Document:

EXHIBIT
4.4

WARRANT
AGREEMENT

Between

GLOBAL SIGNAL
INC.

and

AMERICAN STOCK TRANSFER &
TRUST COMPANY

as Warrant Agent

Dated as
of February  13,  2006

TABLE OF
CONTENTS

											
	ARTICLE
I —
DEFINITIONS		4
	ARTICLE
II — ISSUANCE OF
WARRANTS		6
	2.1.		Issuance		6
	2.2.		Share
Amount.		6
	2.3.		Form of Warrant
Certificate.		6
	2.4.		Execution of
Warrant
Certificate.		6
	2.5.		Countersignature
of Warrant
Certificates.		6
	ARTICLE
III — EXERCISE
PERIOD		7
	ARTICLE
IV — EXERCISE
PRICES		7
	ARTICLE
V — EXERCISE OF
WARRANTS		7
	5.1.		Manner
of Exercise.		7
	5.2.		When Exercise
Effective.		7
	5.3.		Delivery of
Certificates, Etc.		7
	5.4.		Fractional
Shares		8
	ARTICLE
VI — ADJUSTMENT OF THE AMOUNT OF COMMON STOCK ISSUABLE AND THE
EXERCISE PRICE UPON
EXERCISE		8
	6.1.		Stock
Dividends, Split-ups, And Combinations of
Shares.		8
	6.2.		Distributions.		8
	6.3.		Exercise
Price Adjustment.		8
	6.4.		Adjustments
for Mergers and
Consolidations.		9
	6.5.		Calculation
to Nearest Cent and One-hundredth of
Share.		9
	6.6.		Notice of Adjustment
in Exercise Price.		9
	6.7.		Other
Notices.		9
	6.8.		No Change in Warrant
Terms on Adjustment: No Adjustment for
 Distributions Under the
Plan.		9
	6.9.		Treasury
Shares.		10
	ARTICLE
VII — CONSOLIDATION, MERGER,
ETC.		10
	ARTICLE VIII
— NO DILUTION OR
IMPAIRMENT		10
	ARTICLE IX
—
REPORTS		10
	ARTICLE X
— NOTIFICATION OF CERTAIN
EVENTS		11
	10.1.		Available
Information.		11
	ARTICLE
XI — RESERVATION OF
STOCK		11
	11.1.		Reservation; Due
Authorization,
Etc.		11
	11.2.		Compliance with
Law.		11
	ARTICLE
XII — PAYMENT OF
TAXES		11
	ARTICLE
XIII — LOSS OR
MUTILATION		11
	ARTICLE
XIV — WARRANT
REGISTRATION		12
	14.1.		Registration.		12
	14.2.		Transfer
or Exchange.		12
	14.3.		Valid and
Enforceable.		12
	14.4.		Endorsement.		12
	14.5.		No
Service
Charge.		12
	14.6.		Cancellation.		12
	ARTICLE
XV — WARRANT
AGENT		12
	15.1.		Obligations
Binding.		12
	15.2.		No
Liability.		13
	15.3.		Instructions.		13
	15.4.		Agents.		13
	15.5.		Cooperation.		14
	

2

											
	15.6.		Agent
Only.		13
	15.7.		Right to
Counsel.		13
	15.8.		Compensation.		14
	15.9.		Accounting.		14
	15.10.		No
Conflict.		14
	15.11.		Resignation;
Termination.		14
	15.12.		Change of
Warrant Agent.		14
	15.13.		Successor
Warrant
Agent.		15
	ARTICLE
XVI — REMEDIES,
ETC.		15
	16.1.		Remedies.		15
	16.2.		Warrant
Holder Not Deemed A
Stockholder.		15
	16.3.		Right of
Action.		16
	ARTICLE
XVII —
MISCELLANEOUS		16
	17.1.		Notices.		16
	If
to the Warrant
Agent:		16
	17.2.		Governing
Law and Consent to
Forum.		16
	17.3.		Benefits of This
Agreement.		16
	17.4.		Agreement of
Holders of Warrant
Certificates.		16
	17.5.		Counterparts.		16
	17.6.		Amendments.		17
	17.7.		Consent
to
Jurisdiction.		17
	17.8.		Headings.		17
	

3

WARRANT AGREEMENT

THIS WARRANT
AGREEMENT, is made and entered into as of February  13,
2006 (the ‘‘Agreement’’), by and between
GLOBAL SIGNAL INC., a Delaware corporation (the
‘‘Company’’), and AMERICAN STOCK TRANSFER
& TRUST COMPANY, as Warrant Agent (the ‘‘Warrant
Agent’’).

WITNESSETH:

WHEREAS,
in connection with the financial restructuring of the Company pursuant
to the Securities Purchase Agreement (as defined herein) and the plan
of reorganization (the ‘‘Plan’’) the
Company has issued warrants which are exercisable to purchase up to
615,000 shares of Common Stock (as defined herein), subject to
adjustment as provided herein (the
‘‘Warrants’’), to the holders of the
Company's Convertible Notes and Old Common Stock (each as defined
herein) in exchange for such Convertible Notes and Old Common Stock;
and

WHEREAS, the Company desires the Warrant Agent to act on
behalf of the Company, and the Warrant Agent is willing to act, in
connection with the issuance, transfer, exchange, replacement, and
exercise of the Warrant Certificates and other matters as provided
herein; and

WHEREAS, the Company desires to enter into this
Agreement to set forth the terms and conditions of the Warrants and the
rights of the holders thereof,

NOW, THEREFORE, in consideration
of the foregoing premises and of the mutual agreements set forth
herein, the Company and the Warrant Agent hereby agree as follows:

ARTICLE I — DEFINITIONS

As used herein, the following
terms shall have the respective meanings set forth below. Whenever the
context requires, such terms shall include the plural as well as the
singular number.

‘‘Affiliate’’
means with respect to any Person, any Person directly or
indirectly controlling or controlled by or under direct or indirect
common control with such Person. For purposes of this definition, (a)
‘‘control’’ when used with respect to any
Person means the power to direct the management and policies of such
Person, directly or indirectly, whether through the ownership of voting
Common Stock (or equivalent equity interests), by contract or
otherwise, and the terms ‘‘controlling’’ or
‘‘controlled’’ have meanings correlative to
the foregoing, and (b) a subsidiary of a Person is an Affiliate of such
Person and of each other subsidiary of that Person.

‘‘Agreement’’ means this
Warrant Agreement, as the same may be amended or modified from time to
time hereafter.

‘‘Bankruptcy
Code’’ means title 11 of the United States Code.

‘‘Bankruptcy Court’’ means the
United States Bankruptcy Court or other U.S. Federal court of competent
jurisdiction in which the Chapter 11 Case is pending.

‘‘Business Day’’ means each
Monday, Tuesday, Wednesday, Thursday, and Friday which is not a day on
which banking institutions in New York, New York are authorized or
obligated by law or executive order to close; provided, that, in
determining the period within which certificates or Warrants are to be
issued and delivered at a time when shares of Common Stock are listed
or admitted to trading on any national securities exchange or in the
over-the-counter market and in determining the Fair Value of any
securities listed or admitted to trading on any national securities
exchange or in the over-the-counter market, ‘‘Business
Day’’ shall mean any day when the principal exchange on
which such securities are then listed or admitted to trading is open
for trading or, if such securities are traded in the over-the-counter
market in the United States, such market is open for trading; provided,
further, that any reference in this Agreement to
‘‘days’’ (unless Business Days are
specified) shall mean calendar days.

‘‘Chapter
11 Case’’ means a case or cases under Chapter 11 of
the Bankruptcy Code concerning the Company and/or any of its
Subsidiaries.

4

‘‘Common
Stock’’ means the Company's Common Stock, par
value $.01 per share, as authorized from and after the Consummation
Date.

‘‘Commission’’ means
the Securities and Exchange Commission or any other Federal agency at
the time administering the Securities Act or the Exchange Act,
whichever is the relevant statute for the particular purpose.

‘‘Company’’ means Global Signal
Inc., a Delaware corporation, as successor to Pinnacle Holdings Inc., a
Delaware corporation.

‘‘Consummation
Date’’ has the meaning specified in the Plan.

‘‘Convertible Notes’’ shall
mean the 51⁄2% Convertible Subordinated Notes
due 2007.

‘‘Exchange Act’’
means the Securities Exchange Act of 1934, or any successor Federal
statute, and the rules and regulations of the Commission thereunder,
all as the same shall be amended and in effect at the time. Reference
to a particular section of the Securities Exchange Act of 1934 shall
include a reference to the comparable section, if any, of any such
successor Federal statute.

‘‘Exercise
Period’’ has the meaning specified in Article 3.

‘‘Exercise Price’’ has the
meaning specified in Article 4.

‘‘Fair
Value’’ means (a) with respect to Common Stock in
each case if such security is listed on one or more stock exchanges or
quoted on the National Market System or SmallCap Market of NASDAQ (the
‘‘NASDAQ Market’’), the average of the
closing sales prices of a share of such Common Stock on the primary
national or regional stock exchange on which such security is listed or
on the NASDAQ Market if quoted thereon or (b) if the Common Stock is
not so listed or quoted but is traded in the over-the-counter market
(other than the NASDAQ Market), the average of the closing bid and
asked prices of a share of such Common Stock in each case for the 30
Business Days (or such lesser number of Business Days as such Common
Stock or other security shall have been so listed, quoted or traded)
next preceding the date of measurement; provided, however, that if no
such sales price or bid and asked prices have been quoted during the
preceding 30-day period or there is otherwise no established trading
market for such security, then ‘‘Fair
Value’’ means the value of such Common Stock as
determined reasonably and in good faith by the Board of Directors of
the Company; and provided, further, however, that in the event the
current market price of a share of such Common Stock is determined
during a period following the announcement by the Company of (x) a
dividend or distribution on the Common Stock payable in shares of
Common Stock, or (y) any subdivision, combination, or reclassification
of the Common Stock, and prior to the expiration of 30 Business Days
after the ex-dividend date for such dividend or distribution, or the
record date for such subdivision, combination, or reclassification,
then and in each such case, the ‘‘Fair
Value’’ shall be appropriately adjusted to take into
account ex-dividend trading. Anything herein to the contrary
notwithstanding, in case the Company shall issue any shares of Common
Stock, rights, or options, in connection with the acquisition by the
Company of the stock or assets of any other Person or the merger of any
other Person into the Company, the Fair Value of the Common Stock so
issued shall be determined as of the date the number of shares of
Common Stock, rights, or options, was determined (as set forth in a
written agreement between the Company and the other party to the
transaction) rather than on the date of issuance of such shares of
Common Stock, rights, or option.

‘‘Issue
Date’’ has the meaning specified in Section 2.1.

‘‘Old Common Stock’’ means the
Company's common stock, par value $.01 per share, outstanding as
of the date of the Company's filing of the petition commencing
the Chapter 11 Case.

‘‘Person’’
means any individual, partnership, association, joint venture,
corporation, business trust, unincorporated organization, government,
or department, agency or subdivision thereof, or other person or
entity.

‘‘Plan’’ means the
reorganization plan of the Company, as confirmed by order of the
Bankruptcy Court entered on October  9,  2002.

‘‘Public Offering’’ means any
offering of Common Stock to the public pursuant to an effective
registration statement under the Securities Act.

5

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

‘‘Securities Purchase
Agreement’’ means that agreement by and among
Pinnacle Holdings Inc. and Pinnacle Towers Inc., on the one hand, and
the Investors named herein, on the other hand, dated as of April
25,  2002.

‘‘Subsidiaries’’ means each
corporation, limited liability company, partnership, business
association or other Person in which the Company owns any direct or
indirect equity interest.

‘‘Warrant
Agent’’ means American Stock Transfer & Trust
Company.

‘‘Warrant
Certificate’’ has the meaning specified in Section
2.3.

‘‘Warrants’’ means the
Company's Warrants to purchase up to an aggregate of 615,000
shares of Common Stock at the Exercise Price, subject to adjustment as
provided herein, issued in exchange for the Convertible Notes and Old
Common Stock pursuant to the Plan.

