Document:

Amendment to Escrow Agreement

  
 Exhibit 10.10

  
 AMENDMENT TO ESCROW AGREEMENT 
  
 This Amendment to Escrow Agreement is entered into pursuant to paragraph 17
of that certain Escrow Agreement made and entered into the 28th day of September, 1999, by and among MADISON RIVER TELEPHONE COMPANY, LLC, a Delaware limited liability company (“MRTC”), GULF MERGER CORPORATION, an
Alabama corporation (“GMC”), GULF COAST SERVICES, INC., an Alabama corporation (“GCSI”), the former owners of all of the issued and outstanding capital stock of GCSI as of the date of the Escrow Agreement
(such former owners, or their successors in interest, hereafter referred to as the “GCSI Stockholders”) and REGIONS BANK, an Alabama banking corporation “Escrow Agent”). 
  
 MRTC, GCSI (as itself and as successor in interest to GMC), the GCSI
Stockholders and the Escrow Agent, with the consent of the RURAL TELEPHONE FINANCE COOPERATIVE (“RTFC”) hereby amend paragraphs 6 and 10 of the Escrow Agreement by striking them in their entirety and replacing them with paragraphs 6
and 10 as set forth below. This Amendment to the Escrow Agreement may be executed in one or more counterparts, each of which will be deemed to be an original but all of which together, will constitute one and the same instrument. 
  
 6. Escrow Fund. The Parties agree that the Escrow Fund shall be held
and treated by Escrow Agent under the following terms and conditions: 
  
 (a) Through a disbursement notice signed only by Paul H. Sunu of MRTC, or such other person designated in writing by MRTC to Escrow Agent from time to time, MRTC may draw upon the Escrow Fund to pay expenses
(including, but not limited to, attorneys’ fees but excluding any allocation of costs of MRTC or GCSI salary or general overhead expenses) incurred by MRTC, GCSI or any of their subsidiaries or affiliates, in connection with investigating,
defending, settling or prosecuting any action, suit, proceeding, declaratory judgment action, claim, counterclaim, dispute or litigation (other than claims covered under the workers compensation laws of the State of Alabama) (individually or
collectively, “Proceedings”) which: 
  
 (1) as of the date of the original September 28, 1999 Escrow Agreement have a court docket number; or 
  
 (2) (i) arise from, or are related to, claims, counterclaims, crossclaims or circumstances referenced in any Proceedings described in (1)
above, and (ii) which are filed on behalf of any current or future claimant in such Proceedings described in (1) above or any similarly situated claimant in any future Proceedings. The claims referenced in this paragraph 6(a) (2) shall be deemed to
include, but not be limited to, any Proceedings arising out of any present or former employee’s interests in the Gulf Telephone Company Restated Employee Stock Ownership Plan and/or 401(k) Plan. 

 MRTC shall give the Escrow Committee advance notice of at least fifteen (15) business days prior to any
such payments, along with copies of supporting invoices. The Escrow Committee shall have the right to object to any payment which it decides is not a bona fide payment to a third party, and shall have the right to obtain reimbursement of such
payments either from the party to whom payment was made or the party on whose behalf payment was made. In addition, MRTC may draw upon the Escrow Fund to pay insurance premiums for a sixty-month, $10,000,000 supplemental directors and officer
liability policy. It is the understanding of the Parties that such policy will not cover any matter related to a Proceeding. 
  
 (b) The Escrow Fund may also be drawn upon to pay any or all of the following amounts, through a disbursement notice signed by a majority
of all members of the Escrow Committee: 
  
 (1)
any deficiency in the Minimum Cash Amount as determined by the Final Closing Date Financial Statements; 
  
 (2) unpaid obligations of GCSI (or amounts required to settle any such matters) set forth in subsections 5.1(b)(i), (ii) and (iii) of the
Merger Agreement, as determined by the Final Closing Date Financial Statements; and 
  
 (3) amounts constituting or satisfying any and all actions, suits, proceedings, claims, liabilities, demands, settlements, assessments,
judgments, interest, penalties, costs and expenses, including reasonable attorneys’ fees (whether or not incurred in connection with investigating, defending, settling or prosecuting any action, suit, proceeding or claim against MRTC, GCSI, the
ESOP, or any affiliate, officer, director or employee thereof hereunder), incident to any Proceedings referred to in paragraph (a) of this Section 6. 
  
