Document:

SHENANDOAH TELECOMMUNICATIONS COMPANY 
	 
	           Keep this certificate in a safe place. If it is lost, stolen, or destroyed, the Company will require an Open Penalty Lost Securities Bond as a condition to the issuance of a replacement certificate.

	 
	           The following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable laws or regulations:

	 TEN COM- 	   	 as tenants in common 	UNIFT GIFT MIN ACT- _______________ Custodian ________________ 
	 TEN ENT- 	 	 as tenants by the entireties 	(Cust)                                    (Minor)        
	   	   	   	   

	JT TEN- 	   	 as joint tenants with
	   	under Uniform Gifts to Minors   
	   	   	 right of survivorship and 	   	   
	     	   	 not as tenants in common 	   	Act _______________________________________
	 	 	 	 	 (State)  

	 Additional abbreviations may also be used though not in the above list. 

	 ASSIGNMENT FORM 
	 
	          For value received, ______________________________________ hereby sell, assign and transfer unto: 

	   

	(PLEASE INSERT SOCIAL SECURITY OR OTHER 

IDENTIFYING NUMBER OF ASSIGNEE) 	 	 
	 	 	 

	 
	 (Please print or type name and address of assignee)

	 
	 

	 	 shares 

	 of  the  capital  stock  represented by the  within  Certificate, and   do hereby  irrevocably  constitute and appoint

	 	, Attorney
	 to transfer the said stock on the books of the within named Corporation with full power of substitution in the premises.

	Dated:_______________________________ 

	 	
	 	
	 	
     (THE SIGNATURE(S) TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME(S) AS WRITTEN UPON THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR, WITHOUT ANY CHANGE OR ALTERATION WHATEVER.)

	 	 
	 Signature(s) Guarantee
	 
	 THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION, (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM), PURSUANT TO SEC RULE 17Ad-15.
	 

	           This certificate also evidences and entitles the holder, hereof to certain Rights as set forth in a Rights Agreement between Shenandoah Telecommunications Company (the “Company”) and Crestar Bank (the “Rights Agent”) dated as of February 9,1998 (the “Rights Agreement”), the terms of which are hereby incorporated herein by reference and a copy of which is on file at the principal executive offices of the Company. Under certain circumstances, as set forth in the Rights Agreement, such Right will be evidenced by separate certificates and will no longer be evidenced by this certificate. The Company will mail to the holder of this certificate a copy of the Rights Agreements as in effect on the date of mailing without charge after receipt of a written request therefor. 

	 
	          Under certain circumstances set forth in the Rights Agreement, Rights issued to, or held by, any Person who is, was or becomes an Acquiring Person or any Affiliate or Associate thereof (as such terms are defined in the Rights Agreement), whether currently held by or on behalf of such Person or by any subsequent holder, may become null and void. The Rights shall not be exercisable, and shall be void so long as held, by a holder in any jurisdiction where the requisite qualification of the issuance to such holder, or the exercise by such holder, of the Rights in such jurisdiction shall not have been obtained or be obtainable.EXHIBIT 10.26

                      Shenandoah Telecommunications Company

                     Compensation for Non-Employee Directors

Monthly Fees

      Each director receives a cash fee of $1,000 per month. The Company pays
its non-employee directors this fee in arrears on a monthly basis.

Meeting Fees

      Each director receives a cash fee of $800 for each board of directors
meeting attended. Committee members are paid cash fees of $200 for each
committee meeting attended in person or $100 for each committee meeting in which
they participate by conference call when such meetings are not held in
conjunction with a board of directors meeting. The Company pays its non-employee
directors these fees in arrears on a monthly basis.

Expenses

      Directors are reimbursed for the out-of-pocket expenses they incur in
attending director education programs.EXHIBIT 10.27

                      Shenandoah Telecommunications Company

                 Management Compensatory Plans and Arrangements

Components of Executive Compensation

      In accordance with the Marketplace Rules of the National Association of
Securities Dealers, all components of compensation for the Company's chief
executive officer and other executive officers are determined by the board of
directors upon the recommendation of a majority of the Company's directors who
meet the independence requirements prescribed by those rules.

      The Company's executive compensation program includes a base salary,
annual cash bonuses and long-term incentive compensation in the form of stock
option awards.