ARTICLE II — ISSUANCE
OF WARRANTS

2.1. Issuance.

On
November  1,  2002 (the ‘‘Issue
Date’’), which is also the consummation Date, the
Company, pursuant to the Plan, delivered to the Company's
disbursing agent under the Plan for re-distribution to the holders of
the Convertible Notes and Old Common Stock, a global certificate for an
aggregate of 615,000 Warrants.

2.2. Share
Amount.

The number of shares of Common Stock purchasable upon
exercise of the Warrants shall be one (1) Warrant to two (2) shares of
Common Stock, subject to adjustments from and after the Issue Date as
provided in Article 6 of this Agreement.

2.3. Form of
Warrant Certificate.

The Warrants shall be evidenced by
certificates substantially in the form attached hereto as Exhibit A
(the ‘‘Warrant Certificate’’). Each Warrant
Certificate shall be dated as of the date on which it is countersigned
by the Warrant Agent, which shall be on the Issue Date or, in the event
of a division, exchange, substitution or transfer of any of the
Warrants, on the date of such event. The Warrant Certificate may have
such further legends and endorsements stamped, printed, lithographed,
or engraved thereon as the Company may deem appropriate and as are not
inconsistent with the provisions of this Agreement, or as may be
required to comply with any law or with any rule or regulation pursuant
thereto or with any rule or regulation of any securities exchange on
which the Warrants may be listed.

2.4. Execution of
Warrant Certificate.

Warrant Certificates shall be executed
on behalf of the Company by its Chairman of the Board, Vice Chairman of
the Board, Chief Executive Officer, President, any Vice President,
Treasurer or Secretary, either manually or by facsimile signature
printed thereon. In case any such officer of the Company whose
signature shall have been placed upon any Warrant Certificate shall
cease to be such officer of the Company before countersignature by the
Warrant Agent or issuance and delivery thereof, such Warrant
Certificate nevertheless may be countersigned by the Warrant Agent and
issued and delivered with the same force and effect as though such
person had not ceased to be such officer of the
Company.

2.5. Countersignature of Warrant
Certificates.

Warrant Certificates shall be manually
countersigned by an authorized signatory of the Warrant Agent and shall
not be valid for any purpose unless so countersigned. Such manual
countersignature shall constitute conclusive evidence of such
authorization. The Warrant Agent is hereby authorized to countersign,
in accordance with the provisions of this Section 2.5, and deliver any
new Warrant Certificates, as directed by the Company pursuant to
Section 2.1 and as and when required pursuant to the provisions of
Articles 13 and 14. Each Warrant Certificate shall, when manually
countersigned by an 

6

authorized signatory of the Warrant Agent,
entitle the registered holder thereof to exercise the rights as the
holder of the number of Warrants set forth thereon, subject to the
provisions of this Agreement.

ARTICLE III — EXERCISE
PERIOD

Each Warrant shall entitle the holder thereof to purchase
from the Company one (1) share of Common Stock (subject to the
adjustments provided herein), at any time during the five (5) year
period that commences on the First Business Day that is one (1) day
after the Issue Date, and that terminates at 5:00 p.m., New York City
time on the First Business Day that is five (5) years after the Issue
Date (the ‘‘Exercise Period’’).

ARTICLE IV — EXERCISE PRICES

The Exercise Price for
the Warrants shall be $17.06 per two (2) shares of Common Stock
(subject to adjustment pursuant to Article 6 hereof).

ARTICLE V
— EXERCISE OF WARRANTS

5.1. Manner of
Exercise.

All or any of the Warrants represented by a Warrant
Certificate may be exercised by the registered holder thereof during
normal business hours on any Business Day, by surrendering such Warrant
Certificate, with the subscription form set forth therein duly executed
by such holder, by hand or by mail to the Warrant Agent at its office
addressed to American Stock Transfer & Trust Company, 59 Maiden
Lane, New York, NY 10038, Attn: Karen Trachtenberg, or, if such
exercise shall be in connection with an underwritten Public Offering,
at the location designated by the Company. Such Warrant Certificate
shall be accompanied by payment in respect of each Warrant that is
exercised, which shall be made by certified or official bank or bank
cashier's check payable to the order of the Company, except as
otherwise provided herein. Such payment shall be in an amount equal to
the product of the number of shares of Common Stock (without giving
effect to any adjustment therein) designated in such subscription form
multiplied by the original Exercise Price for the Warrants being
exercised (plus such additional consideration as may be provided
herein). Upon such surrender and payment, such holder shall thereupon
be entitled to receive the number of duly authorized, validly issued,
fully paid and nonassessable shares of Common Stock determined as
provided in Articles 2 and 3, and as and if adjusted pursuant to
Article 6.

5.2. When Exercise
Effective.

Each exercise of any Warrant pursuant to Section
5.1 shall be deemed to have been effected immediately prior to the
close of business on the Business Day on which the Warrant Certificate
representing such Warrant, duly executed, with accompanying payment
shall have been delivered as provided in Section 5.1, and at such time
the Person or Persons in whose name or names the certificate or
certificates for Common Stock shall be issuable upon such exercise as
provided in Section 5.3 shall be deemed to have become the holder or
holders of record thereof.

5.3. Delivery of
Certificates, Etc.

(a) As promptly as
practicable after the exercise of any Warrant, and in any event within
ten (10) Business Days thereafter (or, if such exercise is in
connection with an underwritten Public Offering, concurrently with such
exercise), the Company at its expense (other than as to payment of
transfer taxes which will be paid by the holder) will cause to be
issued and delivered to such holder, or as such holder may otherwise
direct in writing (subject to Article 13),

(i) a
certificate or certificates for the number of shares of Common Stock to
which such holder is entitled, and

(ii) if less
than all the Warrants represented by a Warrant Certificate are
exercised, a new Warrant Certificate or Warrant Certificates of the
same tenor and for the aggregate number of Warrants that were not
exercised, executed, and countersigned in accordance with Sections 2.4
and 2.5.

(b) The Warrant Agent shall countersign
any new Warrant Certificate, register it in such name or names as may
be directed in writing by such holder, and shall deliver it to the
person entitled to receive 

7

the same in accordance with this Section 5.3.
The Company, whenever required by the Warrant Agent, will supply the
Warrant Agent with Warrant Certificates executed on behalf of the
Company for such purpose.

5.4. Fractional
Shares.

No fractional shares of Common Stock shall be issued
upon any exercise of Warrants. If more than one Warrant Certificate
shall be delivered for exercise at one time by the same holder, the
number of full shares or securities that shall be issuable upon
exercise shall be computed on the basis of the aggregate number of
Warrants exercised. As to any fraction of a share of Common Stock, the
Company shall pay a cash adjustment in respect thereto in an amount
equal to the product of the Fair Value per share of Common Stock as of
the Business Day next preceding the date of such exercise multiplied by
such fraction of a share.

ARTICLE VI — ADJUSTMENT OF THE
AMOUNT OF COMMON STOCK ISSUABLE AND THE EXERCISE PRICE UPON
EXERCISE

6.1. Stock Dividends, Split-ups, And
Combinations of Shares.

If after the date hereof the number
of outstanding shares of Common Stock is increased by a dividend, share
distribution, or split up, in each case payable in shares of Common
Stock, or if the number of outstanding shares of Common Stock is
combined into a smaller number of such shares or in the event of any
other reclassification of shares of Common Stock (other than a
reclassification in connection with a merger, consolidation, or other
business combination which will be governed by Section 6.4), then the
number of shares of Common Stock issuable upon exercise of each Warrant
immediately after the occurrence of any such event shall be adjusted so
that the holder of each Warrant shall be entitled to receive the kind
and number of shares of Common Stock of the Company which such holder
would have been entitled to receive upon the occurrence of such event
had such Warrant been exercised immediately prior thereto or any record
date with respect thereto (with any record date requirement being
deemed to have been satisfied). Any adjustment made pursuant to this
Section 6.1 shall become effective immediately after the effective date
of such event retroactive to the record date, if any, for such
event.

6.2. Distributions.

If after the
issue date the Company shall distribute to all holders of its shares of
Common Stock evidences of its indebtedness or assets (excluding all
cash distributions and all other distributions determined by the Board
of Directors of the Company in its sole discretion to be necessary or
appropriate to permit the Company's continued qualification as a
‘‘real estate investment trust’’) or rights
to subscribe to shares of Common Stock expiring more than 45 days after
the issuance thereof, then in each such case the Exercise Price in
effect immediately prior to such distribution shall be decreased to an
amount determined by multiplying such Exercise Price by a fraction, the
numerator of which is the Fair Value of a share of the Common Stock at
the date of such distribution less the Fair Value per share of Common
Stock outstanding at such date of the assets or evidences of
indebtedness so distributed or of such subscription rights (as
determined by the board of directors of the Company, whose
determination shall be conclusive, and described in a statement filed
with the Warrant Agent) and the denominator of which is the Fair Value
of a share of Common Stock at such date. Such adjustment shall be made
whenever any such distribution is made, and shall become effective
retroactively on the date immediately after the record date for the
determination of stockholders entitled to receive such
distribution.

6.3. Exercise Price
Adjustment.

Whenever the number of shares of Common Stock
into which a Warrant is exercisable is adjusted as provided in this
Article 6, then the Exercise Price payable upon exercise of the Warrant
shall simultaneously be adjusted by multiplying such Exercise Price
immediately prior to such adjustment by a fraction, the numerator of
which shall be the number of shares of Common Stock into which such
Warrant was exercisable immediately prior to such adjustment, and the
denominator of which shall be the number of shares of Common Stock into
which such Warrant was exercisable immediately thereafter.

8

6.4. Adjustments for Mergers and
Consolidations.

In case the Company, after the issue date,
shall merge or consolidate with another Person, then, in the case of
any such transaction, proper provision shall be made so that, upon the
basis and terms and in the manner provided in this Warrant Agreement,
the holders of the Warrants, upon the exercise thereof at any time
after the consummation of such transaction (subject to the Exercise
Period), shall at the election of the Company made prior to the
consummation of such transaction be entitled to receive (at the
aggregate Exercise Price in effect at the time of the transaction for
all Common Stock issuable upon such exercise immediately prior to such
consummation), in lieu of the Common Stock issuable upon such exercise
prior to such consummation, either (a) the amount of securities, cash,
or other property to which such holder would have been entitled as a
holder of Common Stock upon such consummation if such holder had
exercised the rights represented by the Warrants held by such holder
immediately prior thereto (which in the case of a transaction in which
stockholders may elect to receive different consideration shall be
deemed to be the consideration received by stockholders who fail to
make an election), subject to adjustments (subsequent to such
consummation) as nearly equivalent as possible to the adjustments
provided for in Sections 6.1 and 6.2 hereof, or (b) the excess, if any,
of the Fair Value of all Common Stock) issuable upon such exercise
immediately prior to such consummation over the aggregate Exercise
Price in effect at the time of such consummation, payable in cash
promptly following such consummation. In the event that the Company
makes the election provided for in clause (b) of the immediately
preceding sentence, the Warrants shall expire upon consummation of such
transaction.

6.5. Calculation to Nearest Cent and
One-hundredth of Share.

All calculations under this Article
6 shall be made to the nearest cent or to the nearest
one-hundredth of a share, as the case may be.

6.6. Notice of Adjustment in Exercise
Price.

Whenever the Exercise Price and securities issuable
shall be adjusted as provided in this Article 6, the Company shall
forthwith file with the Warrant Agent a statement, signed by the
Chairman of the Board, Vice Chairman of the Board, the President, or
any Vice President of the Company and by its Treasurer or an Assistant
Treasurer or its Secretary or an Assistant Secretary, stating in detail
the facts requiring such adjustment, the Exercise Price that will be
effective after such adjustment and the impact of such adjustment on
the number and kind of securities issuable upon exercise of the
Warrants. The Company shall also cause a notice setting forth any such
adjustments to be sent by mail, first class, postage prepaid, to each
registered holder of Warrants at its address appearing on the Warrant
register. The Warrant Agent shall have no duty with respect to any
statement filed with it except to keep the same on file and available
for inspection by registered holders of Warrants during reasonable
business hours. The Warrant Agent shall not at any time be under any
duty or responsibility to any holder of a Warrant to determine whether
any facts exist which may require any adjustment to the Exercise Price
or securities issuable, or with respect to the nature or extent of any
adjustment of the Exercise Price or securities issuable when made or
with respect to the method employed in making such adjustment.

