Section 7.7.  Employee Benefit Plans....................................................................27
         Section 7.8.  Further Assurances........................................................................28
         Section 7.9.  Notices...................................................................................28
         Section 7.10. Restrictions on Indebtedness..............................................................29
</TABLE>
                                       ii
<PAGE>   4

<TABLE>
<S>                                                                                                              <C>
         Section 7.11.  Restrictions on Liens....................................................................29
         Section 7.12.  Distributions............................................................................30
         Section 7.13.  Merger, Consolidation, Sale of Assets or Other Dispositions..............................30
         Section 7.14.  Merger, Consolidation or Other Acquisitions..............................................30
         Section 7.15.  Transactions with Affiliates.............................................................31
         Section 7.16.  Investments..............................................................................31
         Section 7.17.  Joint Ventures...........................................................................31
         Section 7.18.  Payments on Permitted Indebtedness.......................................................31
         Section 7.19.  Response Actions.........................................................................31
         Section 7.20.  Dilution Protection......................................................................31
         Section 7.21.  Annual Statements........................................................................32
         Section 7.22.  Monthly Statements.......................................................................32
         Section 7.23.  Other Financial Information..............................................................33
         Section 7.24.  Officer's Certificates...................................................................33
         Section 7.25.  Notice of Litigation, Defaults, Etc......................................................33
         Section 7.26.  Charter and By-law Amendments............................................................33
         Section 7.26.  Proprietary Information and Inventions Agreement.........................................34
         Section 7.28.  SBIC Covenants...........................................................................34

ARTICLE VIII.  DEFAULTS..........................................................................................34
         Section 8.1.  Events of Default.........................................................................34
         Section 8.2.  Remedies..................................................................................36
         Section 8.3.  Waivers...................................................................................36

ARTICLE IX.  SUBSEQUENT HOLDERS OF SERIES A PREFERRED STOCK......................................................36

ARTICLE X.  REGISTRATION AND TRANSFER OF SERIES A PREFERRED STOCK................................................37
         Section 10.1.  Transfer and Exchange of Series A Preferred Stock........................................37
         Section 10.2.  Replacement of Series A Preferred Stock..................................................37

ARTICLE XI.  EXPENSES; INDEMNITY.................................................................................37
         Section 11.1.  Expenses.................................................................................37
         Section 11.2.  Indemnification..........................................................................38
         Section 11.3.  Brokers' Fees............................................................................38
         Section 11.4.  Survival of Obligations..................................................................38

ARTICLE XII.  NOTICES............................................................................................39

ARTICLE XIII. SURVIVAL AND TERMINATION OF COVENANTS, AGREEMENTS, REPRESENTATIONS AND WARRANTIES..................39

ARTICLE XIV.  AMENDMENTS AND WAIVERS.............................................................................40

ARTICLE XV.   RIGHT TO PUBLICIZE.................................................................................40

ARTICLE XVI.  WAIVER OF JURY TRIAL...............................................................................40
</TABLE>

                                      iii
<PAGE>   5

<TABLE>
<S>                                                                                                              <C>
ARTICLE XVII.   INCORPORATORS, SHAREHOLDERS, OFFICERS, DIRECTORS, EMPLOYEES AND PARTNERS FREE FROM
                PERSONAL LIABILITY...............................................................................41

ARTICLE XVIII.  SCHEDULES........................................................................................41

ARTICLE XIX.    ENTIRE AGREEMENT; COUNTERPARTS; SECTION HEADINGS.................................................41

ARTICLE XX.     GOVERNING LAW....................................................................................42

ARTICLE XXI.    SEVERABILITY.....................................................................................42
</TABLE>

                                       iv
<PAGE>   6

                                LIST OF EXHIBITS

EXHIBIT A   List of Purchasers
EXHIBIT B   Registration Rights Agreement
EXHIBIT C   Stockholders' Agreement
EXHIBIT D   Amended and Restated Certificate of Incorporation
EXHIBIT E   Form of Opinion of Special Counsel to Company
EXHIBIT F   Form of Founders' Warrants
EXHIBIT G   1998 Stock Incentive Plan
EXHIBIT H   Form of Amendment to Shareholders Agreement dated as of
            August 14, 1998

                                        v
<PAGE>   7

                          SECURITIES PURCHASE AGREEMENT

                          GABRIEL COMMUNICATIONS, INC.
                    16650 CHESTERFIELD GROVE ROAD, SUITE 110
                          CHESTERFIELD, MISSOURI 63006

                                          As of November 18, 1998, as amended as
                                                            of December 14, 1998

The Purchasers Named
 on Exhibit A Hereto

Ladies and Gentlemen:

                  The undersigned, Gabriel Communications, Inc., a Delaware
corporation (the "Company"), hereby agrees with you as follows:

ARTICLE I.  DEFINITIONS

                  For all purposes of this Agreement the following terms shall
have the meanings set forth in this Article I:

                  ACQUISITION.  The term "Acquisition" shall mean an acquisition
by the Company of all or substantially all of the assets or equity interest of
another Person.

                  ADDITIONAL PREFERRED STOCK SUBSCRIPTION OBLIGATION. The term
"Additional Preferred Stock Subscription Obligation" shall mean, as to any
Purchaser, the obligation to purchase additional shares of Series A Preferred
Stock pursuant to Section 3.1 in an amount set forth opposite each Purchaser on
Exhibit A attached hereto, each such share to be purchased at a purchase price
of $3.00 per share.

                  ADDITIONAL PURCHASER.  The term "Additional Purchaser" shall
have the meaning specified in Section 2.4 of this Agreement.

                  AFFILIATE. The term "Affiliate" shall mean any Person directly
or indirectly controlling, controlled by or under direct or indirect common
control with the Company (or other specified Person) and shall include (a) any
Person who is a director or beneficial owner of at least 10% of the then
outstanding capital stock of the Company (or other specified Person) and Family
Members of any such Person, (b) any Person in which the Company (or other
specified Person) or an Affiliate (as defined in clause (a) above) of the
Company (or other specified Person) shall,

<PAGE>   8

directly or indirectly, either beneficially own at least 10% of its then
outstanding equity securities or constitute at least a 10% equity participant,
and (c) in the case of a specified Person who is an individual, Family Members
of such Person; provided, however, that none of the Purchasers nor any of their
designated members of the Company's board of directors shall be an Affiliate of
the Company for purposes of this Agreement.

                  BALANCE SHEET DATE.  The term "Balance Sheet Date" shall have
the meaning specified in Section 4.7(a)(i) of this Agreement.

                  BOARD OF DIRECTORS.  The term "Board of Directors" shall mean
the Board of Directors of the Company.

                  CAPITAL CALL.  The term "Capital Call" shall have the meaning
specified in Section 3.1 of this Agreement.

                  CAPITAL CALL CLOSING DATE.  The term "Capital Call Closing
Date" shall have the meaning specified in Section 3.1(b) of this Agreement.

                  CAPITAL TRANSACTION. The term "Capital Transaction" shall mean
any of the following: (i) one or more mergers, consolidations, liquidations,
sales of more than 50% of the assets of the Company in a single transaction or
series of related transactions, or other similar corporate actions pursuant to
which the Company or the holders of Common Stock receive cash, securities or
other property; and (ii) the sale by the Company of securities which upon
issuance constitute 50% or more of the Common Stock and the Preferred Stock of
the Company to a Person not an Affiliate of the Company (other than by operation
of such sale) by means of a public or private sale.

                  CHARTER. The term "Charter" shall include the articles or
certificate of incorporation, statute, constitution, joint venture or
partnership agreement or articles or other organizational document of any Person
other than an individual, each as from time to time amended or modified.

                  CLOSING.  The term "Closing" shall have the meaning specified
in Section 2.3 of this Agreement.

                  CLOSING DATE.  The term "Closing Date" shall have the meaning
specified in Section 2.3 of this Agreement.

                  CODE. The term "Code" shall mean the Internal Revenue Code of
1986, any successor statute of similar import, and the rules and regulations
thereunder, collectively and as from time to time amended and in effect.

                  COMMON STOCK.  The term "Common Stock" shall have the meaning
specified in Section 4.5(a) of the Agreement.

                                       2
<PAGE>   9

                  COMPANY.  The term "Company" shall have the meaning specified
in the introduction to this Agreement.

                  CONSOLIDATED OR CONSOLIDATED. The term "Consolidated" or
"consolidated" shall mean, with reference to any term defined herein, that term
as applied to the accounts of the Company and all of its Subsidiaries, if any,
consolidated in accordance with generally accepted accounting principles.

                  CONVERSION STOCK. The term "Conversion Stock" shall mean the
shares of Common Stock issuable upon conversion of the Series A Preferred Stock.

                  DEFAULT. The term "Default" shall mean an event or condition
which with the passage of time or giving of notice, or both, would become an
Event of Default.

                  DEFAULTER'S PREFERRED STOCK.  The term "Defaulter's Preferred
Stock" shall have the meaning specified in Section 3.1 of this Agreement.

                  DEFAULTING PURCHASER. The term "Defaulting Purchaser" shall
mean a Purchaser which fails to purchase any additional Series A Preferred Stock
pursuant to a Capital Call.

                  DELINQUENCY DATE. The term "Delinquency Date" shall mean the
date which is 15 days after the date when the payment is due for any additional
Series A Preferred Stock required to be purchased by a Purchaser pursuant to the
Purchaser's Additional Preferred Stock Subscription Obligation.

                  DISTRIBUTION. The term "Distribution" shall mean (a) the
declaration or payment of any dividend of cash or property on or in respect of
any shares of any class of capital stock of the Company; (b) the purchase,
redemption or other retirement of any shares of any class of capital stock of
the Company, directly or indirectly or otherwise; or (c) any other distribution
on or in respect of any shares of any class of capital stock of the Company.

                  EMPLOYEE BENEFIT PLAN. The term "Employee Benefit Plan" shall
mean any employee benefit plan within the meaning of Section 3(3) of ERISA
maintained or contributed to by the Company or any ERISA Affiliate, other than a
Multiemployer Plan.

                  ENVIRONMENTAL LAW. The term "Environmental Law" means any law,
regulation or ordinance relating to air or water quality, waste management,
hazardous or toxic substances or the protection of health or the environment.

                  ERISA. The term "ERISA" shall mean the federal Employee
Retirement Income Security Act of 1974, any successor statute of similar import,
and the rules and regulations thereunder, collectively and as from time to time
amended and in effect.

                  ERISA AFFILIATE. The term "ERISA Affiliate" shall mean any
Person which is treated as a single employer with the Company under ss.414 of
the Code.

                                       3
<PAGE>   10

                  ERISA REPORTABLE EVENT. The term "ERISA Reportable Event"
shall mean a reportable event with respect to a Guaranteed Pension Plan within
the meaning of ss.4043 of ERISA and the regulations promulgated thereunder.

                  EVENTS OF DEFAULT.  The term "Events of Default" shall have
the meaning specified in Section 8.1 of this Agreement.

                  EXCHANGE ACT. The term "Exchange Act" shall mean the
Securities Exchange Act of 1934, or any successor federal statute, and the rules
and regulations of the Securities and Exchange Commission thereunder, as may be
amended from time to time.

                  FAMILY MEMBERS. The term "Family Members" shall mean, as
applied to any individual, any spouse, child, grandchild, parent, brother or
sister thereof or any spouse of any of the foregoing, and each trust created for
the benefit of one or more of such Persons and each custodian of property of one
or more such Persons.

                  FCC.  The term "FCC" shall mean the Federal Communications
Commission.

                  FINANCING AGREEMENTS. The term "Financing Agreements" shall
mean this Agreement, the Series A Preferred Stock, the Founders' Warrants, the
Stockholders' Agreement, the Registration Rights Agreement and any and every
other present or future instrument or agreement from time to time entered into
between the Company and the Purchasers or any other holder of the Series A
Preferred Stock which relates to this Agreement, all as from time to time
amended or modified, and all statements, reports or certificates delivered by or
on behalf of the Company to you or any other holder of the Series A Preferred
Stock in connection herewith or therewith.

                  FOUNDERS' WARRANTS. The term "Founders' Warrants" shall mean
the warrants, substantially in the form of Exhibit F hereto, to be issued to
members of the Company's senior management team to acquire during the five-year
period after the Closing up to 300,000 shares of the Common Stock of the Company
at $3.00 per share.

                  GENERALLY ACCEPTED ACCOUNTING PRINCIPLES OR GAAP. The terms
"generally accepted accounting principles" or "GAAP" shall mean accounting
principles which are (a) consistent with the principles promulgated or adopted
by the Financial Accounting Standards Board and its predecessors, in effect from
time to time and (b) applied on a basis consistent with prior periods.

                  GUARANTEED PENSION PLAN. The term "Guaranteed Pension Plan"
shall mean any employee pension benefit plan within the meaning of ss. 3(2) of
ERISA maintained or contributed to by the Company or any ERISA Affiliate the
benefits of which are guaranteed on termination in full or in part by the PBGC
pursuant to Title IV of ERISA, other than a Multiemployer Plan.

                                       4
<PAGE>   11

                  HAZARDOUS MATERIALS. The term "Hazardous Materials" shall
mean, collectively, (a) any petroleum or petroleum products, flammable
explosives, radioactive materials, friable asbestos, urea formaldehyde foam
insulation, and transformers or other equipment that contain dielectric fluid
containing polychlorinated biphenyls (PCBs), (b) any chemicals or other
materials or substances as included in the definition of "hazardous substance",
"hazardous waste", "hazardous materials", "extremely hazardous wastes",
"restricted hazardous wastes", toxic substances", "toxic pollutants",
"contaminants", "pollutants" or words of similar import under any Environmental
Law; and (c) any other chemical or other material or substance, exposure to
which is now prohibited, limited or regulated under any Environmental Law.

                  INDEBTEDNESS. The term "Indebtedness" shall mean all
obligations, contingent and otherwise, which in accordance with generally
accepted accounting principles should be classified on the obligor's balance
sheet as liabilities, or to which reference should be made by footnotes thereto,
including without limitation, in any event and whether or not so classified: (i)
all debt and similar monetary obligations, whether direct or indirect; (ii) all
liabilities secured by any Lien existing on Property, whether or not the
liability secured thereby shall have been assumed; (iii) all guaranties,
endorsements and other contingent obligations whether direct or indirect in
respect of Indebtedness or performance of others, including any obligation to
supply funds to or in any manner to invest in, directly or indirectly, the
debtor, to purchase Indebtedness, or to assure the owner of Indebtedness against
loss, through an agreement to purchase goods, supplies, or services for the
purpose of enabling the debtor to make payment of the Indebtedness held by such
owner or otherwise, and (iv) obligations to reimburse issuers of any letters of
credit.

                  INSTITUTIONAL DIRECTORS.  The term "Institutional Directors"
shall have the meaning given to such term in the Stockholders' Agreement.

                  INVESTMENT PERIOD.  The term "Investment Period" shall mean
the period beginning with the Closing Date and ending on September 30, 1999.

                  INVESTMENTS. The term "Investments" shall mean (a) any
investment in shares of capital stock, evidence of Indebtedness or other
securities issued by any other Person, (b) any loan, advance, or extension of
credit to, or contribution to the capital of, any other Person, (c) any purchase
of the securities or business or integral part of the business of any other
Person, or commitment to make such purchase, and (d) any other investment in any
other Person; provided, however, that the term "Investment" shall not include
(i) trade and customer accounts receivable for services rendered in the ordinary
course of business and payable in accordance with customary trade terms, and all
letters of credit or other instruments securing the same, (ii) advances to
employees for travel expenses, drawing accounts and similar expenditures but
only to the extent that (A) each such advance is in an amount less than $2,000,
(B) the aggregate amount of such advances outstanding to any individual employee
at any particular time does not exceed $5,000, and (C) all such advances
outstanding at any particular time do not exceed $25,000, and (iii) stock or
other securities acquired in connection with the satisfaction or enforcement of
Indebtedness or claims due or owing to the Company or any of its Subsidiaries or
as security for any such Indebtedness or claim.

