Document:

Employment Agreement between NTELOS Inc. and Mary McDermott

 Exhibit 10.7 
  
 EMPLOYMENT AGREEMENT 
  
 THIS EMPLOYMENT AGREEMENT (the “Agreement”), dated as of May 2, 2005 between Mary McDermott (the “Executive”) and NTELOS Inc., a
Virginia corporation (the “Company”), recites and provides as follows: 
  
 WHEREAS, the Company considers it essential to the best interests of its shareholders to foster the continuing employment of its key management personnel; and 
  
 WHEREAS, the Board of Directors of the Company (the “Board”)
expects that the Executive will continue to make substantial contributions to the growth and prospects of the Company; and 
  
 WHEREAS, the Company and the Executive previously entered into an employment agreement dated October 1, 2004; and 
  
 WHEREAS, the Company and the Executive now desire to terminate such prior
employment agreement and replace it with this Agreement; and 
  
 WHEREAS, the parties intend this Agreement to supersede the prior employment agreement and any other prior agreements or undertakings among the parties with respect to the subject matter contained herein; and 
  
 WHEREAS, the Executive will continue to serve the Company in reliance upon
the undertakings of the Company contained herein. 
  
 NOW,
THEREFORE, in consideration of the foregoing premises and the mutual covenants herein, the receipt and sufficiency of which are hereby acknowledged by each of the parties, the Company and the Executive agree as follows: 
  
 1. Employment. 
  
 (a) Position. On the terms and subject to the
conditions set forth herein, the Company agrees to employ the Executive as a Senior Vice President throughout the Employment Term (as defined below). At the request of the Board and without additional compensation, the Executive shall also serve as
an officer and/or director of any or all of the subsidiaries of the Company. 
  
 (b) Duties and Responsibilities. The Executive shall have such duties and responsibilities that are consistent with the Executive’s position as the Board determines and shall perform such duties and carry
out such responsibilities to the best of the Executive’s ability for the purpose of advancing the business of the Company and its subsidiaries. Subject to the provisions of Section 1(c) below, during the Employment Term the Executive shall
devote the Executive’s full business time, skill and attention to the business of the Company and its subsidiaries, and, except as specifically approved by the Board, shall not engage in any other business activity or have any other business
affiliation. 

 (c) Other Activities. Anything in this Agreement to the contrary notwithstanding,
as part of the Executive’s business efforts and duties on behalf of the Company, the Executive may participate fully in social, charitable and civic activities, and, if specifically approved by the Board, the Executive may serve on the boards
of directors of other companies, provided that such activities do not unreasonably interfere with the performance of and do not involve a conflict of interest with the Executive’s duties or responsibilities hereunder. 
  
 2. Employment Term. The “Employment Term” hereunder
shall commence on the date set forth above and shall continue in full force and effect until the fourth anniversary of such date when the Employment Term shall terminate, unless terminated earlier pursuant to the terms and conditions of this
Agreement. The Employment Term will renew hereunder automatically for successive one-year periods unless either party gives written notice to the other not less than six (6) months prior to the end of the fourth anniversary hereof (or any
subsequent anniversary, as the case may be) that such party does not wish the Employment Term to be so extended, and under such circumstances, the Employment Term and this Agreement will terminate by its terms, and without liability to either party,
on such fourth anniversary (or such subsequent anniversary, as the case may be). 
  
 3. Compensation. During the Employment Terms, the Company will pay and/or otherwise provide the Executive with compensation and related benefits as follows: 
  
 (a) Base Salary. The Company agrees to pay the
Executive, for services rendered hereunder, an initial base salary at the annual rate of $182,875 (the “Base Salary”). Base Salary will be reviewed annually throughout the Employment Term by the Compensation Committee of the Board.
Notwithstanding anything in this Agreement to the contrary, the Company may reduce the Executive’s Base Salary by up to 10% during the Employment Term, but only as part of a salary reduction program pursuant to which the Base Salaries of the
Chief Executive Officer, all Executive Vice Presidents and all Senior Vice Presidents are reduced by the same percentage at the same time and for the same period of time. The Base Salary shall be payable in equal periodic installments, not less
frequently than monthly, less any sums which may be required to be deducted or withheld under applicable provisions of law. The Base Salary for any partial year shall be prorated based upon the number of days elapsed in such year. 
  