6.7. Other Notices.

In case the Company after
the date hereof shall propose to take any action of the type described
in Sections 6.1, 6.2, or 6.3 of this Article 6, the Company shall give
notice to the Warrant Agent and to each registered holder of a Warrant
in the manner set forth in Section 6.6 of this Article 6, which notice
shall specify, in the case of action of the type specified in Section
6.2 or 6.3, the date on which a record shall be taken with respect to
any such action. Such notice shall be given, in the case of any action
of the type specified in Section 6.2 or 6.3, at least ten (10) days
prior to the record date with respect thereto. Failure to give such
notice, or any defect therein, shall not affect the legality or
validity of any such action. Where appropriate, such notice may be
given in advance and may be included as part of a notice required to be
mailed under the provisions of Section 6.6 of this Article 6.

6.8. No Change in Warrant Terms on Adjustment: No
Adjustment for Distributions Under the Plan.

Irrespective of
any adjustments in the Exercise Price or the number of shares of Common
Stock issuable upon exercise, Warrants theretofore or thereafter issued
may continue to express the same prices 

9

and number of shares as are stated in the
similar Warrants issuable initially, or at some subsequent time,
pursuant to this Agreement, and the Exercise Price and such number of
shares issuable upon exercise specified thereon shall be deemed to have
been so adjusted. Without limiting the foregoing, no adjustment shall
be made pursuant to this Article 6 by reason of (a) the issuance of
shares of Common Stock or other securities, including the Warrants,
pursuant to the Plan, (b) the issuance of any stock options issued
pursuant to or as permitted by the Plan, (c) the issuance or sale by
the Company of any shares of Common Stock pursuant to the exercise of
any stock options or Warrants; or (d) the issuance of shares of Common
Stock for consideration consisting in cash or property in whole or in
part.

6.9. Treasury Shares.

Shares of Common
Stock at any time owned by the Company shall not be deemed to be
outstanding for the purposes of any computation under this Article
6.

ARTICLE VII — CONSOLIDATION, MERGER,
ETC.

Notwithstanding anything contained herein to the contrary,
the Company will not effect a merger or consolidation unless, prior to
the consummation of such transaction, each Person (other than the
Company) which may be required to deliver any Common Stock securities,
cash, or property upon the exercise of this Warrant as provided herein
shall assume, by written instrument delivered to the Warrant Agent, the
obligations of the Company under this Warrant Agreement and under each
of the Warrants, including, without limitation, the obligation to
deliver such shares of Common Stock, cash, or property as may be
required pursuant to Article 6 hereof.

ARTICLE VIII — NO
DILUTION OR IMPAIRMENT

The Company will not, by amendment of its
certificate of incorporation or through any consolidation, merger,
reorganization, transfer of assets, dissolution, issuance or sale of
securities, or any other voluntary action or omission, avoid or seek to
avoid the observance or performance of any of the terms of this
Agreement or any of the Warrants issued hereunder, but will at all
times in good faith observe and perform all such terms and take all
such action as may be necessary or appropriate to protect the rights of
each holder of a Warrant against dilution or other impairment of the
kind specified herein, provided, however, that, subject to
compliance with the applicable provisions of this Agreement, the
Company shall not be prohibited by this Article VIII or by any
provision of this Agreement from making decisions providing for, inter
alia, the merger or consolidation of the Company or the sale of its
assets which transactions, in the judgment of the Company's Board
of Directors, are in the best interests of the Company and its
stockholders. Without limiting the generality of the foregoing, the
Company (a) will not permit the par value of any shares of stock
receivable upon the exercise of any Warrant to exceed the amount
payable therefore upon such exercise, (b) will take all such action as
may be necessary or appropriate in order that the Company may validly
and legally issue wholly paid and nonassessable shares of stock upon
the exercise of all of the Warrants from time to time outstanding, and
(c) will not take any action that results in any adjustment of the
shares issuable upon exercise of the Warrants (or which entitles the
holders of the Warrants to receive upon such exercise) if the total
number of shares of Common Stock issuable after the action upon the
exercise of all of the Warrants would exceed the total number of shares
of Common Stock then authorized by the Company's certificate of
incorporation and available for the purpose of issuance upon such
exercise.

ARTICLE IX — REPORTS

In each case of any
adjustment or readjustment in the shares of Common Stock issuable upon
exercise of the Warrants, the Company at its expense will promptly
compute such adjustment or readjustment after giving effect to such in
accordance with the terms of this Agreement and shall prepare a report
setting forth such adjustment or readjustment and showing in reasonable
detail the method of calculation thereof and the facts upon which such
adjustment or readjustment is based. The Company will promptly mail a
copy of each such report to the Warrant Agent, which shall promptly
mail a copy to each holder of a Warrant. The Warrant Agent will cause
the same to be available for inspection at its principal office during
normal business hours by any holder of a Warrant or any prospective
purchaser of a Warrant designated by the holder thereof.

10

ARTICLE X — NOTIFICATION OF
CERTAIN EVENTS

10.1. Available
Information.

The Company shall promptly file with the Warrant
Agent copies of its annual reports and of the information, documents
and other reports (or copies of such portions of any of the foregoing
as the Commission may by rules and regulations prescribe) that the
Company is required to file with the Commission pursuant to Section 13
or 15(d) of the Exchange Act.

ARTICLE XI — RESERVATION OF
STOCK

11.1. Reservation; Due Authorization,
Etc.

The Company shall at all times reserve and keep
available, free from preemptive rights, out of its authorized but
unissued Common Stock, solely for issuance and delivery upon exercise
of Warrants, the full number of shares of Common Stock from time to
time issuable upon exercise of all Warrants and any other outstanding
warrants, options, or similar rights, from time to time outstanding.
All shares of Common Stock shall be duly authorized and, when issued
upon such exercise, shall be duly and validly issued, and (in the case
of shares) fully paid and nonassessable, and free from all taxes,
liens, charges, security interests, encumbrances, and other
restrictions created by or through the Company.

11.2. Compliance with Law.

The Company will use
its best efforts, at its expense and on a continual basis, to assure
that all shares of Common Stock that may be issued upon exercise of
Warrants may be so issued and delivered without violation of any
Federal or state securities law or regulation, or any other law or
regulation applicable to the Company or any of its Subsidiaries;
provided, that, with respect to any such exercise involving a sale or
transfer of Warrants or any such securities issuable upon such
exercise, the Company shall have no obligation to register such
Warrants or securities under any such securities law.

ARTICLE
XII — PAYMENT OF TAXES

The Company will pay any and all
documentary stamp or similar issue taxes payable to the United States
of America or any State, or any political subdivision or taxing
authority thereof or therein, in respect of the issuance or delivery of
shares of Common Stock on exercise of Warrants, provided, that the
Company shall not be required to pay any tax that may be payable in
respect of any transfer of a Warrant or any transfer involved in the
issuance and delivery of Common Stock in a name other than that of the
registered holder of the Warrants to be exercised, and no such issuance
or delivery shall be made unless and until the person requesting such
issuance has paid to the Company the amount of any such tax or has
established, to the reasonable satisfaction of the Company, that such
tax has been paid.

ARTICLE XIII — LOSS OR
MUTILATION

Upon receipt by the Company and the Warrant Agent of
evidence reasonably satisfactory to them of the ownership of and the
loss, theft, destruction, or mutilation of any Warrant Certificate and
of an indemnity bond reasonably satisfactory to them in form or amount,
and (in the case of mutilation) upon surrender and cancellation
thereof, then, in the absence of notice to the Company or the Warrant
Agent that the Warrants represented thereby have been acquired by a
bona fide purchaser, the Company shall execute and deliver to the
Warrant Agent and, upon the Company's request, an authorized
signatory of the Warrant Agent shall manually countersign and deliver,
to the registered holder of the lost, stolen, destroyed, or mutilated
Warrant Certificate, in exchange for or in lieu thereof, a new Warrant
Certificate of the same tenor and for a like aggregate number of
Warrants. Upon the issuance of any new Warrant Certificate under this
Article 13, the Company may require the payment of a sum sufficient to
cover any tax or other governmental charge that may be imposed in
relation thereto and any other expenses (including the reasonable fees
and expenses of the Warrant Agent) in connection therewith. Every new
Warrant Certificate executed and delivered pursuant to this Article 13
in lieu of any lost, stolen, or destroyed Warrant Certificate shall be
entitled to the same benefits of this Agreement equally and
proportionately with any and all other Warrant Certificates, whether or
not the allegedly lost, stolen or 

11

destroyed Warrant Certificate shall be at
any time enforceable by anyone. The provisions of this Article 13 are
exclusive and shall preclude (to the extent lawful) all other rights or
remedies with respect to the replacement of mutilated, lost, stolen or
destroyed Warrant Certificates.

ARTICLE XIV — WARRANT
REGISTRATION

14.1. Registration.

The Warrant
Certificates shall be issued in registered form only and shall be
registered in the names of the record holders of the Warrant
Certificates to whom they are to be delivered. The Company shall
maintain or cause to be maintained a register in which, subject to such
reasonable regulations as it may prescribe, the company shall provide
for the registration of Warrants and of transfers or exchanges of
Warrant Certificates as provided in this Agreement. Such register shall
be maintained at the office of the Company or the Warrant Agent located
at the respective address therefore as provided in Section 17.1. Such
register shall be open for inspection upon notice at all reasonable
times by the Warrant Agent and each holder of a Warrant.

14.2. Transfer or Exchange.

Subject to Section
2.1 hereof, at the option of the holder, Warrant Certificates may be
exchanged or transferred for other Warrant Certificates for a like
aggregate number of Warrants, upon surrender of the Warrant
Certificates to be exchanged at the office of the Company or the
Warrant Agent maintained for such purpose at the respective address
therefore as provided in Section 17.1, and upon payment of the charges
herein provided. Whenever any Warrant Certificates are so surrendered
for exchange or transfer, the Company shall execute, and an authorized
signatory of the Warrant Agent shall manually countersign and deliver,
the Warrant Certificates that the holder making the exchange is
entitled to receive.

14.3. Valid and
Enforceable.

All Warrant Certificates issued upon any
registration of transfer or exchange of Warrant Certificates shall be
the valid obligations of the Company, evidencing the same obligations,
and entitled to the same benefits under this Agreement, as the Warrant
Certificates surrendered for such registration of transfer or
exchange.

14.4. Endorsement.

Every Warrant
Certificate surrendered for registration of transfer or exchange shall
(if so required by the Company or the Warrant Agent) be duly endorsed,
or be accompanied by an instrument of transfer in form reasonably
satisfactory to the Company and the Warrant Agent and duly executed by
the registered holder thereof or such holder's officer or
representative duly authorized in writing.

14.5. No
Service Charge.

No service charge shall be made for any
registration of transfer or exchange of Warrant Certificates.

14.6. Cancellation.

Any Warrant Certificate
surrendered for registration of transfer, exchange or the exercise of
the Warrants represented thereby shall, if surrendered to the Company,
be delivered to the Warrant Agent, and all Warrant Certificates
surrendered or so delivered to the Warrant Agent shall be promptly
cancelled by the Warrant Agent. Any such Warrant Certificate shall not
be reissued by the Company and, except as provided in this Article 14
in case of an exchange or transfer, in Article 13 in case of a
mutilated Warrant Certificate and in Article 3 in case of the exercise
of less than all the Warrants represented thereby, no Warrant
Certificate shall be issued hereunder in lieu thereof. The Warrant
Agent shall deliver to the Company from time to time or otherwise
dispose of such cancelled Warrant Certificates in a manner reasonably
satisfactory to the Company.

