Document:

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                                                                  EXHIBIT 10.70

                              PINNACLE TOWERS INC.
                    RETENTION AND COMPLETION INCENTIVE PLAN

1.       EFFECTIVE DATE, APPLICABILITY AND PURPOSE. The Pinnacle Towers Inc.
Retention and Completion Incentive Plan is effective December 28, 2001, and
applies to eligible employees of Pinnacle Towers Inc. and such of its
affiliates as the Plan Administrator, in its sole and absolute discretion, may
determine. The purpose of the Plan is to encourage eligible employees of the
Company and the Affiliates to continue their employment with the Company or the
Affiliates during the period of the Company's restructuring by establishing a
binding written policy governing the circumstances under which Retention
Bonuses and Completion Bonuses will be paid.

2.       DEFINITIONS.

         (a)      "Affiliates" means such of the affiliates of the Company as
the Plan Administrator, in its sole and absolute discretion, may determine.

         (b)      "Base Salary" means the Covered Employee's annual base
salary, including all amounts elected to be deferred that would otherwise have
been paid, under any cash or deferred arrangement established by the Company or
the Affiliates, but excluding bonuses, commissions, the cost of employee
benefits paid for by the Company or the Affiliates, education or tuition
reimbursements, imputed income arising under any Company or Affiliate group
insurance or benefit program, traveling expenses, business and moving expense
reimbursements, income received in connection with stock options, contributions
made by the Company or the Affiliates under any employee benefit plan, and
similar items of compensation.

         (c)      "Cause" means (i) any intentional misapplication by the
Covered Employee of the Company's or an Affiliate's funds, intended to result
directly or indirectly in significant gain or personal enrichment at the
expense of the Company or an Affiliate, or any other act of dishonesty
committed by the Covered Employee in connection with the Company's or an
Affiliate's business; (ii) the Covered Employee's conviction of a crime
involving moral turpitude; (iii) the Covered Employee's non-performance or
non-observance in any material respect of any requirement with respect to the
Covered Employee's employment; or (iv) any other action by the Covered Employee
involving willful and deliberate malfeasance or negligence in the performance
of the Covered Employee's duties; provided that "Cause" may be otherwise
defined for purposes of any Retention Bonus or Completion Bonus of any Covered
Employee in the written notification provided to the Covered Employee in
accordance with Section 3 of the Plan.

         (d)      "Company" means Pinnacle Towers Inc.

         (e)      "Completion Bonus" means a bonus described in Section 5 of
the Plan.

<PAGE>

         (f)      "Completion Bonus Term" means the period beginning on January
7, 2002, and ending on the Restructuring Completion Date.

         (g)      "Covered Employee" means an employee listed on Appendix A of
the Plan.

         (h)      "Disability" means "disability" as defined in the Company's
or Affiliate's long term disability plan or policy.

         (i)      "Effective Date" means December 28, 2001.

         (j)      "Plan" means this Pinnacle Towers Inc. Retention and
Completion Incentive Plan.

         (k)      "Plan Administrator" means the Compensation Committee of the
Board of Directors of Pinnacle Towers Inc.

         (l)      "Restructuring Completion Date" means the earliest to occur
of: (i) the date on which the restructuring of the Company's indebtedness is
completed, as determined by the Plan Administrator in its sole and absolute
discretion; (ii) the date on which a successful recapitalization of the Company
is completed, as determined by the Plan Administrator in its sole and absolute
discretion; (iii) the date on which the first distribution is made pursuant to
a bankruptcy court-approved plan of reorganization of the Company or its parent
company; or (iv) the date on which the Company pays to Gordian Group, L.P., or
another provider of financial advisory services, a transaction fee based upon
the consummation of a restructuring of the Company's indebtedness or a material
portion of the Company's obligations, raising new or replacement capital for
the Company, an investment in the Company or any merger, consolidation,
reorganization, recapitalization, joint venture or other business combination
or sale of substantially all or a material portion of the assets or outstanding
securities of the company, or the acquisition of substantially all or a
material portion of the assets or outstanding securities of another entity, in
one or a series of transactions.

         (m)      "Retention Bonus" means a bonus described in Section 4 of the
Plan.

         (n)      "Retention Bonus Payment Dates" mean May 7, 2002, September
7, 2002, and January 7, 2003.

         (o)      "Retention Bonus Term" means the period beginning on January
7, 2002, and ending on January 7, 2003.

3.       ELIGIBILITY. Subject to Section 7(b) of the Plan, the Covered
Employees are eligible to participate in the Plan. Subject to Section 7(b),
each Covered Employee shall receive written notification of participation in
the Plan as soon as practicable after the Effective Date or, if later, the date
on which the Covered Employee is designated as a Covered Employee in accordance
with Section 7(b) of the Plan.

                                       2
<PAGE>

4.       AMOUNT AND PAYMENT OF RETENTION BONUS.

         (a)      Subject to Section 4(d) of the Plan, a Covered Employee shall
receive a Retention Bonus consisting of cash payments equal in the aggregate to
the Retention Bonus Applicable Percentage (as defined below) of such Covered
Employee's Base Salary as of the first day of the Retention Bonus Term,
provided such Covered Employee remains a full-time employee of the Company or
an Affiliate during the Retention Bonus Term.