                                       5
<PAGE>   12

                  IRS.  The term "IRS" shall have the meaning specified in
Section 4.18 hereof.

                  LIEN. The term "Lien" shall mean (a) any encumbrance,
mortgage, pledge, lien, charge or other security interest of any kind upon any
Property, or upon the income or profits therefrom; (b) any acquisition of or
agreement to have an option to acquire any Property or assets upon conditional
sale or other title retention agreement, device or arrangement (including a
capitalized lease); or (c) any sale, assignment, pledge or other transfer for
security by the Company or any of its Subsidiaries of any accounts, general
intangibles or chattel paper, with or without recourse.

                  MAJORITY HOLDERS.  The term "Majority Holders" shall mean the
holders of at least 66-2/3% of the Series A Preferred Stock.

                  MULTIEMPLOYER PLAN. The term "Multiemployer Plan" shall mean
any multiemployer plan within the meaning of Section 3(37) of ERISA maintained
or contributed to by the Company or any ERISA Affiliate.

                  OPTION PLAN. The term "Option Plan" shall mean the Company's
1998 Stock Incentive Plan, substantially in the form of Exhibit G hereto,
pursuant to which as of the date hereof an aggregate of 1,000,000 shares of
Common Stock has been allocated and reserved for the grant of Awards thereunder.

                  PBGC.  PBGC shall mean the Pension Benefit Guaranty
Corporation created by ss.4002 of ERISA and any successor entity or entities
having similar responsibilities.

                  PERMITTED INDEBTEDNESS.  The term "Permitted Indebtedness"
shall have the meaning specified in Section 7.10 of this Agreement.

                  PERMITTED LIENS.  The term "Permitted Liens" shall have the
meaning specified in Section 7.11 of this Agreement.

                  PERSON. The term "Person" shall mean an individual,
partnership, corporation, association, trust, joint venture, unincorporated
organization, and any government, governmental department or agency or political
subdivision thereof.

                  PREFERRED STOCK.  The term "Preferred Stock" shall have the
meaning specified in Section 4.5(a) of this Agreement.

                  PROPERTY.  The term "Property" shall mean the assets and
properties owned and/or operated by the Company and its Subsidiaries.

                  PUBLIC SALE. The term "Public Sale" shall mean any sale of
securities to the public pursuant to a public offering registered under the
Securities Act or to the public through a broker

                                       6
<PAGE>   13

or market-maker pursuant to the provisions of Rule 144 (or any successor rule)
adopted under the Securities Act or any other public offering not required to be
registered under the Securities Act.

                  PURCHASE PRICE.  The term "Purchase Price" shall have the
meaning specified in Section 2.2 of this Agreement.

                  PURCHASERS. Each of the Persons listed on Exhibit A to this
Agreement, and any Person who becomes a party to this Agreement after the date
hereof pursuant to Article X of this Agreement.

                  REGISTRATION RIGHTS AGREEMENT. The term "Registration Rights
Agreement" shall mean the Registration Rights Agreement dated as of the date
hereof among the Company and the Purchasers substantially in the form of Exhibit
B hereto.

                  RELATED AGREEMENTS. The term "Related Agreements" shall mean
the Financing Agreements (other than this Agreement) and the Amended and
Restated Certificate of Incorporation of the Company attached as Exhibit D
hereto.

                  SBA.  The term "SBA" shall have the meaning specified in
Section 6.1.10 of this Agreement.

                  SBIC INVESTOR. The term "SBIC Investor" shall have the meaning
specified in Section 6.1.10 of this Agreement.

                  SECURITIES ACT. The term "Securities Act" shall mean the
Securities Act of 1933, as amended, or any successor federal statute, and the
rules and regulations of the Securities and Exchange Commission thereunder, all
as the same shall be in effect at the time.

                  SERIES A PREFERRED STOCK. The terms "Series A Preferred Stock"
shall have the meaning specified in Section 4.5(a) of this Agreement.

                  SMALL BUSINESS ACT.  The term "Small Business Act" shall have
the meaning specified in Section 6.1.10 of this Agreement.

                  STOCKHOLDERS' AGREEMENT. The term "Stockholders' Agreement"
shall mean the Stockholders' Agreement dated as of the date hereof among the
Company and all of its stockholders substantially in the form of Exhibit C
hereto.

                  SUBSEQUENT CLOSING.  The term "Subsequent Closing" shall have
the meaning specified in Section 2.4 of this Agreement.

                  SUBSIDIARY. The term "Subsidiary" shall mean any Person in
which the Company shall at the time own directly or indirectly through another
Subsidiary at least a majority of its outstanding capital stock (or other shares
of beneficial interest) entitled to vote generally.

                                       7
<PAGE>   14

                  SUPERMAJORITY BOARD VOTE. The term "Supermajority Board Vote"
shall mean the affirmative vote of at least 66 2/3% of the members of the Board
of Directors present at a meeting at which a quorum is present, which vote shall
include the affirmative vote of at least four Institutional Directors, if there
are five Institutional Directors present at the meeting at which such vote
occurs or three Institutional Directors if there are four or three Institutional
Directors present at the meeting at which such vote occurs.

                  UNITED STATES BANKRUPTCY CODE. The term "United States
Bankruptcy Code" shall mean Title 11 of the United States Code as in effect from
time to time.

                  USRPHC.  The term "USRPHC" shall have the meaning specified in
 Section 4.32 of this Agreement.

ARTICLE II.         SALE AND PURCHASE OF SERIES A PREFERRED STOCK ON THE CLOSING
                    DATE

                  SECTION 2.1. SALE AND PURCHASE OF SERIES A PREFERRED STOCK.
Subject to all of the terms and conditions hereof and in reliance on the
representations and warranties set forth or referred to herein, the Company
agrees to issue and sell to each Purchaser, and each Purchaser commits to
purchase, the shares of the Company's Series A Preferred Stock as set forth
opposite the name of such Purchaser on Exhibit A attached hereto. Exhibit A also
indicates the Series A Preferred Stock to be purchased on the Closing Date.

                  SECTION 2.2. PURCHASE PRICE. The per share purchase price for
the Series A Preferred Stock, whether purchased on the Closing Date or pursuant
to a Capital Call, is $3.00 (the "Purchase Price").

                  SECTION 2.3. CLOSING. The closing of the purchase and sale of
the Series A Preferred Stock initially to be purchased by the Purchasers
hereunder (the "Closing") will take place at the offices of the Company, 16650
Chesterfield Grove Road, Suite 110, Chesterfield, Missouri 63006, at 10:00 a.m.
C.S.T. on November 12, 1998, or at such other time, date and place as the
parties hereto may agree upon (the "Closing Date"). At the Closing, the Company
will deliver to the Purchasers certificates evidencing the shares of Series A
Preferred Stock to be purchased on the Closing Date against payment of the
Purchase Price for all such shares in immediately available funds. Each of the
Series A Preferred Stock to be purchased on the Closing Date will be issued to
the appropriate Purchaser on or before the Closing Date and registered in such
Purchaser's name in the Company's records in the amounts designated in Section
2.1 hereof.

                  SECTION 2.4. POSSIBLE SUBSEQUENT SALES OF SERIES A PREFERRED
STOCK. At any time on or before December 18, 1998, the Company may sell, in one
or more closings (each a "Subsequent Closing") up to the balance of the
authorized shares of Series A Preferred Stock not sold or subscribed for at the
Closing to the Persons listed in Part II of Exhibit A hereto. At any Subsequent
Closing, (i) the Person purchasing such shares (an "Additional Purchaser") shall
execute a counterpart signature page to this Agreement and the other Financing
Agreements to

                                       8
<PAGE>   15

which the Purchasers are a party and thereupon would be deemed a Purchaser
hereunder, (ii) each Additional Purchaser shall purchase the same portion of its
aggregate subscription obligation as the original Purchasers have purchased of
their respective aggregate subscription obligations (as of the date of such
Subsequent Closing) and (iii) the Company shall cause the exhibits and schedules
to this Agreement and such other agreements to be amended to reflect the
purchase made by the Additional Purchaser(s) at each Subsequent Closing. All
such sales shall be made on the terms and conditions of this Agreement,
including satisfaction of the closing conditions set forth herein.

                  SECTION 2.5. USE OF PROCEEDS. The proceeds from the sale of
the Series A Preferred Stock purchased hereunder will be used to pay for
expenses related to the Closing, for working capital purposes and to acquire or
build telecommunications networks in such markets as shall be determined by the
Board of Directors. The Company covenants and agrees to provide the Purchasers
with such information as they may reasonably request to verify the use of the
proceeds from the sale of the Series A Preferred Stock.

ARTICLE III.  ADDITIONAL PURCHASES OF SERIES A PREFERRED STOCK

                  SECTION 3.1.  ADDITIONAL PREFERRED STOCK SUBSCRIPTION
                  OBLIGATION OF PURCHASERS.

                  (a) Until the end of the Investment Period, each Purchaser
shall be required to satisfy, if, as and when from time to time requested by the
Company, in accordance with the terms and conditions of this Article III, its
Additional Preferred Stock Subscription Obligation. The Board of Directors may,
with a Supermajority Board Vote, request (a "Capital Call") each Purchaser to
satisfy such Additional Preferred Stock Subscription Obligations from time to
time on a pro rata basis in two substantially equal installments, to the extent
funds are necessary to make any Acquisitions by the Company, to pay operating,
capital or other expenses of the Company, to fund reasonable reserves which the
Board of Directors deems appropriate to establish or for such other purpose as
the Board of Directors deems necessary, consistent with the purposes of the
Company. No such request shall be made which would require a Purchaser to
purchase pursuant to its Additional Preferred Stock Subscription Obligation less
than a whole share of Series A Preferred Stock. The Board of Directors may not
make a Capital Call more than once in any 30-day period, and shall make both
Capital Calls prior to the end of the Investment Period.

                  (b) The Additional Preferred Stock Subscription Obligation
shall be satisfied by each such Purchaser, by wire transfer of immediately
available funds, in accordance with a written notice from the Company, which
notice shall state the amount required from each Purchaser and the date when
such Additional Preferred Stock Subscription Obligation is to be paid to the
Company (the "Capital Call Closing Date"). The Capital Call Closing Date shall
be a date which is not less than thirty-five (35) days after receipt of such
written notice.

                  (c) Subject to the provisions of this Section 3.1(c), if a
Purchaser who is

                                       9
<PAGE>   16

required to do so fails to satisfy all or any portion of its Additional
Preferred Stock Subscription Obligation by the Delinquency Date, and so long as
all of the conditions set forth in Section 3.2 to such Purchaser's obligations
have been satisfied, such Purchaser shall be deemed a Defaulting Purchaser, and
the Board of Directors may elect in its sole discretion to (i) bring an action
to enforce such Purchaser's obligation to satisfy its Additional Preferred Stock
Subscription Obligation, including interest thereon from the time such payment
was due until paid at the lesser of (A) 18% per annum, compounded on a monthly
basis to the extent permitted by law, or (B) the highest rate permitted by law,
and/or (ii) require the Defaulting Purchaser to exchange any shares of Common
Stock or Preferred Stock then held by the Defaulting Purchaser for shares of a
new series of junior preferred stock of the Company (the "Defaulter's Preferred
Stock"). The Defaulter's Preferred Stock shall (i) be junior to all Preferred
Stock in liquidation, (ii) shall not be entitled to payment of any dividends,
(iii) shall have a liquidation value of $3.00 per share, (iv) unless and until
the Defaulting Purchaser shall have satisfied its Additional Preferred Stock
Subscription Obligation, together with interest thereon at the rate provided
above, shall not be convertible or exchangeable for any other shares of the
capital stock of the Company or redeemable for cash or otherwise, and (v) shall
have no voting rights or any rights as a holder of Series A Preferred Stock
hereunder, under the Stockholders' Agreement or under the Registration Rights
Agreement. All Purchasers hereby agree to vote their shares of stock of the
Company to carry out the provisions of this Section 3.1(c), including, without
limitation, voting to authorize and issue the Defaulter's Preferred Stock as
necessary.

                  SECTION 3.2. CONDITIONS TO ADDITIONAL PREFERRED STOCK
SUBSCRIPTION OBLIGATION. Each Purchaser's obligation to satisfy all or any
portion of its Additional Preferred Stock Subscription Obligation pursuant to
this Agreement is subject to satisfaction of the following conditions precedent
on or prior to the Capital Call Closing Date:

                  (a) Such Purchaser shall have received from the Company
         copies, certified by a duly authorized officer thereof to be true and
         complete as of the Capital Call Closing Date, of the resolutions
         adopted by a Supermajority Board Vote approving the Capital Call;

                  (b) None of the representations of the Company contained in
         Article IV of this Agreement shall have been untrue or incorrect as of
         the date of this Agreement to the extent that such untrue or incorrect
         representation has had or would reasonably be expected to have a
         material adverse effect on the assets, liabilities, financial condition
         or prospects of the Company and its Subsidiaries taken as a whole;

                  (c) The purchase of the Series A Preferred Stock by such
         Purchaser shall not be prohibited by any applicable law or governmental
         order or regulation; and

                  (d) Such Purchaser shall have received duly executed stock
         certificates representing the Series A Preferred Stock being purchased
         pursuant to the Capital Call.

                                       10
<PAGE>   17

ARTICLE IV.  REPRESENTATIONS AND WARRANTIES OF THE COMPANY

                  In order to induce the Purchasers to enter into this Agreement
and to purchase the Series A Preferred Stock, the Company hereby represents and
warrants as of the date hereof that:

                  SECTION 4.1. ORGANIZATION AND GOOD STANDING. The Company is
validly existing and in good standing under the laws of the State of Delaware
and in each jurisdiction in which it is required to be qualified as a foreign
corporation. The Company is not required to be qualified as a foreign
corporation in any jurisdiction other than those listed on Schedule 4.1. The
Company has the power to own its properties and to carry on its business as now
conducted and as proposed to be conducted.

                  SECTION 4.2. AUTHORIZATION. The execution, delivery and
performance by the Company of this Agreement and each Related Agreement, the
issuance and sale by the Company of the Series A Preferred Stock hereunder and
the issuance of the Conversion Stock upon conversion of the Series A Preferred
Stock, (a) are within its corporate power and authority, (b) have been duly
authorized by all necessary corporate, shareholder and other proceedings, and
(c) do not conflict with or result in any breach of any provision of, or result
in the creation of any Lien upon any of the Property pursuant to, the
Certificate of Incorporation or by-laws of the Company or any law, regulation,
order, judgment, writ, injunction, license, permit, agreement or instrument, the
non-compliance with which would materially adversely affect the business,
operations or financial condition of the Company.

                  SECTION 4.3. ENFORCEABILITY. This Agreement and each of the
Related Agreements, the issuance and sale by the Company of the Series A
Preferred Stock hereunder and the issuance of the Conversion Stock upon
conversion of the Series A Preferred Stock, constitute legally binding
obligations of the Company enforceable against it in accordance with the
respective terms and provisions hereof and thereof, except to the extent (a)
such enforceability is limited by bankruptcy, insolvency, reorganization,
moratorium or other laws relating to or affecting generally the enforcement of
creditors' rights, (b) that the availability of the remedy of specific
performance or injunctive or other equitable relief is subject to the discretion
of the court before which any proceeding therefor may be brought and (c) the
enforceability of the indemnity and contribution provisions contained in the
Registration Rights Agreement may be limited under federal securities laws.

