Document:

Exhibit 10.9

 EXHIBIT 10.9 
  
 NTELOS HOLDINGS CORP. 
 EMPLOYEE STOCK PURCHASE PLAN 
  
 1.
PURPOSE 
  
 The purpose of the NTELOS Holdings
Corp. Employee Stock Purchase Plan (the “Plan”) is to give eligible employees of NTELOS Holdings Corp. and its designated subsidiaries an opportunity to buy stock of NTELOS Holdings Corp. through payroll deductions. NTELOS Holdings Corp.
intends for the Plan to qualify as an employee stock purchase plan within the meaning of Section 423 of the Internal Revenue Code of 1986, as amended, and the Plan shall be construed accordingly. 
  
 2. DEFINITIONS 
  
 “Board” means the Board of Directors of the Company. 
  
 “Code” means the Internal Revenue Code of 1986, as amended,
and any successor thereto. 
  
 “Committee” means
the Compensation Committee of the Board, if the Board appoints it to administer the Plan, or the Board itself if the Compensation Committee is not appointed to administer the Plan. 
  
 “Common Stock” means the Common Stock, $0.01 par value per share, of the Company. 
  
 “Company” means NTELOS Holdings Corp., a Delaware
corporation. 
  
 “Compensation” means the Form
W-2 earnings an Employer pays to a Participant during an applicable period as modified below. For purposes of this definition, Form W-2 earnings means wages within the meaning of Section 3401(a) of the Code in connection with income tax
withholding at the source, and all other compensation paid to the Participant by an Employer in the course of its trade or business, for which the Employer is required to furnish the Participant with a written statement under Sections 6041(d),
6051(a)(3) and 6052 of the Code, determined without regard to exclusions based on the nature or location of the employment or the services performed (such as the exception for agricultural labor in Section 3401(a)(2) of the Code). Compensation
shall include only amounts actually paid to the Participant during the applicable period. Compensation includes any amount which is contributed to an employee benefit plan for the Participant by the Employer pursuant to a salary reduction agreement
and which is not includable in the gross income of the Participant under Sections 125, 402(e)(3), 402(h)(1)(B) or 403(b) of the Code. Compensation also includes, by way of example and not limitation, the Participant’s base salary or pay
and any bonuses (other than signing bonuses) Participant receives, such as the team incentive plan bonus. Notwithstanding the foregoing, Compensation shall not include signing bonuses (but will include other bonuses, such as, by way of example and
not limitation, the team incentive plan bonus), relocation pay, educational allowances, any form of equity compensation, such as compensation attributable to stock options, restricted stock, stock appreciation rights, restricted stock units, phantom
stock or other similar awards, fringe benefit programs, such as car allowances, relocation reimbursements or expatriate allowances, or any payments received under any employee benefit plans including without limitation any non-qualified deferred
compensation or short-term or long-term disability plan. 

 “Contributions Account” means the bookkeeping account the Company establishes under the
Plan for each Participant. 
  
 “Effective Date”
means the later of (i) April 1, 2006 or (ii) the first day of the calendar month following both the Initial Public Offering of the Company and the filing with the Securities and Exchange Commission of a Form S-8 to register the Common
Stock available for purchase under the Plan. 
  
 “Eligible
Employee” means any Employee whose customary employment is for more than 20 hours per week and for more than five months in a calendar year and who is not both a “highly compensated employee” as provided under Section 414(q)
of the Code and either the chief executive officer, president, executive vice president, or senior vice president of the Company. Eligible Employee includes an officer of an Employer within the meaning of Section 16 of the Exchange Act, if such
officer is otherwise eligible under the terms of the Plan. 
  
 “Employee” means any person whom an Employer employs in accordance with Section 3401 of the Code and the regulations thereunder. The definition of Employee shall be construed in accordance with Sections 421 and
423 of the Code and the regulations thereunder. 
  
 “Employer” means the Company and each designated Subsidiary that adopts the Plan in accordance with Section 12. 
  
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
  
 “Fair Market Value” of the Common Stock on the Valuation Date means the closing price of a share of Common
Stock on the principal national securities exchange (including NASDAQ) on which the Common Stock is listed or traded on such date or, if Common Stock was not traded on such date, on the last preceding day on which the Common Stock was traded. If at
any time such Common Stock is not listed on any national securities exchange, the Fair Market Value shall be the value of such Common Stock as determined in good faith by the Committee in any other manner consistent with the Code and accompanying
regulations that the Committee determines appropriate. 
  
 “Initial Public Offering” means issuance or sale by the Company of Common Stock required to be registered under Section 12 of the Exchange Act, such that immediately following the transaction the Company is subject to
the reporting obligations of Section 12 of the Exchange Act. 
  
 “Offer Date” means the first day of each Participation Period. 
  
 “Participant” means an Eligible Employee who has enrolled in the Plan in accordance with Section 4. 
  
 “Participation Period” means each calendar month during which an offer to purchase Common Stock is made to Eligible Employees under the
Plan. The first Participation Period 
  

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 shall begin on the later of (i) April 1, 2006 or (ii) the first day of the calendar month following both
the Initial Public Offering of the Company and the filing of a Form S-8 to register the Common Stock available for purchase under the Plan. 
  
 “Plan” means the NTELOS Holdings Corp. Employee Stock Purchase Plan, as it now exists or as it hereafter may be amended. 
  
 “Purchase Date” means the date of exercise of a Purchase
Right granted under the Plan. The Purchase Date shall be the last day of each Participation Period. 
  
 “Purchase Price” means the price per share of Common Stock under a Purchase Right as determined in accordance with Section 5(b).

  
 “Purchase Right” means the right granted to a
Participant under the Plan to purchase shares of Common Stock in accordance with the terms of the Plan. 
  
 “Subsidiary” means any corporation, other than the Company, in an unbroken chain of corporations beginning with the Company if, at the
time of the Offer Date, each of the corporations other than the last corporation in the unbroken chain owns stock possessing 50 percent or more of the total combined voting power of all classes of stock in one of the other corporations in such
chain, including a corporation that becomes a Subsidiary after the Effective Date of the Plan. 
  
 “Valuation Date” means the date as of which the Fair Market Value of Common Stock is being determined. 
  
 3. STOCK SUBJECT TO PLAN 
  
 The aggregate number of shares of Common Stock that may be purchased under the Plan shall not exceed 200,000 shares. The number of shares of Common Stock
that may be purchased under the Plan is subject to adjustment pursuant to Section 10. Shares of Common Stock purchased under the Plan may be authorized but unissued shares, treasury shares or shares purchased on the open market or by private
purchase. The Company hereby agrees to reserve sufficient authorized shares of Common Stock to provide for the exercise of Purchase Rights granted under the Plan. If any Purchase Right granted under the Plan expires unexercised or is terminated,
surrendered or canceled without being exercised, in whole or in part, for any reason, the number of shares of Common Stock subject to such Purchase Right shall again be available for grant as a Purchase Right and shall not reduce the aggregate
number of shares of Common Stock available for the grant of Purchase Rights as set forth herein. If the total number of shares of Common Stock to be purchased on a Purchase Date exceeds the number of shares of Common Stock then available under the
Plan, the Committee shall allocate the available shares of Common Stock among the Participants on a pro-rata basis based on the balances on the Purchase Date of the Participants’ Contributions Accounts. 
  