         (b)      The Retention Bonus Applicable Percentages for the tiers of
Covered Employees are:

<TABLE>
<CAPTION>
                  TIER                     APPLICABLE PERCENTAGE
                  ----                     ---------------------
                  <S>                      <C>
                    I                             100%
                   II                              85%
                   III                             75%
                   IV                              50%
                    V                              25%
</TABLE>

         (c)      Subject to Section 4(d) and Section 7(b) of the Plan, the
Retention Bonuses shall be paid to the Covered Employees in three equal
installments on or as soon as administratively practicable following the
Retention Bonus Payment Dates; provided, however, that if the Restructuring
Completion Date occurs prior to the end of the Retention Bonus Term, the unpaid
portions of the Retention Bonuses shall be paid to the Covered Employees on or
as soon as administratively practicable following the Restructuring Completion
Date.

         (d)      If, prior to the end of the Retention Bonus Term, (i) a
Covered Employee voluntarily terminates employment with the Company or an
Affiliate, (ii) a Covered Employee's employment with the Company or an
Affiliate is terminated because of death or disability, (iii) a Covered
Employee's employment is terminated by the Company or an Affiliate for Cause,
or (iv) the employment of a Covered Employee who is a party to an Executive
Severance Compensation Agreement with the Company or an Affiliate is terminated
by the Company or an Affiliate without Cause, such Covered Employee, or such
Covered Employee's beneficiary in the event of such Covered Employee's death,
shall not be entitled to receive Retention Bonus installment payments on the
remaining Retention Bonus Payment Dates or, if applicable under Section 4(c) of
the Plan, on the Restructuring Completion Date. Subject to Section 7(b) of the
Plan, if the employment of a Covered Employee other than a Covered Employee who
is a party to an Executive Severance Compensation Agreement with the Company or
an Affiliate is terminated by the Company or an Affiliate without Cause prior
to the end of the Retention Bonus Term, such Covered Employee shall be entitled
to receive the Retention Bonus installment payments on the remaining Retention
Bonus Payment Dates or, if applicable under Section 4(c) of the Plan, on the
Restructuring Completion Date.

                                       3
<PAGE>

5.       AMOUNT AND PAYMENT OF COMPLETION BONUS.

         (a)      Subject to Section 5(d) and Section 7(b) of the Plan, a
Covered Employee shall receive a Completion Bonus consisting of a cash payments
equal to the Completion Bonus Applicable Percentage (as defined below) of such
Covered Employee's Base Salary as of the first day of the Completion Bonus
Term, provided such Covered Employee remains a full-time employee of the
Company or an Affiliate during the Completion Bonus Term.

         (b)      The Completion Bonus Applicable Percentages for the tiers of
Covered Employees are:

<TABLE>
<CAPTION>
                  TIER                     APPLICABLE PERCENTAGE
                  ----                     ---------------------
                  <S>                      <C>
                    I                              100%
                   II                               85%
                   III                              75%
                   IV                               50%
                    V                               25%
</TABLE>

         (c)      Subject to Section 5(d) and Section 7(b) of the Plan, the
Completion Bonuses shall be paid to the Covered Employees on or as soon as
administratively practicable following the end of the Completion Bonus Term.

         (d)      If a Covered Employee is not a full-time employee of the
Company or an Affiliate or a successor of the Company or an Affiliate on the
last day of the Completion Bonus Term, such Covered Employee, or such Covered
Employee's beneficiary in the event of such Covered Employee's death, shall not
be entitled to receive a Completion Bonus unless the employment of such Covered
Employee was terminated by the Company or an Affiliate without Cause within six
weeks prior to the last day of the Completion Bonus Term.

6.       GENERAL PROVISIONS.

         (a)      The Plan shall be unfunded and all benefits under the Plan
shall be paid by the Company from the general assets of the Company.

         (b)      Payments under the Plan are subject to federal, state and
local income tax withholding and all other applicable federal, state and local
taxes. The Company shall withhold, or cause to be withheld, from any payments
made hereunder all applicable federal, state and local withholding taxes and
may require the recipient to file any certificate or other form in connection
therewith.

         (c)      Nothing contained herein shall give any Covered Employee the
right to be retained in the employment of the Company or an Affiliate or any
successor, or affect the Company's or an Affiliate's right to dismiss any
Covered Employee at will.

                                       4
<PAGE>

         (d)      The Plan is not a term or condition of any Covered Employee's
employment and no Covered Employee shall have any legal right to payments
hereunder except to the extent all conditions relating to the receipt of such
payments have been satisfied in accordance with the terms of the Plan.

         (e)      A Covered Employee entitled to a Retention Bonus or
Completion Bonus may not assign, transfer or in any other way alienate the
benefit, nor shall any Retention Bonus or Completion Bonus be subject to
garnishment, attachment, execution or levy of any kind.