 (b) Stock-Based Incentive Compensation. The Executive
shall be eligible to participate in the Company’s stock-based incentive compensation plan pursuant to its terms (“Stock-Based Incentive Payment”) when the Company establishes such a plan. 
  
 (c) Supplemental Retirement Plan. During the
Employment Term (and thereafter to the extent expressly provided herein), the Executive shall be entitled to participate in the NTELOS Inc. Executive Supplemental Retirement Plan according to the terms thereof, and the Executive’s designation
as a participant in such plan shall not be revoked or rescinded prior to the termination of the Executive’s employment with the Company. 
  
 (d) Team Incentive Plan. The Executive shall be eligible to participate in the Company’s team incentive plan with an annual
incentive target of fifty percent (50%) of Base Salary (“Incentive Payment”), subject to achievement of such program’s objectives and final approval of the Board. Notwithstanding the foregoing or the terms of the team
incentive plan, 

  

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the full Incentive Payment the Executive is eligible to receive under the team incentive plan based on objective performance factors must be paid and cannot
be reduced or eliminated as at result of individual performance factors other than as a result of a good faith determination by the Chief Executive Officer. 
  
 (e) Benefits. During the Employment Term (and thereafter to the extent expressly provided herein), the Executive shall be entitled
to participate in all of the Company’s employee benefit plans applicable to the Company’s comparable senior executives according to the terms of those plans. In addition to the foregoing compensation, the Company agrees that during the
Employment Term it shall provide to the Executive a monthly automobile allowance pursuant to Company policy. 
  
 (f) Vacation. The Executive shall be entitled to a minimum of four weeks of vacation annually, during which time the Executive
shall receive compensation in accordance with the terms of this Agreement. 
  
 (g) Term Life Insurance. During the Employment Term, and in addition to any other benefits to which Executive shall be entitled, the Company agrees to pay the premiums on a term life insurance contract covering
the Executive that pays a death benefit of at least $371,000. The Company in its discretion shall select the term life insurance contract on which it will pay the premiums; but, the Executive shall be the owner of such contract and will be or will
designate the beneficiary of such contract. The Company (i) will include and report such premium payments in the Executive’s taxable income to the extent required under applicable law and (ii) also will pay to the Executive an
additional payment in an amount such that after payment by the Executive of all taxes imposed on the additional payment, the Executive retains an amount of the additional payment equal to the taxes imposed upon the Executive with respect to the
Company’s payment of the premiums on the term life insurance contract. The amount of the additional payment shall be determined based on the Executive’s likely effective rates of federal, state and local income taxation for the calendar
year in which the additional payment is to be made, net of the likely reduction in federal income taxes that is obtained from any deduction of state and local taxes. Executive agrees, for purposes of calculating the amount of the additional payment,
to provide the Company such information as the Company may reasonably request to determine the amount of the additional payment and to cooperate with the Company in good faith in order to effectively make such determination. The Company shall hold
all such information secret and confidential and shall not, without the prior written consent of the Executive or as otherwise may be required by law or legal process, communicate or divulge such information to anyone other than the Company and
those in need of such information for purposes of determining the amount of the additional payment. Notwithstanding any other provision of this Agreement, in the event the term life insurance contract described herein extends beyond the termination
of Executive’s employment with the Company, the Executive, and not the Company, shall be obligated to pay the premiums on such term life insurance contract accruing after the Executive’s termination of employment with the Company.

  

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 4. Termination of Employment. 
  
 (a) By the Company For Cause. The Company may
terminate the Executive’s employment under this Agreement at any time for Cause (as defined in Section 4(e)) and shall provide written notice of termination to the Executive (which notice shall specify in reasonable detail the basis upon
which such termination is made). Notwithstanding the foregoing, in no event, shall any termination of employment be deemed for Cause unless the Executive’s employment is terminated within 180 days of when the Company learns of the act or
conduct that constitutes Cause and the Chief Executive Officer of the Company or the Board of Directors concludes that the situation warrants a determination that the Executive’s employment terminated for Cause. In the event the
Executive’s employment is terminated for Cause, all provisions of this Agreement (other than Sections 5 through 15 hereof) and the Employment Term shall be terminated; provided, however, that such termination shall not divest the
Executive of any previously vested benefit or right unless the terms of such vested benefit or right specifically require such divestiture where the Executive’s employment is terminated for Cause. In addition, the Executive shall be entitled to
payment of the Executive’s earned and unpaid Base Salary to the date of termination. The Executive also shall be entitled to unreimbursed business and entertainment expenses in accordance with the Company’s policy, and unreimbursed
medical, dental and other employee benefit expenses incurred in accordance with the Company’s employee benefit plans (the payments and benefits described in this subsection (a) hereinafter referred to as the “Standard Termination
Payments”). 
  