 (c) In its sole discretion, and through a disbursement notice signed only by MRTC, MRTC may, upon confirmation of irrevocable insurance
coverage, without reservation, instruct Paying Agent to release an amount equal to the directors and officers insurance coverage in place and available to satisfy any amounts payable under each of the provisions of this Section 6. 
  
 (d) The Escrow Fund shall, upon notice to the Escrow Agent
by MRTC, be drawn upon to satisfy any final non-appealable judgment, plus post judgment interest if applicable, against MRTC, GCSI, the ESOP, or any of their affiliates, officers, directors, or trustees, or employees in any Proceedings referred to
in paragraph (a) of this Section 6. 
  
 (e) After
(and not before) the later of: (i) a final, non-appealable resolution of all Proceedings or Related Proceedings referred to in paragraph (a) of this Section 6 filed within six (6) years of the date of this Amendment; (ii) a final non-appealable
resolution of all claims arising from claims or circumstances described in any 

  

 2 

 
Proceedings which as of this date have a court docket number and which is binding, as a matter of law, on all Claimants; or (iii) six (6) years, in the event
that no claims described in (e)(ii) above are filed within such six (6) year period; and upon finalization and payment of all matters to be determined under paragraph (a) of this Section 6, the Escrow Committee shall cause the Escrow Agent to
disburse the remainder of the Escrow Fund. Upon receipt of a disbursement notice signed by all members of the Escrow Committee, the Escrow Agent shall pay to MRTC any amounts due under this Agreement, and thereafter, to each GCSI Stockholder that
has previously surrendered, or subsequently surrenders, such certificate(s) (other than certificates representing Dissenting Shares) a pro rata share, with such adjustments as may be necessary as a result of individual payments by certain
stockholders, which payments were applied to GCSI’s outstanding indebtedness with CoBank, as established by such documentation as may be requested by the Escrow Committee, (based on the number of issued and outstanding GCSI Shares immediately
prior to the Effective Time) of the remaining Escrow Fund for each GCSI Share represented by the surrendered certificate(s), which amount shall be paid by Escrow Agent within five (5) business days of receipt of the disbursement notice. The
disbursement notice shall specify any and all amounts to be paid and the recipients of the amounts specified in such notice. 
  
 (f) For amounts referenced in paragraphs (b)(1) and (2) of this Section 6, such amounts must exceed a threshold of $25,000.00 per item and
such amounts may not exceed $2,000,000 in the aggregate. 
  
 10. Notices. All notices, requests, demands, claims and other communications under this Agreement will be in writing. Any notice, request, demand, claim or other communication hereunder shall be deemed duly given upon personal
delivery to the intended recipient, or if (and then two (2) business days after) it is sent by registered or certified mail, return receipt requested, postage prepaid, and addressed to the intended recipient as set forth below: 
  
 If to MRTC, GMC or GCSI: 
  
 Madison River Telephone Company, LLC 
 103 South Fifth Street 
 Mebane, North
Carolina 27302 
 Attention: Paul H. Sunu 
 (919) 563-1500 
 (919) 563-4993 fax 
 sunu@madisonriver.net 
  
 With a
copy to: 
  
 Matt L. Springer 
 Vice President and General Counsel 
 Madison
River Communications, Inc. 
 103 South Fifth Street 
 Mebane, North Carolina 27302 
 (919) 563-1500 
 (919) 563-4993 fax 
 springem@madisonriver.net

  

 3 

 Larry E. Robbins, Esq. 
 Wyrick, Robbins, Yates & Ponton, LLP 
 Suite 300 
 4101 Lake Boone Trail 
 Raleigh, North
Carolina 27607 
 (919) 781-4000 
 (919) 781-4865 fax 
 lrobbins@wyrick.com e-mail 
  
 If to the GCSI Stockholders: 
  
 Marjorie Y. Snook, as a Trustee of the John McClure Snook Testamentary Trust 
 c/o M. Mort Swaim, Esq. 
 235 West Laurel Avenue 
 Foley, Alabama 36535 
 (334) 943-3999