7.       ADMINISTRATION.

         (a)      The Plan Administrator shall administer the Plan. Except as
provided by Section 7(b) of the Plan, the Plan Administrator is authorized, in
its sole and absolute discretion, to select the Covered Employees and to assign
the Covered Employees to the various tiers established with respect to the
Plan.

         (b)      The Chief Executive Officer of the Company is authorized, in
his sole and absolute discretion, to:

                  (i)      Designate Covered Employees who will not be entitled
to receive either a Retention Bonus or a Completion Bonus;

                  (ii)     Designate as a Covered Employee any new employee who
is hired by the Company after the Effective Date or any existing employee who
is promoted to a new position with the Company or an Affiliate after the
Effective Date;

                  (iii)    Modify the tier assignment of any Covered Employee
who is promoted to a new position with the Company or an Affiliate after the
Effective Date.

The Chief Executive Officer of the Company shall provide to the Plan
Administrator written notification of each exercise of the authority granted to
him by this Section 7(b) as soon as administratively practicable after such
exercise.

         (c)      Subject to the express provisions of the Plan, the Plan
Administrator is authorized, in its sole and absolute discretion, to interpret
the Plan (including any vague or ambiguous provisions) and to make all other
determinations deemed necessary or advisable for the administration of the
Plan. All determinations and interpretations of the Plan Administrator shall be
final, binding and conclusive as to all persons.

         (d)      Neither the Plan Administrator nor any employee, officer or
director of the Company shall be personally liable by reason of any action
taken with respect to the Plan for any mistake of judgment made in good faith,
and the Company shall indemnify and hold harmless each employee, officer or
director of the Company, including the Plan Administrator, to whom any duty or
power relating to the administration or interpretation of the Plan may be
allocated or delegated, against any reasonable cost or expense (including
counsel fees) or liability (including any sum paid in settlement of a claim
with the approval of the Board of Directors of the

                                       5
<PAGE>

Company) arising out of any act or omission to act in connection with the Plan
unless arising out of such person's own fraud, bad faith or gross negligence.

8.       APPLICABLE LAW. The Plan and all action taken under it shall be
governed as to validity, construction, interpretation and administration by the
laws of the State of Delaware and applicable federal law.

9.       AMENDMENT OR TERMINATION. Subject to Section 7(b) of the Plan, the
Board of Directors of the Company, in its sole and absolute discretion, may
amend, suspend or terminate the Plan or any portion thereof at any time;
provided, however, that unless the written consent of a Covered Employee is
obtained, no such amendment or termination shall adversely affect the rights of
such Covered Employee.

                                    PINNACLE TOWERS INC.

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

                                       6
<PAGE>

                                   APPENDIX A

Subject to Section 7(b) of the Plan, the employees who are eligible to receive
a Retention Bonus and a Completion Bonus in accordance with the provisions of
the Plan are:

<TABLE>
<CAPTION>
   TIER I                TIER II                  TIER III                        TIER IV                          TIER V

<S>                    <C>                      <C>                             <C>                             <C>
Steven Day             Bill Freeman             Ben Gaboury                     Michael Ball                    Maria Anders
                                                Gary Mattox                     Camille Blommer                 Jeff Bane
                                                Michael Millard                 Mike Kerwick                    Carolyn Black
                                                Decker Todd                     Ron Lipham                      Jim Bokish
                                                                                Steve Smith                     Wendy Cruz
                                                                                                                Ted Denman
                                                                                                                Darren Dickerson
                                                                                                                Tom Dodson
                                                                                                                Elaine Evans
                                                                                                                Joe Furmanek
                                                                                                                Meaghan Green
                                                                                                                Theresa Hartman
                                                                                                                Michelle Hilton
                                                                                                                Chris Jackson
                                                                                                                Alida Lyons
                                                                                                                John Martin
                                                                                                                Debbie Miller
                                                                                                                Livinia Miller
                                                                                                                Sandy Moore
                                                                                                                Larry Paine
                                                                                                                Jerry Piersal
                                                                                                                Jennifer Ripo
                                                                                                                Derek Sachs
                                                                                                                Christine Shirley
                                                                                                                Cheryl Smith
                                                                                                                Tom Smith
                                                                                                                Patrick Taylor
                                                                                                                Trey Weeks
                                                                                                                Rhonda Wilcox
                                                                                                                George Williams
                                                                                                                John Zanone
</TABLE><PAGE>
           FIRST AMENDMENT AND EXTENSION OF FIRST AMENDED AND RESTATED

                          LIMITED FORBEARANCE AGREEMENT

         THIS FIRST AMENDMENT AND EXTENSION OF FIRST AMENDED AND RESTATED
LIMITED FORBEARANCE AGREEMENT (this "First Amendment") is dated as of April 11,
2002, among PINNACLE TOWERS INC., a Delaware corporation (the "Borrower"), the
Parent, each of their Subsidiaries (the Borrower, the Parent and their
Subsidiaries, each a "Loan Party" and collectively, the "Loan Parties") the
several Lenders (as such term is defined in the hereinafter described Credit
Agreement) parties to this First Amendment, and BANK OF AMERICA, N.A., as
Administrative Agent for the Lenders (in such capacity, the "Administrative
Agent").