ARTICLE XV — WARRANT
AGENT

15.1. Obligations Binding.

The Warrant
Agent undertakes the duties and obligations imposed by this Agreement
upon the terms and conditions set forth in this Article 15. The
Company, and the holders of Warrants by their acceptance thereof, shall
be bound by all of such terms and conditions.

12

15.2. No
Liability.

The Warrant Agent shall not by countersigning
Warrant Certificates or by any other act hereunder be accountable with
respect to or be deemed to make any representations as to the validity
or authorization of the Warrants or the Warrant Certificates (except as
to its countersignature thereon), as to the validity, authorization, or
value (or kind or amount) of any Common Stock or any other property
delivered or deliverable upon exercise of any Warrant, or as to the
purchase price of such Common Stock, securities, or other property. The
Warrant Agent shall not (a) be liable for any recital or statement of
fact contained herein or in the Warrant Certificates or for any action
taken, suffered, or omitted by the Warrant Agent in good faith in the
belief that any Warrant Certificate or any other document or any
signature is genuine or properly authorized, (b) be responsible for
determining whether any facts exist that may require any adjustment of
the purchase price and the number of shares of Common Stock purchasable
upon exercise of Warrants, or with respect to the nature or extent of
any such adjustments when made, or with respect to the method of
adjustment employed, (c) be responsible for any failure on the part of
the Company to issue, transfer, or deliver any Common Stock or property
upon the surrender of any Warrant for the purpose of exercise or to
comply with any other of the Company's covenants and obligations
contained in this Agreement or in the Warrant Certificates, or (d) be
liable for any act or omission in connection with this Agreement except
for its own bad faith, negligence, or willful misconduct.

15.3. Instructions.

The Warrant Agent is hereby
authorized to accept instructions with respect to the performance of
its duties hereunder from the Chairman of the Board, Vice Chairman of
the Board, President, any Vice President, Treasurer or any Assistant
Treasurer of the Company, and to apply to any such officer for advice
or instructions. The Warrant Agent shall not be liable for any action
taken, suffered, or omitted by it in good faith in accordance with the
instructions of any such officer.

15.4. Agents.

The Warrant Agent may execute and
exercise any of the rights and powers hereby vested in it or perform
any duty hereunder either itself or by or through its attorneys,
agents, or employees, provided reasonable care has been exercised in
the selection and in the continued employment of any such attorney,
agent, or employee. The Warrant Agent shall not be under any obligation
or duty to institute, appear in, or defend any action, suit, or legal
proceeding in respect hereof, but this provision shall not affect the
power of the Warrant Agent to take such action as the Warrant Agent may
consider proper. The Warrant Agent shall promptly notify the Company in
writing of any claim made or action, suit, or proceeding instituted
against the Warrant Agent arising out of or in connection with this
Agreement.

15.5. Cooperation.

The Company
will perform, execute, acknowledge, and deliver or cause to be
performed, executed, acknowledged, and delivered all such further acts,
instruments, and assurances as may reasonably be required by the
Warrant Agent in order to enable the Warrant Agent to carry out or
perform its duties under this Agreement.

15.6. Agent
Only.

The Warrant Agent shall act solely as agent. The
Warrant Agent shall not be liable except for the performance of such
duties as are specifically set forth herein, and no implied covenants
or obligations shall be read into this Agreement against the Warrant
Agent, whose duties and obligations shall be determined solely by the
express provisions hereof.

15.7. Right to
Counsel.

The Warrant Agent may at any time consult with legal
counsel satisfactory to it (who may be legal counsel for the Company)
and the Warrant Agent shall incur no liability or responsibility to the
Company or to any Warrant holder for any action taken, suffered, or
omitted by the Warrant Agent in good faith in accordance with the
opinion or advice of such counsel.

13

15.8. Compensation.

The
Company agrees to pay the Warrant Agent reasonable compensation for its
services hereunder and to reimburse the Warrant Agent for its
reasonable expenses hereunder; and further agrees to indemnify the
Warrant Agent and hold it harmless against any and all liabilities,
including, but not limited to, judgments, costs, and reasonable counsel
fees for anything done, suffered, or omitted by the Warrant Agent in
the execution of its duties and powers hereunder, except for any such
liabilities that arise as a result of the Warrant Agent's bad
faith, negligence, or willful misconduct.

15.9. Accounting.

The Warrant Agent shall
account promptly to the Company with respect to Warrants exercised and
concurrently pay to the Company all moneys received by the Warrant
Agent on behalf of the Company on the purchase of shares of Common
Stock through the exercise of Warrants.

15.10. No
Conflict.

The Warrant Agent and any stockholder, director,
officer, or employee of the Warrant Agent may buy, sell, or deal in any
of the Warrants or other securities of the Company or become
pecuniarily interested in any transaction in which the Company may be
interested, or contract with or lend money to the Company or otherwise
act as fully and freely as though it were not Warrant Agent under this
Agreement. Nothing herein shall preclude the Warrant Agent from acting
in any other capacity for the Company or for any other legal
entity.

15.11. Resignation; Termination.

The
Warrant Agent may resign its duties and be discharged from all further
duties and liabilities hereunder (except liabilities arising as a
result of the Warrant Agent's bad faith, negligence, or willful
misconduct), after giving thirty (30) days' prior written notice
to the Company. The Company may remove the Warrant Agent upon thirty
(30) days' written notice, and the Warrant Agent shall thereupon
in like manner be discharged from all further duties and liabilities
hereunder, except as to liabilities arising as a result of the Warrant
Agent's bad faith, negligence, or willful misconduct. The Company
shall cause to be mailed (by first class mail, postage prepaid) to each
registered holder of a Warrant at such holder's last address as
shown on the register of the Company, at the Company's expense, a
copy of such notice of resignation or notice of removal, as the case
may be. Upon such resignation or removal the Company shall promptly
appoint in writing a new warrant agent. If the Company shall fail to
make such appointment within a period of thirty (30) days after it has
been notified in writing of such resignation by the resigning Warrant
Agent or after such removal, then the holder of any Warrant may apply
to any court of competent jurisdiction for the appointment of a new
warrant agent. Pending appointment of a successor to the Warrant Agent,
either by the Company or by such a court, the duties of the Warrant
Agent shall be carried out by the Company. Any successor warrant agent,
whether appointed by the Company or by such a court, shall be a
corporation, incorporated under the laws of the United States or of any
state thereof and authorized under such laws to exercise corporate
trust powers, be subject to supervision and examination by Federal or
state authority, and have a combined capital and surplus of not less
than $100,000,000 as set forth in its most recent published annual
report of condition. After acceptance in writing of such appointment by
the new warrant agent it shall be vested with the same powers, rights,
duties, and responsibilities as if it had been originally named herein
as the Warrant Agent, without any further assurance, conveyance, act,
or deed; but if for any reason it shall be necessary or expedient to
execute and deliver any further assurance, conveyance, act, or deed,
the same shall be done at the expense of the Company and shall be
legally and validly executed and delivered by the resigning or removed
Warrant Agent. Not later than the effective date of any such
appointment the Company shall file notice thereof with the resigning or
removed Warrant Agent and shall forthwith cause a copy of such notice
to be mailed (by first class mail, postage prepaid) to each registered
holder of a Warrant at such holder's last address as shown on the
register of the Company. Failure to give any notice provided for in
this Section 15.1 1, or any defect in any such notice, shall not affect
the legality or validity of the resignation of the Warrant Agent or the
appointment of a new warrant agent, as the case may be.

15.12.
Change of Warrant Agent.

If at any time the name of the
Warrant Agent shall be changed and at such time any of the Warrant
Certificates shall have been countersigned but not delivered, the
Warrant Agent may adopt the 

14

countersignature under its prior name and
deliver Warrant Certificates so countersigned; and if at that time any
of the Warrant Certificates shall not have been countersigned, the
Warrant Agent may countersign such Warrant Certificates either in its
prior name or in its changed name; and in all such cases such Warrant
Certificates shall have the full force and effect provided in the
Warrant Certificates and this Agreement.

15.13. Successor
Warrant Agent.

Any corporation into which the Warrant Agent
or any new warrant agent may be merged or any corporation resulting
from any consolidation to which the Warrant Agent or any new warrant
agent shall be a party or any corporation succeeding to all or
substantially all the agency business of the Warrant Agent or any new
warrant agent shall be a successor Warrant Agent under this Agreement
without any further act; provided, that such corporation would be
eligible for appointment as a new warrant agent under the provisions of
Section 15.1 1 of this Article 15. The Company shall promptly cause
notice of the succession as Warrant Agent of any such successor Warrant
Agent to be mailed (by first class mail, postage prepaid) to each
registered holder of a Warrant at its last address as shown on the
register of the Company.

ARTICLE XVI — REMEDIES,
ETC.

16.1. Remedies.

The Company stipulates
that the remedies at law of each holder of a Warrant in the event of
any default or threatened default by the Company in the performance of
or compliance with any of the terms of this Warrant Agreement are not
and will not be adequate and that, to the fullest extent permitted by
law, such terms may be specifically enforced by a decree for the
specific performance of any agreement contained herein or by an
injunction against a violation of any of the terms hereof or
otherwise.

16.2. Warrant Holder Not Deemed A
Stockholder.

Prior to the exercise of the Warrants
represented thereby no holder of a Warrant Certificate, as such, shall
be entitled to any rights of a stockholder of the Company, including,
but not limited to, the right to vote, to receive dividends or other
distributions, to exercise any preemptive right or, except as otherwise
provided herein, to receive any notice of meetings of stockholders, and
no such holder shall be entitled to receive notice of any proceedings
of the Company except as provided in this Agreement. Nothing contained
in this Agreement shall be construed as imposing any liabilities on
such holder to purchase any securities or as a stockholder of the
Company, whether such liabilities are asserted by the Company or by
creditors or stockholders of the Company or otherwise.

16.3. Right of Action.

All rights of action in
respect of this Agreement are vested in the registered holders of the
Warrants. Any registered holder of any Warrant, without the consent of
the Warrant Agent or the registered holder of any other Warrant, may in
such holder's own behalf and for such holder's own benefit
enforce, and may institute and maintain any suit, action, or proceeding
against the Company suitable to enforce, or otherwise in respect of,
such holder's right to exercise such holder's Warrants in
the manner provided in the Warrant Certificate representing such
Warrants and the Company's obligations under this Agreement and
the Warrants.

ARTICLE XVII —
MISCELLANEOUS

17.1. Notices.

Any notice,
demand, or delivery authorized by this Agreement shall be sufficiently
given or made if sent by first class mail, postage prepaid, addressed
to any registered holder of a Warrant at such holder's last known
address appearing on the register of the Company, and to the Company or
the Warrant Agent as follows:

If to the Company:

Global Signal Inc.
 301 North Cattlemen Road, Suite
300

15

Sarasota, FL 34232
 Attn: William T.
Freeman
Telephone: (941) 364-8886
 Facsimile: (941)
364-8761

with a copy to:

Skadden, Arps, Slate,
Meagher & Flom LLP
 4 Times Square
 New York, NY
10036-6522
 Fax: (212) 735-2000
 Attn: Joseph Coco, Esquire

If to the Warrant Agent:

American Stock Transfer
& Trust Company
59 Maiden Lane
New York, NY 10038
Fax:
(718) 921-8310
Attn: Karen Trachtenberg

or such other
address as shall have been furnished in writing, in accordance with
this Section 17.1, to the party giving or making such notice, demand or
delivery.

17.2. Governing Law and Consent to
Forum.

THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO
CONTRACTS MADE AND PERFORMED WITHIN THE STATE OF NEW YORK, WITHOUT
REGARD TO PRINCIPLES OF CONFLICT OF LAWS, THE COMPANY AND THE WARRANT
AGENT EACH HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY NEW
YORK STATE COURT SITTING IN THE CITY OF NEW YORK OR ANY FEDERAL COURT
SITTING IN THE CITY OF NEW YORK IN RESPECT OF ANY SUIT, ACTION, OR
PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, AND EACH
IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY,
GENERALLY AND UNCONDITIONALLY, THE JURISDICTION OF THE AFORESAID
COURTS. NOTHING HEREIN SHALL AFFECT THE RIGHT OF ANY PERSON TO SERVE
PROCESS IN ANY MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS
OR OTHERWISE PROCEED AGAINST THE COMPANY IN ANY OTHER
JURISDICTION.

