Document:

Exhibit 10.1

COMMONWEALTH TELEPHONE ENTERPRISES INC. 

     FORM OF NON-MANAGEMENT DIRECTOR 

RESTRICTED STOCK UNIT AWARD AGREEMENT 

      This is a Restricted Stock Units Agreement (“Agreement”), dated “date”, between Commonwealth Telephone Enterprises, Inc. (the “Company” or “CTE”) and “name”
(“Grantee”).

          1. Definitions. As used herein: 

	 	(a)	“Award” means
          the award of Restricted Stock Units hereby granted.
	 	 	 
	 	(b) 	“Board” means the Board
          of Directors of the Company. 
	 	 	 
	 	(c) 	“Code” means
          the Internal Revenue Code of 1986, as amended.
	 	 	 
	 	(d) 	“Committee” means
          the Compensation/Pension Committee of the Board. 
	 	 	 
	 	(e) 	“Date of Grant” means
                    the date first set forth above on which the Company awarded
          the Restricted Stock Units. 
	 	 	 
	 	(f) 	“Deferral Date” means
                    the date to which Grantee has elected to defer the receipt
                    of CTE stock with respect to any vesting or previously deferred
          Restricted Stock Units.
	 	 	 
	 	(g)	“Disability” means
                    permanent and total disability as defined in Section 22(e)(3)
          of the Code.
	 	 	 
	 	(h)	“Normal Retirement” means
                    age 65 and five years of service or an age greater than 65
                    when 5 years
          of service are attained. 
	 	 	 
	 	(i)	“Plan” means
                    the Commonwealth Telephone Enterprises, Inc. Non-Management
                    Directors’ Stock Compensation Plan, incorporated herein by
          reference. 
	 	 	 
	 	(j) 	“Restricted Period” means,
                    with respect to each Restricted Stock Unit, the period beginning
          on the Date of Grant and ending on the Vesting Date. 
	 	 	 
	 	(k) 	“Restricted
                         Stock Units” means
                         any or all of the Units which are the subject of the
                         Award hereby granted. Units represent an unfunded promise
          by the Company to deliver Shares at a future date.  
	 	 	 
	 	(l)	“Shares” means
                    shares of the Company’s common stock, par value $1.00
                    per share, or any substitute securities issued in substitution
                    for the Company’s common stock pursuant to Paragraph
          12. 
	 	 	 
	 	(m) 	“Vesting Date” means
                    the date on which the restrictions imposed under Paragraph
                    3 on a Restricted Stock Unit lapse, as provided in Paragraph
          4. 
	 	 	 
	2. 	Grant of Restricted Stock Units.

 

	 	Subject to the terms and conditions set forth
                    herein and in the Plan, the Company hereby grants to Grantee
          #### Restricted Stock Units.
	 	 
	3.	Restrictions on Restricted Stock
          Units.
	 	 
	 	Subject to the terms and conditions
                    set forth herein and in the Plan, during the Restricted Period
                    and any period of deferral elected by Grantee under Paragraph
                    5, Grantee shall not be permitted to sell or pledge the Restricted
          Stock Units.
	 	 
	4.	 Lapse
          of Restrictions. 
	 	 
	 	(a) Subject to the terms and conditions
                    set forth herein and in the Plan, the restrictions set forth
                    in Paragraph 3, on each Restricted Stock Unit that has not
                    been forfeited, shall lapse on the Vesting Date; provided,
                    however, that on the Vesting Date, Grantee is, and has from
                    the Date of Grant continuously been, a Non-Management Director
          of the Company during the Restricted Period. 
	 	 
	 	(b) Subject
                    to Paragraph 4(a), the Vesting Date for the #### Shares of
          Restricted Stock Units subject to this Award shall be “date”. 
	 	 
	 	(c) Any Restricted Stock
                    Unit (and any related Dividend Equivalents) not yet vested
                    as of the date that a Grantee’s position on the Board
                    of Directors terminates due to death, Disability or Normal
                    Retirement, shall become immediately vested. Any vested portion
                    shall be paid as soon as practicable subject to the provisions
                    of the Plan and, in the case of Normal Retirement, any elective
          deferral under Paragraph 5. 
	 	 