                                    RECITALS:

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

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

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

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

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

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

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

<PAGE>

         SECTION 2. LIMITED FORBEARANCE. The Borrower has requested that the
Administrative Agent and the Lenders forbear from exercising the rights and
remedies available to them as a result of the Existing Defaults during the
period from the date hereof to and including May 10, 2002. The Administrative
Agent and the Lenders hereby agree to forbear from exercising the rights and
remedies available to them as a result of the Existing Defaults, including the
right to demand default interest under Section 2.08 of the Credit Agreement,
commencing on the earliest date each of the conditions precedent set forth in
Section 10 hereof seen satisfied to, and (so long as none of the events
specified in subsections 2(i) through 2(v) below has occurred) through, the
Termination Date (as defined below), subject to the terms Agreement and subject
to the occurrence of no further Default or Event of Default either pursuant to
the Sections of the Credit Agreement subject to the Existing Defaults or
otherwise. the earlier of (i) the occurrence of any Default or Event of Default,
other than the Existing Defaults, (ii) the filing of, or exercise by, or the
taking of any other action by Borrower, the or any of their Subsidiaries or by
any third party of any right or remedy under any Debtor Law with respect to the
Borrower, the Parent or any of their Subsidiaries, (iii) the payment by the
Borrower of any Distribution to the Parent or their Subsidiaries, or any
Restricted Payment in connection with the Subordinated Notes, the Subordinated
Notes Documentation, the Parent Senior Notes or the Parent Senior Note
Documentation prohibited by Section 7 hereof, failure of Borrower to initiate a
wire transfer of immediately available funds to reimburse Administrative Agent
within two business hours of a request by Administrative Agent for payment in
connection with a drawn Letter of Credit, (v) April 19, 2002, unless that
certain commitment letter that was delivered to the Administrative Agent and
distributed to the Lenders prior to the date hereof, from two lenders to two
proposed investors regarding a proposed loan to the Borrower, dated January 25,
2002 and currently expiring on April 15, 2002, has been expended by the same two
lenders, on the same terms and to the same proposed investors as previously
distributed to the Lenders, through or after May 10, 2002 (or extended through
or after May 10, 2002 on other terms acceptable to the requisite Lenders under
the Credit Agreement), or (vi) May 10, 2002 (the "Termination Date"), the
Administrative Agent's and the Lenders' agreement herein to forbear from
exercising the rights and remedies available to them result of the Existing
Defaults shall immediately terminate, and the Administrative Agent and the
Lenders shall be entitled immediately to exercise any and all rights and
remedies available under the Credit Agreement and any other Loan Paper, at law,
in equity, or otherwise, without notice, demand, presentment, notice of
dishonor, notice of acceleration, notice of intent accelerate, protest, or other
formalities of any kind, all of which are hereby expressly waived by the
Borrower. The Borrower and the Lenders hereby acknowledge Borrower's
noncompliance with the Credit Agreement as a result of the Existing Defaults and
acknowledge that this Agreement constitutes notice thereof and waive any and all
further notices with respect thereto. The agreement of the Administrative Agent
and the Lenders herein shall not constitute a waiver of any Default or Event of
Default including without limitation, the Existing Defaults. The Borrower hereby
acknowledges that the Lenders have no obligation to make Revolver Advances,
Swingline Advances or issue Letters of Credit or otherwise advance any funds to
the Borrower as a result of Borrower's termination of (i) the Commitment, (ii)
the Swingline Commitment and (iii) the Letter of Credit Commitment, each on
December 12, 2001. Notwithstanding any provision in the Credit Agreement or any
other Loan Paper to the contrary,

                                      -2-
<PAGE>

hereto expressly acknowledge and agree that, any draw under any Letter of Credit
during the term of this Agreement shall immediately and automatically result in
an obligation for the Borrower to reimburse the Administrative Agent for any
such draw (which reimbursement obligation may not be paid by the Borrower with
the proceeds of a Revolver Advance). Failure of the Borrower to initiate a wire
transfer to reimburse the Administrative Agent in immediately available funds
for any such draw within 2 business hours after receipt of notice of such draw
shall constitute an Event of Default hereunder and under the Credit Agreement
(such reimbursement then to be effected by payment in full from the Cash
Collateral Account or by wire transfer of immediately available funds, or any
combination of the foregoing). The parties hereto expressly acknowledge and
agree that the agreement of the Borrower in the preceding three sentences does
not affect or abrogate any of the obligations of the Lenders to the
Administrative Agent to participate in any such draws under the Letter of Credit
in accordance with the terms of the Credit Agreement. The parties hereto further
expressly acknowledge and agree that the agreements of the Administrative Agent
and the Lenders HEREIN SHALL NOT IN ANY manner restrict or impair any rights or
remedies available to them with respect to any Persons other than the Borrower
and other Persons guaranteeing the Obligations or providing collateral security
therefor. Notwithstanding the forbearance contained in this Agreement, the
issuance of a payment blockage notice by the Administrative Agent or any of the
other Lenders to the Borrower and/or to the Trustee under the Subordinated Notes
Indenture (as provided for in Section 5.5 of the Subordinated Notes Indenture)
shall not be deemed to be an exercise of any right or remedy under the Credit
Agreement or any of the other the Loan Papers, or the exercise of any right or
remedy otherwise available at law or in equity, and shall not be prohibited by
any provision of this Agreement.