 4. PARTICIPATION 
  
 (a) Eligibility. Any Eligible Employee whom an Employer employs on the Offer Date for a Participation Period shall be
eligible to participate in the Plan during such 
  

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 Participation Period. At least 30 days prior to each Participation Period, the Company will send to each Employee whom
the Company reasonably anticipates will be an Eligible Employee on the Offer Date of such Participation Period (and who is not already a Participant), a notice advising the Employee of his or her right to participate in the Plan for the ensuing
Participation Period, subject to the requirement that the Employee be an Eligible Employee on the Offer Date. 
  
 (b) Initial Enrollment. An Eligible Employee shall become a Participant by completing a participation agreement authorizing payroll deductions on a
form the Committee provides or in such other manner as the Committee may determine and delivering such participation agreement to the Company no later than 10 days prior to the last business day of the month immediately preceding the applicable
Participation Period. Following the timely submission of a valid participation agreement, payroll deductions for a Participant shall commence on the first payroll period that occurs on or after the first day of the applicable Participation Period
and shall continue for successive Participation Periods during which the Participant participates in the Plan, unless the Participant withdraws from the Plan pursuant to Section 7, terminates employment with all Employers, ceases to be an
Eligible Employee pursuant to Section 8 or the Participant would own stock possessing 5% or more of the Company or any Subsidiary, as set forth in Section 5(c)(i). 
  
 (c) Enrollment after Withdrawal or Termination of Employment. A Participant who ceases participation in the Plan may
again become a Participant in the Plan for any subsequent Participation Period if he or she again becomes eligible to participate in the Plan on the Offer Date for such Participation Period and delivers a new participation agreement to the Company
no later than ten 10 days prior to the last business day of the month immediately preceding such Participation Period. 
  
 (d) Amount of Payroll Deduction. A Participant shall elect on his or her participation agreement to have deductions made from his or her
Compensation for each Participation Period in any whole percent which does not exceed 12%. 
  
 (e) Participant’s Contributions Account. All payroll deductions that a Participant makes shall be credited to the Participant’s Contributions Account. No interest or earnings shall accrue on any
payroll deductions credited to a Participant’s Contributions Account. 
  
 (f) Changes in Payroll Deductions. Except as otherwise provided in this Section 4(f) and in Sections 7 (in connection with withdrawal from the Plan) and 8 (in connection with the Participant’s
termination of employment), a Participant may not increase or decrease the amount of his or her payroll deductions during a Participation Period. However, a Participant may increase or decrease the amount of his or her payroll deductions for a later
Participation Period by delivering a new participation agreement to the Company no later than ten 10 days prior to the last business day of the month immediately preceding such later Participation Period. 
  
 (g) Participation During Leave of Absence. The Committee in its
discretion shall determine the extent to which any leave of absence for governmental or military service, illness, temporary disability or other reasons will impact an individual’s enrollment or participation in the Plan or his or her rights
thereunder. For purposes of this Plan, the employment relationship will be treated as continuing intact while an individual is on military, sick leave or other bona 
  

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 fide leave of absence (such as temporary employment by the Government) if the period of such leave does not exceed three
(3) months, or, if longer, so long as the individual’s right to reemployment is provided either by statute or contract. Where the period of leave exceeds three (3) months and the individual’s right to reemployment is not provided
either by statute or contract, the employment relationship will be deemed to have terminated on the first day immediately following such three-month period. Unless the Committee otherwise provides, if a Participant goes on an unpaid leave of absence
during a Participation Period, no further payroll deductions will be made for such Participation Period. However, unless such Participant withdraws from the Plan pursuant to Section 7, he or she will continue to be a Participant for the
Participation Period and the Participant’s Purchase Rights for the Participation Period shall be automatically exercised on the Purchase Date for such Participation Period in accordance with Section 6. Additionally, unless such Participant
withdraws from the Plan pursuant to Section 7, he or she will continue to be a Participant for any ensuing Participation Period so long as further payroll deductions may be made for such Participation Periods. When the employment relationship
is deemed to have terminated, the Participant will be subject to the provisions of Section 8 hereof. 
  
 5. GRANT OF PURCHASE RIGHTS 
  
 (a) Number of Shares Subject to Purchase Right. On the Offer Date of each Participation Period, each Participant shall be granted a Purchase Right to purchase on the Purchase Date of such Participation Period,
at the applicable Purchase Price, such number of shares of Common Stock (including fractional shares) as is determined by dividing the amount of the Participant’s payroll deductions allocated to the Participant’s Contributions Account for
the Participation Period by the applicable Purchase Price, subject to the maximum limit of shares of Common Stock that may be purchased or are available as described herein. All Participants receiving Purchase Rights shall have the same rights and
privileges under the Plan with respect to such Purchase Rights. 
  
 (b) Purchase Price. The Purchase Price per share of Common Stock for a Participant shall be the lesser of: 
  
 (i) 85 Percent of the Fair Market Value per share of the Common Stock on the Offer Date for the Participation Period; or 
  
 (ii) 85 Percent of the Fair Market Value per share of the
Common Stock on the Purchase Date for the Participation Period. 
  
 (c) Certain Limitations. Notwithstanding any other provision of the Plan, no Participant shall be granted a Purchase Right for a Participation Period: 
  
 (i) If, immediately after the Purchase Right is granted, the Participant would own stock possessing five
percent or more of the total combined voting power or value of all classes of stock of the Company or any Subsidiary within the meaning of Section 423(b)(3) of the Code. For purposes of this Section 5(c)(i), stock ownership of a
Participant shall be determined under the stock attribution rules of Section 424(d) of the Code, and stock that the Participant may purchase under outstanding Purchase Rights or options shall be treated as stock the Participant owns.

  

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 (ii) To the extent that the Participant’s rights to purchase stock under all
employee stock purchase plans (as defined in Section 423 of the Code) of the Company and any Subsidiary would accrue at a rate that exceeds $25,000 in Fair Market Value of such stock (determined as of the Offer Date) for each calendar year in
which any Purchase Right is outstanding at any time. For this purpose, the right to purchase stock accrues when the Purchase Right first becomes exercisable during the calendar year. This limitation is meant to comply with the requirements of
Section 423(b)(8) of the Code and will be construed accordingly. 
  
 (iii) If the Participant makes a hardship withdrawal from a cash or deferred arrangement established by the Company or any Subsidiary and is prohibited from making employee contributions to the Plan under
Section 401(k) of the Code and the Treasury Regulations thereunder, in which case the Participant shall be deemed to have withdrawn from the Plan in accordance with Section 7 as of the date of such hardship withdrawal. 
  
 (iv) For more than 1,000 shares of Common Stock for any
Participation Period. 
  