                  SECTION 4.4. CONSENTS. Except as set forth in Schedule 4.4
hereto, the execution, delivery and performance by the Company of this Agreement
and each Related Agreement, the purchase and sale of the Series A Preferred
Stock hereunder and the issuance of the Conversion Stock upon conversion of the
Series A Preferred Stock, do not require the approval or consent of, or any
filing with, any governmental authority or agency or any other Person.

                  SECTION 4.5. CAPITALIZATION. (a) Capital Stock. The authorized
capital stock of the Company consists solely of 60,000,000 shares of common
stock, $.01 par value per share (the "Common Stock"), and 50,000,000 shares of
Preferred Stock, $.01 par value per share (the "Preferred Stock"), of which
30,200,000 shares are designated as Series A Convertible Preferred

                                       11
<PAGE>   18

Stock (the "Series A Preferred Stock"). Of such authorized shares, 5,200,000
shares of Common Stock are issued and outstanding. Schedule 4.5 sets forth a
table indicating the pro forma capitalization of the Company after giving effect
to the issuance of the Series A Preferred Stock and the consummation of all
other transactions contemplated by this Agreement. All of such issued shares of
Common Stock have been duly authorized, are validly issued and outstanding, are
fully paid and non-assessable and were issued in compliance with applicable
state and federal securities laws. All Series A Preferred Stock have been duly
authorized, and, upon payment therefor pursuant to the terms of this Agreement,
will be validly issued and outstanding, fully paid and non-assessable.

                  (a) Options, Etc. Except for each Purchaser's Additional
Preferred Stock Subscription Obligation and shares of Common Stock issuable
pursuant to the Option Plan and the Founders' Warrants, there are no outstanding
rights (either preemptive or other) or options to subscribe for or purchase from
the Company, or any warrants or other agreements providing for or requiring the
issuance by the Company of, any capital stock or any securities convertible into
or exchangeable for, or exercisable into, its capital stock.

                  (b) Reservation, Etc. Sufficient shares of authorized but
unissued Series A Preferred Stock have been reserved by appropriate corporate
action for the Purchasers' Additional Preferred Stock Subscription Obligations.
The issuance of such additional shares will not be subject to preemptive rights
in any present or future stockholders of the Company and will not conflict with
any provision of any agreement to which the Company is a party or by which it is
bound, and such additional shares, when issued and paid for upon compliance with
a Capital Call, will be duly authorized, validly issued and outstanding, fully
paid and non-assessable. The Conversion Stock has been duly and validly reserved
for issuance.

                  SECTION 4.6. SUBSIDIARIES. Schedule 4.6 correctly sets forth
the name of each Subsidiary of the Company, the jurisdiction of its
incorporation and the Persons owning the outstanding capital stock of each such
Subsidiary. Each such Subsidiary is duly organized, validly existing and in good
standing under the laws of the jurisdiction of its incorporation, has all
requisite corporate power and authority and all material licenses, permits and
authorizations necessary to own its properties and carry on its businesses as
now being conducted and is qualified to do business in every jurisdiction in
which its ownership of its property or the conduct of its business requires such
qualification. All of the outstanding shares of capital stock of each such
Subsidiary are validly issued, fully paid and non-assessable. Except for such
Subsidiaries, the Company does not own any legal and/or beneficial interest in
any corporation, partnership, business trust, joint venture or other trade or
business enterprise.

                  SECTION 4.7.  FINANCIAL STATEMENTS; UNDISCLOSED LIABILITIES.
(a) Each Purchaser has heretofore been furnished with complete and correct
copies of each of the following:

                           (i)      the unaudited balance sheet of the Company
                  as of September 30, 1998 ("Balance Sheet Date"); and

                                       12
<PAGE>   19

                           (ii) the pro forma balance sheet of the Company and
                  its Subsidiaries as of the Balance Sheet Date, taking into
                  account the issuance of all of the Series A Preferred Stock as
                  contemplated hereby.

                  (b) The Company's unaudited balance sheet as of the Balance
Sheet Date was prepared in accordance with generally accepted accounting
principles and fairly presents the financial condition of the Company as at the
Balance Sheet Date. Neither the Company nor any of its Subsidiaries has any
liabilities or obligations of any nature, whether absolute, accrued, contingent
or otherwise, which are not described in such unaudited balance sheet except for
liabilities that may have arisen in the ordinary and usual course of business
since the Balance Sheet Date and that individually or in the aggregate do not
have and could not reasonably be expected to have a material adverse effect on
the Company and its Subsidiaries, taken as a whole, and other liabilities and
obligations expressly disclosed in the Schedules to this Agreement.

                  (c) The pro forma balance sheet of the Company referred to in
Section 4.7(a)(ii) has been prepared by management of the Company on a
reasonable basis taking into consideration the effect of the transactions
contemplated hereby as of the Closing Date and none of the Company and its
management is aware of any fact which casts doubt on the accuracy or
completeness thereof. After giving effect to the transactions contemplated by
the Related Agreements, neither the Company nor any of its Subsidiaries will
have any material liabilities, contingent or otherwise, which are not referred
to in such balance sheet or in the notes thereto other than liabilities not
required to be disclosed in accordance with generally accepted accounting
principles and liabilities arising under the Related Agreements.

                  SECTION 4.8. ABSENCE OF CERTAIN DEVELOPMENTS. There has been
no material adverse change in the business, properties, financial condition or
prospects of the Company and its Subsidiaries, taken as a whole, since the
Balance Sheet Date. Prior to and at the Closing Date, the Company will not have
conducted any business or incurred any liabilities other than those arising in
connection with its organization and the transactions contemplated hereby and by
the Related Agreements.

                  SECTION 4.9.  INDEBTEDNESS AND LIENS.  Neither the Company nor
any of its Subsidiaries has any Indebtedness or Liens upon any of its Property
other than Permitted Indebtedness and Permitted Liens.

                  SECTION 4.10. INDEBTEDNESS TO AND FROM OFFICERS, DIRECTORS AND
OTHERS. Except as set forth on Schedule 4.10 hereto, neither the Company nor any
of its Subsidiaries is indebted to any director, officer, employee or consultant
of the Company or any of its Subsidiaries or to any other Affiliate of the
Company, except for amounts due as normal salaries, fees or reimbursement of
ordinary business expenses. Except as set forth on Schedule 4.10, no director,
officer, employee or consultant of the Company or any of its Subsidiaries and no
other Affiliate of the Company is now, or on the Closing Date will be, indebted
to the Company or any Subsidiary of the Company except for ordinary business
expense advances.

                                       13
<PAGE>   20

                  SECTION 4.11. LICENSES, ETC. Schedule 4.11 sets forth a
listing of all franchises, patents, patent applications, patent licenses, patent
rights, trademarks, trademark rights, trade names, trade name rights,
copyrights, licenses, permits, authorizations, certificates of convenience and
necessity, operating rights and other rights as are necessary for the conduct of
the Company's business as currently conducted. All of the foregoing are in full
force and effect, and the Company is in compliance with the foregoing without
any known conflict with the valid rights of others which could affect or impair
in a material manner the business, assets, financial condition or prospects of
the Company. The Company does not believe it is or will be necessary to utilize
any inventions, trade secrets or proprietary information of any of its employees
made prior to their employment by the Company, except for such inventions, trade
secrets or proprietary information that have been assigned to the Company. To
the Company's knowledge, the conduct of the Company's business has not infringed
or misappropriated and does not infringe or misappropriate any proprietary
rights of other persons or entities, nor to the Company's knowledge, would any
future conduct as presently contemplated infringe any proprietary rights of
other persons or entities.

                  SECTION 4.12. SOLVENCY. Prior to and taking into account the
consummation of the financing transactions contemplated by this Agreement and
the Related Agreements, the Company is solvent, and has tangible and intangible
assets having a fair value in excess of the amount required to pay its probable
liabilities on its existing debts as they become absolute and matured, and its
capital is not unreasonably small for the conduct of its business as presently
contemplated and the ability to pay its debts from time to time incurred in
connection therewith as such debts mature.

                  SECTION 4.13. TITLE TO ASSETS; LEASES. The Company owns and
leases no real property except for its leases of office facilities described on
Schedule 4.13. Except as disclosed on Schedule 4.13, the Company enjoys peaceful
and undisturbed possession, and is in compliance with the terms, of such leases
and of all leases of personal property, except where failure to enjoy such
possession or such noncompliance would not have a material adverse effect upon
the business, assets, prospects or financial condition of the Company and all
such leases are valid and in full force and effect.

                  SECTION 4.14. LITIGATION. There is no litigation, action, suit
or proceeding, at law or in equity, or any proceeding before any court, board or
other governmental or administrative agency or any arbitrator pending or, to the
knowledge of the Company, after due inquiry, threatened, involving the Company
and its Subsidiaries. No judgment, decree or order of any court, board or other
governmental or administrative agency or arbitrator has been issued against or
binds the Company or its assets which has or may have any material adverse
effect on the business, assets, financial condition or prospects of the Company
and its Subsidiaries, taken as a whole.

                  SECTION 4.15. TAX RETURNS. The Company has filed all tax
returns and reports which are required to be filed by it with any foreign,
federal, state or local governmental authority or agency and has paid, or made
adequate provision for the payment of, all assessments received and all taxes
which have or may become due under applicable foreign, federal, state or local

                                       14
<PAGE>   21

governmental law or regulations with respect to the periods in respect of which
such returns and reports were filed. The Company knows of no additional
assessments since the date of such returns and reports for which adequate
reserves appearing on the balance sheet referred to in Section 4.7(a)(ii) have
not been established. The Company has made adequate provisions for all current
taxes.

                  SECTION 4.16. DEFAULTS. Except as set forth in Schedule 4.16
hereto, neither the Company nor any of its Subsidiaries is in default under any
provisions of its Certificate of Incorporation or by-laws or under any
provisions of any franchise, contract, agreement, lease or other instrument to
which it is a party or by which it or its property is bound, or in violation of
any law, judgment, decree or governmental order, rule or regulation, which
default or violation could affect adversely in any material manner the business,
assets, prospects or financial condition of the Company and its Subsidiaries,
taken as a whole. Neither the execution and delivery of this Agreement, the
consummation of the transactions contemplated hereby, nor compliance with its
terms and conditions and with the terms and provisions of the Financing
Agreements, will conflict or result in breach of, or constitute a default under,
any of the material terms, obligations, covenants, conditions or provisions of
any restriction or of any material indenture, mortgage, deed of trust, pledge,
bank loan or credit agreement, charter, by-law or any other material agreement
or instrument to which the Company or any of its Subsidiaries is a party or by
which the Company or any of its Subsidiaries or any of their respective
properties may be bound or affected, or any judgment, order, writ, injunction,
decree or demand of any court, arbitrator, governmental agency or result in the
creation or imposition of any lien, charge or encumbrance of any nature
whatsoever upon any property or asset of the Company or any of its Subsidiaries.

                  SECTION 4.17. BURDENSOME OBLIGATIONS. Neither the Company nor
any of its Subsidiaries is party to or bound by any agreement, deed, lease or
other instrument which is so unusual or burdensome as to affect or impair
materially and adversely the business, assets, prospects or financial condition
of the Company and its Subsidiaries, taken as a whole, in the foreseeable
future.

                  SECTION 4.18. EMPLOYEE BENEFIT PLANS. Neither the Company nor
any of its Subsidiaries maintains any Employee Benefit Plan, except as set forth
on Schedule 4.18, and neither the Company nor any of its Subsidiaries has ever
maintained or contributed to any Employee Benefit Plan with respect to which the
Company is or was required to file Internal Revenue Service ("IRS") Form 5500,
and neither the Company nor any of its Subsidiaries contributes to or has ever
contributed to any "multiemployer plan," as such term is defined in Section 3 of
ERISA.

                  SECTION 4.19. REPRESENTATIONS AND WARRANTIES UNDER RELATED
AGREEMENTS. All representations and warranties made by the Company in any of the
Related Agreements or in the certificates delivered in connection therewith are
true and correct in all material respects as of the date hereof with the same
force and effect as though made on and as of the date hereof, and such
representations and warranties are hereby confirmed to you and made
representations and warranties of the Company hereunder as fully as if set forth
herein. To the best of the Company's knowledge, all representations and
warranties made in the Related Agreements by or on behalf of

                                       15

<PAGE>   22

any party thereto other than the Company and the Purchasers are true and correct
in all material respects.

                  SECTION 4.20. EMPLOYMENT CONTRACTS, LABOR RELATIONS. Except as
set forth on Schedule 4.20, neither the Company nor any of its Subsidiaries is a
party to any written employment agreement, arrangement or understanding with any
of its officers or employees and there are no collective bargaining agreements
covering any of the employees of the Company or any of its Subsidiaries. Neither
the Company, nor to the Company's knowledge, any of its employees, is subject to
any noncompete, nondisclosure, confidentiality, employment, consulting or
similar agreements relating to, affecting or in conflict with the present or
proposed business activities of the Company (other than agreements between the
Company and its present and former employees). No consent of any union (or any
similar group or organization) is required in connection with the consummation
of the transactions contemplated hereby or by the Related Agreements. Except as
disclosed in Schedule 4.20, there are no pending, threatened or anticipated (a)
employment discrimination charges or complaints against or involving the Company
or any of its Subsidiaries before any federal, state, or local board,
department, commission or agency, (b) unfair labor practice charges or
complaints, disputes or grievances affecting the Company or any of its
Subsidiaries, (c) union representation petitions respecting the employees of the
Company or any of its Subsidiaries, (d) efforts being made to organize any of
the employees of the Company or any of its Subsidiaries or (e) strikes, slow
downs, work stoppages, or lockouts or threats thereof affecting the Company or
any of its Subsidiaries.

                  SECTION 4.21. LOCATION OF OFFICE. The Company's executive
offices and the location where its books and records are kept is at the address
set forth above.

                  SECTION 4.22. NECESSARY PROPERTY. Except as may be set forth
in Schedule 4.22 hereto, the properties and assets owned, leased by or licensed
to the Company and its Subsidiaries constitute all of the real and personal
properties, tangible and intangible, which are necessary, used or useful in the
conduct of the businesses of the Company and its Subsidiaries in the manner and
to the extent presently conducted. Except as may be set forth in Schedule 4.22,
no other material real or personal properties are required for the conduct of
the businesses of the Company and its Subsidiaries as presently conducted.

                  SECTION 4.23. TRANSACTION COSTS. Except as set forth on
Schedule 4.23, there are no Transaction Costs (as defined below) that will be
payable by the Company with respect to the offer, issue and sale of the Series A
Preferred Stock. The term "Transaction Costs" shall mean all of the costs, fees,
and expenses incurred by the Company in connection with the offer, issue and
sale of the Series A Preferred Stock, including without limitation, broker's,
finder's or placement fees or commissions, attorneys' fees and fees of other
professionals.

                  SECTION 4.24. GOVERNMENTAL REGULATIONS. The Company is not a
"holding company", or a "subsidiary company" of a "holding company", or an
"affiliate" of a "holding company", as such terms are defined in the Public
Utility Holding Company Act of 1935; nor is the Company a "registered investment
company", or an "affiliated person" or a "principal

                                       16
<PAGE>   23

underwriter" of a "registered investment company", as such terms are defined in
the Investment Company Act of 1940, as amended.