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

         SECTION 4. OTHER AGREEMENTS.

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

<PAGE>
         SECTION 5. PARTIES TO THIS FIRST AMENDMENT. For purposes of the
benefit of all of the Collateral securing the Obligations, the Canada Lender
and each Bank Affiliate which is a party to any Interest Rate Protection
Agreement are hereby deemed to be lender parties to the Credit Agreement and
this First Amendment.

         Section 6.        RELEASE.

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

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

         (c) The agreements of each Borrower Party set forth in this Section 6
shall survive termination of this First Amendment and the other Loan Papers.

         Section 7.        MISCELLANEOUS.

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

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

<PAGE>

         (c) LIENS. The Parent, the Borrower and the Subsidiaries agree hereby
that all Liens, security interests, assignments, superior titles, rights,
remedies, powers, equities and priorities securing the Obligations including
but not limited to those under the Loan Papers are hereby ratified and
confirmed as valid, subsisting and continuing to secure the Obligations, and
this First Amendment shall not affect the priority of such Liens. Nothing in
this First Amendment shall in any manner diminish, impair or extinguish any of
the Liens securing the Obligations, the Guaranties, or the other Loan Papers or
be construed as a novation in any respect.

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

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

         (f) COUNTERPARTS, BINDING EFFECT AND EFFECTIVE DATE. This First
Amendment may be executed in any number of counterparts and by different
parties hereto in separate counterparts, each of which when so executed and
delivered shall be deemed an original, but all such counterparts together shall
constitute but one and the same instrument; signature pages may be detached
from multiple separate counterparts and attached to a single counterpart so
that all signature pages are physically attached to the same document. This
First Amendment constitutes the legal, valid and binding obligations of each
signatory hereto and such obligations shall survive the assignment of such
obligations and be binding on each assignee with respect to such signatory's
obligations hereunder. The Effective Date shall occur when the conditions
precedent set forth in Section 3 of this First Amendment have been satisfied in
full with respect to any provision of this First Amendment (the "Effective
Date").

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

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

         THE BORROWER:

                                 PINNACLE TOWERS INC.

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

<PAGE>

ADMINISTRATIVE AGENT:

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

/s/ William E. Livingstone, II
--------------------------------------------

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

Its:
    ----------------------------------------

Bank of America Canada has executed this First
Amendment below for the sole purpose of
Section 5 of this First Amendment:

BANK OF AMERICA CANADA, a Canadian
chartered bank

/s/ William E. Livingstone, II
--------------------------------------------

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

Its:
    ----------------------------------------
<PAGE>

                                 LENDERS:

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

                                 /s/ William E. Livingstone, II
                                 ---------------------------------------
                                 By:
                                    ------------------------------------

                                 Its:
                                     -----------------------------------

<PAGE>
                                                      DRAFT #2 -- APRIL 12, 2002

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

                   /s/ Corinne M. Barrett
                   ---------------------------
                   By:  Corinne M. Barrett
                      ------------------------
                   Its: Sr. V.P.
                      ------------------------
<PAGE>

                   KEY CORPORATE CAPITAL INC.

                   /s/ Michael V. Lugli
                   ---------------------------
                   By:  Michael V. Lugli
                      ------------------------
                   Its: S.V.P.
                      ------------------------
<PAGE>

                  COBANK, ACB

                   /s/ Robert E. Salmon
                  ------------------------------------------

                  By: Robert E. Salmon
                     ---------------------------------------

                  Its:  Senior Vice Pres.
                      --------------------------------------
<PAGE>

                  CREDIT LYONNAIS NEW YORK BRANCH

                   /s/ Anne G. Shean
                  ------------------------------------------

                  By: Anne G. Shean
                     ---------------------------------------

                  Its:  Vice President
                      --------------------------------------
<PAGE>
                                                     DRAFT #2 -- APRIL 12, 2002

                   THE BANK OF NOVA SCOTIA

                   /s/ Vincent Fitzgerald
                   ------------------------------
                   By: Vincent Fitzgerald
                      ---------------------------
                   Its: Authorized Signatory
                       --------------------------
<PAGE>

                   DRESDNER BANK AG NEW YORK & GRAND
                   CAYMAN BRANCHES

                   /s/ Jane A.
                   -------------------------------------
                   By: JANE A.
                      ----------------------------------
                   Its: Director
                       ---------------------------------