 Any Purchase Right granted under the
Plan shall be deemed to be modified to the extent necessary to satisfy this Section 5(c). To the extent necessary to comply with this Section 5(c), a Participant’s payroll deductions may be decreased to Zero Percent at any time during
a Participation Period (or such other percentage required to comply with the terms of the Plan). In that event, payroll deductions shall recommence, if at all, at the rate provided in such Participant’s Participation Agreement at the beginning
of the first Participation Period for which payroll deductions can commence after compliance with this Section 5(c), unless the Participant withdraws from the Plan pursuant to Section 7, terminates employment with all Employers or
otherwise ceases to be an Eligible Employee pursuant to Section 8. 
  
 6.
EXERCISE OF PURCHASE RIGHTS 
  
 (a) Automatic
Exercise. Notwithstanding any other provision of the Plan, the Participant’s Purchase Right for the purchase of Common Stock during a Participation Period shall be automatically exercised on the Purchase Date applicable to such
Participation Period, and the maximum number of shares of Common Stock (including fractional shares) under the Purchase Right shall be purchased for the Participant at the applicable Purchase Price with the accumulated payroll deductions in his or
her Contributions Account at that time (subject to the limitations set forth in Section 5(c) or termination of the Purchase Right as provided in Sections 7 or 8). 
  
 (b) Delivery of Stock. As soon as reasonably practicable after each Purchase Date, the shares of Common Stock each
Participant purchases on such Purchase Date shall be credited to an account in such Participant’s name with one or more brokers the Committee designates. A Participant will be issued a certificate for his or her shares of Common Stock when his
or her participation in the Plan is terminated, the Plan is terminated, or upon request. 
  

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 (c) Termination of Purchase Right. A Purchase Right granted during a Participation Period that is
not automatically exercised on the Purchase Date shall expire at the end of the last day of the Participation Period, unless earlier terminated as provided in Section 7 or Section 8. 
  
 (d) Excess Account Balances. Any payroll deductions credited to a
Participant’s Contributions Account for a Participation Period that have not been used to purchase Common Stock on the Purchase Date for such Participation Period (as of a result of the limitations set forth in Section 5(c), a withdrawal
from the Plan in accordance with Section 7, a termination of employment with all Employers or ceasing to be an Eligible Employee in accordance with Section 8 or otherwise) shall be paid to the Participant (without interest) within 30 days
after the last day of the Participation Period. Any amounts to be paid to a Participant after his or her death shall be paid to the personal representative of the Participant’s estate. 
  
 (e) Rights as a Shareholder. No Participant shall have any rights as a
shareholder unless and until certificates for shares of Common Stock have been issued to the Participant or the transfer agent for the Common Stock reflects the Participant’s ownership in the Company’s stock ledger or other appropriate
record of Common Stock ownership. 
  
 7. WITHDRAWAL 
  
 A Participant may withdraw from participation for a Participation Period
(and any subsequent Participation Period) by giving written notice to the Company in a form acceptable to the Company, and such withdrawal generally will be effective as soon as administratively practical after the Participant delivers his or her
written notice of withdrawal to the Company. If the Participant desires to withdraw by the first day of a Participation Period, the Company must receive the Participant’s written notice of withdrawal no later than 10 days prior to the last
business day of the month immediately preceding such Participation Period. In the event of a withdrawal (i) any outstanding Purchase Rights will be terminated and the balance in the Participant’s Contributions Account will be paid to the
Participant as described in Section 6(d) and (ii) no further payroll deductions will be made after the withdrawal is effective. A Participant’s withdrawal from participation for any Participation Period will not have any effect upon
his or her eligibility to participate in any succeeding Participation Period or in any similar plan which any Employer may hereafter adopt. Notwithstanding the foregoing, however, if a Participant withdraws during a Participation Period, payroll
deductions shall not resume at the beginning of a succeeding Participation Period unless the Participant timely delivers to the Company a new participation agreement and otherwise complies with the terms of the Plan. Notwithstanding the foregoing,
this Section 7 is subject to the provisions of Section 8, which governs any withdrawal in connection with a termination of employment. 
  
 8. TERMINATION OF EMPLOYMENT 
  
 Upon termination of a Participant’s employment with all Employers for any reason or in the event that a Participant otherwise ceases to be an
Eligible Employee, the Participant shall be deemed to have withdrawn from participation in the Plan as of the date of his or her termination 
  

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 of employment, or, if applicable, as of the date he or she otherwise ceased to be an Eligible Employee. In that case,
(i) any outstanding Purchase Rights will be terminated and the balance in the Participant’s Contributions Account will be paid to the Participant as described in Section 6(d) and (ii) no further payroll deductions will be made
for such Participation Period after the Participant’s last payroll period with all Employers, or, if applicable, after the Participant’s last payroll period with all Employers as an Eligible Employee. 
  
 9. TRANSFERABILITY 
  
 A Participant may not transfer, assign, pledge or otherwise dispose of a
Purchase Right (or any rights attendant to a Purchase Right) granted pursuant to the Plan other than by will or the laws of descent and distribution. No Purchase Right shall be subject to execution, attachment or similar process. Any attempted
assignment, transfer, pledge, hypothecation or other disposition of a Purchase Right, or levy of attachment or similar process upon the Purchase Right not specifically permitted herein, shall be null and void and without effect, except that the
Committee in its discretion may treat such act as an election to withdraw during a Participation Period in accordance with Section 7 hereof. A Purchase Right is exercisable during the Participant’s lifetime only by the Participant.

  
 10. ADJUSTMENTS AFFECTING PURCHASE RIGHTS 
  
 (a) Changes in Capitalization. The Board, in its sole discretion, may
adjust the number of shares of Common Stock available under the Plan, the number of shares of Common Stock subject to each outstanding Purchase Right, and the Purchase Price for such shares of Common Stock in order to reflect any increase or
decrease in the number of issued shares of Common Stock resulting from any stock split or reclassification of Common Stock, payment of any stock dividend, or any other similar increases or decreases in the number of outstanding shares of Common
Stock without the receipt of consideration therefor. Adjustments the Board makes pursuant to this Section 10(a) shall be final and binding on all parties. 
  

(b) Dissolution, Merger, and Consolidation. Upon dissolution or liquidation of the Company, upon a merger or consolidation of the Company in
which the Company is not the surviving corporation or upon any other similar event or transaction, each Participant who holds Purchase Rights under the Plan shall be entitled to purchase at the next Purchase Date the same relative cash, securities,
and/or other property which a holder of Common Stock was entitled to receive at the time of such transaction. The Board shall take whatever action is deemed reasonably necessary to assure that Participants receive the benefits described in this
Section 10(b). 
  
 11. SHAREHOLDER APPROVAL OF PLAN 

 
 The Board has adopted this Plan on the date set forth below, to be
effective as of the Effective Date. The Plan shall be submitted to the shareholders of the Company for their approval within 12 months of the Board’s adoption of the Plan. The adoption of the Plan is conditioned upon the approval of the Plan by
the shareholders of the Company within such 12-month period. Therefore, no Purchase Right may be exercised until the shareholders of the Company approve the Plan. The Plan and all outstanding Purchase Rights hereunder shall be null and void and of
no effect if the shareholders of the Company do not approve the Plan within such 12-month period. 
  