                  SECTION 4.25. SMALL BUSINESS CONCERN. The Company, together
with its "affiliates" (as defined in 13 CFR 121.103), qualifies as a "small
business concern" within the meaning of the Small Business Investment Act of
1958, as amended, and as a "small concern" within the meaning of the rules and
regulations thereunder pertaining to financings by small business investment
companies (13 CFR 201). The Company conducts its business in all respects and
maintains its properties and facilities in such a manner that the financing and
financial assistance provided by the Purchasers will comply with 13 CFR 107.720.

                  SECTION 4.26. DISCLOSURE. No representation, warranty or
statement made in this Agreement, any Related Agreement, or any agreement,
certificate, statement or document furnished by or on behalf of the Company in
connection herewith or therewith contains any untrue statement of material fact
or omits to state a material fact necessary in order to make the statements
contained herein or therein, in light of the circumstances in which they were
made, not misleading.

                  SECTION 4.27. GOVERNMENTAL LICENSES. Schedule 4.27 describes
and refers to the types of licenses, consents, permits, approvals and
authorizations of public or governmental bodies including, without limitation,
the FCC, and the state, counties and municipalities in which the Company's
businesses will be located, which will be required in connection with and be
material to the installation, conduct and operation of the Company's business
(collectively referred to as the "Authorizations"). As of the date hereto, no
Authorizations have been issued to the Company or any of its Subsidiaries.

                  SECTION 4.28. COMPLIANCE WITH LAWS. The Company and each of
its Subsidiaries are in compliance in all material respects with and have so
complied with, and are not in any material respect in default under or in
violation of, and the operation of the businesses of the Company and its
Subsidiaries do not contravene in any material respect, any statute, law
(including environmental or employment laws), ordinance, decree, order, rule or
regulation of any governmental body applicable to the Company or any of its
Subsidiaries or any of their respective businesses, including, without
limitation, the rules and regulations of the FCC.

                  SECTION 4.29. ACQUISITION AGREEMENTS. Except for the
transactions contemplated by this Agreement and the Related Agreements, and
except as set forth in Schedule 4.29, neither the Company nor any of its
Subsidiaries is a party to, bound by or the subject of, any agreement or
understanding relating to the purchase or investment by any Person in the assets
or stock of the Company or any of its Subsidiaries, and neither the Company nor
any of its Subsidiaries is a party to, bound by or the subject of, any agreement
or understanding relating to the purchase of or investment by the Company or any
of its Subsidiaries in the assets or stock of any Person.

                  SECTION 4.30. MATERIAL CONTRACTS AND OBLIGATIONS. Attached
hereto as Schedule 4.31 is a true, complete and accurate list, categorized by
subject matter, of all of the

                                       17
<PAGE>   24

following outstanding contracts, agreements, plans, leases and commitments
entered into by the Company or any of its Subsidiaries which are in writing or,
to the best of the Company's knowledge, have been orally agreed to by the
Company or any of its Subsidiaries:

                           (i)    all purchase orders or contracts for the
purchase of materials, products or supplies which are for a term of more than 6
months, or involve aggregate payments by the Company or any of its Subsidiaries
of more than $10,000, or which were entered into other than in the ordinary
course of business of the Company and its Subsidiaries;

                           (ii)   all written employment, consulting or service
contracts with any stockholder, director, officer, consultant, advisor or
employee of the Company, any person related by blood or marriage to any such
Person or any other Affiliate of the Company, and any such oral contracts which
are not terminable at will by the Company or any of its Subsidiaries;

                           (iii)  all plans, contracts or arrangements providing
for stock options or stock purchases, bonuses, pensions, deferred or incentive
compensation, retirement or severance payments, profit-sharing, insurance or
other benefit plans or programs for any stockholder, director, officer,
consultant, advisor or employee of the Company or any of its Subsidiaries;

                           (iv)   all contracts for construction or for the
purchase of real estate, improvements, fixtures, equipment, machinery and other
items which under GAAP constitute capital expenditures;

                           (v)    all contracts relating to the rental or use of
equipment, vehicles, other personal property or fixtures;

                           (vi)   all contracts relating in any way to direct
or indirect Indebtedness for borrowed money or evidenced by a bond, debenture,
note or other evidence of Indebtedness (whether secured or unsecured) of or to
the Company or any of its Subsidiaries, and all Liens with respect to any
Property used or owned by the Company or any of its Subsidiaries;

                           (vii)  all contracts substantially restricting the
Company or any of its Subsidiaries from engaging in any line of business or
competing with any Person or in any geographical area, or from using or
disclosing any information in its possession (other than routine supplier and
customer confidentiality agreements);

                           (viii) all license agreements, either as licensor or
licensee;

                           (ix)   all joint venture contracts and agreements
involving a sharing of profits;

                           (x)    all contracts, commitments or shared services
arrangement with any Affiliateand all contracts or commitments not made in the
ordinary course of its business; and

                                       18

<PAGE>   25

                           (xi)   all other contracts, except those which are
(A) cancellable on 30 days' or less notice without any penalty or other
financial obligation or (B) if not so cancellable, involve annual aggregate
payments by or to the Company or any of its Subsidiaries of $5,000 or less.

                  Except as set forth on Schedule 4.30, all contracts,
agreements, plans, leases and commitments required to be disclosed to the
Purchasers pursuant to this Section 4.30 are valid, binding and in full force
and effect as to the Company and its Subsidiaries, and none of the Company or
any of its Subsidiaries or, to the best of the Company's knowledge, any other
party thereto, is in material breach or material violation of, or material
default under, nor is there any reasonable basis for a claim of material breach
or violation by the Company or any of its Subsidiaries of, or default by the
Company or any of its Subsidiaries under, the terms of any such contract,
agreement, plan, lease or commitment, and no event has occurred which
constitutes or, with the lapse of time or the giving of notice or both, would
constitute such a material breach, violation or default by the Company or any of
its Subsidiaries thereunder.

                  SECTION 4.31. ENVIRONMENTAL AND SAFETY LAWS. To the Company's
knowledge, neither the Company nor any of its Subsidiaries is in violation of
any applicable Environmental Law or any applicable statute, law or regulation
relating to occupational health and safety and to the Company's knowledge, no
material expenditures are or will be required in order to comply with any such
existing statute, law or regulation.

                  SECTION 4.32. INVESTMENTS IN REAL PROPERTY HOLDING INTERESTS.
The Company's capital stock does not constitute a United States real property
interest as that term is defined in Section 897(c)(1)(A)(ii) of the Code. The
preceding representation is based on a determination by the Company that the
Company is not and, since its inception, has not been a United States real
property holding corporation (as that term is defined in Section 897(c)(2) of
the Code) (a "USRPHC"). From time to time, upon request of any Purchaser, the
Company shall make a determination as to its status as a USRPHC. If at any time
in the future the Company should become a USRPHC, the Company shall, as promptly
as possible, notify each Purchaser of such change in status.

                  SECTION 4.33. UNRELATED BUSINESS TAXABLE INCOME. Any gross
income derived by the Purchasers from the Series A Preferred Stock and the
Conversion Stock, as holders thereof, shall be in the form of dividends, if any,
and capital gains and losses from the disposition of property, but only such
dividends and capital gains and losses that are not included under Section
512(b)(4) of the Code in calculating unrelated business taxable income. This
Section 4.33 shall not be deemed to apply to (i) any compensation (in cash,
stock or other form), received by any designee of a Purchaser in his or her
capacity as a director of the Company, that is transferred to such Purchaser,
(ii) any income included under Section 512(b)(4) of the Code as a result of
acquisition indebtedness incurred by any Purchaser in connection with the
purchase of an interest in the Company, (iii) any income derived by any
Purchaser from the Company with respect to which such Purchaser has expressly
waived in writing the application of the provisions of this Section 4.33, or
(iv) any income derived by any Purchaser pursuant to the reimbursement of
expenses provisions hereof.

                                       19

<PAGE>   26

ARTICLE V.  PURCHASERS' INVESTMENT REPRESENTATIONS AND WARRANTIES

                  Each Purchaser hereby represents and warrants to the Company
and to the directors, officers and control persons (within the meaning of the
Securities Act) of the Company as follows:

                           (i)    Such Purchaser recognizes that the Company has
little financial and operating history and that an investment in the Company is
highly speculative and involves significant risks, including, without
limitation, those disclosed on Schedule 5.1 hereto.

                           (ii)   Such Purchaser has been afforded the
opportunity to ask questions and to receive answers concerning the terms and
conditions of the purchase of Series A Preferred Stock and to obtain any
additional information which the Company possesses or can acquire without
unreasonable effort or expense that is necessary to verify the accuracy of the
information set forth in this Agreement. The Company has responded to all
inquiries that such Purchaser has made of it concerning the Company, its
business, financial condition and prospects or any other matter relating to the
operations of the Company and the offering and sale of the Series A Preferred
Stock. No oral or written statement or inducement which is contrary to the
information set forth in this Agreement has been made by or on behalf of the
Company to such Purchaser.

                           (iii)  Such Purchaser is an "accredited investor"
(as defined in Rule 501 of Regulation D promulgated under the Securities Act)
and has such knowledge and experience in financial and business matters as to be
capable of evaluating the merits and risks of an investment in the Series A
Preferred Stock.

                           (iv)   Such Purchaser (a) has adequate means of
providing for its current needs and possible contingencies, (b) has no need for
liquidity in its investment, (c) is able to bear the economic risks of such
investment in the Series A Preferred Stock, and (d) at the present time, can
afford a complete loss of such investment.

                           (v)    Such Purchaser is purchasing the Series A
Preferred Stock for its own account, for investment purposes, and not for
distribution, assignment or resale to others; provided, however, that nothing
contained herein shall prevent any Purchaser and subsequent holders of Series A
Preferred Stock from transferring such securities in compliance with the
provisions of Article XI hereof. No other Person has any direct or indirect
beneficial interest in such Series A Preferred Stock, except as disclosed by
such Purchaser to the Company and except investors in such Purchaser.

                           (vi)   Such Purchaser understands that (a) there is
and will be no market for the Series A Preferred Stock, (b) the sale of the
Series A Preferred Stock has not been and will not be registered under the
Securities Act or any state securities laws in reliance on the exemption for
nonpublic offerings provided by Section 4(2) of the Securities Act and
Regulation

                                       20

<PAGE>   27

D promulgated thereunder and analogous state securities law provisions, and must
be held indefinitely unless they are subsequently registered under the
Securities Act and applicable state securities laws or an exemption from such
registration is available, (c) except as expressly provided in the Registration
Rights Agreement, the Company is under no obligation to register the Series A
Preferred Stock on such Purchaser's behalf or to assist it in complying with any
exemption from registration, and (d) none of the Series A Preferred Stock may be
sold pursuant to Rule 144 promulgated by the Securities and Exchange Commission
pursuant to the Securities Act unless all of the conditions of that Rule are
met.

                           (vii)  Such Purchaser understands that no Federal or
state agency has passed upon the Series A Preferred Stock or made any finding or
determination as to the fairness of the investment or any recommendation or
endorsement of the Series A Preferred Stock. Such Purchaser will not transfer
the Purchased Securities without registering or qualifying the same under
applicable securities laws unless such transfer is exempt under such laws.

                           (viii) Such Purchaser has not been furnished any
offering literature other than this Agreement, the written materials described
in Schedule 5.2 hereto and other materials which the Company may have provided
at the request of such Purchaser, and such Purchaser has relied only on the
information contained in this Agreement, the written materials described in
Schedule 5.2 hereto and the other information furnished or made available to
such Purchaser by the Company, as described in subparagraph (ii) above.

                           (ix)   Such Purchaser has its principal place of
business at the address set forth on the Schedule of Purchasers attached hereto.

                           (x)    Such Purchaser certifies, under penalties of
perjury, (a) that the social security or federal taxpayer identification number
shown on the Schedule of Purchasers is true and complete and (b) that such
Purchaser is not subject to backup withholding either because such Purchaser has
not been notified that such Purchaser is subject to backup withholding as a
result of a failure to report all interest or dividends, or the Internal Revenue
Service has notified such Purchaser that such Purchaser is no longer subject to
backup withholding.

                  The representations and warranties of the Purchasers herein
shall not limit or modify the representations and warranties of the Company set
forth in this Agreement.

                  Each Purchaser, severally and not jointly, agrees to indemnify
and hold harmless the Company, its officers, directors, and control persons
(within the meaning of the Securities Act) from and against any and all damage,
loss, liability, cost and expense (including reasonable attorneys' fees) which
any of them may incur by reason of any breach of the representations and
warranties made by such Purchaser herein or in any other document provided by
such Purchaser to the Company. All representations, warranties and covenants in
this Agreement, and the indemnification contained in this Article V, shall
survive any closing hereunder.

                  Each of the Series A Preferred Stock shall be imprinted with a
legend in substantially the following form:

                                       21

<PAGE>   28

                  "THE SHARES OF STOCK REPRESENTED BY THIS CERTIFICATE HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE
SECURITIES ACT, AND SUCH SHARES CANNOT BE SOLD OR TRANSFERRED EXCEPT PURSUANT TO
THE REGISTRATION PROVISIONS OF SUCH ACTS OR AN EXEMPTION THEREFROM.

                  THE SHARES OF STOCK REPRESENTED BY THIS CERTIFICATE ARE
SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER CONTAINED IN A CERTAIN SECURITIES
PURCHASE AGREEMENT BY AND AMONG THE COMPANY AND THE PURCHASER OF SUCH SHARES, A
COPY OF WHICH IS AVAILABLE AT THE PRINCIPAL OFFICES OF THE COMPANY."

ARTICLE VI.  CONDITIONS TO PURCHASE

                  SECTION 6.1. PURCHASER'S CONDITIONS. Each Purchaser's
obligation to purchase the Series A Preferred Stock to be purchased on the
Closing Date by such Purchaser pursuant to this Agreement is subject to
compliance by the Company with its agreements herein contained, and to the
satisfaction, on or prior to the Closing Date, of the following conditions
unless waived:

                  SECTION 6.1.1. RELATED AGREEMENTS. Each of the Related
Agreements shall have been executed and delivered in the forms provided for
herein, and each of the Related Agreements shall be in full force and effect and
no term or condition thereof shall have been amended, modified or waived except
with the prior written consent of such Purchaser. All covenants, agreements and
conditions contained in the Related Agreements which are to be performed or
complied with by the Company on or prior to the Closing Date shall have been
performed or complied with in all material respects (or waived with the prior
written consent of such Purchaser).

                  SECTION 6.1.2. CHARTER DOCUMENTS; GOOD STANDING CERTIFICATE.
Such Purchaser shall have received from the Company (a) a copy, certified by the
Secretary of State of Delaware, of the Amended and Restated Certificate of
Incorporation of the Company, (b) a copy, certified by a duly authorized officer
of the Company to be true and complete as of the Closing Date, of the by-laws of
the Company; and (c) certificates, dated not more than ten days prior to the
Closing Date, of the Secretaries of State of Delaware and Missouri, as to the
Company's corporate good standing in such states.

                  SECTION 6.1.3. PROOF OF CORPORATE ACTION. Such Purchaser shall
have received from the Company copies, certified by a duly authorized officer
thereof to be true and complete as of the Closing Date, of the records of all
corporate action taken by the Company to authorize the execution, delivery and
performance of this Agreement and each of the Related Agreements.

                  SECTION 6.1.4. INCUMBENCY CERTIFICATE. Such Purchaser shall
have received from the Company an incumbency certificate, dated the Closing
Date, signed by a duly authorized

                                       22

<PAGE>   29

officer thereof and giving the name and bearing a specimen signature of each
individual who shall be authorized to sign, in the name and on behalf of the
Company, this Agreement and each of the Related Agreements, and to give notices
and to take other action on behalf of the Company hereunder.