17.3. Benefits of This
Agreement.

This Agreement shall be binding upon and inure to
the benefit of the Company and the Warrant Agent and their respective
successors and assigns, and the registered and beneficial holders from
time to time of the Warrants and of holders of the Common Stock, where
applicable. Nothing in this Agreement is intended or shall be construed
to confer upon any other person, any right, remedy or claim under or by
reason of this Agreement or any part hereof.

17.4. Agreement of Holders of Warrant
Certificates.

Every holder of a Warrant Certificate, by
accepting the same, covenants and agrees with the Company, the Warrant
Agent, and with every other holder of a Warrant Certificate that the
Warrant Certificates are transferable on the registry books of the
Warrant Agent only upon the terms and conditions set forth in this
Agreement, and the Company and the Warrant Agent may deem and treat the
person in whose name the Warrant Certificate is registered as the
absolute owner for all purposes whatsoever and neither the Company nor
the Warrant Agent shall be affected by any notice to the contrary.

17.5. Counterparts.

This Agreement may be
executed in any number of counterparts and each such counterpart shall
for all purposes be deemed to be an original, and all such counterparts
shall together constitute but one and the same instrument.

16

17.6. Amendments.

The
Warrant Agent may, without the consent or concurrence of the holders of
the Warrants, by supplemental agreement or other writing, join with the
Company in making any amendments or modifications of this Agreement
that they shall have been advised by counsel (a) are required to cure
any ambiguity or to correct any defective or inconsistent provision or
clerical omission or mistake or manifest error herein contained and
which do not accurately reflect the understanding of the parties
hereto, (b) add to the covenants and agreements of the Company in this
Agreement further covenants and agreements of the Company thereafter to
be observed, or surrender any rights or powers reserved to or conferred
upon the Company in this Agreement, or (c) do not and will not
adversely affect, alter, or change the rights, privileges, or
immunities of the registered holders of Warrants or of any person
entitled to the benefits of this Agreement who has not assented to such
change, in writing. This Agreement may otherwise be amended by the
Company and the Warrant Agent only with the consent of the holders of a
majority of the then outstanding Warrants. Notwithstanding the
foregoing, the consent of each holder of a Warrant affected shall be
required for any amendment pursuant to which the Exercise Price would
be increased or the number of shares of Common Stock purchasable upon
exercise of Warrants would be decreased (other than pursuant to
adjustments provided herein). The Warrant Agent shall join with the
Company in the execution and delivery of any such amendment unless such
amendment affects the Warrant Agent's own rights, duties, or
immunities hereunder, in which case the Warrant Agent may, but shall
not be required to, join in such execution and delivery. Upon execution
and delivery of any amendment pursuant to this Section 17.6, such
amendment shall be considered a part of this Agreement for all purposes
and every holder of a Warrant Certificate theretofore or thereafter
countersigned and delivered hereunder shall be bound thereby.

17.7. Consent to Jurisdiction.

The parties
hereby expressly acknowledge and agree that, to the extent permitted by
applicable law, the Bankruptcy Court shall have exclusive jurisdiction
to hear and determine any and all disputes concerning the distribution
of Warrants hereunder to holders of the Convertible Notes and Old
Common Stock pursuant to the Plan. The Warrant Agent hereby assents to
the jurisdiction of the Bankruptcy Court with respect to any such
disputes and waives any argument of lack of such jurisdiction.

17.8. Headings.

The table of contents hereto and
the descriptive headings of the several sections hereof are inserted
for convenience only and shall not control or affect the meaning or
construction of any of the provisions hereof.

IN WITNESS
WHEREOF, the parties hereto have caused this Agreement to be duly
executed, as of the day and year first above written.

		GLOBAL SIGNAL INC.

		By:    /s/
William T.
Freeman         

		Name:    William
T. Freeman
Executive Vice President, Chief Financial
 Officer
and Assistant Secretary

		AMERICAN STOCK TRANSFER
& TRUST COMPANY.

		By:    /s/ Robert J.
Lemmer          

		Name:    Robert
J. Lemmer
Title:    Vice
President

17EXHIBIT
10.13

GLOBAL SIGNAL INC.
OMNIBUS STOCK INCENTIVE
PLAN

(As amended December  21,
2005)

Section 1.  Purpose of Plan.

The name
of this plan (formerly the Pinnacle Holdings Inc. Stock Option Plan and
prior to that the Pinnacle Holdings Inc. Employee Stock Option Plan) is
the Global Signal Inc. Omnibus Stock Incentive Plan (the
‘‘Plan’’). The Plan was adopted by the
Board (as hereinafter defined) on October  31,  2002,
amended and restated on August  20,  2003, and further
amended and restated on February  11,  2004 (the
‘‘2004 Amendments’’). The purpose of the
Plan is to provide additional incentive to selected management
employees, directors and Consultants of the Company or its parents or
subsidiaries whose contributions are essential to the growth and
success of the Company's business, in order to strengthen the
commitment of such persons to the Company or its parents or
subsidiaries, motivate such persons to faithfully and diligently
perform their responsibilities and attract and retain competent and
dedicated persons whose efforts will result in the long-term growth and
profitability of the Company. To accomplish such purposes, the Plan
provides that the Company may grant (a) Options, (b) Stock Appreciation
Rights, (c) awards of Restricted Shares, Deferred Shares, Performance
Shares or unrestricted Shares, or (d) any combination of the
foregoing.

Section 2.  Definitions.

For purposes
of the Plan, the following terms shall be defined as set forth
below:

(a) ‘‘Administrator’’
means the Board, or if and to the extent the Board does not administer
the Plan, the Committee in accordance with Section 3
hereof.

(b) ‘‘Affiliate’’
means an affiliate of the Company (or other referenced entity, as the
case may be) as defined in Rule 12b-2 promulgated under Section 12 of
the Exchange Act; provided, that, for the sake of clarity, with respect
to the Company, the term Affiliate shall not be understood to apply to
any of the limited partners of Greenhill Capital Partners, L.P. solely
as a result of their status as such.

(c) ‘‘Beneficial
Owner’’ (or any variant thereof) has the meaning
defined in Rule 13d-3 under the Exchange
Act.

(d) ‘‘Board’’
means the Board of Directors of the
Company.

(e) ‘‘Cause’’
means (i) the continued failure by the Participant substantially to
perform his or her duties and obligations to the Company or any of its
parents or subsidiaries, including without limitation repeated refusal
to follow the reasonable directions of his or her employer, knowing
violation of law in the course of performance of the duties of
Participant's employment with the Company or any of its parents
or subsidiaries, engagement in misconduct which is materially injurious
to the Company or any of its parents or subsidiaries, repeated absences
from work without a reasonable excuse, or intoxication with alcohol or
illegal drugs while on the Company's or any its parents or
subsidiaries' premises during regular business hours (other than
any such failure resulting from his or her incapacity due to physical
or mental illness); (ii) fraud or material dishonesty against the
Company or any of its parents or subsidiaries; or (iii) a conviction or
plea of guilty or nolo contendere for the commission of a felony or a
crime involving material dishonesty. Determination of Cause shall be
made by the Administrator in its sole
discretion.

(f) ‘‘Change in
Capitalization’’ means any increase, reduction,
or change or exchange of Shares for a different number or kind of
shares or other securities or property by reason of a (i) merger,
consolidation, reclassification, recapitalization, or other
reorganization, (ii) stock dividend, stock split or reverse stock
split, (iii) combination or exchange of shares, (iv) other change in
corporate structure or (v) declaration of a special dividend or other
distribution, which, in any such case, the Administrator determines, in
its sole discretion, affects the Shares such that an adjustment
pursuant to Section 5 hereof is appropriate.

1

(g) ‘‘Change in
Control’’ means the first to occur of (i) any
Person becoming the Beneficial Owner, directly or indirectly, of more
than 50% of the total voting power of the then outstanding
voting stock (stock then entitled to vote generally in the election of
directors) of the Company or any entity controlling the Company,
including, without limitation, pursuant to a merger, consolidation or
other reorganization or (ii) a sale (a ‘‘Qualifying Asset
Sale’’) of all or substantially all of the assets of the
Company to another entity where stockholders of the Company immediately
prior to the effectiveness of such asset sale do not own, immediately
following the effectiveness of such asset sale, 50% or more of
the total voting power of the voting stock of the purchasing entity in
substantially the same proportions as their ownership of the Company
prior to such asset sale (it being understood that no transaction
determined by the Administrator, in its good faith, to be a
securitization or financing transaction shall be deemed a sale of all
or substantially all of the assets of the
Company).

(h) ‘‘Code’’
means the Internal Revenue Code of 1986, as amended from time to time,
or any successor
thereto.

(i) ‘‘Committee’’
means any committee or subcommittee the Board may appoint to administer
the Plan. To the extent necessary and desirable, the Committee shall be
composed entirely of individuals who meet the qualifications referred
to in Section 162(m) of the Code, Rule 16b-3 under the Exchange Act and
the applicable stock exchanges. If at any time or to any extent the
Board shall not administer the Plan, then the functions of the
Administrator specified in the Plan shall be exercised by the
Committee. Except as otherwise provided in the Company’s
Certificate of Incorporation or Bylaws, as amended from time to time,
any action of the Committee with respect to the administration of the
Plan shall be taken by a majority vote at a meeting at which a quorum
is duly constituted or unanimous written consent of the
Committee’s members.

(j) ‘‘Common
Stock’’ means the common stock, par value $.01
per share, of the
Company.

(k) ‘‘Company’’
means Global Signal Inc., a Delaware corporation (or any successor
corporation).

(l) ‘‘Consultant’’
means a consultant or advisor, whether or not a natural person, engaged
to render bona fide services to the Company, or any of its
parents or
subsidiaries.

(m) ‘‘Deferred
Shares’’ means the right to receive Shares at the
end of a specified deferral period granted pursuant to Section 9
below.

(n) ‘‘Disability’’
means (i) any physical or mental condition that would qualify a
Participant for a disability benefit under any long-term disability
plan maintained by the Company, (ii) when used in connection with the
exercise of an Incentive Stock Option following termination of
employment, disability within the meaning of Section 22(e)(3) of the
Code, or (iii) such other condition as may be determined in the sole
discretion of the Administrator to constitute
Disability.

(o) ‘‘Eligible
Recipient’’ means a key employee, director or
Consultant of the Company or any its parents or subsidiaries who has
been selected as an eligible participant by the
Administrator.

(p) ‘‘Exchange
Act’’ shall mean the Securities Exchange Act of
1934, as amended from time to
time.

(q) ‘‘Exercise
Price’’ means the per share price at which a
holder of an award granted hereunder may purchase the Shares issuable
upon exercise of such
award.

(r) ‘‘Fair Market
Value’’ as of a particular date shall mean the
fair market value of a share of Common Stock as determined by the
Administrator in its sole discretion; provided,
however, that (i) if the Common Stock is admitted to trading
on a national securities exchange, fair market value of a share of
Common Stock on any date shall be the closing sale price reported for
such share on such exchange on the last day preceding such date on
which a sale was reported, (ii) if the Common Stock is admitted to
quotation on the National Association of Securities Dealers Automated
Quotation (‘‘Nasdaq’’) System or other
comparable quotation system and has been designated as a National
Market System (‘‘NMS’’) security, fair
market value of a share of Common Stock on any date shall be the
closing sale price reported for such share on such system on the last
date preceding such date on which a sale was reported, or (iii) if the
Common Stock is admitted to quotation on the Nasdaq System but has not
been designated as an NMS security, fair market value of a share of
Common Stock on any date shall be the average of the 

2

highest bid and lowest asked prices of such
share on such system on the last date preceding such date on which both
bid and ask prices were
reported.

(s) ‘‘Incentive Stock
Option’’ shall mean an Option that is an
‘‘incentive stock option’’ within the
meaning of section 422 of the Code, or any successor provision, and
that is designated in the applicable Option agreement as an Incentive
Stock Option.