 (334) 943-3137 fax 
 swaimlaw@gulftel.com e-mail 
  
 Regions Bank, as Trustee
of John McClure Snook Testamentary Trust 
 Trust Department 
 104 St. Francis Street, 2nd Floor 
 P.O. Box 2527 
 Mobile, Alabama 36602 
 Attention: Robert B.
Doyle 
 (334) 690-1452 
 (334)
690-1591 fax 
 bdoyle@regionsbank.com e-mail 
  
 With a copy to: 
  
 GCSI Stockholders as set forth on Exhibit “A” hereto 
  

R. Gregory Watts 
 Johnstone, Adams,
Bailey, Gordon & Harris, L.L.C. 
 Royal St. Francis Building 
 104 St. Francis Street 
 Mobile, Alabama 36602

 (334) 432-7682 
 (334) 432-2800
fax 
 RGW@JohnstoneAdams.com e-mail 
  

 4 

 John Hommel and North Star ESOP & Fiduciary Services, LLC, as Trustee 
 of the Gulf Telephone Company 
 Employee Stock
Ownership Plan 
  
 500 West Madison Street, Suite 3800

 Chicago, Illinois 60661 
 (312)
559-9761 
 (312) 559-9762 fax 
 jhommel@northstartrust.com 
  
 With a copy to:

  
 William H. Wasden, Esq. 
 Pierce, Ledyard, Lata & Wasden P.C. 
 Suite 500 
 41 North Beltline Highway 
 P.O. Box 16046 
 Mobile, Alabama 36616 
 (334) 344-5151 
 (334) 344-9696 fax

 hww@pllaw.com e-mail 
  
 If to RTFC: 
  
 Rural Telephone Finance Cooperative 
 Woodland
Park 
 2201 Cooperative Way 
 Herndon, Virginia 20171-3025 
 Attention: Loan Officer 
 (703) 709-6780 fax 
  
 If to
Escrow Agent: 
  
 Regions Bank 
 Trust Department 
 104 St. Francis Street, 2nd
Floor 
 P.O. Box 2527 
 Mobile,
Alabama 36602 
 Attention: Robert B. Doyle 
 (334) 690-1452 
 (334) 690-1591 fax 
 bdoyle@regionsbank.com e-mail 
  

 5 

 With a copy to: 
  

R. Gregory Watts 
 Johnstone, Adams,
Bailey, Gordon & Harris, L.L.C. 
 Royal St. Francis Building 
 104 St. Francis Street 
 Mobile, Alabama 36602

 (334) 432-7682 
 (334) 432-2800
fax 
 RGW@JohnstoneAdams.com e-mail 
  
 [THE NEXT PAGE IS THE SIGNATURE PAGE] 
  

 6 

 IN WITNESS WHEREOF, the Parties have executed and delivered this Amendment to the Escrow Agreement
on the      day of             , 2000. 
  

			
	“MRTC”
	
	MADISON RIVER TELEPHONE COMPANY, LLC, a Delaware limited liability company
		
	By:	 	/S/    J. STEPHEN VANDERWOUDE
	Its:	 	 Chairman and CEO

	
	“GCSI”
	
	GULF COAST SERVICES, INC., an Alabama corporation
		
	By:	 	/S/    J. STEPHEN VANDERWOUDE
	Its:	 	 Vice Chairman

			
	“GCSI Stockholders”
	
	/S/    HAROLD KILLIAN
	 Harold Killian

	
	/S/    DENNIS LEONARD KAISER
	 Dennis Leonard Kaiser

	
	/S/    ROBERT HOWARD YOUNCE
	 Robert Howard Younce

	
	/S/    DALE EUGENE YOUNCE
	 Dale Eugene Younce

	
	/S/    ROBERT L. MACKEY, JR.
	 Robert L. Mackey, Jr.