	5. 	Deferral of Restricted Stock
          Units. 
	 	 
	 	(a) Grantee shall have the right,
                    on an annual basis, to defer receipt of CTE stock relative
                    to any vesting or deferred vested Restricted Stock Units
                    provided the election to defer is properly executed sufficiently
                    in advance of the applicable Vesting or Deferral Date to
                    effectively defer U.S. federal income taxation on compensation
                    resulting from settlement of the Restricted Stock Units.
          Any election to defer shall be for a minimum of one year. 
	 	 
	 	(b) Grantee shall be notified by
                    the Company in advance of any pending Vesting Date or Deferral
                    Date to accommodate the election to receive, or defer receipt
          of, shares on any vesting or deferred Restricted Stock Units.
	 	 
	6. 	Forfeiture
          of Restricted Stock Units. 
	 	 
	 	(a) Subject to the terms and conditions
                    set forth herein and in the Plan, if Grantee leaves his position
                    on the Board of Directors of the Company during the Restricted
                    Period for any reason other than death, Normal Retirement
                    or Disability, Grantee shall forfeit the Restricted Stock
                    Units as of the date of such termination of service. Upon
                    a forfeiture of the Restricted Stock Units as provided in
                    this Paragraph 6, such Restricted Stock Units shall be deemed
          cancelled. 
	 	 
	 	(b) The provisions of this Paragraph
                    6 shall not apply to the Restricted Stock Units after expiration
          of the Restricted Period.
	 	 
	7. 	Rights
          of Grantee.

     

	 	(a) Dividends – If
                         the Company issues a dividend, Grantees shall earn dividends
                         in the form of Dividend Equivalents corresponding to
                         the aggregate Restricted Stock Units issued hereunder.
                         Grants of Dividend Equivalents issued during the Restricted
                         Period and prior to the receipt of CTE Common Stock
                         by Grantee, remain subject to vesting and risk of forfeiture
                         on the same basis as the corresponding Restricted Stock
                         Units.
                (b)
                                   Voting – Holders of Restricted
                         Stock Units will not have voting rights with respect
                         to Restricted Stock Units until such time as the Restricted
                         Stock Unit Award is fully vested and converted to CTE
          Common Stock. 

	 	 
	8.	Notices.
	 	 
	 	Any notice to the Company
                         under this Agreement shall be made in care of the Committee
                         at the Company’s main office at 100 CTE Drive,
                         Dallas, PA 18612. All notices under this Agreement
                         shall be deemed to have been given when hand-delivered
                         or mailed, first class postage prepaid, and shall be
                         irrevocable once given. 

               
	 	 
	9. 	Securities Laws.
	 	 
	 	The Committee may from time to
                    time impose any conditions on the Restricted Stock Units
                    as it deems necessary or advisable to ensure that any Shares
                    issued with respect to the Restricted Stock Units are issued
                    and resold in compliance with applicable federal and state
          securities laws. 
	 	 
	10. 	Delivery
          of Shares.
	 	 
	 	Upon a Vesting Date, the
                    Company shall notify Grantee that the restrictions on the
                    Restricted Stock Units have lapsed. Unless a prior election
                    has been made to defer receipt of the specified Shares, the
                    Company shall, without payment from Grantee for the Restricted
                    Stock Units, deliver to Grantee a certificate for CTE Shares
                    equal to the Restricted Stock Units and cash or CTE Shares,
                    as determined by the Committee, having a value equal to the
                    accumulated Dividend Equivalents subject to such Vesting
                    Date. Said certificate shall be delivered, without any legend
                    or restrictions, except for such restrictions as may be imposed
                    by the Committee, in its sole judgment, under Paragraph 9.
                    The Company may condition delivery of certificates for Shares
                    upon the prior receipt from Grantee of any undertakings which
                    it may determine are required to assure that the certificates
                    are being issued in compliance with federal and state securities
                    laws. The right to payment of any fractional Shares shall
                    be satisfied in cash, measured by the product of the fractional
                    amount multiplied by the fair market value of a Share on
                    the Vesting Date, as determined by the Committee. Alternatively,
                    the Committee may provide for delivery of CTE Shares and/or
                    cash into a designated brokerage account. In the case of
                    any Restricted Stock Units subject to deferral under Paragraph
                    5, settlement shall be made at the final applicable Deferral
                    Date (or other applicable settlement date) in the same manner
                    as specified in this Paragraph 10 for settlement at a Vesting
          Date.
	 	 