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 12. ADOPTION OF PLAN BY SUBSIDIARIES 
  
 The Company, by action of the Board, may authorize any of its Subsidiaries to adopt the Plan. A Subsidiary, if the Company
has authorized it to do so, may adopt the Plan by action of its board of directors. 
  
 13. ADMINISTRATION AND CLAIMS PROCEDURES 
  
 (a) The Committee shall administer the Plan. References to the “Committee” shall include the Committee, the Board if it is acting in its administrative capacity with respect to the Plan, and any delegates the Committee appoints
pursuant to Section 13(b). Each member of the Committee, if not the Board, serves at the pleasure of the Board, which may change the membership of the Committee or fill any vacancy at any time. The Committee shall select one of its members as a
chairman and shall hold meetings at the times and places as it may deem advisable. The Committee shall take all actions by majority decision. Any action evidenced by a written instrument that the majority of the members of the Committee sign shall
be as fully effective as if the Committee had taken the action by a majority vote at a meeting duly called and held. 
  
 (b) Subject to the provisions of the Plan, the Committee shall have full and final authority, in its discretion, to take any action with respect to the
Plan, including, without limitation, the following: (i) to establish rules and procedures for the administration of the Plan; (ii) to prescribe the form(s) of any agreements or other written instruments used in connection with the Plan;
(iii) to determine the terms and provisions of the Purchase Rights granted hereunder; and (iv) to construe and interpret the Plan, the Purchase Rights, the rules and regulations, and the agreements or other written instruments, and to make
all other determinations necessary or advisable for the administration of the Plan. The determinations of the Committee on all matters regarding the Plan shall be final and binding upon each Employer, each Employee, each Participant and any other
person claiming a right under the Plan. Except to the extent prohibited by the Plan or by applicable law, the Committee may appoint one or more persons to assist in the administration of the Plan and may delegate all or any part of its
responsibilities and powers, other than any power to amend or terminate the Plan, to any such person or persons. The Committee in its discretion may administer the Plan as it deems appropriate, including without limitation using paperless and
electronic means to administer the Plan. 
  
 (c) Subject to the
indemnification provisions of the Company’s Articles of Incorporation and Bylaws and applicable law, the Company shall indemnify members of the Committee against the reasonable expenses, including attorney’s fees, such members actually and
necessarily incur in connection with the defense of any action, suit or proceeding, or in connection with any appeal thereof, to which they or any of them may be a party by reason of action taken or not taken in connection with the Plan or any
Purchase Right hereunder, and against all amounts they or any of them pay in settlement thereof or in satisfaction of a judgment in any action, suit or proceeding. However, the Company shall not indemnify a member of the 
  

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 Committee for matters as to which he or she (i) shall be adjudged in the action, suit or proceeding to be liable for
gross negligence or intentional misconduct or (ii) derived an improper personal benefit. 
  
 (d) It is not necessary for a Participant to file a claim in order to receive benefits under this Plan. On receipt of a claim for benefits, however, the Committee will respond in writing within 90 days. If necessary,
the Committee’s first notice will indicate any special circumstances requiring an extension of time for the Committee’s decision. The extension notice must indicate the date by which the Committee expects to render its decision; an
extension of time for processing may not exceed 90 days after the end of the initial 90-day period for a determination. If the claimant’s claim is wholly or partially denied, the Committee must give written notice of such denial within the time
provided in the preceding sentences. An adverse notice must specify the reason for the denial. There also must be specific reference to the provisions of the Plan or related documents or law on which the denial is based. If additional materials or
information is necessary for the claimant to perfect his or her claim for benefits, it must be described and there must be an explanation of why that material or information is necessary. An adverse notice must disclose appropriate information about
the steps that the claimant must take if he or she desires to submit a claim for review of the adverse decision. If notice that a claim has been denied is not furnished within the time required herein, the claim is deemed denied. 
  
 (e) On proper written request for a review from the claimant to the
Committee, there must be a review by the Committee. The Committee must receive the claimant’s written request before the 61st day after the claimant’s receipt of notice that a claim has been denied according to (d) above. The claimant
and his or her authorized representative are entitled to be present and heard if any hearing is used as part of the review. The Committee will determine whether there will be a hearing. Before any hearing, the claimant or a duly authorized
representative may review all Plan documents and other papers that affect the claim and may submit issues and comments in writing. The Committee must schedule any hearing to give sufficient time for this review and submission, giving notice as to
the schedule and deadlines for the submissions. The Committee must advise the claimant in writing of the final determination after review. The decision on review must be written in a manner calculated to be understood by the claimant and must
include specific reasons for the decision and specific references to the pertinent provisions of the Plan or related documents or law on which the decision is based. The written final determination must be rendered within 60 days after the request
for review is received, unless special circumstances (in the Committee’s discretion) require an extension of time for processing. If an extension is necessary, the decision must be rendered as soon as possible but no later than 120 days after
the receipt of the request for review. 
  
 (f) A claimant may not
file any suit or other action for benefits under this Plan unless and until he or she submits a proper written request for a review of any adverse decision of such claim for benefits and then exhausts the administrative process described herein. A
claimant then shall have 90 days from the date he or she receives an adverse final determination of such claim on review under (e) above in which to file suit in a court of competent jurisdiction for benefits under the Plan. If the claimant
does not file suit within such 90-day period, the claimant shall be forever barred from doing so. 
  

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 14. AMENDMENT AND TERMINATION OF THE PLAN 
  
 The Board may at any time and from time to time modify, amend, suspend or terminate the Plan or any Purchase Right granted
hereunder, provided, however, that (i) shareholder approval shall be required of any amendment to the Plan to the extent Section 423 of the Code or other applicable law, rule or regulation requires shareholder approval (including without
limitation any amendment that increases the aggregate number of shares of Common Stock that may be purchased under the Plan or changes individuals who are eligible to participate in the Plan other than as set forth herein); and (ii) no
amendment to the Plan or a Purchase Right may materially and adversely affect any Purchase Right outstanding at the time of the amendment without the consent of the holder thereof, except to the extent the Plan otherwise provides, as necessary to
comply with applicable law or as necessary to ensure that the Plan and any Purchase Rights granted hereunder comply with the requirements of Section 423 of the Code. The Plan shall terminate automatically at the time all shares of Common Stock
subject to the Plan have been purchased hereunder. Upon termination of the Plan, the Committee shall give notice to affected Participants, terminate all payroll deductions, terminate all outstanding Purchase Rights, and pay Participants (without
interest) any balances remaining in their Contributions Accounts as soon as practicable following Plan termination, unless the Committee in its discretion makes alternative provisions for handling the termination of the Plan. 
  
 15. UNFUNDED PLAN 
  
 Neither a Participant nor any other person shall, by reason of the Plan,
acquire any right in or title to any assets, funds or property of the Company or any Subsidiary, including, without limitation, any specific funds, assets or other property which the Company or any Subsidiary, in its discretion, may set aside in
anticipation of any liability under the Plan. Neither the Company nor any Subsidiary shall be required to set aside any specific funds, assets or property in anticipation of any liability under the Plan. A Participant shall have only a contractual
right to the Common Stock or amounts, if any, payable under the Plan, unsecured by any assets of the Company or any Subsidiary. Nothing contained in the Plan shall constitute a guarantee that the assets of such corporations shall be sufficient to
pay any benefits to any person. 
  