	
	/S/    WILLARD RICHARD MITCHEM
	 Willard Richard Mitchem

	
	/S/    ESTHER HOLMAN WILLIAMS
	 Esther Holman Williams

	
	/S/    WOODARD S. SETZER
	 Woodard S. Setzer

	
	/S/    ANN BYRD
	 Ann Byrd

			
	 Gulf Telephone Company Employee
 Stock Ownership Plan

		
	 By:
	 	 /s/    John G. Hommell, its President

	 North Star ESOP & Fiduciary Services, LLC

	 Its: Trustee

	
	John McClure Snook Testamentary Trust (as the sole surviving Trust created under the John McClure Snook Irrevocable Trust Agreement dated December 23,
1993).
	
	 REGIONS BANK, an Alabama banking
 corporation, as Co-Trustee

		
	 By:
	 	 /s/    Robert B. Doyle

	 Its:
	 	 Vice President and Personal Trust Manager

		
	 By:
	 	 /s/    Marjorie Y. Snook

	 	 	 Marjorie Y. Snook, as Co-Trustee

	
	“Escrow Agent”
	
	 REGIONS BANK, an Alabama banking
 corporation

		
	 By:
	 	 /s/    Robert B. Doyle

	 Its:
	 	 Vice President and Personal Trust Manager

	
	Approved:
	
	“RTFC”
	
	 RURAL TELEPHONE FINANCE
 COOPERATIVE

		
	 By:
	 	 /s/    Robin C. Reed

	 Its:
	 	 Assistant Secretary - Treasurer

 EXHIBIT A 

 Dennis Leonard Kaiser 
 8967
Escambia Avenue 
 Alberta, Alabama 36530 
 (334) 961-7566

  
 Harold Killian 
 501 Cotton Creek Drive 
 Gulf Shores, Alabama 36542 
 (334) 955-1600 
  
 Robert Howard Younce

 2370 Younce Lane 
 Gulf Shores, Alabama 36542 
 (334) 968-6431 
  
 Robert L. Mackey, Jr. 
 8660 Winford Lane 
 East Mobile, Alabama 36619 
 (334) 633-7417 
  
 Ann L. Byrd 
 Post Office Box 422 
 Foley, Alabama 36536 
 (334) 979-8545 
  
 Esther Holman Williams 
 10401 Vernant Park Road 
 Foley, Alabama 36535 
 (334) 965-7716 
  
 Willard Richard Mitchem

 13280 J.B. Williams Road 
 Loxley, Alabama 36551 
 (334) 964-5664 
  
 Woodard S. Setter 
 9370 Fairway Drive 
 Foley, Alabama 36535 
 (334) 955-1008 
  
 Dale Eugene Younce. 
 15801 George Younce Road 
 Foley, Alabama 36535 
 (334) 943-9977Long Term Incentive Plan

 EXHIBIT 10.17 
  
 Madison River Telephone Company, LLC 
 Long Term Incentive Plan 
 Second Amended and Restated Plan
Provisions and Features 
  
 1.    Purpose. This Long Term Incentive Plan (the “Plan”) is intended to enable Madison River Telephone Company, LLC, a Delaware limited liability company (the “Company”), to attract and retain
in its employ persons of outstanding competence, and to promote an entrepreneurial attitude among key employees of the Company by providing to employees of the Company and its direct or indirect subsidiaries certain grants awarded to participants of
the Plan. This Plan was previously established effective November 1, 1998 and amended March 26, 2004, and is hereby amended and restated in its entirety. Payouts under the Plan can be made only to the extent that distributions are available to the
holders of either Class B and/or Class D Units of the Company. Distributions to the holders of Class B and/or Class D Units will be available if and only if invested capital and specified threshold rates of return are first paid to the holders of
Class A Units of the Company pursuant to the terms and conditions of the Operating Agreement. If invested capital and the specified rates of return are not paid to the holders of Class A Units, as a result of one or more liquidity events such as an
initial public offering and follow on offerings or sale of the Company, no payments will be made under this Plan. The Plan will continue in existence, subject to the terms and conditions set forth below, notwithstanding the fact that a liquidity
event occurs, but the required payments to the holders of Class A Units has not been fulfilled. The amount and timing of any payments under the Plan is uncertain and payments, if made, may be made at various times and over several years. Many
factors affect the potential for distributions under the Plan, including but not limited to general market conditions and the interest rate environment as well as the financial performance of the Company. 
  
 2.    Definitions. Unless otherwise specified in
this Plan, capitalized terms used in this Plan shall have the following meanings. 
  