                   /s/ Brian
                   -------------------------------------
                   By: BRIAN
                      ----------------------------------
                   Its: Vice President
                       ---------------------------------
<PAGE>
                   U.S. BANK NATIONAL ASSOCIATION (F/K/A
                   FIRSTAR BANK, N.A. F/K/A MERCANTILE
                   BANK NATIONAL ASSOCIATION)

                   /s/ Timothy N. Scheer
                   -----------------------------------------
                   By: Timothy N. Scheer
                      --------------------------------------
                   Its: Vice President
                       -------------------------------------
<PAGE>

                  IBM CREDIT CORPORATION

                  /s/ Steven A. Flanagen
                  ------------------------------------------

                  By: Steven A. Flanagen
                     ---------------------------------------

                  Its:  Manager Special Handling
                      --------------------------------------
<PAGE>
                    THE CIT GROUP/EQUIPMENT FINANCING, INC.

                               SR
                    ----------------------------------------
                    By:   Steve Reedy
                       -------------------------------------
                    Its:  Vice President
                        ------------------------------------

<PAGE>
                   ALLFIRST BANK

                   /s/ Leon W. Wyrne
                   -------------------
                   By:  Leon W. Wyrne
                       ---------------
                   Its: Vice President
                       ---------------

<PAGE>
                   PPM SPYGLASS FUNDING TRUST

                   /s/ Diana L. Mushill
                   ---------------------
                   By:  DIANA L. MUSHILL
                       -----------------
                   Its: AUTHORIZED AGENT
                       -----------------
<PAGE>
                    MORGAN STANLEY           PRIME INCOME TRUST

                     /s/   Sheila A. Finnerty
                    --------------------------------------------
                    By:    Sheila A. Finnerty
                       -----------------------------------------
                    Its:   Executive Director
                        ----------------------------------------

<PAGE>
                    ENDURANCE CLO I, LTD

                    C/o ING Capital Advisors LLC, as Portfolio Manager

                           Gordon R. Cook
                    ---------------------------------------------------
                    By:    GORDON COOK
                       ------------------------------------------------
                    Its:   SENIOR VICE PRESIDENT & PORTFOLIO MANAGER
                        -----------------------------------------------

<PAGE>

                   SEQUILS-ING I (HBDGM), LTD.

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

                       /s/ Gordon R. Cook
                       ----------------------------

                   By: Gordon Cook
                       ----------------------------

                   Its: Senior Vice President
                        & Portfolio Manager
                       ----------------------------

<PAGE>

                   TORONTO DOMINION (NEW YORK), INC.

                       /s/ Gwen Zirkle
                       ----------------------------

                   By: Gwen Zirkle
                       ----------------------------

                   Its: Vice President
                       ----------------------------

<PAGE>

                   ARCHIMEDES FUNDING III, Ltd.

                   By: ING Capital Advisors, LLC,
                       as Collateral Manager

                   /s/ Gordon R. Cook
                   ---------------------------
                   By:  Gordon Cook
                      ------------------------
                   Its: Senior Vice President
                      ------------------------
                        & Portfolio Manager
                      ------------------------
<PAGE>

                   SALOMON BROTHERS HOLDING COMPANY INC.

                   /s/ Shawn Bernet
                   -----------------------------
                   By:  Shawn Bernet
                      --------------------------
                   Its: Assistant Vice President
                      --------------------------
<PAGE>
                   Accepted and Agreed as
                   of April 11, 2002:

                   PINNACLE HOLDINGS INC.

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

                   COVERAGE PLUS ANTENNA SYSTEMS, INC.

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

                   TOWER SYSTEMS, INC.

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

                   RADIO STATION WGLD, INC.

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

<PAGE>

                  ICB TOWERS, LLC

                   /s/ William T. Freeman
                  -----------------------------------------------

                  By:  William T. Freeman
                     --------------------------------------------

                  Its: Chief Financial Officer and Vice President
                      -------------------------------------------

                  AIRCOMM OF AVON, LLC

                   /s/ William T. Freeman
                  -----------------------------------------------

                  By:  William T. Freeman
                     --------------------------------------------

                  Its: Chief Financial Officer and Vice President
                      -------------------------------------------

                  HIGH POINT MANAGEMENT CO., INC.

                   /s/ William T. Freeman
                  -----------------------------------------------

                  By:  William T. Freeman
                     --------------------------------------------

                  Its: Chief Financial Officer and Vice President
                      -------------------------------------------

                  TOWER TECHNOLOGY CORPORATION OF
                  JACKSONVILLE, INC.

                   /s/ William T. Freeman
                  -----------------------------------------------

                  By:  William T. Freeman
                     --------------------------------------------

                  Its: Chief Financial Officer and Vice President
                      -------------------------------------------

<PAGE>

                   INTERSTATE TOWER COMMUNICATIONS, INC.

                       /s/ William T. Freeman
                       -------------------------------------------

                   By: William T. Freeman
                       -------------------------------------------

                   Its: Chief Financial Officer and Vice President
                       -------------------------------------------

                   BROADCAST TOWERS, INC.