                  SECTION 6.1.5. LEGAL OPINION. The Purchasers and the Agent
shall have received from Bryan Cave LLP, special counsel to the Company, a
favorable opinion substantially in the form of Exhibit E hereto, and covering
such other matters with respect to the transactions contemplated by this
Agreement as the Purchasers may reasonably request.

                  SECTION 6.1.6. REPRESENTATIONS AND WARRANTIES; OFFICERS'
CERTIFICATES. The representations and warranties of the Company contained or
incorporated by reference herein shall be true and correct in all material
respects on and as of the Closing Date with the same force and effect as though
made on and as of the Closing Date, except for those representations and
warranties which relate specifically to a particular date, provided that such
representations and warranties were true and correct in all respects as of such
date; no event or condition shall have occurred or would result from the
issuance of any of the Series A Preferred Stock which would be a Default or an
Event of Default, and the Company shall have performed and complied with, in all
material respects, all conditions and agreements required to be performed or
complied with by it prior to the Closing; and such Purchaser and the Agent shall
have received on the Closing Date a certificate to these effects signed by an
authorized officer of the Company.

                  SECTION 6.1.7. LEGALITY; GOVERNMENTAL AND OTHER
AUTHORIZATIONS. The purchase of the Series A Preferred Stock by such Purchaser
shall not be prohibited by any law or governmental order or regulation. All
necessary consents, approvals, licenses, permits, orders and authorizations of,
or registrations, declarations and filings with, any governmental or
administrative agency or of or with any other Person, with respect to any of the
transactions contemplated by this Agreement or any of the Related Agreements,
shall have been duly obtained or made and shall be in full force and effect.

                  SECTION 6.1.8. DUE DILIGENCE. Such Purchaser shall have
completed its legal, financial, tax, environmental, accounting and business due
diligence review of the Company with the results thereof satisfactory to such
Purchaser in its sole discretion.

                  SECTION 6.1.9. PAYMENT OF CERTAIN FEES AND DISBURSEMENTS. The
Purchasers shall have been reimbursed by the Company pursuant to Section 12.1 of
this Agreement for all reasonable out-of-pocket costs and expenses (including,
but not limited to, the reasonable legal fees of one counsel to Purchasers)
incurred by them through the Closing Date in connection with the transactions
contemplated by this Agreement.

                                       23

<PAGE>   30

                  SECTION 6.1.10. SBIC DOCUMENTATION. The Company shall have
executed and delivered to each Purchaser that is a Federal licensee (an "SBIC
Investor") under the Small Business Investment Act of 1958, as amended (the
"Small Business Act"), upon request of such SBIC Investor, (i) a Size Status
Declaration on Form 480 of the United States Small Business Administration
("SBA"), (ii) an Assurance of Compliance on SBA Form 652, (iii) an SBA
Certification in substantially the form provided to the Company by such SBIC
Investor and (iv) the information required for such SBIC Investor to prepare a
Portfolio Financing Report on SBA Form 1031.

                  SECTION 6.1.11. CAPITALIZATION. In addition to (i) the Series
A Preferred Stock and (ii) the Founders' Warrants for 300,000 shares of Common
Stock at an exercise price of $3.00 per share, the Company shall have issued as
of the Closing Date no more than 5,200,000 shares of Common Stock, and shall
have established at or prior to the Closing the Option Plan providing for
issuance of no more than an aggregate of 1,000,000 shares of Common Stock over
the life of the Option Plan and for grants of options in an amount of not more
than 100,000 shares prior to the Closing with an exercise price of $2.40 per
share.

                  SECTION 6.1.12. SHAREHOLDER'S AGREEMENT. The amendment to that
certain Shareholder's Agreement, dated as of August 14, 1998, in substantially
the form of Exhibit H hereto shall have been duly executed and delivered.

                  SECTION 6.1.13. CERTIFICATION OF SECURITIES HOLDINGS. The
Company shall have provided to Centennial Fund V, L.P. ("Centennial") a
certification of the direct and indirect holdings of securities of the Company
by certain persons designated by Centennial as required by Centennial's
governing documents.

                  SECTION 6.1.14.  MINIMUM INVESTMENT.  The Purchasers shall
purchase, or subscribe to purchase, at least 16,666,666 shares of Series A
Preferred Stock at the Closing.

                  SECTION 6.1.15. GENERAL. All instruments and legal,
governmental, administrative and corporate proceedings in connection with the
transactions contemplated by this Agreement and the Related Agreements shall be
reasonably satisfactory in form and substance to the Purchasers, and the
Purchasers shall have received copies of all documents which Purchasers may have
reasonably requested in connection therewith, including, without limitation,
records of corporate proceedings, the opinion of counsel contemplated by Section
6.1.5 and any consents, licenses, approvals, permits and orders required to be
secured by the Company in connection with the transactions contemplated hereby.

                  SECTION 6.2. THE COMPANY'S CONDITIONS. The Company's
obligation to issue and sell the Series A Preferred Stock to be purchased on the
Closing Date pursuant to this Agreement are subject to compliance by each
Purchaser with its agreements herein contained, and to the satisfaction, on or
prior to the Closing Date, of the following conditions:

                  SECTION 6.2.1. RELATED AGREEMENTS. The Stockholders' Agreement
and Registration Rights Agreement shall each have been executed and delivered by
the Purchasers in

                                       24

<PAGE>   31

the forms provided for herein, and each of the other Related Agreements shall be
in full force and effect and no term or condition thereof shall have been
amended, modified or waived except with the prior written consent of the
Company. All covenants, agreements and conditions contained in the Related
Agreements which are to be performed or complied with by the Purchasers on or
prior to the Closing Date shall have been performed or complied with in all
material aspects (or waived with the prior written consent of the Company).

                  SECTION 6.2.2. LEGALITY: GOVERNMENTAL AND OTHER
AUTHORIZATIONS. The sale of the Series A Preferred Stock by the Company shall
not be prohibited by any law or governmental order or regulation. All necessary
consents, approvals, licenses, permits, orders and authorizations of, or
registrations, declarations and filings with, any governmental or administrative
agency or of or with any other Person, with respect to any of the transactions
contemplated by this Agreement or any of the Related Agreements, shall have been
duly obtained or made and shall be in full force and effect.

                  SECTION 6.2.3. CAPITALIZATION. In addition to the Series A
Preferred Stock, the Company shall have issued as of the Closing Date (a)
5,200,000 shares of Common Stock, (b) the Founders' Warrants for 300,000 shares
of Common Stock and (c) non-qualified employee stock options for up to 100,000
shares of Common Stock pursuant to the Option Plan exercisable at $2.40 per
share.

                  SECTION 6.2.4. GENERAL. All instruments and legal,
governmental and administrative and corporate proceedings in connection with the
transactions contemplated by this Agreement and the Related Agreements shall be
reasonably satisfactory in form and substance to the Company, and the Company
shall have received copies of any consents, licenses, approvals, permits and
orders secured by any Purchaser in connection with the transactions contemplated
hereby.

ARTICLE VII.  COVENANTS APPLICABLE TO THE COMPANY WHILE ANY OF THE SERIES A
              PREFERRED STOCK ARE OUTSTANDING

                  The Company covenants that, so long as any of the Series A
Preferred Stock is outstanding, the Company will comply and will cause each of
its Subsidiaries to comply with the following provisions unless otherwise
consented to in writing by the Majority Holders:

                  SECTION 7.1. RECORDS AND ACCOUNTS. Each of the Company and its
Subsidiaries will keep true and accurate records and books of account in which
full, true and correct entries will be made in accordance with generally
accepted accounting principles and maintain adequate accounts and reserves for
all taxes (including income taxes), all depreciation, depletion, obsolescence
and amortization of its Properties, all contingencies, and all other reserves,
all in accordance with GAAP.

                  SECTION 7.2. CORPORATE EXISTENCE; SUBSIDIARIES; MAINTENANCE OF
PROPERTIES. The Company and its Subsidiaries will not engage in any business
other than providing telecommunications services and those businesses reasonably
ancillary thereto. Unless authorized

                                       25
<PAGE>   32

by the Board of Directors each of the Company and its Subsidiaries will (a)
preserve and keep in full force and effect its corporate existence, rights and
franchises, and (b) maintain all of its Properties used or useful in the conduct
of its business in good condition, repair and working order (normal wear and
tear excepted) and cause to be made all necessary repairs, renewals,
replacements, betterments and improvements thereof, all as in the judgment of
the Company may be necessary so that the business carried on in connection
therewith may be properly and advantageously conducted at all times; provided,
however, that nothing in this Section 7.2 shall prevent the Company or any of
its Subsidiaries from discontinuing the operation and maintenance of any of such
Properties if such discontinuance is, in the judgment of the Company, desirable
in the conduct of such Person's business and does not in the aggregate
materially adversely affect the business of the Company and its Subsidiaries
taken as a whole.

                  SECTION 7.3. INSURANCE. Each of the Company and its
Subsidiaries will maintain with financially sound and reputable insurance
companies, funds or underwriters insurance of the kinds, covering the risks and
in the relative proportionate amounts which, in the judgment of the Board of
Directors, are usually carried by reasonable and prudent companies conducting
businesses similar to that of the Company and its Subsidiaries.

                  SECTION 7.4. TAXES AND CLAIMS. Each of the Company and its
Subsidiaries will pay and discharge, or cause to be paid and discharged, before
the same shall become overdue, all taxes, assessments and other governmental
charges imposed upon the Company and its Subsidiaries and their Properties,
sales and activities, or any part thereof, or upon the income or profits
therefrom, as well as all claims for labor, materials, or supplies, which if
unpaid might by law become a Lien upon any of their Properties; provided,
however, that any such tax, assessment, charge, levy or claim need not be paid
if the validity or amount thereof shall currently be contested in good faith by
appropriate proceedings and if the Company or any of its Subsidiaries shall have
set aside on its books adequate reserves with respect thereto; and provided,
further, that the Company and its Subsidiaries will pay or cause to be paid all
such taxes, assessments, charges, levies or claims forthwith upon the
commencement of foreclosure on any Lien which may have attached as security
therefor.

                  SECTION 7.5. INSPECTION OF PROPERTIES AND BOOKS. Upon the
request of any holder of Series A Preferred Stock, the Company will furnish such
information regarding the business, affairs, prospects and financial condition
of the Company and its Subsidiaries as such holder may reasonably request. Each
of the Company and its Subsidiaries shall permit any holder of Series A
Preferred Stock or any of its designated representatives, at their respective
cost, to visit and inspect any of the properties of the Company and its
Subsidiaries, to examine the books of account of the Company and its
Subsidiaries (and to make copies thereof and extracts therefrom), and to discuss
the affairs, finances and accounts of each of the Company and its Subsidiaries
with, and to be advised as to the same by, officers of such Persons, all at such
reasonable times and intervals as the Purchaser may reasonably request. At least
three days prior to any interview of an officer of such Person, the chief
executive officer of the Company shall be notified of such interview and shall
be invited to attend such interview. Prior to making any such inspection or
conducting any such interviews, such holder of Series A Preferred Stock and its
representatives who are making the inspection or conducting the interviews shall
execute

                                       26

<PAGE>   33

confidentiality and non-disclosure agreements reasonably acceptable to the
Company and its counsel and such holder and its counsel. Each Purchaser shall be
entitled to have one representative attend meetings of the Board of Directors as
a non-voting observer. In connection therewith, the Company shall provide each
such representative with a copy of all notices, minutes, consents and other
materials, financial or otherwise, which the Company provides to members of its
Board of Directors concurrently with the delivery of such information to the
members of its Board of Directors. Participation by observers in any meeting of
the Board of Directors shall be at the reasonable discretion of the Chairman of
the Board. Any observer may be excluded from all or any portion of any meeting
in which the Board of Directors is (i) considering matters with respect to which
such observer or any Affiliate of such observer has a conflict of interest, (ii)
when deemed reasonably advisable by the Chairman of the Board and/or counsel for
the Company to preserve an attorney-client privilege or the confidentiality of
any other significant matter and (iii) when the Board of Directors by majority
vote otherwise resolves to conduct its proceedings in executive session. The
Company shall reimburse out-of-pocket expenses only for one representative of
any Purchaser that does not have the right to designate a member of the Board of
Directors pursuant to Section 4.1(a)(i) of the Stockholders' Agreement.

                  SECTION 7.6. COMPLIANCE WITH LAWS, CONTRACTS, LICENSES AND
PERMITS. The Company and each of its Subsidiaries will comply with (a) all
applicable laws and regulations, (b) the provisions of its Charter and by-laws,
(c) all agreements and instruments by which it or any of its Properties may be
bound (including, without limitation, the Related Agreements) (d) all applicable
decrees, orders, and judgments and (e) all required approvals, permits and
licenses. If at any time while any Series A Preferred Stock is outstanding, any
authorization, consent, approval, permit or license from any officer, agency or
instrumentality of any government shall become necessary or required in order
that any of the Company or its Subsidiaries may lawfully fulfill any of its
obligations hereunder, each of the Company and its Subsidiaries will immediately
take or cause to be taken all reasonable steps within its power to obtain such
authorization, consent, approval, permit or license and furnish Purchasers with
evidence thereof.

                  SECTION 7.7.  EMPLOYEE BENEFIT PLANS.  Neither of the Company
nor any ERISA Affiliate will:

                  (a) engage in any "prohibited transaction" within the meaning
of ss.406 of ERISA or ss.4975 of the Code;

                  (b) permit any Guaranteed Pension Plan to incur an
"accumulated funding deficiency", as such term is defined in ss.302 of ERISA,
whether or not such deficiency is or may be waived;

                  (c) fail to contribute to any Guaranteed Pension Plan to an
extent which, or terminate any Guaranteed Pension Plan in a manner which, could
result in the imposition of a lien or encumbrance on the assets of the Company
or any of its Subsidiaries pursuant to ss.302(f) or ss.4068 of ERISA; or

                                       27

<PAGE>   34

                  (d) permit or take any action which would result in the
aggregate benefit liabilities (with the meaning of ss.4001 of ERISA) of all
Guaranteed Pension Plans exceeding the value of the aggregate assets of such
Plans, disregarding for this purpose the benefit liabilities and assets of any
such Plan with assets in excess of benefit liabilities.

                  The Company will (i) promptly upon filing the same with the
Department of Labor or Internal Revenue Service, furnish to each holder of
Series A Preferred Stock a copy of the most recent actuarial statement required
to be submitted under ss.103(d) of ERISA and Annual Report, Form 5500, with all
required attachments, in respect of each Guaranteed Pension Plan and (ii)
promptly upon receipt or dispatch, furnish to each holder of Series A Preferred
Stock a copy of any notice, report or demand sent or received in respect of a
Guaranteed Pension Plan under ss.ss.302, 4041, 4042, 4043, 4063, 4065, 4066 and
4068 of ERISA, or in respect of a Multiemployer Plan, under ss.ss.4041A, 4202,
4219, 4242 or 4245 of ERISA.

                  SECTION 7.8. FURTHER ASSURANCES. The parties will cooperate
with each other and execute such further instruments and documents as any party
shall reasonably request to carry out the transactions contemplated by this
Agreement.