 16. USE OF FUNDS 
  
 The proceeds the Company receives from the sale of Common Stock pursuant to
Purchase Rights will be used for general corporate purposes. 
  
 17.
WITHHOLDING TAXES 
  
 Upon the exercise of any
Purchase Right under the Plan, in whole or in part, or at the time of disposition of some or all of the Common Stock acquired pursuant to the exercise of a Purchase Right or any other applicable time, the Participant’s Employer shall withhold
the minimum legally required applicable federal, state and local taxes from a Participant’s Compensation or shall require the Participant to remit to the Employer amounts sufficient to satisfy all such federal, state and local withholding tax
requirements prior to the delivery or transfer of any certificate or certificates for shares of Common Stock. 
  

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 18. NO RIGHT OF CONTINUED EMPLOYMENT 
  
 Neither the Plan nor any Purchase Right shall confer upon a Participant the right to continue in the employment of the
Company or any Subsidiary or affect any right of the Company or any Subsidiary to terminate the employment of such Participant at any time for any reason. 
  
 19. DISPOSITIONS OF STOCK 
  
 A Participant who acquires shares of Common Stock pursuant to the exercise of Purchase Rights under this Plan shall notify the Committee, in writing, if
he or she sells, transfers, or otherwise disposes of such shares of Common Stock before the later of (i) one year after the Purchase Date on which the Participant acquired such shares or (ii) two years after the Offer Date on which the
related Purchase Right was granted. 
  
 20. NOTICES 
  
 Every direction, revocation or notice authorized or required by the Plan
shall be deemed delivered to the Company on the date it is received by the Company at its principal executive offices and shall be deemed delivered to an Eligible Employee on the date he or she receives it. 
  
 21. APPLICABLE LAW 
  
 To the extent not inconsistent with Section 423 of the Code and any
Treasury Regulations thereunder, all questions pertaining to the validity, construction and administration of the Plan and any Purchase Rights granted hereunder shall be determined in conformity with the laws of the State of Delaware, without regard
to the conflict of laws provisions of any state, to the extent not preempted by federal law. 
  
 22. OTHER RESTRICTIONS ON PURCHASE RIGHTS AND SHARES 
  
 Notwithstanding any other provision of the Plan, no Purchase Rights may be granted or exercised under the Plan for a Participation Period unless the
shares of Common Stock to be purchased under such Purchase Rights are covered by an effective registration statement pursuant to the Securities Act of 1933, as amended, as of the first day of such Participation Period. The Company may impose such
restrictions on any Purchase Rights and shares of Common Stock acquired upon exercise of Purchase Rights as it may deem advisable, including without limitation restrictions under the federal securities laws, the requirements of any stock exchange or
similar organization and any blue sky or state securities laws applicable to such shares. Notwithstanding any other Plan provision to the contrary, the Company shall not be obligated to grant any Purchase Rights or issue, deliver or transfer shares
of Common Stock under the Plan or make any other distribution of benefits under the Plan, or take any other action, unless such grant, delivery, distribution or action is in compliance with all applicable laws, rules and regulations (including but
not limited to the requirements of the Securities Act of 1933, as amended, the federal securities laws, or any blue sky or state securities laws). For example, and not by way of limitation, the Company may postpone or terminate the grant of a
Purchase Right or the issuance of shares of Common Stock during any Participation Period where the Company is prohibited from doing such acts under applicable law, including without limitation, during any 
  

 12 

 applicable blackout period under the Sarbanes-Oxley Act of 2002. The Company may cause a restrictive legend to be placed
on any certificate issued for shares of Common Stock under the Plan in such form from time to time as applicable laws and regulations may require or legal counsel of the Company may advise. 
  
 23. SEVERABILITY 
  
 If any provision of the Plan is deemed illegal or invalid, the Plan shall be
construed and enforced as if the illegal or invalid provision had not been included in the Plan, and such illegality or invalidity shall not affect the remaining provisions of the Plan. 
  
 IN WITNESS WHEREOF, the Company has caused this Plan to be executed as of the
         day of                     , 2006. 
  

			
	NTELOS HOLDINGS CORP.
		
	By:	 	  

	Name:	 	  

	Its:	 	  

  

 13Exhibit 10.17

 Exhibit 10.17 
  
 NTELOS HOLDINGS CORP. 
  
 NON-EMPLOYEE DIRECTOR EQUITY PLAN 

 Exhibit 10.17 
  
 NTELOS HOLDINGS CORP. 
  
 NON-EMPLOYEE DIRECTOR EQUITY PLAN 
  
 1. Purpose of the Plan 
  
 The purpose of the Plan is to promote the interests of the Company by attracting and retaining qualified and experienced individuals for service as
Non-Employee Directors, and to motivate these individuals to exercise their best efforts on the Company’s behalf. 
  
 2. Definitions 
  
 2.1 “Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect
common control with such specified Person. 
  
 2.2
“Award” means a grant of an Option, Restricted Stock, or Restricted Stock Unit under the Plan. 
  
 2.3 “Award Agreement” means the agreement or agreements between the Company and a Holder pursuant to which an Award is granted and which
specifies the terms and conditions of that Award, including the vesting requirements applicable to that Award. 
  
 2.4 “Board” means the Board of Directors of the Company. 
  
 2.5 “Change in Control” means any of the following described in clauses (a) through (d) below, provided
that a “Change in Control” shall not mean any event listed in clauses (a) through (d) that occurs directly or indirectly as a result of or in connection with Quadrangle Capital Partners LP, a Delaware limited partnership,
Quadrangle Select Partners LP, a Delaware limited partnership, and Quadrangle Capital Partners - A LP, a Delaware limited partnership (collectively the “Quadrangle Entities”) and/or Citigroup Venture Capital Equity Partners, L.P., a
Delaware limited partnership, CVC/SSB Employee Fund, L.P., a Delaware limited partnership, CVC Executive Fund LLC, 

 a Delaware limited liability company (collectively the “CVC Entities”) and/or their Affiliates, related funds
and co-investors becoming the owner or “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of Company securities representing more than fifty-one percent (51%) of the combined voting power of
the then outstanding securities, or the shareholders of the Company approve a merger, consolidation or reorganization of the Company with any other company and such merger, consolidation or reorganization is consummated, and after such merger,
consolidation or reorganization any of the Quadrangle Entities, the CVC Entities and/or their respective Affiliates, related funds and co-investors acquire more than fifty-one percent (51%) of the combined voting power of the Company’s
then outstanding securities: 
  
 (a) any Person is or becomes the
owner or “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of Company securities representing more than fifty-one percent (51%) of the combined voting power of the then outstanding
securities; 
  
 (b) consummation of a merger, consolidation or
reorganization of the Company with any other company, or a sale of all or substantially all the assets of the Company (a “Transaction”), other than (i) a Transaction that would result in the voting securities of the Company
outstanding immediately prior thereto continuing to represent either directly or indirectly more than fifty-one percent (51%) of the combined voting power of the then outstanding securities of the Company or such surviving or purchasing entity;

  
 (c) the shareholders of the Company approve a plan of complete
liquidation of the Company and such liquidation is consummated; or 
  
 (d) During any period of twelve (12) consecutive months commencing upon the effective date of the Plan, the individuals who constitute the Board, upon the effective date of the Plan, and any new director who either (i) was elected
by the Board or nominated for election by the Company’s stockholders was approved by a vote of more than fifty percent (50%) of the directors then still in office who either were directors, upon the effective date of the Plan, or whose
election or nomination for election was previously so approved or (ii) was appointed to the Board pursuant to the designation of Quadrangle Entities and/or the CVC Entities, cease for any reason to constitute a majority of the Board.