	11. 	Effect of Change of Control.
	 	 
	 	In the event of a Change of Control
                    (as defined in the Plan), notwithstanding the vesting schedule
                    set forth in Paragraph 4 above and any deferral of Restricted
                    Stock Units, all of the Restricted Stock Units shall become
                    immediately vested and shall be settled in the manner specified
          in Paragraph 10. 

	12. 	Miscellaneous. 
	 	 
	 	(a) The address for Grantee to which
                         notice, demands and other communications to be given
                         or delivered under or by reason of the provisions hereof
                         shall be the Grantee’s address as reflected in the Company’s
                         records. 

                (b) The validity, performance, construction
                         and effect of this Award shall be governed by the laws
                         of the Commonwealth of Pennsylvania, without giving
          effect to principles of conflicts of law. 

 

	COMMONWEALTH TELEPHONE

               ENTERPRISES, INC. 
	 	 	
	
          BY:
		 
		

	
	
		
		

	
	

		 
		
          Michael J. Mahoney
	
	

		 
		
          President and Chief Executive Officer
	

	 	 	 
	
          X_____________________________
		 
		
          _____/____/____
	
	
          “name”
		 
		
          DateExhibit 10.2

COMMONWEALTH TELEPHONE ENTERPRISES INC. 

FORM OF EMPLOYEE RESTRICTED STOCK UNIT AWARD AGREEMENT

     This is a Restricted Stock Units Agreement,
               dated “date”,
     between Commonwealth Telephone Enterprises, Inc. (the “Company” or “CTE”)
and “name” (“Grantee”). 

     
               1. Definitions. As used herein:  

	 	 	 
	 	(a)	 “Award” means
          the award of Restricted Stock Units hereby granted. 
	 	 	 
	 	(b) 	“Board” means the Board
          of Directors of the Company. 
	 	 	 
	 	(c) 	“Code” means
          the Internal Revenue Code of 1986, as amended. 
	 	 	 
	 	(d)	 “Committee” means
          the Compensation/Pension Committee of the Board. 
	 	 	 
	 	(e)	“Date of Grant” means
                    the date first set forth above on which the Company awarded
          the Restricted Stock Units.
	 	 	 
	 	(f) 	“Deferral Date” means
                    the date to which Grantee has elected to defer the receipt
                    of CTE stock with respect to any vesting or previously deferred
          Restricted Stock Units.
	 	 	 
	 	(g) 	“Disability” means
                    permanent and total disability as defined in Section 22(e)(3)
          of the Code. 
	 	 	 
	 	(h)	“Employer” means
                    the Company or the subsidiary or affiliate of the Company
          for which Grantee is performing services on the Vesting Date.
	 	 	 
	 	(i)	“Normal Retirement” means
                    age 65 and
                    five years of service or an age greater than 65 when 5 years
          of service are attained.
	 	 	 
	 	(j) 	“Plan” means
                    the Commonwealth Telephone Enterprises, Inc. Equity Incentive
          Plan, incorporated herein by reference.
	 	 	 
	 	(k)	“Restricted Period” means,
                    with respect to each Restricted Stock Unit, the period beginning
          on the Date of Grant and ending on the Vesting Date.
	 	 	 
	 	(l)	“Restricted Stock Units” means
                    any or all of the Units which are the subject of the Award
          hereby granted. Units represent an unfunded promise by the Company
                    to deliver Shares at a future date.  
	 	 	 