                       /s/ William T. Freeman
                       -------------------------------------------

                   By: William T. Freeman
                       -------------------------------------------

                   Its: Chief Financial Officer and Vice President
                       -------------------------------------------

                   PINNACLE TOWERS III INC.

                       /s/ William T. Freeman
                       -------------------------------------------

                   By: William T. Freeman
                       -------------------------------------------

                   Its: Chief Financial Officer and Vice President
                       -------------------------------------------

                   SHAFFER & ASSOCIATES, INC.

                       /s/ William T. Freeman
                       -------------------------------------------

                   By: William T. Freeman
                       -------------------------------------------

                   Its: Chief Financial Officer and Vice President
                       -------------------------------------------

<PAGE>

                   PINNACLE ST. LOUIS LLC.

                   By: Pinnacle Towers Inc., sole member

                       /s/ William T. Freeman
                       -------------------------------------------

                   By: William T. Freeman
                       -------------------------------------------

                   Its: Chief Financial Officer and Vice President
                       -------------------------------------------

                   SIERRA TOWERS, INC.

                       /s/ William T. Freeman
                       -------------------------------------------

                   By: William T. Freeman
                       -------------------------------------------

                   Its: Chief Financial Officer and Vice President
                       -------------------------------------------

                   QTI, INC.

                       /s/ William T. Freeman
                       -------------------------------------------

                   By: William T. Freeman
                       -------------------------------------------

                   Its: Chief Financial Officer and Vice President
                       -------------------------------------------

<PAGE>
                   INTRACOASTAL CITY TOWERS, INC.

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

                   PINNACLE TOWERS IV INC.

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

                   PINNACLE TOWERS V INC.

                   /s/ William T. Freeman
                   -------------------------------------------------
                   By:  William T. Freeman
                   Its: Chief Financial Officer and Vice President
<PAGE>

                  PINNACLE SAN ANTONIO L.L.C.

                  By: Pinnacle Towers Inc., sole member

                   /s/ William T. Freeman
                  -----------------------------------------------

                  By:  William T. Freeman
                     --------------------------------------------

                  Its: Chief Financial Officer and Vice President
                      -------------------------------------------

                  COASTAL ANTENNAS, INC.

                   /s/ William T. Freeman
                  -----------------------------------------------

                  By:  William T. Freeman
                     --------------------------------------------

                  Its: Chief Financial Officer and Vice President
                      -------------------------------------------

                  PINNACLE TOWERS LTD.

                   /s/ William T. Freeman
                  -----------------------------------------------

                  By:  William T. Freeman
                     --------------------------------------------

                  Its: Chief Financial Officer and Vice President
                      -------------------------------------------

                  PINNACLE TOWERS CANADA INC.

                   /s/ William T. Freeman
                  -----------------------------------------------

                  By:  William T. Freeman
                     --------------------------------------------

                  Its: Chief Financial Officer and Vice President
                      -------------------------------------------

<PAGE>

                       /s/ J. Clarke Smith
                       -------------------------

                   By: J. Clarke Smith
                       -------------------------

                       April 15, 2002

<PAGE>
                                   SCHEDULE I
                               EXISTING DEFAULTS

1.   Noncompliance as of September 30, 2001 with the financial covenants
     set forth in Section 8.01 of the Credit Agreement as follows:
         a)   Leverage Ratio, section 8.01(a);
         b)   Consolidated Interest Coverage Ratio,
              section 8.01(c); and
         c)   Consolidated Pro Form Debt Service Coverage
              Ratio, section 8.01(d).
2.   Noncompliance with the requirement to deliver third quarter consolidating
     financial statements on November 15, 2001 as required by Section 7.01 of
     the Credit Agreement.
3.   Noncompliances as of December 31, 2001 with the financial covenants set
     forth in Section 8.01 of the Credit Agreement as follows:
         a)   Leverage Ratio, section 8.01(a);
         b)   Consolidated Leverage Ratio, section 8.01(b);
         c)   Consolidated Interest Coverage Ratio, section 8.01(c);
         d)   Consolidated Pro Forma Debt Service Coverage Ratio, section
              8.01(d); and
         e)   Consolidated Fixed Charge Coverage Ratio, Section 8.01(e).
4.   Noncompliance with the requirement to deliver fourth quarter consolidating
     financial statements by February 14, 2001 as required by Section 7.01 of
     the Credit Agreement.
5.   Noncompliance with certain collateral covenants set forth in Section 2.16
     of the Credit Agreement, including the following:
         a)   mortgages/deeds of trust for approximately 59 out of a total of
              925 fee owned sites
         b)   leasehold mortgages for 7 leasehold sites (out of top 20
              leaseholds)
6.   Pinnacle Holdings Inc. did not pay the interest due March 15, 2002 on its
5-1/2% Convertible Subordinated Notes Due 2007.
<PAGE>
                             SELLER DEBT REPAYMENTS
                                 RECONCILIATION

The following Schedule IV to the Amended and Restated Limited Forbearance
Agreement has been revised to show additional payments being made in connection
with the Seller Notes listed below. The highlighted items are those added to
the Schedule after review of the due diligence materials. We confirmed with
Derek Sachs that Pinnacle has only been listing the principal payments being
made on the Seller Notes (not the interest payments). However, for ease of
review, we have added in the monthly interest paid.