  
 2.6 “Code” means the Internal Revenue Code of 1986,
as amended. 
  
 2.7 “Common Stock” means the common
stock of the Company, par value $0.01 per share, or such other class or kind of shares or other securities resulting from the application of Section 9. 
  

 3 

 2.8 “Company” means NTELOS Holdings Corp., a Delaware corporation, and any successor thereto.

  
 2.9 “Disability” means a physical, mental or other
impairment within the meaning of Section 22(e)(3) of the Code. 
  
 2.10 “Fair Market Value” means, on any given date, the closing price of a share of Common Stock on the principal national securities exchange (including NASDAQ) on which the Common Stock is listed or traded on such date or, if
Common Stock was not traded on such date, on the last preceding day on which the Common Stock was traded. If at any time such Common Stock is not listed on any securities exchange, the Fair Market Value shall be the value of such Common Stock as
determined in good faith by the Board. 
  
 2.11 “Holder”
means a Non-Employee Director who receives an Award. 
  
 2.12
“1934 Act” means the Securities Exchange Act of 1934, as amended. 
  
 2.13 “Non-Employee Director” means a member of the Board who is not an employee of the Company or its subsidiaries, excluding any such member of the Board designated (and who continues to be designated) by
the Quadrangle Entities and/or the CVC Entities pursuant to Section 2.01(a) of the Shareholders Agreement who is not an “Independent Director” (as defined in the Shareholders Agreement). 
  
 2.14 “Non-Qualified Option” means an Option not intended to be an
incentive stock option as defined in Section 422 of the Code. 
  
 2.15 “Option” means the right granted from time to time under Section 6 of the Plan to purchase Common Stock for a specified period of time at a stated price. 
  
 2.16 “Person” means an individual, corporation, limited liability company, partnership, association, trust or
other entity or organization, including a government or political subdivision or an agency or instrumentality thereof. 
  

 4 

 2.17 “Plan” means the NTELOS Holdings Corp. Non-Employee Director Equity Plan herein set forth,
as amended from time to time. 
  
 2.18 “Restricted
Stock” means Common Stock subject to a Restriction Period awarded by the Board under Section 7 of the Plan. 
  
 2.19 “Restricted Stock Units” means an Award granted pursuant to Section 8, in the amount determined by the Board, stated with reference to
a specified number of shares of Common Stock, that in accordance with the terms of an Agreement entitles the holder to receive shares of Common Stock, upon the lapse of any Restriction Period. 
  
 2.20 “Restriction Period” means the period during which an Award of
Restricted Stock awarded under Section 7 of the Plan or an Award of a Restricted Stock Unit awarded under Section 8 of the Plan is subject to forfeiture and is non-transferable. The Restriction Period shall not lapse with respect to any
Restricted Stock or Restricted Stock Unit until all conditions, imposed under this Plan or under the Award Agreement, have been satisfied. 
  
 2.21 “Shareholders Agreement” means the Amended and Restated Shareholders Agreement, dated
                    , 2006, by and among the Company, the Quadrangle Entities, the CVC Entities and the other shareholders of the Company
named therein. 
  
 3. Eligibility 
  
 All Non-Employee Directors are eligible to receive grants of Awards under
the Plan. 
  
 4. Administration and Implementation of
Plan 
  
 4.1 The Plan shall be administered by the Board,
which shall have full power to interpret and administer the Plan and full authority to act in selecting the Non-Employee Directors to whom Awards will be granted, in determining whether, and to what extent, Awards may be transferable by the Holder,
in determining the amount and type of Awards to be granted to each such Non-Employee Director, in determining the terms and conditions of Awards granted under the Plan and in determining the terms of the Award Agreements that will be entered into
with Holders. 
  

 5 

 4.2 The Board’s powers shall also include, but not be limited to, the power to determine whether, to
what extent and under what circumstances an Option may be exchanged for cash, Restricted Stock, or some combination thereof; to determine whether a Change in Control of the Company has occurred; and to determine, in accordance with Section 9,
the effect, if any, of a Change in Control of the Company upon outstanding Awards. 
  
 4.3 The Board shall have the power to adopt regulations for carrying out the Plan and to make changes in such regulations as it shall, from time to time, deem advisable. The Board may amend any outstanding Awards
without the consent of the Holder to the extent it deems appropriate; provided however, that in the case of amendments adverse to the Holder, the Board must obtain the Holder’s consent to any such amendment, except that such consent shall not
be required if, as determined by the Board in its sole discretion, such amendment is required to either (a) comply with Section 409A of the Code or (b) prevent the Holder from being subject to any excise tax or penalty under
Section 409A of the Code. Any interpretation by the Board of the terms and provisions of the Plan and the administration thereof, and all action taken by the Board, shall be final, binding and conclusive for all purposes and upon all Holders.

  
 5. Shares of Stock Subject to the Plan

  
 5.1 Subject to adjustment as provided in Section 9,
the total number of shares of Common Stock available for the grant of Awards under the Plan shall be 400,000 shares. Any shares issued hereunder may consist, in whole or in part, of authorized and unissued shares or treasury shares. If any shares
subject to any Award granted hereunder are forfeited or such Award otherwise terminates without the issuance of such shares, the shares subject to such Award, to the extent of any such forfeiture or termination, shall again be available for grant
under the Plan. 
  

 6 

 5.2 Any shares issued by the Company through the assumption or substitution of outstanding grants from an
acquired company shall not reduce the shares available under the Plan. 
  
 6. Options 
  
 Options give a Non-Employee
Director the right to purchase a specified number of shares of Common Stock from the Company for a specified time period at a fixed price. Options granted under the Plan will be Non-Qualified Stock Options and shall be subject to the following terms
and conditions: 
  
 6.1 Option Grants: Options shall be evidenced
by a written Award Agreement. Such Award Agreements shall conform to the requirements of the Plan, and may contain such other provisions or restrictions as the Board shall deem advisable. 
  
 6.2 Number of Options: All grants of Options under the Plan shall be automatic and non-discretionary with regard to the
number and timing of grants as set forth in this Section, provided however that, the Board, in its sole discretion, may determine to decrease the number of shares of Common Stock in any award provided for in this Section. Each Non-Employee Director
who is elected or appointed to the Board shall receive, as soon as administratively feasible on or after the date on which the Non-Employee Director takes office, an Option to purchase 8,600 shares of Common Stock. Additionally, commencing
January 1, 2007, each Non-Employee Director serving as a director on the first business day of the Company’s fiscal year shall receive an Option to purchase 8,600 shares of Common Stock. Notwithstanding the foregoing, if, at the time of
any grant, there are insufficient shares of Common Stock reserved under the Director Plan in order to make grants to all Non-Employee Directors then scheduled to receive a grant under this Section 6.2, the Options granted at such time to each
Non-Employee Director shall be proportionately adjusted. 
  