                  SECTION 7.9. NOTICES. The Company will promptly notify each
holder of Series A Preferred Stock in writing of the occurrence of any Default
or Event of Default or if any Person shall give any notice or take any other
action in respect of a claimed default (whether or not constituting a Default or
an Event of Default) under any of the Related Agreements or any other Default
with respect to a material agreement to which the Company or any of its
Subsidiaries is a party. The Company also covenants and agrees to promptly
provide each Purchaser with written notice: (a) upon the Company or any of its
Subsidiaries' obtaining knowledge of any violation of any Environmental Law
regarding the Property or the operations of the Company or any of its
Subsidiaries; (b) upon the Company or any of its Subsidiaries' obtaining
knowledge of any potential or known release, or threat of release, of any
Hazardous Materials at, from, or into the Property which it reports in writing
or is reportable by it in writing to any governmental authority; (c) upon the
Company or any of its Subsidiaries' receipt of any notice of violation of any
Environmental Laws or of any release or threatened release of Hazardous
Materials at, from or into the Property, including a notice or claim of
liability or potential responsibility from any third party (including without
limitation any federal, state or local governmental officials) and including
notice of any formal inquiry, proceeding, demand, investigation or other action
with regard to (i) the Company, any of its Subsidiaries or any other Person's
operation of the Property or (ii) contamination on, from or into the Property;
(d) upon the Company or any of its Subsidiaries' receipt of notice of any
investigation or remediation of offsite locations at which the Company, any of
its Subsidiaries or any of their predecessors are alleged to have directly or
indirectly disposed of Hazardous Materials; or (e) upon the Company or any of
its Subsidiaries' obtaining knowledge that any expense or loss has been incurred
by such governmental authority in connection with the assessment, containment,
removal or remediation of any Hazardous Materials with respect to which the
Company or any of its Subsidiaries may be liable or for which a Lien may be
imposed on the property.

                                       28

<PAGE>   35

                  SECTION 7.10. RESTRICTIONS ON INDEBTEDNESS. Neither the
Company nor any of its Subsidiaries will create, incur, assume, guarantee or be
or remain liable, contingently or otherwise, with respect to any Indebtedness
other than the following ("Permitted Indebtedness"):

                           (i)   Indebtedness as set forth in Schedule 7.10
hereto;

                           (ii   obligations, contingent and otherwise, which in
accordance with GAAP are classified on the obligor's balance sheet as
liabilities or referred to in the footnotes thereto, which are incurred in the
ordinary course of business and not incurred through (A) the borrowing of money,
or (B) the obtaining of credit except for credit on an open account basis
customarily extended in connection with normal purchases of goods and services;
and

                           (iii) any other Indebtedness of the Company and its
Subsidiaries which shall be approved by a Supermajority Board Vote.

                  SECTION 7.11. RESTRICTIONS ON LIENS. Neither the Company nor
any of its Subsidiaries will create or incur or suffer to be created or incurred
or to exist any Lien of any kind upon any of its Properties or assets of any
character whether now owned or hereafter acquired, or upon the income or profits
therefrom; or transfer any of such Property or assets or the income or profits
therefrom for the purpose of subjecting the same to the payment of Indebtedness
or performance of any other obligation in priority to payment of its general
creditors; or acquire, or agree or have an option to acquire, any property or
assets upon conditional sale or other title retention or purchase money security
agreement, device or arrangement; or suffer to exist for a period of more than
thirty days after the same shall have been incurred any Indebtedness or claim or
demand against it which if unpaid might by law or upon bankruptcy or insolvency,
or otherwise, be given any priority whatsoever over its general creditors (other
than those claims which the Company is contesting in good faith by appropriate
proceedings and as to which the Company shall have set aside on its books
adequate reserves with respect thereto); or sell, assign, pledge or otherwise
transfer any accounts, contract rights, general intangibles or chattel paper,
with or without recourse; provided, however, that the Company and its
Subsidiaries may create or incur or suffer to be created or incurred or to exist
any of the following ("Permitted Liens"):

                  (a) Liens to secure taxes, assessments and other government
charges or claims for labor, material or supplies in respect of obligations not
overdue or due but being contested to the extent permitted by Section 7.4;

                  (b) Deposits or pledges made in connection with, or to secure
payment of, workmen's compensation, unemployment insurance, old age pensions or
other social security obligations;

                  (c) Liens in respect of final judgments or awards against the
Company or any of its Subsidiaries in an aggregate amount of not greater than
$100,000 (in excess of available insurance recoveries);

                                       29

<PAGE>   36

                  (d) Liens of carriers, warehousemen, mechanics and
materialmen, and other like Liens;

                  (e) Encumbrances consisting of easements, rights of way,
zoning restrictions, restrictions on the use of real property and irregularities
in the title thereto, landlord's or lessor's Liens under leases to which the
Company or any of its Subsidiaries is a party, and other minor Liens or
encumbrances none of which interferes materially with the use of the property
affected in the ordinary conduct of the business of the Company and its
Subsidiaries and which defects do not individually or in the aggregate have a
material adverse effect on the business, assets, financial condition or
prospects of the Company or any of its Subsidiaries;

                  (f) Any Liens on the assets and Property of the Company  from
time to time securing Permitted Indebtedness; and

                  (g) Any other Liens which shall be approved by the Board of
Directors by a Supermajority Board Vote.

                  SECTION 7.12. DISTRIBUTIONS. Unless approved by a
Supermajority Board Vote, the Company shall not make any Distribution except
that the Company may repurchase the Series A Preferred Stock in accordance with
the terms hereof.

                  SECTION 7.13. MERGER, CONSOLIDATION, SALE OF ASSETS OR OTHER
DISPOSITIONS. Without the approval of the Board of Directors by a Supermajority
Board Vote, neither the Company nor any of its Subsidiaries will become a party
to any merger or consolidation in which the Company and/or its Stockholders do
not hold a majority of the voting equity in, and do not control, the surviving
entity of such merger or consolidation, or sell, lease, sublease or otherwise
transfer or dispose of (including, but not limited to, any sale and leaseback
transactions) any substantial portion of its Property to any Person whether
directly or indirectly or in a single transaction or a series of related
transactions, other than sales of inventory and used equipment in the ordinary
course of business consistent with past practices; provided, that, the Company
or any wholly-owned Subsidiary may engage in any of the above transactions with
the Company or any other wholly-owned Subsidiary without such approval, so long
as in the case of any merger or consolidation to which it is a party the Company
is the surviving entity.

                  SECTION 7.14. MERGER, CONSOLIDATION OR OTHER ACQUISITIONS.
Neither the Company nor any Subsidiary shall directly or indirectly, by
operation of law or otherwise, become a party to a merger or consolidation in
which the Company and/or its Stockholders continue to hold in the aggregate a
majority of the voting equity in, or continue to control, the surviving entity
of such merger or consolidation, acquire all or substantially all of the assets
(other than purchases of inventory made in the ordinary course of the Company's
business) or capital stock of, or otherwise combine with, any Person, unless
such acquisition is approved by the Board of Directors by a Supermajority Board
Vote, provided that the Company or any wholly-owned Subsidiary may engage in any
of the above transactions with the Company or any other wholly-owned Subsidiary
without such approval, so long as in the case of any merger or consolidation to
which it is a party the Company is the surviving entity.

                                       30

<PAGE>   37

                  SECTION 7.15. TRANSACTIONS WITH AFFILIATES. Unless approved by
the Board of Directors by a Supermajority Board Vote, neither the Company nor
any of its Subsidiaries will engage in any transaction with any Affiliate except
for transactions contemplated by the Related Agreements and except for
transactions by the Company with any Subsidiary or by any Subsidiary with any
other Subsidiary.

                  SECTION 7.16. INVESTMENTS. Unless approved by the Board of
Directors by a Supermajority Board Vote, the Company will not, and will not
permit any of its Subsidiaries to, have outstanding or acquire or commit itself
to acquire or hold any Investment except Investments in: (a) marketable direct
obligations issued or guaranteed by the United States of America which mature
within one year from the date of acquisition thereof or which are subject to a
repurchase agreement, exercisable within 90 days from the date of acquisition of
such agreement, with any commercial bank or trust company incorporated under the
laws of the United States of America or any State thereof or the District of
Columbia, (b) commercial paper maturing within one year from the date of
acquisition thereof and having, at the date of acquisition thereof, the highest
rating obtainable from Moody's Investors Service, Inc. or Standard & Poor's
Corporation, (c) bankers' acceptances eligible for rediscount under Federal
Reserve Board requirements accepted by any commercial bank or trust company
referred to in clause (a) hereof and (d) certificates of deposit maturing within
one year from the date of acquisition thereof issued by any commercial bank or
trust company referred to in clause (a) hereof and having capital and surplus of
at least $100,000,000.

                  SECTION 7.17. JOINT VENTURES. Neither the Company nor any
Subsidiary will cause or consent to any joint venture engaging in any activity
which would result in a breach of any representation, warranty, covenant or
agreement set forth in this Agreement or which would result in the joint venture
being in breach of any representation, warranty, covenant or agreement set forth
in this Agreement if the joint venture were a Subsidiary.

                  SECTION 7.18. PAYMENTS ON PERMITTED INDEBTEDNESS. Neither the
Company nor any of its Subsidiaries shall make (i) any payments of the
Indebtedness represented by the Permitted Indebtedness except as specifically
required by the terms of the Permitted Indebtedness or (ii) any prepayments of
such Permitted Indebtedness. In addition, the Company shall not amend, alter or
agree to any such amendment or alteration to the terms and conditions of any of
the documents representing the Permitted Indebtedness.

                  SECTION 7.19. RESPONSE ACTIONS. The Company covenants and
agrees that if any release or disposal of Hazardous Materials shall occur or
shall have occurred on the Property, the Company will cause the prompt
containment and removal of such Hazardous Materials and remediation of the
Property as necessary to comply in all material respects with all Environmental
Laws or to preserve in all material respects the value of the Property.

                  SECTION 7.20. DILUTION PROTECTION. Except for the additional
Series A Preferred Stock to be issued pursuant to Articles II and III hereof,
the shares of Common Stock to be issued upon exercise of the Founders' Warrants,
any options issued under the Option Plan and

                                       31

<PAGE>   38

any capital stock of the Company issued pursuant to Acquisitions approved by the
Board of Directors as provided in Section 7.14 hereof, without a Supermajority
Board Vote, neither the Company nor any of its Subsidiaries will (a) issue,
sell, give away, transfer, pledge, mortgage, assign or otherwise dispose of,
grant any rights (either preemptive or other) or options to subscribe for or
purchase, enter into any agreements, or issue any warrants, providing for the
issuance of any capital stock of the Company or any stock or securities
convertible into or exchangeable for any capital stock of the Company or (b)
designate any series of Preferred Stock of a class which has been authorized in
the Company's Certificate of Incorporation; provided that the foregoing approval
shall not be required for the issuance or transfer to the Company or any of its
wholly-owned Subsidiaries of securities of any wholly-owned Subsidiary of the
Company. Without the affirmative vote of 66-2/3% of the outstanding Common Stock
and Preferred Stock, voting as a class, the Company will not authorize any
additional class of capital stock or increase the number of shares of authorized
capital stock from that set forth in Section 4.5 hereof or Schedule 4.5 hereto.
The Company shall maintain such number of authorized and unissued shares of (w)
Series A Preferred Stock as shall be necessary to issue upon fulfillment of the
Purchasers' Additional Preferred Stock Subscription Obligations, (x) Common
Stock to be issued upon conversion of the Series A Preferred Stock, (y) Common
Stock to be issued upon exercise of the Founders' Warrants, and (z) Common Stock
to be issued upon exercise of any options issued under the Option Plan.

                  SECTION 7.21. ANNUAL STATEMENTS. As soon as available and in
any event within 90 days after the close of each fiscal year of the Company
commencing with the fiscal year ending December 31, 1998, the Company will
deliver to each holder of Series A Preferred Stock (a) an audited consolidated
balance sheet and statement of income and retained earnings and of cash flows of
the Company and its Subsidiaries audited to the extent so required by any "big
six" independent public accounting firm, as selected by the Company, and (b)
consolidated internal unaudited balance sheets and statements of income and
retained earnings and of cash flows of each Subsidiary of the Company, in each
case showing the financial condition of the Company and/or each Subsidiary of
the Company as of the close of such fiscal year and the results of the Company's
and/or such Subsidiary's operations during such fiscal year, all on a
consolidated basis, and setting forth in comparative form the comparable
statements for the previous fiscal year, if any. Each of the audited financial
statements delivered hereunder shall be certified by such accounting firm to
have been prepared in accordance with generally accepted accounting principles
consistently applied, accompanied by the written statement of such firm to the
effect that such firm does not know of the existence of any Default or Event of
Default, or if such firm shall have obtained knowledge of any such Default or
Event of Default or other event, setting forth the nature thereof.

                  SECTION 7.22. MONTHLY STATEMENTS. Within 30 days after the end
of each month commencing with the month ending January 31, 1999, the Company
will deliver to each holder of Series A Preferred Stock (a) a consolidated
internal, unaudited balance sheet and statement of income and retained earnings
and of cash flows of the Company as of the end of each such month, and (b)
consolidated internal unaudited balance sheets and statements of income and
retained earnings and of cash flows of each Subsidiary of the Company, in each
case including a comparison of such financial statements to the annual operating
budget and projected monthly

                                       32

<PAGE>   39

balance sheets and statements of income delivered pursuant to Section 7.23
hereof and certified by the chief financial officer of the Company to be true
and correct and to have been prepared in accordance with GAAP consistently
applied (other than such footnotes which may be required by GAAP), subject to
normal year-end adjustments described in reasonable detail.

                  SECTION 7.23. OTHER FINANCIAL INFORMATION. The Company will
deliver to each holder of Series A Preferred Stock, within 30 days prior to the
commencement of each fiscal year, (i) an annual operating budget and projected
monthly balance sheets and statements of income, (ii) as soon as practical after
preparation thereof, complete and correct copies of all quarterly or annual
budgetary analyses or forecasts of the Company and its Subsidiaries (if any)
prepared by management for the use of the Board of Directors and (iii) updated
five-year projections of the Company and its Subsidiaries (if any) prepared by
management for the use of the Board of Directors. Promptly after the receipt
thereof, the Company will provide to each holder of Series A Preferred Stock
copies of any reports as to adequacies in accounting controls submitted by
independent accountants with respect to the Company and its Subsidiaries.

                  SECTION 7.24. OFFICER'S CERTIFICATES. Together with delivery
of consolidated financial statements of the Company pursuant to Section 7.22
above, the Company shall deliver to each holder of Series A Preferred Stock a
certificate of the President, chief financial officer or Treasurer of the
Company, to the effect that such financial statements are true and correct and
were prepared in accordance with GAAP and that such officer has caused the
provisions of this Agreement and the Series A Preferred Stock to be reviewed and
has no knowledge of any Default or Event of Default, or if such officer has such
knowledge, specifying such Default or Event of Default and the nature thereof,
and what action the Company has taken, is taking or proposes to take with
respect thereto.

                  SECTION 7.25. NOTICE OF LITIGATION, DEFAULTS, ETC. The Company
will promptly give notice to each holder of Series A Preferred Stock of any
litigation or any administrative proceeding to which the Company or any of its
Subsidiaries may hereafter become a party which, after giving effect to
applicable insurance, may result in any adverse change in the business, assets,
prospects or financial condition of the Company and its Subsidiaries taken as a
whole. Forthwith upon any officer of the Company obtaining knowledge of any
Default or Event of Default hereunder or any default or event of default under
any Related Agreement or any agreement relating to any Indebtedness of the
Company or any of its Subsidiaries for borrowed money, the Company will furnish
a notice specifying the nature and period of existence thereof and what action
the Company or any of its Subsidiaries has taken, is taking or proposes to take
with respect thereto.