 (a)    “Applicable Laws” has the meaning set forth in Section 3(a) hereof. 
  
 (b)    “Available LTIP Fund”
has the meaning set forth in Section 4 hereof. 
  
 (c)    “Board” has the meaning set forth in Section 3(a) hereof. 
  
 (d)    “Commencement Date” means the date on which the Company awards Grants to a Participant. If a
Participant is awarded Grants on different dates, the date of each award will be deemed the Commencement Date for that particular award. 
  
 (e)    “Committee” has the meaning set forth in Section 3(a) hereof. 
  
 (f)    “Effective Date” means
November 1, 1998, the date the Plan was approved by the Board. 

 (g)    “Grant” shall be an amount based on a
Participant’s base salary at the time of recommendation, and expressed in units as the maximum amount payable to such Participant. 
  
 (h)    “Grant Account Balance” has the meaning set forth in Section 8 hereof. 
  
 (i)    “Operating Agreement”
means the Madison River Telephone Company, LLC, Amended and Restated Limited Liability Company Agreement, dated as of April 24, 1997, as it may have been or may be amended from time to time. 
  
 (j)    “Participant” means an
employee of the Company or any Related Entity who is awarded a Grant or Grants hereunder by the Board. 
  
 (k)    “Participant Ledger” has the meaning set forth in Section 4 hereof. 
  
 (l)    “Plan Distribution” has
the meaning set forth in Section 8 hereof. 
  
 (m)    “Plan Percentage Interest” means the proportionate participation rights, expressed as a percentage, as adjusted from time to time, of each Participant relative to the other Participants, as set forth in
Section 8 of this Plan. The Plan Percentage Interest of each Participant at any point in time shall be determined by reference to the following calculation: 
  
 The Plan Percentage Interest of each Participant shall be a fraction determined by reference to the following: 
  

			
		
	 	 	 Amount of Participant’s Grant

	 	 	Aggregate Amount of all Participants’ Grants

  
 It being understood
that the Company may, from time to time, (i) award additional Grants to other persons and (ii) modify the Plan Percentage Interest of each Participant due to employee Terminations or due to satisfaction of an employee’s Grant Account Balance,
without notice to any Participant. A Participant may obtain a statement of such Participant’s then current Plan Percentage Interest at any time upon request to the Secretary of the Company. 
  
 (n)    “Related Entity” means
any successor to the Company by merger, consolidation, liquidation, statutory conversion, or other reorganization that has made provision for adoption of this Plan and the assumption of the Company’s obligations thereunder, as well as (i) any
entity of which at least a majority of the outstanding voting interests are, directly or indirectly, owned or controlled by the Company and (ii) any entity that, directly or indirectly owns or controls at least a majority of the outstanding voting
interests in the Company. 
  
 (o)    “Termination” means a Participant’s severance from employment with the Company or a Related Entity for any reason, including but not limited to death, retirement, 

 
disability, voluntary resignation or discharge, for cause or without cause, but only if the Participant is not immediately thereafter employed by the Company
or a Related Entity. 
  
 (p)    “Termination Date” shall mean the date of a Participant’s Termination. 
  
 Capitalized terms not otherwise defined herein shall have the meaning set forth in the Operating Agreement. Wherever from the context it appears
appropriate, each term stated in either the singular or plural shall include the singular and the plural, and pronouns stated in the masculine, feminine or neuter gender shall include the masculine, the feminine and the neuter. 
  
 3.    Administration. 
  
 (a)    The Plan shall be administered by
(i) the Board of Managers of the Company (the “Board”) or (ii) a committee consisting of representatives or other persons appointed by the Board (the “Committee”). The appointment of the members of, and the delegation of powers
to, the Committee by the Board shall be consistent with applicable laws and regulations (collectively, the “Applicable Laws”). Once appointed, such Committee shall continue to serve in its designated capacity until otherwise directed by
the Board. From time to time, the Board may increase the size of the Committee and appoint additional members thereof, remove members (with or without cause) and appoint new members in substitution therefor, fill vacancies, however caused, and
remove all members of the Committee and thereafter directly administer the Plan, all to the extent permitted by the Applicable Laws. 
  