	 	(m) 	“Shares” means
                    shares of the Company’s common stock, par value $1.00
                    per share, or any substitute securities issued in substitution
                    for the Company’s common stock pursuant to Paragraph
          12.

     

	 	(n)	 	“Vesting Date” means
                    the date on which the restrictions imposed under Paragraph
                    3 on a Restricted Stock Unit lapse, as provided in Paragraph
          4. 
	 	 	 	 	 
	2.	 Grant
          of Restricted Stock Units.
	 	 	 
	 	Subject to the terms
                    and conditions set forth herein and in the Plan, the Company
          hereby grants to Grantee ### Restricted Stock Units.
	 	 	 
	3.	Restrictions on
          Restricted Stock Units.
	 	 	 
	 	Subject to the terms
                    and conditions set forth herein and in the Plan, during the
                    Restricted Period, Grantee shall not be permitted to sell,
          transfer, pledge or assign the Restricted Stock Units.
	 	 	 
	4.	Lapse
          of Restrictions. 
	 	 	 
	 	(a) Subject to the
                         terms and conditions set forth herein and in the Plan,
                         the restrictions set forth in Paragraph 3, on each Restricted
                         Stock Unit that has not been forfeited, shall lapse
                         on the Vesting Date; provided, however, that on the
                         Vesting Date, Grantee is, and has from the Date of Grant
                         continuously been, an employee of the Company during
                         the Restricted Period. 
                (b) Subject to paragraph 4(a), a Vesting
                         Date for Shares of Restricted Stock Units subject to
                         the Award shall occur in accordance with the following
          schedule: 

	 	 	 
	 	 	(i) As to ## Shares of the
          Restricted Stock Units, “date”, 
	 	 	 	 	 
	 	 	(ii) As to an additional ##
          Shares of the Restricted Stock Units, “date”, 
	 	 	 	 	 
	 	 	(iii)As to an additional ##
          Shares of the Restricted Stock Units, “date”, 
	 	 	 	 	 
	 	 	(iv) As to an additional ##
          Shares of the Restricted Stock Units, “date”.
	 	 	 	 	 
	 	(c) Any Restricted
                    Stock Unit (and any related Dividend Equivalents) not yet
                    vested as of the date that a Grantee’s employment terminates
                    due to death, Disability or Normal Retirement, shall become
                    immediately vested. Any vested portion shall be paid as soon
          as practicable subject to the provisions of the Plan. 
	 	 	 
	5. 	Deferral of Restricted
          Stock Units. 
	 	 	 
	 	(a) Grantee shall
                         have the right, on an annual basis, to defer receipt
                         of CTE stock relative to any vesting or deferred vested
                         Restricted Stock Units provided the election to defer
                         is properly executed sufficiently in advance of the
                         applicable vesting or deferral date to satisfy IRS guidelines
                         with respect to deferral of compensation. Any election
                         to defer shall be for a minimum of one year. 
                (b) Grantee shall be notified by the Company
                         in advance of any pending vesting or deferral date to
                         accommodate the election to receive, or defer receipt
                         of, shares on any vesting or deferred Restricted Stock
          Units. 

	6.	Forfeiture of Restricted Stock Units. 
	 	 	 
	 	(a) Subject to the terms and conditions set
                         forth herein and in the Plan, if Grantee terminates
                         employment with the Company or any of its Subsidiaries
                         during the Restricted Period for any reason other than
                         death, Normal Retirement or Disability, Grantee shall
                         forfeit the Restricted Stock Units as of the date of
                         such termination of employment. Upon a forfeiture of
                         the Restricted Stock Units as provided in this Paragraph
                         6, such Restricted Stock Units shall be deemed cancelled. 
                (b) The provisions of this Paragraph 6
                         shall not apply to Shares of Restricted Stock Units
          as to which the restrictions of Paragraph 3 have lapsed. 