                  SECTION 7.26. CHARTER AND BY-LAW AMENDMENTS. Except as
otherwise specified in this Agreement, without the consent of the Majority
Holders, the Charter and By-laws of each of the Company and its Subsidiaries
shall not be amended or modified, whether by merger, dissolution or otherwise,
if such amendment or modification has, or would, directly or indirectly,
adversely affect the rights of holders of the Series A Preferred Stock or the
rights or remedies of such holder hereunder or under any of the Related
Agreements.

                                       33

<PAGE>   40

                  SECTION 7.27. PROPRIETARY INFORMATION AND INVENTIONS
AGREEMENT. The Company and its Subsidiaries shall each have and enforce a policy
requiring each employee with access to proprietary information of the Company or
any Subsidiary to enter into a proprietary information and confidentiality and
assignment agreement substantially in the form approved by the Board of
Directors.

                  SECTION 7.28.  SBIC COVENANTS.

                  (a) The Company acknowledges that each Purchaser that is an
SBIC Investor is subject to regulation by the SBA as a small business investment
company.

                  (b) As a result of the SBIC Investor's status as Federal
licensee, the Company covenants and agrees that, for a period of one year after
the Closing Date, the Company shall not make a material change in its primary
business activity by becoming involved in real estate financing, project
financing, farm land purchasing, relender or reinvestor financing, foreign
investment and other businesses as described in 13 C.F.R Section 107.720, which
would make it ineligible for financing as a portfolio company by a small
business investment company under 13 C.F.R. Section 107.760(b), a regulation
promulgated by the SBA.

                  (c) The Company covenants and agrees that proceeds from the
SBIC Investor for its purchase of Series A Preferred Stock will be used for
working capital purposes or to otherwise finance the growth, modernization or
expansion of the Company. The Company shall provide the SBIC Investor and the
SBA reasonable access to the Company's books and records for the purpose of
confirming the use of such proceeds.

                  (d) The Company shall provide the SBIC Investor with
sufficient information to permit such SBIC Investor to comply with its
obligations under the Small Business Act, provided, however that the SBIC
Investor agrees that it will protect any information which the Company labels as
confidential to the extent permitted by law. For a period of two (2) years
following the Closing Date, any submission of financial information under
Sections 7.21 and 7.22 to the SBIC Investor shall be accompanied by a
certificate of the president, chief executive officer, treasurer or chief
financial officer, which certificate shall state that the Company is not in
material default under any of its covenants set forth in this Section 7.28.

ARTICLE VIII.  DEFAULTS

                  SECTION 8.1. EVENTS OF DEFAULT. The Majority Holders will be
entitled to exercise the remedies provided in Section 8.2 hereof in accordance
with the terms thereof if any one or more of the following events ("Events of
Default") shall occur:

                  (a) the Company or any of its Subsidiaries shall fail in any
material respect to perform or observe any of the covenants, agreements or
provisions to be performed or observed by it under this Agreement or any of the
Related Agreements (except to the extent such failure is attributable to actions
of any holder of Series A Preferred Stock) (other than covenants,

                                       34
<PAGE>   41

agreements or provisions for which a default in the performance or observance
thereof is specifically dealt with elsewhere in this Agreement or any Related
Agreement) and the continuance of such failure for a period of thirty days after
written notice thereof has been given to the Company by the Majority Holders; or

                  (b)  any material representation or warranty made by the
Company or any of its Subsidiaries to any Purchaser in or in connection with
this Agreement or any Related Agreement or any amendment thereto shall prove to
have been materially false on the date as of which it was made; or

                  (c)  default under any Indebtedness of the Company or any of
its Subsidiaries in an amount outstanding which exceeds $1,000,000 in the
aggregate, and such default shall continue, without having been duly cured,
waived or consented to, beyond the period of grace, if any, therein specified
and so as to permit the acceleration thereof, if any acceleration is provided
for therein; or

                  (d)  a final judgment which in the aggregate with other
outstanding final judgments against the Company or any of its Subsidiaries
exceeds $100,000 (in excess of available insurance recoveries) shall be rendered
against such Person and, within 60 days after entry thereof, such judgment shall
not have been satisfied and discharged or stayed pending appeal or bonded, or
within 60 days after expiration of such stay such judgment shall not have been
discharged; or

                  (e)  the Company or any of its Subsidiaries shall:

                       (i)   commence a voluntary case under Title 11 of the
United States Bankruptcy Code as from time to time in effect, or authorize, by
appropriate proceedings of its board of directors or other governing body, the
commencement of such a voluntary case;

                       (ii)  have filed against it a petition commencing an
involuntary case under said Title 11 and such petition shall not have been
dismissed or stayed within 60 days;

                       (iii) seek relief as a debtor under any applicable law,
other than said Title 11, of any jurisdiction relating to the liquidation or
reorganization of debtors or to the modification or alteration of the rights of
creditors, or consent to or acquiesce in such relief;

                       (iv)  have entered against it an order by a court of
competent jurisdiction (x) finding it to be bankrupt or insolvent, (y) ordering
or approving its liquidation, reorganization or any modification or alteration
of the rights of its creditors, or (z) assuming custody of, or appointing a
receiver or other custodian for, all or a substantial part of its property;
which order shall not be vacated, denied, set aside, or stayed within 60 days
from the date of entry; or

                       (v)   make an assignment of all or a substantial part of
its Property for the benefit of, or enter into a composition with, its
creditors, or appoint or consent to the appointment of a receiver or other
custodian for all or a substantial part of its Property; or

                                       35

<PAGE>   42

                  (f) with respect to any Guaranteed Pension Plan, an ERISA
Reportable Event shall have occurred as a result of which a trustee shall have
been appointed by an appropriate United States District Court to administer such
Guaranteed Pension Plan or the PBGC shall have instituted proceedings to
terminate such Guaranteed Pension Plan, and the Majority Holders shall have
determined in their reasonable discretion that such event reasonably could be
expected to result in liability of the Company or any of its Subsidiaries to the
PBGC or such Guaranteed Pension Plan in an aggregate amount exceeding $100,000.

                  SECTION 8.2. REMEDIES. Upon the occurrence of any of the
Events of Default under Section 8.1 hereof, in each and every such case, the
Majority Holders may proceed to protect and enforce the rights of all such
holders by suit in equity, action at law and/or other appropriate proceeding
either for specific performance of any covenant, provision or condition
contained or incorporated by reference in this Agreement or in aid of the
exercise of any power granted in this Agreement, and in addition, at the option
of the Majority Holders, the Majority Holders shall have the right to hire an
investment banker to (i) commence an underwritten public offering of all of the
Conversion Stock, (ii) assist in obtaining a private buyer for all of the
Conversion Stock, (iii) assist in obtaining a buyer for all the outstanding
stock of the Company or all or substantially all of the assets of the Company or
(iv) assist in effecting any other similar transaction or series of transactions
resulting in the disposition of all the stock or all or substantially all of the
assets and business of the Company, in each case at a price solely acceptable to
the Majority Holders. The Majority Holders shall have the right to (A) to
determine the type of transaction to be effected, (B) to give direction to the
investment banker, (C) to negotiate and control the sale process and all
documentation and (D) to approve the terms and price of any such transaction. In
furtherance of the foregoing (and except for an Event of Default under Section
8.1(f) hereof which shall be automatic), the remedies set forth in this Section
8.2 may only be exercised by the action of the Majority Holders, and not by the
action of any single holder of Series A Preferred Stock.

                  SECTION 8.3. WAIVERS. Each of the Company and its Subsidiaries
hereby waives, to the extent not prohibited by applicable law, (a) all
presentments, demands for performance and notices of nonperformance (except to
the extent specifically required by the provisions hereof or any Related
Agreement), and (b) any requirement of diligence or promptness on the part of
any holder of Series A Preferred Stock in the enforcement of its rights under
the provisions of this Agreement or any Related Agreement.

ARTICLE IX.  SUBSEQUENT HOLDERS OF SERIES A PREFERRED STOCK

                  The provisions of this Agreement, the Stockholders' Agreement
and the Registration Rights Agreement that are for the benefit of the Purchasers
as the holders of any Series A Preferred Stock are, except as otherwise
specifically provided in such agreement, also for the benefit of, and
enforceable by and binding upon, all subsequent holders of the Series A

                                       36

<PAGE>   43

Preferred Stock who may acquire such Series A Preferred Stock, and the
provisions of this Agreement, the Stockholders' Agreement and the Registration
Rights Agreement that subject the Purchasers to obligations as the holders of
any Series A Preferred Stock also subject all subsequent holders of Series A
Preferred Stock thereto.

ARTICLE X.  REGISTRATION AND TRANSFER OF SERIES A PREFERRED STOCK

                  SECTION 10.1. TRANSFER AND EXCHANGE OF SERIES A PREFERRED
STOCK. The Company shall keep at its principal office a register in which shall
be entered the names and addresses of the holders of the Series A Preferred
Stock and the particulars (including without limitation the class thereof) of
the respective Series A Preferred Stock held by them and of all transfers of
Series A Preferred Stock. Upon surrender at such office of any certificate
representing shares of Series A Preferred Stock for registration of exchange or
transfer, in accordance with the terms hereof and of the Financing Agreements,
the Company shall issue, at its expense, one or more new certificates, in such
denomination or denominations as may be requested, for such shares of Series A
Preferred Stock and registered as such holder may request. Any certificate
representing shares of Series A Preferred Stock surrendered for registration of
transfer shall be duly endorsed, or accompanied by a written instrument of
transfer duly executed by the holder of such certificate or his attorney duly
authorized in writing. The Company shall not be responsible for payment of any
transfer taxes due upon any such exchange or transfer.

                  SECTION 10.2. REPLACEMENT OF SERIES A PREFERRED STOCK. Upon
receipt of evidence reasonably satisfactory to the Company of the loss, theft,
destruction or mutilation of any Series A Preferred Stock and, in the case of
any such loss, theft or destruction, upon receipt of indemnity reasonably
satisfactory to the Company, or, in the case of such mutilation, upon the
surrender of such Series A Preferred Stock for cancellation to the Company at
its principal office, the Company will execute and deliver, in lieu thereof, a
new Series A Preferred Stock of like tenor. Any Series A Preferred Stock in lieu
of which any such new Series A Preferred Stock has been so executed and
delivered by the Company shall not be deemed to be outstanding for any purpose
of this Agreement.

ARTICLE XI.  EXPENSES; INDEMNITY

                  SECTION 11.1. EXPENSES. Whether or not the transactions
contemplated by this Agreement shall be consummated, the Company shall pay on
demand (accompanied by reasonable supporting details and documentation) all
reasonable out-of-pocket fees, costs and expenses incurred by the Purchasers in
connection with such transactions hereunder, under any Related Agreements and in
connection with any amendments or waivers (whether or not the same become
effective) hereof or thereof and, following the occurrence of an Event of
Default all reasonable out-of-pocket expenses incurred by the holders of Series
A Preferred Stock in connection with the enforcement of any rights hereunder or
with respect to any Series A Preferred Stock. Such fees, costs and expenses
shall include without limitation (I) the cost and expenses of preparing and
duplicating this Agreement, each Related Agreement and the Series A Preferred
Stock; (ii) the

                                       37
<PAGE>   44

cost of delivering to each Purchaser's principal office, insured to such
Purchaser's satisfaction, the Series A Preferred Stock sold to such Purchaser
hereunder and any Common Stock delivered to such Purchaser upon any conversion
thereof; (iii) the reasonable fees and out-of-pocket expenses and disbursements
of one counsel to the Purchasers, Cooley Godward LLP, in connection with the
preparation, administration, interpretation or enforcement of this Agreement and
the Related Agreements and other instruments mentioned herein, the Closing, any
amendments, modifications, approvals, consents or waivers hereto, thereto or
hereunder requested by the Company; (iv) all taxes (other than taxes determined
with respect to income and taxes relating to any transfer of the Series A
Preferred Stock other than to the Company), including any recording fees and
filing fees and documentary stamp and similar taxes at any time payable in
respect of this Agreement, or the issuance of any of the Series A Preferred
Stock; and (v) all reasonable out-of-pocket expenses associated with any rights
of board attendance, and travel and lodging expenses related thereto, incurred
by the board designees of the holders of the Series A Preferred Stock.

                  SECTION 11.2. INDEMNIFICATION. To the fullest extent permitted
by applicable law, the Company shall indemnify, exonerate and hold each
Purchaser and its (if applicable) general and limited partners and their
respective stockholders, officers, directors, employees and agents free and
harmless from and against any and all actions, causes of action, suits, losses,
liabilities, damages and expenses, including, without limitation, reasonable
attorneys' fees and disbursements, incurred by any of the indemnitees as a
result of or relating to (i) any transaction to which the Company is a party
which is financed or to be financed in whole or in part directly or indirectly
with proceeds from the sale of any of the Series A Preferred Stock, (ii) without
duplication of the reimbursed expenses paid under Section 11.1, the execution,
delivery, performance or enforcement of this Agreement (including, without
limitation, the breach by the Company of any of its representations or
warranties contained in Article IV of this Agreement and any failure by the
Company or any of its Subsidiaries to comply with any of its covenants
hereunder), the Related Agreements or any instrument contemplated hereby or
thereby, (iii) any violation of, or liability under, any Environmental Laws with
respect to conditions at the Property or the operations conducted thereon, or
(iv) the investigation or remediation of offsite locations at which the Company,
any of its Subsidiaries or their predecessors are alleged to have directly or
indirectly disposed of Hazardous Materials.

                  SECTION 11.3. BROKERS' FEES. The parties shall indemnify each
other against and agree that each will hold the others harmless from any claim,
demand or liability for any other broker's, finder's or placement fees or
lender's incentive fees alleged to have been incurred by it in connection with
the transactions contemplated by this Agreement or the Related Agreements.

                  SECTION 11.4. SURVIVAL OF OBLIGATIONS. The obligations of the
parties under this Article XI shall survive payment or transfer of the Series A
Preferred Stock and the termination of this Agreement.

                                       38

<PAGE>   45

ARTICLE XII.  NOTICES

                  Any notice or other communication in connection with this
Agreement, any Related Agreement or the Series A Preferred Stock shall be deemed
to be received if in writing (or in the form of a telex or telecopy) addressed
as provided below (a) when actually delivered, in person, (b) when telexed or
telecopied to said address, confirmed by registered or certified mail, (c) when
received if delivered by overnight courier, or (d) in the case of delivery by
mail, three business days shall have elapsed after the same shall have been
deposited in the United States mails, postage prepaid and registered or
certified:

                           (i)   If to the Company, at its principal executive
                  offices, to the attention of the Chief Executive Officer or at
                  such other address as the Company shall have specified by
                  notice actually received by the, addressor,

with copies to:

                  Brooks Investments, L.P.
                  16650 Chesterfield Grove Road, Suite 110
                  Chesterfield, Missouri 63006
                  Attention:  Robert A. Brooks

and to:           Bryan Cave LLP
                  One Metropolitan Square
                  211 North Broadway, Suite 3600
                  St. Louis, Missouri  63102
                  Attention:  John P. Denneen, Esq.

                           (ii)  If to any Purchaser, then to its address set
                  forth on Exhibit A hereto, or at such other address as such
                  Purchaser shall have specified by notice actually received by
                  the addressor, with a copy as provided on said Exhibit A; and

                           (iii) If to any other holder of record of any Series
                  A Preferred Stock, to it at its address set forth in the
                  applicable register referred to in Article X hereof.

ARTICLE XIII. SURVIVAL AND TERMINATION OF COVENANTS, AGREEMENTS, REPRESENTATIONS
              AND WARRANTIES

                  All covenants, agreements, representations and warranties made
herein or in any Related Agreement shall be deemed to have been relied on by the
recipient, notwithstanding any investigation made by the recipient or on the
recipient's behalf, and shall survive the execution and delivery of this
Agreement and the issuance of the Series A Preferred Stock. Except for the

                                       39

<PAGE>   46

representations and warranties contained herein and as otherwise expressly
provided herein or in any such Related Agreement, such covenants, agreements,
representations and warranties, shall terminate and be of no further force or
effect upon the automatic conversion of the Series A Preferred Stock pursuant to
the Amended and Restated Certificate of Incorporation of the Company.