      Base Salary. Base salaries of the Company's executive officers are
initially determined by evaluating the responsibilities of the position, the
experience and knowledge of the executive, and the competitive marketplace for
executive talent, including a comparison to base salaries for comparable
positions at public companies considered to be in the Company's peer group. Base
salaries for executive officers are reviewed annually by the independent
directors based upon, among other things, individual performance and
responsibilities. As of the end of 2004, salaries for the executive officers
were as follows: Christopher E. French ($260,000), Earle A. MacKenzie
($200,000), David E. Ferguson ($150,000), William L. Pirtle ($152,000), Alan R.
Prusak ($165,000), David K. MacDonald ($150,000), Laurence F. Paxton ($140,000),
Jeffery R. Pompeo ($150,000), Jonathan R. Spencer ($150,000), and Nancy A.
Stadler ($147,500).

      Annual Cash Bonuses. The Company pays annual cash bonuses to the executive
officers under a cash incentive plan. Under the cash incentive plan, each
participant is assigned a "target bonus" expressed as a percentage of the
participant's regular salary. For 2004, the target bonus for the chief executive
officer of the Company was 30% of salary paid, the target bonus for the
executive vice president of the Company was 25% of salary paid, and the target
bonus for other executive officers was 20% of salary paid. The maximum cash
bonus payable to any executive officer in any fiscal year could be up to 200% of
the target bonus. Of the bonus amount payable to executive officers, 60% is
based on the achievement of company-wide performance goals relating to net
income and service measures (which included customer turnover or "churn," bad
debt expense and service complaints) and 40% upon individual objectives
established by management and, in the case of the chief executive officer and
chief financial officer, the independent directors. Individual objectives for
other executive officers included goals relating to Sarbanes-Oxley compliance;
sales, revenue and customer growth; and deployment of new technologies and
services.

      Based upon the achievement of the company-wide performance goals for 2004
and evaluation by the independent directors, bonuses for the executive officers
for 2004 were as follows: Christopher E. French ($70,857), Earle A. MacKenzie
($45,903), David E. Ferguson ($29,733), William L. Pirtle ($29,995), Alan R.
Prusak ($15,988), David K. MacDonald ($32,050), Laurence F. Paxton ($22,966),
Jeffery R. Pompeo ($8,550),

<PAGE>

Jonathan R. Spencer ($14,677), and Nancy A. Stadler ($9,609). These bonuses were
paid in 2005.

      Long-Term Incentive Compensation. Stock option awards under the Company's
Stock Incentive Plan are based on a formula that takes into account each
executive's annual cash compensation. In addition, the independent directors in
2004 recommended for approval special grants of stock options to four executive
officers of 45,000 shares under the Stock Incentive Plan as part of their
compensation packages awarded upon commencement of their employment with the
Company. Options for the following number of shares of common stock were awarded
to the executive officers in 2004: Christopher E. French (1,798 shares), Earle
A. MacKenzie (0 shares), David E. Ferguson (1,111 shares), William L. Pirtle
(1,089 shares), Alan R. Prusak (10,000 shares), David K. MacDonald (1,067
shares), Laurence F. Paxton (974 shares), Jeffery R. Pompeo (15,000 shares),
Jonathan R. Spencer (10,000 shares), and Nancy A. Stadler (10,000 shares).

Other Compensatory Plans

      The Company's executive officers participate in the Company's Retirement
Plan, which is a noncontributory defined benefit pension plan that is qualified
under Section 401 of the Internal Revenue Code, and the supplemental executive
retirement plan, or SERP, which is an unfunded, nonqualified plan. The annual
pension benefit under the plans, taken together, is largely determined by the
years of service multiplied by a percentage of the participant's final earnings.

      The purpose of the SERP is to provide retirement benefits in addition to
those provided under the Retirement Plan. Under the terms of the SERP, the
normal form of benefits for executives who complete at least ten years of
service is a monthly benefit for the life of the executive determined as
follows: 50% for executives with 20 years or less of credited service, which is
increased by 1% for each additional year of credited service up to a maximum of
70% with 40 years, times the executive's final annual earnings, less the accrued
monthly benefit payable at age 65 to the executive under the Retirement Plan on
that date, less the executive's estimated monthly Primary Social Security
Benefit payable at age 65.

      The Company's executive officers also are eligible to participate in the
Company's 401(k) and Flexible Benefits Plans, each of which is available to all
regular Company employees.

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