 (b)    The construction and interpretation by the Board of any provision of this Plan shall be final and conclusive.
No member of the Board or the Committee shall be liable for any action or determination made in good faith with respect to the Plan or any Grant awarded under it. Subject to the terms of the Plan, the Board (or the Committee, if so appointed and
further authorized to act in part or in full under this Subsection 3(b)) shall have the authority to: 
  
 (i)    determine the Participants who shall participate in the Plan from time to time; 
  
 (iii)    determine the amount of a Grant
to be awarded to a Participant; 
  
 (iv)    determine the Commencement Date of the Grant; 
  
 (v)    determine the vesting of the Grant; and 
  
 (vi)    interpret the Plan and prescribe and rescind rules and regulations relating to
it. 
  
 (c)    The Committee
may select one of its members as its chairman, and shall hold meetings at such times and places as it may determine. Acts by a majority of the Committee, or acts reduced to or approved in writing by a majority of the members of the Committee, shall
be the valid acts of the Committee. All references in this Plan to the Committee shall mean the Board if no Committee has been appointed. 

 4.    Designation of Available LTIP Fund. The Company has created a fund
(hereinafter referred to as the “Available LTIP Fund”) which shall be funded from thirty-five percent (35%) of Distributions (as defined by reference to the Operating Agreement) otherwise payable to the holders of Class B Units pursuant to
Sections 4.1 (a)(iii) through 4.1(a)(vii) of the Operating Agreement and/or sixty percent (60%) of Distributions otherwise payable to the holders of Class D Units pursuant to Sections 4.1(a)(viii), when and if made, to be payable to the Available
LTIP Fund. The Company shall distribute any payments received by the Available LTIP Fund in accordance with the terms and conditions of the Plan. The Company shall set up an appropriate record (hereinafter called the “Participant Ledger”)
and thereafter from time to time enter therein the name of each Participant, the amount of the Grant awarded to him by the Board or the Committee, the Commencement Date, the vesting date, if any, for such Grant and the Plan Percentage Interest
applicable to such Grant. The Participant Ledger shall be updated from time to time to reflect additional Grants and resulting changes in Plan Percentage Interests. If any Grants awarded under the Plan shall be satisfied in full or shall be
forfeited or expire for any reason, such Grants shall be eliminated from any calculations under the Plan and the remaining Participants’ Plan Percentage Interests shall be adjusted accordingly. The holders of Class B Units and Class D Units
have, in an instrument signed of even date herewith, reaffirmed and ratified this Plan and such holders have agreed to the designation of the Available LTIP Fund and to the Distribution to the Available LTIP Fund of thirty-five percent (35%) of
amounts otherwise payable to holders of Class B Units and/or sixty percent (60%) of amounts otherwise payable to holders of Class D Units as set forth above in this Section 4. Notwithstanding anything to the contrary herein, Participants shall not
be entitled to any Distributions payable to the holders of Class A or Class C Units. 
  
 5.    Grants. Grants may be awarded under the Plan at any time after the Effective Date until termination of the Plan in accordance with the terms hereof. The date of a Grant under the Plan
will be the date specified by the Board or Committee at the time it awards the Grant and shall be reflected as the “Commencement Date” on the Participant Ledger. All Grants will be approved in an aggregate annual amount for each
Participant, divided by twelve and awarded in twelve, equal monthly amounts on the first of each calendar month for the twelve months immediately subsequent to the approval of such Grant. 
  
 6.    Vesting. The Grants awarded hereunder (i) shall vest only upon the actual payment of
amounts into the Available LTIP Fund, as such payments are made from time to time, and then only if the Participant is an employee of the Company or a Related Entity at the time of the payment, and (ii) shall vest only to the extent of the amount of
the Participant’s projected Plan Distribution with respect to such payment into the Available LTIP Fund (such Plan Distribution being calculated in accordance with Section 8 hereof). 
  
 7.    Termination of Grant. 
  
 (a)    When a Participant’s employment is severed by Termination, Participant shall
cease to be a Participant, and as of the Termination Date the Participant shall forfeit all of his rights in any unvested Grant held by him (and in any unvested portion of any Grant which has partially vested pursuant to Section 6 hereof) and shall
have no rights therein or under the Plan, and 

 
the Company shall have no obligation thereafter to make any Plan Distributions to such Participant with respect to any such forfeited Grant (or any forfeited
portion of any Grant). 
  