(t) ‘‘Non-Officer
Director’’ means a director of the Company who is
not (i) an officer or employee of the Company or of any of its parents
or subsidiaries or (ii) the Beneficial Owner, whether directly or
indirectly, of ten percent (10%) or more of the Common
Stock.

(u) ‘‘Nonqualified Stock
Option’’ means any Option that is not an
Incentive Stock Option, including any Option that provides (as of the
time such Option is granted) that it will not be treated as an
Incentive Stock
Option.

(v) ‘‘Option’’
means an option to purchase shares of Common Stock granted pursuant to
Section 7
hereof.

(w) ‘‘Participant’’
means (i) any Eligible Recipient selected by the Administrator,
pursuant to the Administrator's authority in Section 3 below, to
receive grants of Options, Stock Appreciation Rights, awards of
Restricted Shares, Deferred Shares, or Performance Shares or any
combination of the foregoing, and upon his or her death, his or her
successors, heirs, executors and administrators, as the case may be and
(ii) any Non-Officer Director who is eligible to receive Shares
pursuant to Section 10 below.

(x) ‘‘Performance
Shares’’ means Shares that are subject to
restrictions based upon the attainment of specified performance
objectives granted pursuant to Section 9
below.

(y) ‘‘Person’’
shall have the meaning given in Section 3(a)(9) of the Exchange Act, as
modified and used in Sections 13(d) and 14(d) thereof, except that such
term shall not include (i) the Company or any of its subsidiaries, (ii)
Fortress Investment Group LLC or any of its Affiliates, (iii) Greenhill
Capital Partners, L.P. or any of its Affiliates, (iv) any member of any
group (as defined in Rule 13d-3 under the Exchange Act) of which any of
the entities indicated in the foregoing clauses (i)-(iii) is a member,
other than any of such entities indicated in the foregoing clauses
(i)-(iii), for so long as such member of such group does not own,
directly or indirectly, more than 50% of the economic interest
in the Shares Beneficially Owned by such group, (v) a trustee or other
fiduciary holding securities under an employee benefit plan of the
Company or any of its Subsidiaries, (vi) an underwriter temporarily
holding securities pursuant to an offering of such securities, or (vii)
a corporation owned, directly or indirectly, by the stockholders of the
Company in substantially the same proportions as their ownership of
stock of the
Company.

(z) ‘‘Restricted
Shares’’ means Shares subject to certain
restrictions granted pursuant to Section 9
below.

(aa) ‘‘Retirement’’
means a termination of a Participant's employment, other than for
Cause, on or after attainment of age
65.

(bb) ‘‘Shares’’
means shares of Common Stock reserved for issuance under the Plan, as
adjusted pursuant to the Plan, and any successor (pursuant to a merger,
consolidation or other reorganization)
security.

(cc) ‘‘Stock Appreciation
Right’’ means the right pursuant to an award
granted under Section 8 below to receive an amount equal to the excess,
if any, of (i) the aggregate Fair Market Value, as of the date such
Stock Appreciation Right or portion thereof is surrendered, of the
Shares covered by such right or such portion thereof, over (ii) the
aggregate Exercise Price of such right or such portion
thereof.

Section 3.
 Administration.

(a) The Plan shall be
administered in accordance with the requirements of Section 162(m) of
the Code (but only to the extent necessary and desirable to maintain
qualification of awards under the Plan under Section 162(m) of the
Code) and, to the extent applicable, Rule 16b-3 under the Exchange Act
(‘‘Rule 16b-3’’), by the Board or, at the
Board's sole discretion, by the Committee, which shall be
appointed by the Board, and which shall serve at the pleasure of the
Board.

3

(b) Pursuant to the terms of the
Plan, the Administrator, subject, in the case of any Committee, to any
restrictions on the authority delegated to it by the Board, shall have
the power and authority, without
limitation:

(1) to select those Eligible
Recipients who shall be Participants;

(2) to
determine whether and to what extent Stock Options, Stock Appreciation
Rights, awards of Restricted Shares, Deferred Shares or Performance
Shares or a combination of any of the foregoing, are to be granted
hereunder to Participants;

(3) to determine
whether Options are intended to be Incentive Stock Options or
Nonqualified Stock Options, provided, however, that Incentive Stock
Options can only be granted to employees of the Company or any of its
parents or subsidiaries (within the meaning of Section 424(e) and (f)
of the Code);

(4) to determine the number of
Shares to be covered by each award granted
hereunder;

(5) to determine the terms and
conditions, not inconsistent with the terms of the Plan, of each award
granted hereunder (including, but not limited to, (x) the restrictions
applicable to awards of Restricted Shares or Deferred Shares and the
conditions under which restrictions applicable to such awards of
Restricted Shares or Deferred Shares shall lapse, and (y) the
performance goals and periods applicable to awards of Performance
Shares);

(6) to determine the terms and
conditions, not inconsistent with the terms of the Plan, which shall
govern all written instruments evidencing Stock Options, Stock
Appreciation Rights, awards of Restricted Shares, Deferred Shares or
Performance Shares or any combination of the foregoing granted
hereunder;

(7) to determine the Fair Market
Value;

(8) to determine the duration and purpose
of leaves of absence which may be granted to a Participant without
constituting termination of their employment for purposes Nonqualified
Stock Options granted under the Plan;

(9) to
reduce the Exercise Price of any award granted hereunder to the then
current Fair Market Value if the Fair Market Value of the Shares
covered by such award has declined since the date such award was
granted;

(10) to adopt, alter and repeal such
administrative rules, guidelines and practices governing the Plan as it
shall from time to time deem advisable;
and

(11) to interpret the terms and provisions of
the Plan and any award issued under the Plan (and any award agreement
relating thereto), and to otherwise supervise the administration of the
Plan.

(c) Notwithstanding paragraph (b) of this Section 3,
the automatic, nondiscretionary grants of Shares shall be made to
Non-Officer Directors pursuant to and in accordance with the terms of
Section 10 below.

(d) All decisions made by the
Administrator pursuant to the provisions of the Plan shall be final,
conclusive and binding on all persons, including the Company and the
Participants. No member of the Board or the Committee, nor any officer
or employee of the Company or any of its parents or subsidiaries acting
on behalf of the Board or the Committee, shall be personally liable for
any action, omission, determination, or interpretation taken or made in
good faith with respect to the Plan, and all members of the Board or
the Committee and each and any officer or employee of the Company and
of any of its parents or subsidiaries acting on their behalf shall, to
the maximum extent permitted by law, be fully indemnified and protected
by the Company in respect of any such action, omission, determination
or interpretation.

Section 4.  Shares Reserved for
Issuance Under the Plan.

(a) Subject to Section 5 hereof,
the total number of shares of Common Stock reserved and available for
issuance under the Plan shall be equal to 6,715,000 shares, provided
however, that commencing on the 

4

first day of the Company's fiscal year
beginning in calendar year 2005, the number of shares reserved and
available for issuance shall be increased by an amount equal to the
lesser of (i) 1,000,000 shares or (ii) two percent (2%) of the
number of outstanding shares of Common Stock on the last day of the
immediately preceding fiscal year. Such Shares may consist, in whole or
in part, of authorized and unissued Shares or treasury shares. From and
after the date that Section 162(m) of the Code becomes applicable to
the Company, the aggregate number of Shares with respect to which
Options may be granted to any individual Participant during the
Company's fiscal year shall not exceed 2,000,000 Shares. If an
Option previously granted to any individual Participant is canceled in
the same fiscal year of the Company in which it was granted, the
canceled option will be counted against the limitation described in the
immediately preceding sentence of this Section
4(a).

(b) To the extent that (i) an Option expires or is
otherwise terminated without being exercised, or (ii) any Shares
subject to any award of Restricted Shares, Deferred Shares or
Performance Shares granted hereunder are forfeited, such Shares shall
again be available for issuance in connection with future awards
granted under the Plan. If any Shares have been pledged as collateral
for indebtedness incurred by a Participant in connection with the
exercise of an award granted hereunder, such Shares as are returned to
the Company in satisfaction of such indebtedness shall again be
available for issuance in connection with future awards granted under
the Plan.

Section 5.  Equitable Adjustments.

In
the event of any Change in Capitalization, an equitable substitution or
proportionate adjustment shall be made, in each case, as may be
determined by the Administrator, in its sole discretion, in (i) the
aggregate number of shares of Common Stock reserved for issuance under
the Plan and the maximum number of Shares that may be granted to any
Participant in any calendar year, (ii) the kind, number and Exercise
Price subject to outstanding Options and Stock Appreciation Rights
granted under the Plan, and (iii) the kind, number and purchase price
of Shares subject to outstanding awards of Restricted Shares, Deferred
Shares and Performance Shares granted under the Plan, in each case as
may be determined by the Administrator, in its sole discretion,
provided, however, that any fractional shares resulting from the
adjustment shall be eliminated. Such other equitable substitutions or
adjustments shall be made as may be determined by the Administrator, in
its sole discretion. Without limiting the generality of the foregoing,
in connection with a Change in Capitalization, the Administrator may
provide, in its sole discretion, for the cancellation of any
outstanding award granted hereunder in exchange for payment in cash or
other property of the aggregate Fair Market Value of the Shares covered
by such award, reduced by the aggregate Exercise Price or purchase
price thereof, if any. The Administrator’s determinations
pursuant to this Section 5 shall be final, binding and conclusive.

Section 6.  Eligibility.

Except as set forth in
Section 10 below, the Participants under the Plan shall be selected
from time to time by the Administrator, in its sole discretion, from
among Eligible Recipients; provided however that Incentive Stock
Options may only be granted to employees of the Company or any of its
parents or subsidiaries (within the meaning of Section 424 (e) and (f)
of the Code). Notwithstanding the foregoing, Non-Officer Directors
shall be eligible for awards other than those set forth in Section 10,
as determined by the Administrator from time to time.

Section
7.  Options.

(a) General. Each
Participant who is granted an Option shall enter into an Option
agreement with the Company, containing such terms and conditions as the
Administrator shall determine, in its discretion, which Option
agreement shall set forth, among other things, the Exercise Price of
the Option, the term of the Option and provisions regarding
exercisability of the Option granted thereunder. Each Option shall be
clearly identified in the applicable Option agreement as either an
Incentive Stock Option or a Nonqualified Stock Option. The provisions
of each Option need not be the same with respect to each Participant.
More than one Option may be granted to the same Participant and be
outstanding concurrently hereunder. Options granted under the Plan
shall be subject to the terms and conditions set forth in paragraphs
(b)-(l) of this Section 7 and shall contain such additional terms and
conditions, not inconsistent with the terms of the Plan, as the
Administrator shall deem desirable.

5

(b) Exercise Price.
The Exercise Price of Shares purchasable under an Option shall be
determined by the Administrator in its sole discretion at the time of
grant but shall not, (i) in the case of Incentive Stock Options, be
less than 100% of the Fair Market Value on such date, (ii) in
the case of Nonqualified Stock Options intended to qualify as
‘‘performance-based compensation’’ within
the meaning of Section 162(m) of the Code, be less than 100% of
the Fair Market Value on such date and (iii) in any event, be less than
the par value (if any) of a Share. If a Participant owns or is deemed
to own (by reason of the attribution rules applicable under Section
424(d) of the Code) more than 10% of the combined voting power
of all classes of stock of the Company or of any parents or
subsidiaries (within the meaning of Section 424(e) and (f) of the Code)
and an Incentive Stock Option is granted to such Participant, the
option price of such Incentive Stock Option (to the extent required at
the time of grant by the Code) shall be no less than 110% of the
Fair Market Value on the date such Incentive Stock Option is
granted.