ARTICLE XIV.  AMENDMENTS AND WAIVERS

                  Except as otherwise expressly provided herein, any term of
this Agreement may be amended and the observance of any term of this Agreement
may be waived (either generally or in a particular instance and either
retroactively or prospectively) only with the written consent of the Company and
the Majority Holders, respectively; provided that, no such amendment may
increase or decrease the amount of any Additional Preferred Stock Subscription
Obligation or extend the Investment Period without the consent of all holders of
the Series A Preferred Stock. Any amendment or waiver effected in accordance
with this Article XIV shall be binding upon the Company and each holder of any
Series A Preferred Stock. No course of dealing between the Company or any of its
Subsidiaries on the one hand, and the holder of any Series A Preferred Stock, on
the other hand, shall operate as a waiver of any rights under this Agreement. No
delay or omission in exercising any right under this Agreement shall operate as
a waiver of such right or any other right. A waiver on any one occasion shall
not be construed as a bar to or waiver of any right or remedy on any other
occasion.

ARTICLE XV.  RIGHT TO PUBLICIZE

                  Each of the parties hereby acknowledges that each party, at
its own expense, will have the right to publicly disclose the investments in the
Company contemplated hereby, provided, however, that no party may use in a
public disclosure the name of any other party without the prior approval by such
other party.

ARTICLE XVI.  WAIVER OF JURY TRIAL

                  EACH PARTY HEREBY EXPRESSLY WAIVES ANY RIGHT IT MAY HAVE TO A
JURY TRIAL IN ANY SUIT, ACTION OR PROCEEDING EXISTING UNDER OR RELATING TO THIS
AGREEMENT, THE SERIES A PREFERRED STOCK OR ANY OF THE RELATED AGREEMENTS.

                                       40

<PAGE>   47

ARTICLE XVII.   INCORPORATORS, SHAREHOLDERS, OFFICERS, DIRECTORS, EMPLOYEES AND
                PARTNERS FREE FROM PERSONAL LIABILITY

                  No recourse under or upon any obligation, covenant or
agreement of this Agreement or of any Related Agreement will be had against any
incorporator, shareholder (except for obligations specific to any shareholder
under this Agreement or any Related Agreement), officer, director, employee, or
partner as such, past, present, or future, of the Company or any holder of
Series A Preferred Stock or any predecessor or successor entity, either directly
or through the Company or any holder of Series A Preferred Stock, whether by
virtue of any constitution, statute, or rule of law, or by the enforcement of
any assessment or penalty or otherwise, it being expressly understood that this
Agreement and the other Related Agreements are solely corporate obligations, and
no such personal liability whatsoever will attach to, or is or will be incurred
by, the incorporators, shareholders (except for obligations specific to any
shareholder under this Agreement or any Related Agreement), officers, directors
or employees, as such, of the Company or any holder of Series A Preferred Stock
or of any predecessor or successor entity, or any of them, under or by reason of
the obligations, covenants, or agreements contained in this Agreement and the
Related Agreements; provided that nothing in this Article XVII shall eliminate
or limit the liability of any incorporator, shareholder, officer, director,
employee or partner (i) for breach of fiduciary duty, if any, (ii) for acts or
omissions not in good faith or which involve intentional misconduct or a knowing
violation of law, (iii) under Section 174 of the General Corporation Law of the
State of Delaware or (iv) for any transaction for which the individual derived
an improper personal benefit.

ARTICLE XVIII.  SCHEDULES

                  Any matter or item disclosed in any part of a particular
Schedule hereto shall be deemed to be disclosed in all parts of the Schedules
hereto where such matter is required to be disclosed.

ARTICLE XIX.    ENTIRE AGREEMENT; COUNTERPARTS; SECTION HEADINGS

                  This Agreement and the Related Agreements set forth the entire
understanding of the parties hereto with respect to the subject matter hereof
and thereof and supersede any prior written or oral understandings with respect
thereto. This Agreement may be executed simultaneously in one or more
counterparts thereof, each of which shall be deemed as original but all of which
together shall constitute one and the same instrument. The headings in this
Agreement are for convenience of reference only and shall not alter or otherwise
affect the meaning hereof.

                                       41

<PAGE>   48

ARTICLE XX.   GOVERNING LAW

                  THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE SUBSTANTIVE LAWS OF THE STATE OF NEW YORK AS APPLIED TO
CONTRACTS MADE AND PERFORMED WITHIN THE STATE OF MISSOURI, WITHOUT GIVING EFFECT
TO ANY CHOICE OR CONFLICT OF LAW PROVISION OR RULE THAT WOULD CAUSE THE
APPLICATION OF THE SUBSTANTIVE LAWS OF ANY OTHER STATE, EXCEPT THAT ALL MATTERS
RELATIVE TO THE INTERNAL AFFAIRS OF THE COMPANY SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE GENERAL CORPORATION LAW OF THE STATE OF
DELAWARE.

ARTICLE XXI.  SEVERABILITY

                  If any term or provision of this Agreement, the Series A
Preferred Stock or the Founders' Warrants, or the application thereof to any
Person or circumstance, shall, to any extent, be invalid or unenforceable, the
remainder of this Agreement, the Series A Preferred Stock or the Founders'
Warrants, as the case may be, or its application to other Persons or
circumstances, shall not be affected thereby and each term and provision hereof
shall be enforced to the fullest extent permitted by law.

                  If the foregoing corresponds with your understanding of our
agreement, kindly sign this letter and the accompanying copies thereof in the
appropriate space below and return one counterpart of the same to the Company,
at the address first listed above.

                                      Very truly yours,

                                      GABRIEL COMMUNICATIONS, INC.

                                             /s/ GERARD J. HOWE
                                      By: ----------------------------
                                             Gerard J. Howe, President

                                       42

<PAGE>   49

Accepted and agreed to:

BROOKS INVESTMENTS, L.P.                  RAB PARTNERSHIP, L.P.

By:_______________________________        By:______________________________
     Robert A. Brooks,                          Robert A. Brooks,
     General Partner                            General Partner

CENTENNIAL FUND V, L.P.                   CENTENNIAL ENTREPRENEURS
                                           FUND V, L.P.
By:  Centennial Holdings V, L.P.           By:  Centennial Holdings V, L.P.
Its: General Partner                       Its: General Partner

By:______________________________         By:______________________________
     Steven C. Halstedt                         Steven C. Halstedt
     A General Partner                          A General Partner

TELECOM PARTNERS II, L.P.                 DON INVESTMENT GROUP, L.P.
By:  Telecom Management II, L.L.C.,
Its: General Partner

By:______________________________         By:______________________________

Name and Title:__________________         Name and Title:__________________

ONELIBERTY FUND IV, L.P.                  ONELIBERTY ADVISORS FUND IV, L.P.
By:  OneLiberty Partners IV, L.L.C.       By:   OneLiberty Partners IV, L.L.C.
Its: General Partner                      Its:  General Partner

By:_______________________________        By:_______________________________
     Joseph T. McCullen, Jr.                    Joseph T. McCullen, Jr.
     Managing Member                            Managing Member

THE GOLDMAN SACHS GROUP, L.P.             GS CAPITAL PARTNERS III, L.P.
                                          By:   GS Advisors III, L.P.
By: _____________________________         Its:  General Partner
                                          By:   GS Advisors III, L.L.C.
Name and Title: _________________         Its:  General Partner

GOLDMAN, SACHS & CO.
VERWALTUNGS GmbH                          By:_________________________________

By: _____________________________         GS CAPITAL PARTNERS III OFFSHORE, L.P.
         Managing Director                By:   GS Advisors III (Cayman), L.P.
                                          Its:  General Partner
By: _____________________________         By:   GS Advisors III, L.L.C.
         Registered Agent                 Its:  General Partner

                                          By:________________________________

                                       43

<PAGE>   50

STONE STREET FUND 1998, L.P.
By:  Stone Street Advantage Corp.
Its: General Partner

By: _____________________________

BRIDGE STREET FUND 1998, L.P.
By:  Stone Street Advantage Corp.
Its: Managing General Partner

By: _____________________________

                                       44

<PAGE>   51

                                List of Schedules
<TABLE>

<S>                                        <C>

4.1                                        States of Qualification
4.4                                        Third Party Consents
4.5                                        Capitalization
4.6                                        Subsidiaries
4.7(a)(i)and(ii)                           Financial Statements
4.10                                       Indebtedness to and from Affiliates
4.11                                       Licenses, etc.
4.13                                       Leases
4.16                                       Defaults
4.18                                       Employee Benefit Plans
4.20                                       Employment Contracts, Labor Relations
4.22                                       Necessary Property
4.23                                       Transaction Costs
4.27                                       Authorizations
4.29                                       Acquisition Agreements
4.30                                       Material Contracts and Obligations
5.1                                        Risk Factors
5.2                                        Written Materials
7.10                                       Additional Indebtedness

</TABLE>

<PAGE>   52

                                    EXHIBIT A
                               LIST OF PURCHASERS

<TABLE>
<CAPTION>

INITIAL CLOSING - NOVEMBER 18, 1998

                                                                                     Additional Preferred Stock
                                                  Purchases on Closing Date           Subscription Obligations
                                                  -------------------------           ------------------------           Total
            Purchaser                              Shares           Amount           Shares            Amount            Amount
            ---------                              ------           ------           ------            ------            ------
<S>                                            <C>              <C>                 <C>              <C>             <C>

Brooks Investments, L.P.                          444,445         $1,333,335          888,888        $2,666,664       $ 3,999,999
16650 Chesterfield Grove Rd.
Suite 110
Chesterfield, MO 63006

RAB Partnership, L.P.                             111,111         $  333,333          222,222        $  666,666       $   999,999
16650 Chesterfield Grove Rd.
Suite 110
Chesterfield, MO 63006

Stone Street Fund 1998, L.P.                      128,028         $  384,084          256,057        $  768,171       $ 1,152,255
85 Broad Street
New York, NY 10004

Bridge Street Fund 1998, L.P                       38,638         $  115,914           77,277        $  231,831       $   347,745
85 Broad Street
New York, NY 10004

GS Capital Partners III, L.P.                   1,135,436         $3,406,308        2,270,874        $6,812,622       $10,218,930
85 Broad Street
New York, NY 10004

GS Capital Partners III Offshore, L.P.            312,145         $  936,435          624,290        $1,872,870       $ 2,809,305
85 Broad Street
New York, NY 10004

Goldman Sachs & Co.
Verwaltungs GmbH
85 Broad Street                                    52,418         $  157,254          104,837        $  314,511       $   471,765
New York, NY 10004

Don Investment Group, L.P.                        555,556         $1,666,668        1,111,111        $3,333,333       $ 5,000,001
200 West Madison Street
Suite 3800
Chicago, IL 60606-3414

Centennial Fund V, L.P.                         1,111,111         $3,333,333        2,222,222        $6,666,666       $ 9,999,999
1428 Fifteenth Street
Denver, CO 80202-1318

</TABLE>

<PAGE>   53

<TABLE>
<CAPTION>
                                                                                     Additional Preferred Stock
                                                  Purchases on Closing Date           Subscription Obligations
                                                  -------------------------           ------------------------           Total
            Purchaser                              Shares           Amount           Shares            Amount            Amount
            ---------                              ------           ------           ------            ------            ------
<S>                                               <C>             <C>                <C>             <C>             <C>

Centennial Entrepreneurs                           33,333         $   99,999           66,667        $  200,001       $   300,000
    Fund V, L.P.
1428 Fifteenth Street
Denver, CO  80202-1318

Telecom Partners II, L.P.                       1,111,111         $3,333,333        2,222,222        $6,666,666       $ 9,999,999
3200 Cherry Creek South Drive
Suite 450
Denver, CO 80209

OneLiberty Fund IV, L.P.                          555,556         $1,666,668        1,111,111        $3,333,333       $ 5,000,001
One Liberty Square
Boston, MA  02109

OneLiberty Advisors
    Fund IV, L.P.                                  27,777         $   83,331           55,556        $  166,668       $   249,999
One Liberty Square
Boston, MA  02109
                                                ---------        -----------       ----------       -----------       -----------
                  Totals                        5,616,665        $16,849,995       11,233,334       $33,700,002       $50,549,997

</TABLE>

SUBSEQUENT CLOSING - DECEMBER  17, 1998
<TABLE>
<CAPTION>

                                                       Purchases on                Additional Preferred Stock
                                                  Subsequent Closing Date           Subscription Obligations
                                                  -----------------------           ------------------------            Total
       Additional Purchaser                      Shares           Amount            Shares           Amount             Amount
       --------------------                      ------           ------            ------           ------             ------
<S>                                             <C>            <C>               <C>               <C>              <C>

Norwest Equity Partners VI, L.P.                555,556         $1,666,668        1,111,111        $3,333,333       $5,000,001
2800 Piper Jaffray Tower
222 South Ninth Street
Minneapolis, MN  55402-3388

Chase Venture Capital Associates, L.P.          555,556         $1,666,668        1,111,111        $3,333,333       $5,000,001
380 Madison Avenue
12th Floor
New York, NY  10017

</TABLE>

                                      A-2

<PAGE>   54

<TABLE>
<CAPTION>
                                                                                     Additional Preferred Stock
                                                  Purchases on Closing Date           Subscription Obligations
                                                  -------------------------           ------------------------         Total
       Additional Purchaser                        Shares           Amount           Shares            Amount          Amount
       --------------------                        ------           ------           ------            ------          ------
<S>                                            <C>             <C>                <C>             <C>               <C>

J. H. Whitney III, L.P.                       1,627,451         $4,882,353        3,254,902        $9,764,706       $14,647,059
177 Broad Street
Stamford, CT  06901

Whitney Strategic Partners III, L.P.             39,216         $  117,648           78,431        $  235,293       $   352,941
177 Broad Street
Stamford, CT  06901

Stone Street Fund 1998, L.P.                     42,676         $  128,028           85,352        $  256,056       $   384,084
85 Broad Street
New York, NY  10004

Bridge Street Fund 1998, L.P.                    12,879         $   38,637           25,759        $   77,277       $   115,914
85 Broad Street
New York, NY  10004

GS Capital Partners III, L.P.                   378,480         $1,135,440          756,958        $2,270,874       $ 3,406,314
85 Broad Street
New York, NY  10004

GS Capital Partners III Offshore, L.P.          104,048         $  312,144          208,096        $  624,288       $   936,432
85 Broad Street
New York, NY  10004

Goldman Sachs & Co.                              17,473         $   52,419           34,946        $  104,838       $   157,257
Verwaltungs GmbH
85 Broad Street
New York, NY  10004
                                              ---------        -----------        ---------       -----------       -----------
                  Totals                      3,333,335        $10,000,005        6,666,666       $19,999,998       $30,000,003

</TABLE>

<TABLE>
<CAPTION>

                                                                                 Additional Preferred Stock
                                                   Initial Closings               Subscription Obligations
                                                   ----------------               ------------------------            Total
            TOTAL INVESTMENTS                  Shares           Amount            Shares            Amount            Amount
            -----------------                  ------           ------            ------            ------            ------
<S>                                          <C>              <C>               <C>              <C>               <C>

                                             8,950,000        $26,850,000       17,900,000       $53,700,000       $80,550,000

</TABLE>

                                      A-3

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