 (b)    The termination of this Plan at any time after the Effective Date in accordance with the provisions of Section 12 hereof shall not terminate the Plan with respect to the Grants outstanding, and vested pursuant to
Section 6, at the time of such termination, and the Participants shall be entitled to all rights and benefits under the Plan, including the Plan Distributions payable pursuant to the terms of Section 8 hereof for amounts paid into the Available LTIP
Fund prior to, or at, the time of termination. After termination of the Plan, no additional amounts shall be paid into the Available LTIP Fund and no additional Plan Distributions shall be paid after amounts actually held in the Available LTIP Fund
have been distributed to Plan Participants. 
  
 8.    Payment of Plan Distributions. 
  
 (a)    Participants shall share in the Available LTIP Fund in an amount equal to the product of (i) the amounts paid into the Available LTIP Fund from time to time, and (ii) such Participant’s
Plan Percentage Interest (herein the “Plan Distribution”); provided, however, the amount payable to a Participant under the Plan shall not to exceed, on a cumulative basis for each Participant, the aggregate amount of Grants awarded to
each Participant (the “Grant Account Balance”). At the time any Participant has received, on an aggregate basis, the amount included in such Participant’s Grant Account Balance, such Participant and the amount of Grants related to
such Participant shall be removed and eliminated from each of the calculations determined under the Plan. For purposes of illustration only, if a Participant has been awarded a Grant of 250,000 units, and the aggregate amount of Grants to all
employees equals 2,500,000 units and the amount of the Available LTIP Fund is $350,000, the Participant’s Plan Percentage would be 10% and the Participant’s Plan Distribution would be $35,000 (10% of $350,000). 
  
 9.    Limitation of Rights. Nothing in this Plan
shall be construed to: 
  
 (a)    give any employee of the Company any right to the award of a Grant other than in the sole discretion of the Board or Committee if so authorized by the Board; 
  
 (b)    give a Participant any rights
whatsoever with respect to the Class B and/or Class D Units of the Company or cause the Participant to be a Unitholder or Member of the Company, as such terms are defined in the Operating Agreement; 
  
 (c)    cause the Grants to be deemed
Class B and/or Class D Units of the Company; 
  
 (d)    limit in any way the right of the Company or any Related Entity to terminate a Participant’s employment or consulting relationship with the Company or such Related Entity at any time; or 

 (e)    be evidence of any agreement or understanding, express or
implied, that the Company or any Related Entity will employ a Participant in any particular position or at any particular rate of remuneration or for any particular period of time. 
  
 10.    Transferability and Assignability of Grants. No right or benefit under this Plan shall be
subject to anticipation, alienation, sale, assignment, pledge, encumbrance, or charge, and any attempt to anticipate, alienate, sell, assign, pledge or encumber, or charge the same shall be void. No right or benefit hereunder shall in any manner be
liable for or subject to the debts, contracts, liabilities, or torts of the person entitled to such benefits. If any Participant hereunder shall become a bankrupt or attempt to anticipate, alienate, sell, assign, pledge, encumber, or charge any
right or benefit hereunder, then such right or benefit shall, in the discretion of the Board, cease, and in such event the Company may, in the discretion of the Board, hold or apply the same or any part thereof for the benefit of the Participant in
such manner and in such proportion as the Board may deem proper. 
  
 11.    Adjustments. Unless otherwise provided in a written agreement between the Participant and the Company relating to the award of a Grant, the rights of a Participant hereunder shall be adjusted as hereinafter
provided upon the occurrence of any of the following events: 
  
 (a)    If the Company is to be consolidated with or acquired by another entity in a merger, sale of all or substantially all of the Company’s assets, equity interests, or otherwise (an
“Acquisition”), unless otherwise provided in its sole discretion by the Board or Committee, the Board or Committee shall, as to outstanding vested Grants, make appropriate provision for the continuation of payments, if any, required under
this Plan with such equitable adjustments as may be deemed necessary or appropriate in its sole discretion. In connection with any such Acquisition, there shall be no obligation on the part of any acquiring company to make payments to any
Participant subsequent to the consummation of such Acquisition. 
  