(c) Option Term. The maximum term
of each Option shall be fixed by the Administrator, but no Option shall
be exercisable more than ten years after the date such Option is
granted. Each Option's term is subject to earlier expiration
pursuant to Section 7(i) upon a termination of employment, pursuant to
Section 7(k) following any Change-in-Control-related acceleration of
vesting and exercisability and pursuant to Section 7(l) following any
dissolution-or-liquidation-related acceleration of
exercisability

(d) Exercisability. Each
Option shall be exercisable at such time or times and subject to such
terms and conditions, including the attainment of preestablished
corporate performance goals, as shall be determined by the
Administrator in the applicable Option agreement. The Administrator may
also provide that any Option shall be exercisable only in installments,
and the Administrator may waive such installment exercise provisions at
any time, in whole or in part, based on such factors as the
Administrator may determine in its sole discretion. Notwithstanding
anything to the contrary contained herein, an Option may not be
exercised for a fraction of a share.

(e) Method of
Exercise. Options may be exercised in whole or in part by
giving written notice of exercise to the Company specifying the number
of Shares to be purchased, accompanied by payment in full of the
aggregate Exercise Price of the Shares so purchased in cash or its
equivalent, as determined by the Administrator. As determined by the
Administrator, in its sole discretion, with respect to any Option or
category of Options, payment in whole or in part may also be made (i)
by means of consideration received under any cashless exercise
procedure approved by the Administrator (including the withholding of
Shares otherwise issuable upon exercise), (ii) in the form of
unrestricted Shares already owned by the Participant which, (x) in the
case of unrestricted Shares acquired upon exercise of an Option, have
been owned by the Participant for more than six months on the date of
surrender, and (y) have a Fair Market Value on the date of surrender
equal to the aggregate option price of the Shares as to which such
Option shall be exercised, (iii) any other form of consideration
approved by the Administrator and permitted by applicable law or (iv)
any combination of the foregoing.

(f) Limitations
on Incentive Stock Options. To the extent that the aggregate
Fair Market Value with respect to which Incentive Stock Options are
exercisable for the first time by a Participant during any calendar
year under the Plan and any other stock option plan of the Company
shall exceed $100,000, the portion of such Incentive Stock Options in
excess of $100,000 shall be treated as Nonqualified Stock Options. Such
Fair Market Value shall be determined as of the date on which each such
Incentive Stock Option is granted. No Incentive Stock Option may be
granted to an individual if, at the time of the proposed grant, such
individual owns (or is deemed to own under the Code) stock possessing
more than 10% of the total combined voting power of all classes
of stock of the Company unless (i) the Exercise Price of such Incentive
Stock Option is at least 110% of the Fair Market Value of a
share of Common Stock at the time such Incentive Stock Option is
granted and (ii) such Incentive Stock Option is not exercisable after
the expiration of five years from the date such Incentive Stock Option
is granted.

(g) Rights as Stockholder. A
Participant shall have no rights to dividends or any other rights of a
stockholder with respect to the Shares subject to an Option until the
Participant has given written notice of exercise, has paid in full for
such Shares, has satisfied the requirements of Section 13 hereof and,
if requested, has given the representation described in paragraph (b)
of Section 14 hereof.

(h) Transfers of
Options. Except as otherwise determined by the Administrator,
and in any event in the case of an Incentive Stock Option, no Option
granted under the Plan shall be transferable by a 

6

Participant otherwise than by will or the laws
of descent and distribution. Unless otherwise determined by the
Administrator in accord with the provisions of the immediately
preceding sentence, an Option may be exercised, during the lifetime of
the Participant, only by the Participant or, during the period the
Participant is under a legal disability, by the Participant's
guardian or legal representative. The Administrator may, in its sole
discretion, subject to applicable law, permit the gratuitous transfer
during a Participant’s lifetime of a Nonqualified Stock Option,
(i) by gift to a member of the Participant’s immediate family,
(ii) by transfer by instrument to a trust for the benefit of such
immediate family members, or (iii) to a partnership or limited
liability company in which such family members are the only partners or
members; provided, however, that, in
addition to such other terms and conditions as the Administrator may
determine in connection with any such transfer, no transferee may
further assign, sell, hypothecate or otherwise transfer the transferred
Option, in whole or in part, other than by will or by operation of the
laws of descent and distribution. Each permitted transferee shall agree
to be bound by the provisions of this Plan and the applicable Option
agreement.

(i) Termination of Employment or
Service.

(1) Unless the applicable Option
agreement provides otherwise, in the event that the employment or
service of a Participant with the Company or any of its parents or
subsidiaries shall terminate for any reason other than Cause,
Retirement, Disability, or death, (A) Options granted to such
Participant, to the extent that they are exercisable at the time of
such termination, shall remain exercisable until the date that is 90
days after such termination, on which date they shall expire, and (B)
Options granted to such Participant, to the extent that they were not
exercisable at the time of such termination, shall expire at the close
of business on the date of such termination. The 90-day period
described in this Section 7(i)(1) shall be extended to one year after
the date of such termination in the event of the Participant's
death during such 90-day period. Notwithstanding the foregoing, no
Option shall be exercisable after the expiration of its
term.

(2) Unless the applicable Option agreement
provides otherwise, in the event that the employment or service of a
Participant with the Company or any its parents or subsidiaries shall
terminate on account of the Retirement, Disability, or death of the
Participant, (A) Options granted to such Participant, to the extent
that they were exercisable at the time of such termination, shall
remain exercisable until the date that is one year after such
termination, on which date they shall expire and (B) Options granted to
such Participant, to the extent that they were not exercisable at the
time of such termination, shall expire at the close of business on the
date of such termination. Notwithstanding the foregoing, no Option
shall be exercisable after the expiration of its
term.

(3) In the event of the termination of a
Participant's employment or service for Cause, all outstanding
Options granted to such Participant shall expire at the commencement of
business on the date of such termination.

(j) Other
Change in Employment Status. An Option shall be affected, both
with regard to vesting schedule and termination, by leaves of absence,
changes from full-time to part-time employment, partial disability or
other changes in the employment status of an Participant, in the
discretion of the Administrator. The Administrator shall follow the
written policies of the Company (if any), including such rules,
guidelines and practices as may be adopted pursuant to Section 3
hereof, as they may be in effect from time to time, with regard to such
matters.

(k) Acceleration Upon Change in
Control. In the event of a Change in Control, if each
outstanding Option is not assumed or continued, or an equivalent option
or right is not substituted therefor pursuant to the Change-in-Control
transaction's governing document (provided that such document
need not address such continuation in the case where all Options
continue following a Change in Control in accordance with their terms
as in existence immediately prior to such Change in Control, as would
be the case, for example, in the case of a single Person’s
acquisition by purchase of Shares of more than 50% of the total
voting power of the Company), each Participant's outstanding
Options that are not then vested and/or exercisable shall become fully
vested and exercisable ‘‘immediately prior
to’’ the effective date of such Change in Control and
shall expire upon the effective date of such Change in Control. For
purposes of this Section 7(k), ‘‘immediately prior
to’’ shall mean sufficiently in advance of the
Change-in-Control transaction that there will be time for the
Participant to exercise his or her Option and participate in the

7

Change-in-Control transaction in the same
manner as all other holders of Common Stock. If an Option becomes fully
vested and exercisable immediately prior to a Change in Control, the
Administrator shall notify the Participant in writing or electronically
that the Option has become fully vested and exercisable, and that the
Option will terminate upon the Change in Control.

For the
purposes of this Section 7(k), an Option shall be considered assumed or
an equivalent option or right substituted if, following the Change in
Control, the Option or substituted option or right confers the right to
purchase or receive, for each Share subject to the Option immediately
prior to the Change in Control, the consideration (whether stock, cash,
or other securities or property) received in the Change-in-Control
transaction by holders of Common Stock for each Share held on the
effective date of the transaction (and if holders were offered a choice
of consideration, the type of consideration chosen by the holders of a
majority of the outstanding Shares); provided,
however, that if such consideration received in the
Change-in-Control transaction is not solely common stock of the
acquiring entity or its Affiliate, the Administrator may determine
prior to the effective date of such transaction, with the consent of
the acquiring entity, to provide for the consideration to be received
upon the exercise of the Option, for each Share subject to the Option,
to be solely common stock of the acquiring entity or its Affiliate
equal in fair market value to the per share consideration received by
holders of shares of the Company's common stock in the
Change-in-Control transaction.

If a Change-in-Control transaction
occurs which is a Qualifying Asset Sale or which includes a
continuation, assumption or substitution with respect to the Options,
and a Participant’s employment with the Company or any acquiring
entity or Affiliate thereof is terminated by the employer other than
for Cause on or after the effective date of the Change-in-Control
transaction and prior to the first anniversary of the effective date of
the Change-in-Control transaction, the Participant's outstanding
Options that are not vested and/or exercisable on the date of such
termination shall become fully vested and exercisable as of such
date.

(l) Acceleration Upon Dissolution or
Liquidation. In the event of a dissolution or liquidation of
the Company (it being under stood that no merger or other
reorganization shall qualify as a liquidation or dissolution of the
Company unless the Administrator so determines, in its sole discretion)
the Administrator shall notify each Participant as soon as practicable
prior to the effective date of such proposed transaction. The
Administrator in its discretion may provide for a Participant to have
the right to exercise his or her Option until ten (10) days prior to
such transaction as to all of the Shares covered thereby, including
Shares as to which the option would not otherwise be exercisable. To
the extent that it has not been previously exercised, an Option will
terminate immediately prior to the consummation of such proposed
action.

Section 8.  Stock Appreciation
Rights.

(a) General. Stock Appreciation
Rights may be granted either alone (‘‘Free Standing
Rights’’) or in conjunction with all or part of any Stock
Option granted under the Plan (‘‘Related
Rights’’). In the case of a Nonqualified Stock Option,
Related Rights may be granted either at or after the time of the grant
of such Stock Option. In the case of an Incentive Stock Option, Related
Rights may be granted only at the time of the grant of the Incentive
Stock Option. The Administrator shall determine the Eligible Recipients
to whom, and the time or times at which, grants of Stock Appreciation
Rights shall be made; the number of Shares to be awarded, the price per
share, and all other conditions of Stock Appreciation Rights.
Notwithstanding the foregoing, no Related Right may be granted for more
shares than are subject to the Stock Option to which it relates. The
provisions of Stock Appreciation Rights need not be the same with
respect to each Participant. Stock Appreciation Rights granted under
the Plan shall be subject to the following terms and conditions set
forth in paragraphs (b) — (g) of this Section 8 and shall
contain such additional terms and conditions, not inconsistent with the
terms of the Plan, as the Administrator shall deem
desirable.

(b) Awards. The prospective
recipient of a Stock Appreciation Right shall not have any rights with
respect to such award, unless and until such recipient has executed an
agreement evidencing the award (a ‘‘Stock Appreciation
Right Agreement’’) and delivered a fully executed copy
thereof to the Company, within a period of sixty days (or such other
period as the Administrator may specify) after the award date.

8

Participants who are granted Stock
Appreciation Rights shall have no rights as stockholders of the Company
with respect to the grant or exercise of such rights.

(c) Exercisability.

(1) Stock
Appreciation Rights that are Free Standing Rights (‘‘Free
Standing Stock Appreciation Rights’’) shall be
exercisable at such time or times and subject to such terms and
conditions as shall be determined by the Administrator at or after
grant; provided, however, that no Free
Standing Stock Appreciation Right shall be exercisable during the first
six months of its term, except that this additional limitation shall
not apply in the event of a Participant's death or Disability
prior to the expiration of such six-month period.

(2) Stock Appreciation Rights that are Related Rights
(‘‘Related Stock Appreciation Rights’’)
shall be exercisable only at such time or times and to the extent that
the Stock Options to which they relate shall be exercisable in
accordance with the provisions of Section 7 above and this Section 8 of
the Plan; provided, however, that a
Related Stock Appreciation Right granted in connection with an
Incentive Stock Option shall be exercisable only if and when the Fair
Market Value of the Stock subject to the Incentive Stock Option exceeds
the Exercise Price of such Option; provided,
further, that no Related Stock Appreciation Right shall
be exercisable during the first six months of its term, except that
this additional limitation shall not apply in the event of a
Participant's death or Disability prior to the expiration of such
six-month period.

(d) Payment Upon
Exercise.