 (b) Upon Death or
Disability. If the Executive dies, all provisions of Section 3 of this Agreement (other than rights or benefits arising as a result of such death) and the Employment Term shall be automatically terminated; provided, however, that an
amount equal to the earned and unpaid Incentive Payments to the date of death and the Standard Termination Payments shall be paid to the Executive’s surviving spouse or, if none, the Executive’s estate, and the death benefits under the
Company’s employee benefit plans shall be paid to the Executive’s beneficiary or beneficiaries as properly designated in writing by the Executive. If the Executive is unable to perform the essential functions of the Executive’s job
under this Agreement, with or without reasonable accommodation, by reason of physical or mental disability or incapacity (“Disability”) and such disability or incapacity shall have continued for any period aggregating six months
within any 12 consecutive months, the Company may terminate this Agreement and the Employment Term at any time thereafter. In such event, the Executive shall be entitled to receive the Executive’s normal compensation hereunder during said time
of disability or incapacity, and shall thereafter be entitled to receive the “Disability Incentive Payment” (as described in the last sentence of this subsection (b)) and the Standard Termination Payments. The portion of the payment
representing the Disability Incentive Payment shall be paid in a lump sum determined on a net present value basis, using a reasonable discount rate determined by the Board. The Disability Incentive Payment shall be equal to the target Incentive
Payment that the Executive would have been eligible to receive for the year in which the Employment Term is terminated multiplied by a fraction, the numerator of which is the number of days in such year before and including the day of termination of
the Employment Term and the denominator of which is the total number of days in such year. 
  

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 (c) By the Company Without Cause. 
  
 (i) The Company may terminate the Executive’s
employment under this Agreement at any time without Cause (for purposes of clarity, it is acknowledged that expiration of the Employment Term (including notice of non-renewal) shall not be considered a termination without Cause), and other than by
reason of the Executive’s death or disability. The Company shall provide written notice of termination to the Executive, which notice shall specify the effective date of such termination and that the termination is without Cause (the
“Termination Date”). If the Termination Date is later than the date of the notice, then from the date of the notice through the Termination Date, the Executive shall continue to perform the normal duties of the Executive’s
employment hereunder, and shall be entitled to receive when due all compensation and benefits applicable to the Executive hereunder. Thereafter, conditioned upon the Executive executing and not revoking a general release in favor of the Company, the
Board and their affiliates, in a form mutually acceptable to both parties hereto, the Company shall pay the Executive the amounts set forth in this subsection (c). Under such circumstances, the Company shall pay the Executive an amount equal to
seventy-five percent (75%) of the Executive’s Base Salary for a period of twenty-four (24) months (the ‘Termination Period”), in such periodic installments as were being paid immediately prior to the Termination Date.

  
 (ii) The Company shall pay the Executive a
lump sum, determined on a net present value basis, using a reasonable discount rate determined by the Board, equal to the full target Incentive Payment for the year that includes the Termination Date multiplied by a fraction, the numerator of which
is the number of months in the Termination Period and the denominator of which is 12. 
  
 (iii) The Company shall also be obligated to pay to the Executive the Standard Termination Payments. 
  