	 	 	 
	7. 	Rights of Grantee.
	 	 	 
	 	(a) Dividends – If the Company
                         issues a dividend, Grantees shall earn dividends in
                         the form of Dividend Equivalents corresponding to the
                         aggregate Restricted Share Units issued hereunder. Grants
                         of Dividend Equivalents issued during the Restricted
                         Period and prior to the receipt of CTE Common Stock
                         by Grantee, remain subject to vesting and risk of forfeiture
                         on the same basis as the corresponding Restricted Share
                         Units.
                (b) Voting – Holders of Restricted
                         Stock Units will not have voting rights with respect
                         to Restricted Share Units until such time as the Restricted
                         Share Unit Award is fully vested and converted to CTE
          Common Stock. 

	 	 	 
	8. 	Notices.
	 	 	 
	 	Any notice
                         to the Company under this Agreement shall be made in
                         care of the Committee at the Company’s
                         main office at 100 CTE Drive, Dallas, PA 18612. All
                         notices under this Agreement
                         shall be deemed to have been given when hand-delivered
                         or mailed, first class postage prepaid, and shall be
                         irrevocable once given. 
               
	 	 	 
	9.	Securities Laws.
	 	 	 
	 	The Committee may from time to time impose any
                    conditions on the Restricted Stock Units as it deems necessary
                    or advisable to ensure that any Shares issued with respect
                    to the Restricted Stock Units are issued and resold in compliance
          with applicable federal and state securities laws. 
	 	 	 
	10.	Delivery of Shares.
	 	 	 
	 	Upon a Vesting Date, the Company shall notify
                    Grantee that the restrictions on the Restricted Stock Units
                    have lapsed. Unless a prior election has been made to defer
                    receipt of the specified Shares, within ten (10) business
                    days of a Vesting Date, the Company shall, without payment
                    from Grantee for the Restricted Stock Units, deliver to Grantee
                    a certificate for CTE Shares equal to the Restricted Stock
                    Units subject to such Vesting Date. Said certificate shall
                    be delivered, without any legend or restrictions, except
                    for such restrictions as may be imposed by the Committee,
                    in its sole judgment, under Paragraph 9, provided that no
                    certificates for Shares will be delivered to Grantee until
                    appropriate arrangements have been made with the Employer
                    for the withholding of any taxes which may be due with respect
                    to such Shares. The Company may condition delivery of certificates
                    for Shares upon the prior receipt from Grantee of any undertakings
                    which it may determine are required to assure that the certificates
          are being issued 

     

	 	in compliance with federal and state
                    securities laws. The right to payment of any fractional Shares
                    shall be satisfied in cash, measured by the product of the
                    fractional amount multiplied by the fair market value of
          a Share on the Vesting Date, as determined by the Committee. 
	 	 	 
	11.	Award Not to Affect Employment.
	 	 	 
	 	The Award granted hereunder shall not confer
                    upon Grantee any right to continue in the employment of the
          Company or any subsidiary or affiliate of the Company. 
	 	 	 
	12.	Effect of Change of Control.
	 	 	 
	 	In the event
                    of a Change of Control (as defined in the Plan), notwithstanding
                    the vesting schedule set forth in paragraph 4 above, all
          of the Restricted Stock Units shall become immediately vested. 
	 	 	 
	13.	Miscellaneous. 
	 	 	 
	 	(a) The address for Grantee to which
                         notice, demands and other communications to be given
                         or delivered under or by reason of the provisions hereof
                         shall be the Grantee’s address as reflected in the Company’s
                         personnel records. 
                (b) The validity, performance, construction
                         and effect of this Award shall be governed by the laws
                         of the Commonwealth of Pennsylvania, without giving
          effect to principles of conflicts of law. 

	 	 	 

 

	COMMONWEALTH TELEPHONE ENTERPRISES, 

               INC. 
	 	 	
	
          BY:
        	 
        	

        
	
        	
        	

        
	

        	 
        	
          Michael J. Mahoney
        
	

        	 
        	
          President and Chief Executive Officer
        

	 	 	 
	
          X_____________________________________	 
        	
          ______/_____/_____
        
	
          “name”
        	 
        	
          Date

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