 (b)    Except as expressly provided herein, no issuance by the Company of any Class B and/or Class D Units shall affect, and no adjustment by reason thereof shall be made with respect to, the award
of Grants hereunder. 
  
 12.    Amendment
or Termination of Plan. 
  
 (a)    The Board may terminate this Plan, provided however, that any such termination shall not affect the payment of the Plan Distributions for any vested amounts, if any, then held in the Available LTIP Fund, and any
such vested amounts shall be distributed in accordance with the terms of Section 8 as soon as is administratively practicable in connection with any such termination. 
  
 (b)    This Plan (including all Grants awarded hereunder) shall automatically terminate
upon the dissolution of the Company; provided, however, that any such termination shall not affect the payment of the Plan Distributions from the Available LTIP Fund related to previously vested Grants (or previously vested portions of Grants) or
related to or in connection with such dissolution. 

 (c)    The Board may amend this Plan at any time; provided, however,
that any amendment of this Plan adversely affecting the vested rights of Participants to payments of Plan Distributions in accordance with Section 8 hereof shall require the approval of such affected Participants. Notwithstanding the foregoing, the
approval of such Participants will not be required to amend the Plan or the rights of Participants hereunder if, in the judgment of the Board, it is in the interest of the Company to comply with a request for amendment of the Plan necessary to
receive any required governmental approval of the Plan or the award of Grants hereunder or to comply with any other request of any governmental agency. In no event shall the approval of the Participants be required for any amendment or termination
of the Operating Agreement. 
  
 13.    Interpretation and Disputes. If any question shall arise in regard to the interpretation of any provision of this Plan or any agreement between the Company and Participant pursuant to this Plan or if any
dispute or difference between the Company and Participant shall arise out of or in connection with this Plan or any agreement between the Company and Participant pursuant to this Plan, the determination by the Board or Committee if so authorized by
the Board with respect to such question, dispute or difference shall be deemed conclusive. 
  
 14.    Nature of Company’s Obligation. The Company shall not be required to segregate any funds or other assets to be used for the payment of the Plan Distributions under this Plan, and
no record or other notation on the Company’s books of the obligation created by this Plan shall be considered as evidence of the creation of a trust fund, an escrow or any other segregation of assets for the benefit of any Participant. The
obligation of the Company to make the Plan Distributions described in this Plan is an unsecured contractual obligation only, and the Participants shall not have any beneficial or preferred interest by way of trust, escrow, lien or otherwise in and
to any specific assets or funds of the Company. Each Participant shall specifically acknowledge and agree that (a) the Grants awarded pursuant to the terms of this Plan are not securities of the Company and do not create any right in the equity or
capital of the Company, (b) the receipt of a Plan Distribution shall constitute ordinary income to the Participant for federal, state and local income tax purposes, and the Company shall be entitled to withhold and otherwise offset from any such
Plan Distribution all applicable federal, state and local taxes in accordance with such tax laws, rules and regulations and (c) that the Participant understands that the Company makes no representation as to the tax consequences of participation in
the Plan and that the Participant shall rely on such Participant’s own tax adviser for counsel regarding the tax consequences of participation in the Plan. Each Participant shall look solely to the general credit of the Company for satisfaction
of any obligations due or to become due under this Plan. If the Company should, in its sole discretion, earmark or set aside any funds or other assets to pay benefits hereunder, the same shall, nevertheless, remain and be regarded as part of the
general assets of the Company subject to the claims of its general creditors (and shall not be considered to be held in a fiduciary capacity for the benefit of any Participant), and the Participants shall not have any legal, beneficial, security or
other property interest herein. 
  
  

 15.    Governing Law; Construction. The validity and construction of the Plan
and the award of Grants hereunder shall be governed by the laws of the State of North Carolina without regard to principles of conflicts of law. 
  
 This Second Amended and Restated Plan was duly approved by the Board as of October 22, 2004. 
  

	
	 
	
	/S/    PAUL H. SUNU
	 Secretary
 Madison River Telephone Company, LLC

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