(1) Upon the exercise of a Free
Standing Stock Appreciation Right, the Participant shall be entitled to
receive up to, but not more than, an amount in cash or that number of
Shares (or any combination of cash and Shares) equal in value to the
excess of the Fair Market Value as of the date of exercise over the
price per share specified in the Free Standing Stock Appreciation Right
(which price shall be no less than 100% of the Fair Market Value
on the date of grant) multiplied by the number of Shares in respect of
which the Free Standing Stock Appreciation Right is being exercised,
with the Administrator having the right to determine the form of
payment.

(2) A Related Right may be exercised by
a Participant by surrendering the applicable portion of the related
Option. Upon such exercise and surrender, the Participant shall be
entitled to receive up to, but not more than, an amount in cash or that
number of Shares (or any combination of cash and Shares) equal in value
to the excess of the Fair Market Value as of the date of exercise over
the Exercise Price specified in the related Option multiplied by the
number of Shares in respect of which the Related Stock Appreciation
Right is being exercised, with the Administrator having the right to
determine the form of payment. Options which have been so surrendered,
in whole or in part, shall no longer be exercisable to the extent the
Related Rights have been so exercised.

(e) Non-Transferability.

(1) Free
Standing Stock Appreciation Rights shall be transferable only when and
to the extent that an Option would be transferable under Section 7 of
the Plan.

(2) Related Stock Appreciation Rights
shall be transferable only when and to the extent that the underlying
Option would be transferable under Section 7 of the
Plan.

(f) Termination of Employment or
Service.

(1) In the event of the
termination of employment or service with the Company or any its
parents or subsidiaries of a Participant who has been granted one or
more Free Standing Stock Appreciation Rights, such rights shall be
exercisable at such time or times and subject to such terms and
conditions as shall be determined by the Administrator at or after
grant.

(2) In the event of the termination of
employment or service with the Company or any its parents or
subsidiaries of a Participant who has been granted one or more Related
Stock Appreciation Rights, such rights shall be exercisable at such
time or times and subject to such terms and conditions as set forth in
the related Stock Options.

9

(g) Term.

(1) The
term of each Free Standing Stock Appreciation Right shall be fixed by
the Administrator, but no Free Standing Stock Appreciation Right shall
be exercisable more than ten years after the date such right is
granted.

(2) The term of each Related Stock
Appreciation Right shall be the term of the Stock Option to which it
relates, but no Related Stock Appreciation Right shall be exercisable
more than ten years after the date such right is
granted.

Section 9. Restricted Shares,
Deferred Shares and Performance
Shares.

(a) General. Awards of
Restricted Shares, Deferred Shares or Performance Shares may be issued
either alone or in addition to other awards granted under the Plan. The
Administrator shall determine the Eligible Recipients to whom, and the
time or times at which, awards of Restricted Shares, Deferred Shares or
Performance Shares shall be made; the number of Shares to be awarded;
the price, if any, to be paid by the Participant for the acquisition of
Restricted Shares, Deferred Shares or Performance Shares; the
Restricted Period (as defined in paragraph (c) of this Section 9), if
any, applicable to awards of Restricted Shares or Deferred Shares; the
performance objectives applicable to awards of Deferred Shares or
Performance Shares; and all other conditions of the awards of
Restricted Shares, Deferred Shares and Performance Shares. The
Administrator may also condition the grant of the award of Restricted
Shares, Deferred Shares or Performance Shares upon the exercise of
Options, or upon such other criteria as the Administrator may
determine, in its sole discretion. The provisions of the awards of
Restricted Shares, Deferred Shares or Performance Shares need not be
the same with respect to each Participant.

(b) Awards and Certificates. The prospective
recipient of awards of Restricted Shares, Deferred Shares or
Performance Shares shall not have any rights with respect to any such
award, unless and until such recipient has executed an agreement
evidencing the award (a ‘‘Restricted Shares Award
Agreement,’’ ‘‘Deferred Shares
Award Agreement’’ or ‘‘Performance Shares
Award Agreement,’’ as appropriate) and delivered a fully
executed copy thereof to the Company, within a period of sixty days (or
such other period as the Administrator may specify) after the award
date. Except as otherwise provided below in this Section 9(c), (i) each
Participant who is granted an award of Restricted Shares or Performance
Shares shall be issued a stock certificate in respect of such shares of
Restricted Shares or Performance Shares; and (ii) such certificate
shall be registered in the name of the Participant, and shall bear an
appropriate legend referring to the terms, conditions, and restrictions
applicable to any such award.

The Company may require that the
stock certificates evidencing Restricted Shares or Performance Shares
granted hereunder be held in the custody of the Company until the
restrictions thereon shall have lapsed, and that, as a condition of any
award of Restricted Shares or Performance Shares, the Participant shall
have delivered a stock power, endorsed in blank, relating to the Shares
covered by such award.

With respect to awards of Deferred Shares,
at the expiration of the Restricted Period, stock certificates in
respect of such shares of Deferred Shares shall be delivered to the
Participant, or his legal representative, in a number equal to the
number of Shares covered by the Deferred Shares
award.

(c) Restrictions and Conditions. The
awards of Restricted Shares, Deferred Shares and Performance
Shares granted pursuant to this Section 9 shall be subject to the
following restrictions and conditions:

(1) Subject
to the provisions of the Plan and the Restricted Shares Award
Agreement, Deferred Shares Award Agreement or Performance Shares Award
Agreement, as appropriate, governing any such award, during such period
as may be set by the Administrator commencing on the date of grant (the
‘‘Restricted Period’’), the Participant
shall not be permitted to sell, transfer, pledge or assign shares of
Restricted Shares, Deferred Shares or Performance Shares awarded under
the Plan; provided, however, that the
Administrator may, in its sole discretion, provide for the lapse of
such restrictions in installments and may accelerate or waive such
restrictions in whole or in part based on such factors and such
circumstances as the Administrator may determine, in its sole
discretion, including, but not limited to, the attainment of certain
performance related goals, the Participant's termination of
employment or service as a director or Consultant to the Company or any
its parents or subsidiaries, the Participant's 

10

death or Disability or the occurrence of a
‘‘change in control’’ as defined in the
Restricted Shares Award Agreement, Deferred Shares Award Agreement or
Performance Shares Award Agreement, as appropriate, evidencing such
award.

(2) Except as provided in paragraph (c )(l)
of this Section 9, the Participant shall generally have the rights of a
stockholder of the Company with respect to Restricted Shares or
Performance Shares during the Restricted Period. The Participant shall
generally not have the rights of a stockholder with respect to Shares
subject to awards of Deferred Shares during the Restricted Period;
provided, however, that dividends
declared and paid during the Restricted Period with respect to all or
any number of Shares covered by such award of Deferred Shares may be
paid to the Participant in accordance with a Deferred Shares Award
Agreement approved by the Administrator at the time of grant of such
award. Certificates for Shares of unrestricted Common Stock shall be
delivered to the Participant promptly after, and only after, the
Restricted Period shall expire without forfeiture in respect of such
awards of Restricted Shares, Deferred Shares or Performance Shares
except as the Administrator, in its sole discretion, shall otherwise
determine.

The rights of Participants granted awards of
Restricted Shares, Deferred Shares or Performance Shares upon
termination of employment or service as a director or Consultant to the
Company or to any its parents or subsidiaries terminates for any reason
during the Restricted Period shall be set forth in the Restricted
Shares Award Agreement, Deferred Shares Award Agreement or Performance
Shares Award Agreement, as appropriate, governing such
awards.

Section 10.  Non-Officer Director
Grants.

(a)  Annual Grant. Except as
otherwise provided by the Administrator, on the first business day
after the annual stockholders' meeting of the Company and each
annual stockholders' meeting thereafter during the term of the
Plan (beginning with the annual stockholders' meeting in 2005),
each Non-Officer Director shall be granted that number of Shares, the
aggregate Fair Market Value of which shall equal $15,000 on the date of
grant (the ‘‘Non-Officer Director
Shares’’). The Non-Officer Director Shares shall be fully
vested as of the date of grant.

(b)  Stock
Availability. In the event that the number of Shares available
for grant under the Plan is not sufficient to accommodate the awards of
Non-Officer Director Shares, then the remaining Shares available for
such automatic awards shall be granted to each Non-Officer Director who
is to receive such an award on a pro-rata basis. No further grants
shall be made until such time, if any, as additional Shares become
available for grant under the Plan.

Section 11.
 Amendment and Termination.

The Board may amend, alter or
discontinue the Plan, but no amendment, alteration, or discontinuation
shall be made that would impair the rights of a Participant under any
award theretofore granted without such Participant's consent.
Unless the Board determines otherwise, the Board shall obtain approval
of the Company's stockholders for any amendment that would
require such approval in order to satisfy the requirements of sections
162(m) or 422 of the Code, any stock exchange rules on which the Common
Stock is traded or other applicable law. The Administrator may amend
the terms of any award theretofore granted, prospectively or
retroactively, but, subject to Section 5 of Plan, no such amendment
shall impair the rights of any Participant without his or her
consent.

Section 12.  Unfunded Status of Plan.

The
Plan is intended to constitute an
‘‘unfunded’’ plan for incentive
compensation. With respect to any payments not yet made to a
Participant by the Company, nothing contained herein shall give any
such Participant any rights that are greater than those of a general
creditor of the Company.

Section 13.  Withholding
Taxes.

Whenever cash is to be paid pursuant to an award granted
hereunder, the Company shall have the right to deduct therefrom an
amount sufficient to satisfy any federal, state and local withholding
tax 

11

requirements related thereto. Whenever
Shares are to be delivered pursuant to an award, the Company shall have
the right to require the Participant to remit to the Company in cash an
amount sufficient to satisfy any federal, state and local withholding
tax requirements related thereto. With the approval of the
Administrator, a Participant may satisfy the foregoing requirement by
electing to have the Company withhold from delivery of Shares or by
delivering already owned unrestricted shares of Common Stock, in each
case, having a value equal to the minimum amount of tax required to be
withheld. Such shares shall be valued at their Fair Market Value on the
date of which the amount of tax to be withheld is determined.
Fractional share amounts shall be settled in cash. Such a election may
be made with respect to all or any portion of the Shares to be
delivered pursuant to an award.

Section 14.  General
Provisions.

(a) Shares shall not be issued pursuant to
the exercise of any Option granted hereunder unless the exercise of
such Option and the issuance and delivery of such Shares pursuant
thereto shall comply with all relevant provisions of law, including,
without limitation, the Securities Act of 1933, as amended, the
Exchange Act and the requirements of any stock exchange upon which the
Common Stock may then be listed, and shall be further subject to the
approval of counsel for the Company with respect to such
compliance.

(b) The Administrator may require each person
acquiring Shares to represent to and agree with the Company in writing
that such person is acquiring the Shares without a view to distribution
thereof. The certificates for such Shares may include any legend that
the Administrator deems appropriate to reflect any restrictions on
transfer which the Administrator determines, in its sole discretion,
arise under applicable securities laws or are otherwise
applicable.

(c) All certificates for Shares delivered
under the Plan shall be subject to such stop-transfer orders and other
restrictions as the Administrator may deem advisable under the rules,
regulations, and other requirements of the Securities and Exchange
Commission, any stock exchange upon which the Common Stock may then be
listed, and any applicable federal or state securities law, and the
Administrator may cause a legend or legends to be placed on any such
certificates to make appropriate reference to such
restrictions.

(h) The adoption of the Plan shall not
confer upon any Eligible Recipient any right to continued employment or
service with the Company or any its parents or subsidiaries, as the
case may be, nor shall it interfere in any way with the right of the
Company or any its parents or subsidiaries to terminate the employment
or service of any of its Eligible Recipients at any
time.

Section 15.  Effective Date.

(a) The
Plan became effective on November  1,  2002 (the
‘‘Effective Date’’).

(b) 
 Subject to stockholder approval of the 2004 Amendments within
twelve months following the adoption of such amendments by the Board,
the 2004 Amendments shall become effective on February
11,  2004.

Section 16.  Term of Plan.

No
award shall be granted pursuant to the Plan on or after the tenth
anniversary of the Effective Date, but awards theretofore granted may
extend beyond that date.

12

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