 (iv) During the Termination Period, the Executive and the
Executive’s dependents will be entitled to continued participation in the “employee welfare benefit plans” (as defined in Section 3(1) of the Employee Retirement Income Security Act of 1974) in which the Executive and the
Executive’s dependents participated on the Executive’s Termination Date with respect to any such plans for which such continued participation is allowed pursuant to applicable law and the terms of the plan. In lieu of coverage for which
such continued participation is not allowed, the Executive will be reimbursed, on a net after-tax basis, for the cost of individual insurance coverage for the Executive and the Executive’s dependents under a policy or policies that provide
benefits (other than disability coverage) not less favorable than the benefits (other than disability coverage) provided under such employee welfare benefit plans. Notwithstanding the foregoing, the coverage or reimbursements for coverage provided
under this subsection (iv) shall cease if the Executive and/or the Executive’s dependents become covered under an employee welfare benefit plan of another employer of the Executive that provides the same or similar type of benefits.

  

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 (v) In addition, Executive and the Executive’s dependents will be entitled to
receive from the Company, and the Company shall provide to the Executive and the Executive’s dependents, medical benefits not less favorable than and on the same terms and for the same periods as those provided under the Company’s
Postretirement Medical And Life Insurance Benefits Plan, as in effect on the date hereof or the Termination Date, whichever is more favorable to the Executive, regardless of whether the Executive or the Executive’s dependents are otherwise
eligible to participate in such plan. The Company, if it chooses, may provide such medical coverage under such Postretirement Medical and Life Insurance Benefits Plan, if the Executive otherwise is eligible thereunder, or in lieu of medical coverage
under such plan, the Company may pay for or may procure individual insurance coverage for the Executive and the Executive’s dependents under a policy or policies that provide medical benefits and terms not less favorable than the medical
benefits and terms provided under such Post Retirement Medical And Life Insurance Benefits Plan, as in effect on the date hereof or the Termination Date, whichever is more favorable to the Executive. 
  
 (d) By the Executive. The Executive may terminate the
Executive’s employment, and any further obligations which the Executive may have to perform services on behalf of the Company hereunder at any time after the date hereof; by sending written notice of termination to the Company not less than
sixty (60) days prior to the effective date of such termination. During such sixty (60) day period, the Executive shall continue to perform the normal duties of the Executive’s employment hereunder, and shall be entitled to receive
when due all compensation and benefits applicable to the Executive hereunder. Except as provided below, if the Executive shall elect to terminate the Executive’s employments hereunder (other than as a result of the Executive’s death or
disability), then the Executive shall remain vested in all vested benefits provided for hereunder or under any benefit plan of the Company in which the Executive is a participant and shall be entitled to receive the Standard Termination Payments,
but the Company shall have no further obligation to make payments or provide benefits to the Executive under Section 3 hereof. Anything in this Agreement to the contrary notwithstanding, the termination of the Executive’s employment by the
Executive for Good Reason (as defined in Section 4(e)), shall be deemed to be a termination of the Executive’s employment without Cause by the Company for purposes of this Agreement, and the Executive shall be entitled to the payments and
benefits set forth in Section 4(c) above, subject to the Executive executing and not revoking a general release in favor of the Company, the Board and their affiliates, in a form mutually acceptable to both parties hereto. Notwithstanding the
foregoing, in no event shall any termination of employment by the Executive be deemed for Good Reason unless the Executive terminates employment within 180 days of when the Executive learns of the act or conduct that constitutes Good Reason.

  
 (e) Definitions. For purposes of this
Agreement, the following definitions will apply: 
  
 (i) Cause. The term “Cause” means: (i) gross or willful misconduct; (ii) willful and repeated failure to comply with the lawful directives of the Board or any supervisory personnel; (iii) any criminal act or
act of dishonesty or willful misconduct that has a material adverse impact on the property, operations, 

  

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business or reputation of the Company or its subsidiaries or any act of fraud, dishonesty or misappropriation involving the Company or its subsidiaries;
(iv) any conviction or plea of guilty or nolo contendere to a felony or a crime involving dishonesty; (v) the material breach of the terms of any confidentiality, non-competition, non-solicitation or employment agreement the
employee has with the Company or its subsidiaries; (vi) acts of malfeasance or negligence in a matter of material importance to the Company or its subsidiaries; (vii) the material failure to perform the duties and responsibilities of
employee’s position after written notice and a reasonable opportunity to cure (not to exceed 45 days); (viii) grossly negligent conduct; or (ix) activities materially damaging to the property, operations, business or reputation of the
Company or its subsidiaries (it being understood that conduct or activities pursuant to employee’s exercise of good faith business judgment shall not be in violation of this Section 4(e)(i)). For purposes of this Agreement, Executive will
also be deemed to be terminated for “Cause” if, in connection with the sale, transfer, conveyance or other disposition of all or substantially all of the assets (whether by asset sale, stock sale, merger, combination or otherwise) of one
or more of the Company’s Material Lines of Business (a “Material Line of Business Sale”), (i) one or more of the purchasers in such Material Line of Business Sale offers employment (the “Employment Offer”)
to Executive which Employment Offer would not permit Executive to terminate employment pursuant to clauses (i), (ii), (iii), (iv) or (v) of the definition of Good Reason contained herein, (ii) Executive declines such Employment Offer,
and (iii) the Company terminates Executive’s employment within six (6) months of the consummation of the Material Line of Business Sale. 
  