 7 

 6.3 Option Price: The price per share at which Common Stock may be purchased upon exercise of an Option
shall be determined by the Board, but shall be not less than the Fair Market Value of a share of Common Stock on the date of grant. 
  
 6.4 Term of Options: An Award Agreement shall specify when an Option may be exercisable and the terms and conditions applicable thereto. The term of an
Option shall in no event be greater than ten years. The Option shall also expire, be forfeited and terminate at such times and in such circumstances as otherwise provided hereunder or under the Award Agreement. 
  
 6.5 Vesting of Options: Subject to a Holder’s continued service as a
Non-Employee Director, an Option shall vest and become exercisable as to 100% of the shares of Common Stock underlying the Option on the first anniversary of the date of grant of such Option; provided however that, the Board in its sole discretion
may determine to decrease the percentage of shares that so vest and/or increase the period of vesting in any Option grant. The Option may be subject to such other terms and conditions on the time or times when it may be exercised as the Board may
deem appropriate. The vesting provisions of individual Options, as provided in the Award Agreement may vary. Unless otherwise determined by the Board, no Option shall become exercisable until such Option becomes vested. 
  
 6.6 The Holder shall not have any rights as a shareholder with respect to any
shares of Common Stock underlying the Options until such time as the shares of Common Stock have been so issued upon exercise of the Option. 
  
 6.7 Payment of Option Price: An Option may be exercised only for a whole number of shares of Common Stock. The Board shall establish the time and the
manner in which an Option may be exercised. The option price of the shares of Common Stock received upon the exercise of an Option shall be paid: (i) in full in cash or by certified or cashier’s check at the time of the exercise,
(ii) with the consent of the Board, in whole or in part in Common Stock, which to the extent necessary to 
  

 8 

 avoid adverse accounting treatment must have been held by the Holder for at least six months, valued at Fair Market Value
on the date of exercise, (iii) by any other legal method acceptable to the Board; or (iv) by any combination of such methods. 
  
 6.8 Termination Upon a Change in Control: If a Holder is removed from the Board within one year of the date of a Change in Control, the Board, in its sole
discretion, may provide that all or any portion of such Holder’s outstanding, unvested Options shall become vested and exercisable. If a Holder is removed from the Board within one year of the date of a Change in Control, any unexercised Option
granted to the Holder may thereafter be exercised by the Holder (or, where appropriate, a transferee of the Holder), to the extent it was exercisable as of the date of termination (or as so accelerated under this Section), (x) for a period of 6
months from the date of termination or (y) until the expiration of the stated term of the Option, if shorter. Any portion of the Option that remains unexercised after the expiration of such period, regardless of whether such portion of the
Option is vested or unvested, shall terminate and be forfeited with no further compensation due to the Holder. 
  
 6.9 Termination Due to Death or Disability: If a Holder incurs a termination of service as a Non-Employee Director due to death or Disability, any
unexercised Option granted to the Holder may thereafter be exercised by the Holder (or, where appropriate, a transferee of the Holder), to the extent it was exercisable as of the date of termination, (x) for a period of 12 months from the date
of termination or (y) until the expiration of the stated term of the Option, if shorter. Any portion of the Option that remains unexercised after the expiration of such period, regardless of whether such portion of the Option is vested or
unvested, shall terminate and be forfeited with no further compensation due to the Holder. 
  
 6.10 Other Termination: If a Non-Employee Director terminates or is terminated from his position as a Non-Employee Director for any reason other than as specified in Sections 6.8 or 6.9 above, any unexercised Option
granted to the Holder may thereafter be exercised by 
  

 9 

 the Holder (or, where appropriate, the Holder’s transferee or legal representative), to the extent it was
exercisable at the time of termination or on such accelerated basis as the Board may determine at or after grant, for a period of 3 months from the date of such termination or until the expiration of the stated term of the Option, whichever period
is shorter. Any portion of the Option that remains unexercised after the expiration of such period, regardless of whether such portion of the Option is vested or unvested, shall terminate and be forfeited with no further compensation due to the
Holder. 
  
 6.11 No Option shall be exercisable, no shares of
Common Stock shall be issued and no certificates for shares of Common Stock shall be delivered, under this Plan except in compliance with all applicable federal and state laws and regulations 
  
 7. Restricted Stock 
  
 An Award of Restricted Stock is a grant by the Company of a specified number
of shares of Common Stock to a Non-Employee Director, which shares may be subject to forfeiture during a Restriction Period upon the happening of events or other conditions as specified in the Award Agreement. Such an Award of Restricted Stock shall
be subject to the following terms and conditions: 
  
 7.1
Restricted Stock shall be evidenced by Award Agreements. Such agreements shall conform to the requirements of the Plan and may contain such other provisions as the Board shall deem advisable. At the time of grant of an Award of Restricted Stock, the
Board will determine the price, if any, to be paid by the Holder for each share of Common Stock subject to the Award, and such price, if any, shall be set forth in the Award Agreement. 
  
 7.2 Unless otherwise provided by the Board, upon determination of the number of shares of Restricted Stock to be granted to
the Holder, the Board shall direct that a certificate or certificates representing that number of shares of Common Stock be issued to the Holder with the Holder designated as the registered owner. The certificate(s), if any, representing such shares
shall bear appropriate legends as to sale, transfer, assignment, pledge or other encumbrances to which 
  

 10 

 such shares are subject during the Restriction Period and shall be deposited by the Holder, together with a stock power
endorsed in blank, with the Company, to be held in escrow during the Restriction Period. 
  
 7.3 During the Restriction Period the Holder shall have the right to receive the Holder’s allocable share of any cash dividends declared and paid by the Company on its Common Stock and to vote the shares of
Restricted Stock. 
  
 7.4 The Board may condition the expiration
of the Restriction Period upon the Holder’s continued service over a period of time with the Company or upon any other criteria, as specified in the Award Agreement. If the specified conditions are not attained, the Holder shall forfeit the
portion of the Award with respect to which those conditions are not attained, and the underlying Common Stock shall be forfeited to the Company. Notwithstanding any provision contained herein to the contrary, the Board, in its sole discretion, may
grant Awards of Restricted Stock under this Section 7 that are not subject to any Restriction Period. 
  
 7.5 At the end of the Restriction Period, if all such conditions have been satisfied, the restrictions imposed hereunder shall lapse with respect to the
applicable number of shares of Restricted Stock as determined by the Board, and any legend described in Section 7.2 that is then no longer applicable, shall be removed and such number of shares delivered to the Holder (or, where appropriate,
the Holder’s legal representative). Subject to Section 4, the Board may, in its sole discretion, accelerate the vesting and delivery of shares of Restricted Stock. 
  