<Table>
<Caption>
     Pinnacle Towers Inc. Seller
     Promissory Notes Payable

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

                                    Apr-02                  April-02               May-02                   May-02
                                    ------                  --------               ------                   ------
                                   Proforma             Interest Payment      Proforma Principal       Interest Payment
                               Principal Payment                                   Payment
<S>                            <C>                      <C>                   <C>                      <C>
 1 Rock & Withers                         916.64                  138.38                 924.28                  125.72
 2 Maurer                               1,923.09               16,119.93               1,942.32               16,100.68
 4 Lennon                                 639.29                7,905.82                 646.32                7,898.80
 6 HV Towers                            6,510.91                4,113.01               6,585.16                4,058.76
 7 Rose Tower Company                                           8,333.33                                       8,333.33
 8 John D. O'Brien II                                           2,583.33                                       2,583.33
 9 Lester L. Bolhern, Jr.                                       2,583.33                                       2,583.33
10 Walter W. Gallinghouse                                       2,186.67                                       2,166.67
11 Herbert R. Davis                                             2,186.67                                       2,166.67
12 Hardin                               4,015.99                2,591.55               4,049.45                2,558.09
14 Stark Communications               125,000.00
15 Casey Enterprises                  150,000.00
16 Raymond Littlejohn                                          10,983.38                                      10,983.38
17 Sam U. and Virginia Hardie                                   3,760.00
21 Gator SMR                                                    7,500.00                                       7,500.00
22 Howard R. Jones                                              5,000.00                                       5,000.00
23 Billy Webb, Margaret Webb,                                  10,833.33                                      10,833.33
   Gary Lee Webb
24 Walter W. Gallinghouse                                       1,405.21                                       1,405.21
27 Joan M. Lovingood                                            1,250.00                                       1,250.00
28 Frank Hicks (Atlanta/Hicks)          6,659.07                  863.80               6,717.34                  805.53
30 Azzarelli Development                5,534.25                  733.63               5,580.37                  687.51
   Corporation (Tampa Azzarelli)
31 Grisson                                                      1,400.00                                       1,400.00
33 Woodfin-Girsch                      24,339.20                3,687.80              24,542.02                3,484.98
34 Johnny & Jacklon Howard                219.81                  127.15                 221.65                  125.31
   (Marianna Land)
35 Two-Way Communication                                        2,582.07                                       2,582.07
37 J & D Trunking-Greenville            6,003.85                1,262.64               6,053.88                1,212,61
   Rushing Deal
38 Henry & Jacquelyn Flowers           13,057.52                2,877.78              13,166.33                2,768.95
39 Steven L. Littlejohn                                         4,687.50                                       4,687.50
40 Hohn H. Abrams and Helen             2,210.89                1,109.35               2,229.31                1,090.92
----------------------------------------------------------------------------------------------------------------------------
</Table>

-------------------
* According to the previous version of Schedule IV attached to the Amended and
  Restated Limited Forbearance Agreement, this $150,000.00 payment was being
  made in April.
<PAGE>

<Table>
<Caption>
<S>                                          <C>               <C>            <C>             <C>

   Dale Abrams
41 H. Stanley Hines                               66.09          1733.91            66.58          1733.42
41 H. Stanley Hines, as Trustee                3,925.40          2846.69         3,954.84          2817.25
41 H. Stanley Hines                            6,412.40          4850.26         6,460.50          4602.16
45 James Travia Mixon                                             283.33                            283.33
46 Donald N. Woodward                         16,702.40          4544.64        16,841.58          4405.46
49 Elray Family Limited Partnership                            12,500.00                          12500.00
50 Y Junction Partnership                                         500.00                            500.00
52 Carter and Communications &
   Tower Services, Inc.                                           166.67                            166.67
53 Trio Communication                                            7083.33                           7083.33
55 Marguerite ATCHER                             326.54           273.46           329.26           270.74
58 S&R Communications                          2,508.50          1196.67         2,529.41          1175.76
   Partnership (Flint MI Rice Acq)
59 Cyril E. Vetter                           107,954.47         37587.79       108,854.10        36,688.18
60 Shaw Family Partnership                                       5000.00
64 Tower Investments Inc                       2,239.38          1933.51         2,258.04          1914.85
   (KS Motorola Deal)
65 Stanley C. & Diana M. Norman                1,828.14          2363.86         1,843.37          2348.63
66 Kenneth Heid                                                  1524.03                           1524.03
68 Ver??                                                         2333.33                           2333.33
69 Dorothy Ferguson Combee                       158.86           144.82           160.18           143.30
71 Joan Lovingood                                                1225.00                           1225.00
                                              ----------       ----------       ----------      ----------
                                              339,152.69       196,639.71       215,936.29      186,106.10
                                              489,162.69
</Table>

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00038-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00038-of-00352.parquet"}]]