 (ii) Good Reason. “Good Reason” means, after written notice by the Executive to the Board, and a reasonable opportunity
for the Company to cure (not to exceed 45 days), that (i) the Executive’s Base Salary is not paid or is reduced by more than 10 percent in the aggregate or other than as part of a salary reduction program pursuant to which the Base
Salaries of the Chief Executive Officer, all Executive Vice Presidents and all Senior Vice Presidents are reduced by the same percentage at the same time and for the same period of time, (ii) the Executive’s target Incentive Payment is
reduced, (iii) the Executive’s job duties and responsibilities are diminished (but a reduction in the size of the Company as a result of a Sale of a Material Line of Business shall not alone constitute a diminution in the Executive’s
job duties and responsibilities and any diminution in the Executive’s job duties and responsibilities after notice of non-renewal of the Employment Term is given by either party shall not be considered “Good Reason” hereunder),
(iv) the Executive is required to relocate to a facility more than 50 miles from Waynesboro, Virginia, (v) the Executive is not provided benefits (e.g., health insurance) that are comparable in all material respects to those
previously provided to the Executive, (vi) the Executive is directed by the Board or an officer of the Company or an affiliate (or the Company’s successor or an affiliate thereof) to engage in conduct that Company counsel, or mutually
agreed upon counsel if requested by the Executive, has advised is likely to be illegal and that such counsel states with specificity why such direction is likely to be illegal (including a proposal for modification of such direction which in 

  

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counsel’s opinion would not be likely to be illegal), or (vii) the Executive is directed by the Board or an officer of the Company or an affiliate
(or the Company’s successor or an affiliate thereof) to refrain from acting and Company counsel, or mutually agreed upon counsel if requested by the Executive, has advised that such failure to act is likely to be illegal and that such counsel
states with specificity why such direction is likely to be illegal (including a proposal for modification of such direction which in counsel’s opinion would not be likely to be illegal). If the Executive is directed to engage in conduct that
she reasonably believes is likely to be illegal or to refrain from acting and the Executive reasonably believes that such failure to act is likely to be illegal, the Executive can express such reservations to the Board or directing officer, and the
Company shall, at its expense, engage Company counsel, or mutually agreed upon counsel if requested by the Executive, to advise as to whether such conduct or failure to act is likely to be illegal. Subject to the last sentence of Section 4(d)
hereof, if any of the events occur that would entitle the Executive to terminate the Executive’s employment for Good Reason hereunder and the Executive does not exercise such right to terminate the Executive’s employment, any such failure
shall not operate to waive the Executive’s right to terminate the Executive’s employment for that or any subsequent action or actions, whether similar or dissimilar, that would constitute Good Reason. For purposes of clarity, it is
acknowledged that expiration of the Employment Term (including notice of non-renewal) shall not be considered “Good Reason” hereunder. 
  
 (iii) Material Line of Business. “Material Line of Business” means any line or lines of business or service or group of
services which represent(s) in the aggregate either 25% or more of the Company’s consolidated revenues or 25% or more of the Company’s consolidated EBITDA (earnings before interest, taxes, depreciation and amortization) for the
twelve month period ended on the last day of the most recently ended fiscal quarter for the Company. 
  