 7.6 At the time of the grant or upon the lapse of the Restriction Period of an Award of Restricted Stock, the Board will
determine the consideration permissible for the payment of the purchase price, if any, of the Award of Restricted Stock. The purchase price per of share of Common Stock acquired pursuant to the Award of Restricted Stock shall be paid in one of the
following ways: (i) in cash at the time of purchase; (ii) at the discretion of the Board and to the extent 
  

 11 

 legally permissible, according to a deferred payment or other similar arrangement with the Holder; (iii) by services
rendered or to be rendered to the Company; or (iv) in any other form of legal consideration that may be acceptable to the Board, in its sole discretion. 
  
 8. Restricted Stock Units 
  
 An Award of Restricted Stock Units is a grant by the Company of a specified number of shares of Common Stock to a Non-Employee Director, which, upon lapse
of a Restriction Period as specified in the applicable Award Agreement, shall entitle the Holder to a share of Common Stock for each share underlying the Restricted Stock Unit Award. Such an Award shall be subject to the following terms and
conditions: 
  
 8.1 Restricted Stock Units shall be evidenced by
Award Agreements. Such agreements shall conform to the requirements of the Plan and may contain such other provisions as the Board shall deem advisable. 
  
 8.2 During the Restriction Period the Holder shall not have any rights as a shareholder with respect to any shares of Common Stock underlying the
Restricted Stock Units until such time as the shares of Common Stock have been so issued. 
  
 8.3 The Board may condition the expiration of the Restriction Period with respect to a grant of Restricted Stock Units upon (i) the Holder’s continued service over a period of time with the Company or
(ii) any other criteria, as specified in the Award Agreement. If the specified conditions are not attained, the Holder shall forfeit the portion of the Award with respect to which those conditions are not attained, and the underlying Common
Stock shall be forfeited to the Company. 
  
 8.4 At the end of the
Restriction Period, if all such conditions have been satisfied, the Holder shall be entitled to receive a share of Common Stock for each share underlying the Restricted Stock Unit Award that is now free from restriction and such number of shares
delivered to the Holder (or, where appropriate, the Holder’s legal representative). Subject to Section 4, the Board may, in its sole discretion, accelerate the vesting of Restricted Stock Units. 
  

 12 

 9. Adjustments upon Changes in Capitalization 
  
 9.1 In the event of a reorganization, recapitalization, stock split,
spin-off, split-off, split-up, stock dividend, issuance of stock rights, combination of shares, merger, consolidation or any other change in the corporate structure of the Company affecting Common Stock, or any distribution to stockholders other
than a cash dividend, the Board shall make appropriate adjustment in the number and kind of shares authorized by the Plan and any other adjustments to outstanding Awards as it determines appropriate. 
  
 9.2 In the event of a Change of Control of the Company, the Board may, on a
Holder by Holder basis: 
  
 (a) accelerate the vesting of all
outstanding Options issued under the Plan that remain unvested and terminate the Option immediately prior to the date of any such transaction, provided that the Holder shall have been given at least seven days written notice of such transaction and
of the Board’s intention to cancel the Option with respect to all Common Stock for which the Option remains unexercised; 
  
 (b) fully vest and/or accelerate the Restriction Period of any Awards; 
  
 (c) terminate the Award immediately prior to any such transaction, provided that the Holder shall have been given at least
seven days written notice of such transaction and of the Board’s intention to cancel the Award with respect to all Common Stock for which the Award remains unexercised or subject to restriction or forfeiture, provided further however, that
during such notice period, the Holder will be able to give notice of exercise of any portion of the Award that will become vested upon the occurrence of the Change of Control, however, the actual exercise of such Option, or portion thereof, shall be
contingent on the occurrence of a Change in Control 
  
 (d) after
having given the Holder a chance to exercise any outstanding Options, terminate any or all of the Holder’s unexercised Options; 
  
 (e) cancel any outstanding Awards with respect to all Common Stock for which the Award remains unexercised or for which the Award is subject to forfeiture
in exchange for a cash payment of an amount equal to the difference between the then Fair Market Value (provided that the Board may, in its sole discretion, determine that the Fair Market Value of an Award that will remain unvested or subject to
forfeiture as of the date of the Change of Control is zero) of the Award less the Exercise Price of an Option, or the unpaid base price (if any) of Restricted Stock. If the Fair Market Value of the Common Stock subject to the Award is less than the
Exercise Price of an Option or the price (if any) of Restricted Stock, the Award shall be deemed to have been paid in full and shall be canceled with no further payment due the Holder; 
  

 13 

 (f) require that the Award be assumed by the successor corporation or that awards for shares or other
interests in the successor corporation with equivalent value be substituted for such Award; or 
  
 (g) take such other action as the Board shall determine to be reasonable under the circumstances to permit the Holder to realize the value of the Award. 
  
 The application of the foregoing provisions, including, without limitation, the issuance of any substitute options, shall be determined in
good faith by the Board in its sole discretion. Any adjustment may provide for the elimination of fractional shares of Common Stock in exchange for a cash payment equal to the Fair Market Value of the eliminated fractional shares of Common Stock.

  
 9.3 Authority: The judgment of the Board with respect to any
matter referred to in this Section 9 shall be conclusive and binding upon each Holder without the need for any amendment to the Plan. 
  
 10. Effective Date, Termination and Amendment 
  
 The Plan, which has been approved by the shareholders of the Company, shall become effective on
                    . The Plan shall remain in full force and effect until the earlier of
                    , 2016, or the date it is terminated by the Board. The Board shall have the power to amend, suspend or terminate the Plan
at any time. Termination of the Plan pursuant to this Section 10 shall not affect Awards outstanding under the Plan at the time of termination. 
  
 11. Transferability 
  
 Except as provided below, Awards may not be pledged, assigned or transferred for any reason during the Holder’s lifetime, and any attempt to do so
shall be void. The Board may grant Awards that are transferable by the Holder during the Holder’s lifetime, but such Awards shall be transferable only to the extent specifically provided in an agreement entered into with the Holder. The
transferee of the Holder shall, in all cases, be subject to the provisions of the agreement between the Company and the Holder; provided however, that such transferee may not transfer the Award during the transferee’s lifetime. 
  

 14 

 12. General Provisions 
  
 12.1 Nothing in the Plan or any Award granted pursuant to the Plan shall be deemed to create any obligation on behalf of the
Board to nominate any Non-Employee Director for re-election to the Board by the Company’s shareholders. 
  
 12.2 Holders shall be responsible to make appropriate provision for all taxes required to be withheld in connection with any Award or the transfer of
shares of Common Stock pursuant to this Plan. Such responsibility shall extend to all applicable Federal, state, local or foreign withholding taxes. The Company shall, at the election of the Holder, have the right to retain the number of shares of
Common Stock or a portion of the value of any Award whose Fair Market Value equals the amount to be withheld in satisfaction of the applicable withholding taxes. 
  
 12.3 To the extent that Federal laws (such as the 1934 Act, the Code or the Employee Retirement Income Security Act of 1974)
do not otherwise control, the Plan and all determinations made and actions taken pursuant hereto shall be governed by the law of the State of Delaware and construed accordingly. 
  

 15

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