 5. Confidential Information. The Executive understands and acknowledges that during the Executive’s employment with the Company, the
Executive has been and will be making use of, acquiring or adding to the Company’s Confidential Information (as defined below). In order to protect the Confidential Information, except as provided in Section 8(k) below, the Executive will
not, during the Executive’s employment with the Company or at any time thereafter, in any way utilize any of the Confidential Information except in connection with the Executive’s employment by the Company. The Executive will not at any
time use any Confidential Information for the Executive’s own benefit or the benefit of any person except the Company. At the end of the Executive’s employment with the Company, the Executive will surrender and return to the Company any
and all Confidential Information in the Executive’s possession or control, as well as any other Company property that is in the Executive’s possession or control. The Executive acknowledges and agrees that any breach of this Section 5
would be a material breach of this Agreement. The term “Confidential Information” shall mean any information that is confidential and proprietary to the Company, including but not limited to the following general categories: 
  
 (i) trade secrets; 
  

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 (ii) lists and other information about current and prospective customers; 
  
 (iii) plans or strategies for sales, marketing, business
development, or system build-out; 
  
 (iv) sales
and account records; 
  
 (v) prices or pricing
strategy or information; 
  
 (vi) current and
proposed advertising and promotional programs; 
  
 (vii) engineering and technical data; 
  
 (viii) the Company’s methods, systems, techniques, procedures, designs, formulae, inventions and know-how; personnel information; 
  
 (ix) legal advice and strategies; and 
  
 (x) other information of a similar nature not known or made available to the public or the Company’s Competitors (as defined in
Section 8). 
  
 Confidential Information includes any such information that
the Executive may prepare or create during the Executive’s employment with the Company, as well as such information that has been or may be created or prepared by others. This promise of confidentiality is in addition to any (i) obligation
of the Executive to protect confidential information under the applicable Virginia Rules of Professional Conduct, statutes, or common law, and (ii) common law or statutory rights of the Company to prevent disclosure of its Trade Secrets and/or
Confidential Information. 
  
 6. Return of Documents.
All writings, records and other documents and things containing any Confidential Information in the Executive’s custody or possession shall be the exclusive property of the Company, shall not be copied and/or removed from the premises of
the Company, except in pursuit of the business of the Company, and shall be delivered to the Company, without retaining any copies, upon the termination of the Executive’s employment or at any time as requested by the Company. 
  
 7. Reaffirm Obligations. Upon termination of the
Executive’s employment with the Company, the Executive shall, if requested by the Company, reaffirm in writing Employee’s recognition of the importance of maintaining the confidentiality of the Company’s proprietary information and
trade secrets and reaffirm all of the obligations set forth in Section 5 of this Agreement. 
  

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 8. Non-Compete; Non-Solicitation. The Executive agrees that: 
  
 (a) while the Executive is employed by the Company, the
Executive will not, directly or indirectly, compete with the business conducted by the Company, and the Executive will not, directly or indirectly, provide any services to a Competitor. 
  
 (b) Except as provided in Section 8(k) below, for a period of 24 months after the Executive’s
employment with the Company ends for any reason (the “Non-Competition Period”), the Executive will not compete with the Company by performing or causing to be performed the same or similar types of duties or services that the
Executive performed for the Company, other than services related to the practice of law which shall not be restricted hereunder other than by the applicable Virginia Rules of Professional Responsibility, for a Competitor of the Company in any
capacity whatsoever, directly or indirectly, within any city or county of the continental United States in which, at the time the Executive’s employment with the Company ends, the Company provides services or products, offers to provide
services or products, or has documented plans to provide or offer to provide services or products within the Non-Competition Period provided that the Executive has knowledge of those plans at the time the Executive’s employment with the Company
ends (the “Service Area”). Additionally, the Executive agrees that during the Non-Competition Period, the Executive will not, directly or indirectly, sell, attempt to sell, provide or attempt to provide, any wireless or wireline
telecommunication services, including but not limited to internet services, to any person or entity who was a customer or an actively sought prospective customer of the Company, at any time during the Executive’s employment with the Company.
The restrictions set forth above shall immediately terminate and shall be of no further force or effect in the event of a default by the Company in the payment of any consideration, if any, to which the Executive is entitled under Section 8(i)
below, which default is not cured within thirty (30) days after written notice thereof. The Executive acknowledges and agrees that because of the nature of the Company’s business, the nature of the Executive’s job responsibilities,
and the nature of the Confidential Information and Trade Secrets of the Company which the Company will give the Executive access to, any breach of this provision by the Executive would result in the inevitable disclosure of the Company’s Trade
Secrets and Confidential Information to its direct competitors. 
  
 (c) While the Executive is employed by the Company and during the Non-Competition Period, the Executive will not, directly or indirectly, solicit or encourage any employee of the Company to terminate employment with
the Company; hire, or cause to be hired, for any employment by a Competitor, any person who within the preceding 12 month period has been employed by the Company, or assist any other person, firm, or corporation to do any of the acts described in
this subsection (c). 
  
 (d) The Executive
acknowledges and agrees that the Company has a legitimate business interest in preventing her from engaging in activities competitive with it as described in this Section 8 and that any breach of this Section 8 would constitute a material
breach of this Section 8 and this Agreement. 
  
 (e) The Company may notify anyone employing the Executive or evidencing an intention to employ the Executive during the Non-Competition Period as to the existence and provisions of this Agreement and may provide such person or organization
a copy of this 

  

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Agreement. The Executive agrees that the Executive will provide the Company the identity of any employer Executive plans to go to work for during the
Non-Competition Period along with the Executive’s anticipated job title, anticipated job duties with any such employer, and anticipated start date. The Company will analyze the proposed employment and make a determination as to whether it would
violate this Section 8. If the Company determines that the proposed employment would not pose an unacceptable threat to the Company’s interests, the Company will notify the Executive in writing that it does not object to the employment.
The Executive further agrees to provide a copy of this Agreement to anyone who employs the Executive during the Non-Competition Period. 
  
 (f) The Executive acknowledges and agrees that this Section 8 is intended to limit the Executive’s right to compete only to the
extent necessary to protect the Company’s legitimate business interest. The Executive acknowledges and agrees that the Executive will be reasonably able to earn a livelihood without violating the terms of this Section 8. If any of the
provisions of this Section 8 should ever be deemed to exceed the time, geographic area, or activity limitations permitted by applicable law, the Executive agrees that such provisions may be reformed to the maximum time, geographic area and
activity limitations permitted by applicable law, and the Executive authorizes a court or other trier of fact having jurisdiction to so reform such provisions. In the event the Executive breaches any of the restrictions or provisions set forth in
this Section 8, the Executive waives and forfeits any and all rights to any further benefits under this Agreement, including but not limited to the consideration set forth in subsection (i) below as well as any additional payments,
compensation, benefits or severance pay she may otherwise be entitled to receive under this Agreement. Additionally, in the event the Executive breaches any of the restrictions or provisions set forth in this Section 8, the Executive agrees to
repay the Company for any of the consideration set forth in subsection (i) below that the Executive received prior to the breach as well as any additional payments, compensation, benefits or severance pay the Executive might otherwise have
previously received under Section 4(c) of this Agreement. 
  
 (g) For purposes of this Section 8, the following definitions will apply: 
  
 (i) “Directly or indirectly” as used in this Agreement includes an interest in or participation in a business as an individual,
partner, shareholder, owner, director, officer, principal, agent, employee, consultant, trustee, lender of money, or in any other capacity or relation whatsoever. The term includes actions taken on behalf of the Executive or on behalf of any other
person. “Directly or indirectly” does not include the ownership of less than 5% of the outstanding shares of any corporation, if such shares are publicly traded in the over-the-counter market or listed on a national securities exchange.

  
 (ii) “Competitor” as used in this
Agreement means any person, firm, association, partnership, corporation or other entity that competes or attempts to compete with the Company by providing or offering to provide wireless or wireline telecommunication services, including but not
limited to internet services, within any city or county in which the Company provides or offers those services or products. 
  

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 (h) Notwithstanding any other provision of this Section 8, the Executive will not be
considered to have violated any prohibition against competing with the Company for engaging in any of the following activities: (1) being employed or retained by (i) any parent, subsidiary or affiliate organization of any Competitor where
that parent, subsidiary or affiliate organization does not itself, and the Executive’s employment will not cause the Executive to, compete or attempt to compete with the Company by providing or offering to provide wireless or wireline
telecommunications services, including but not limited to internet services, within the Service Area or (ii) any Competitor, directly or indirectly, so long as Executive’s employment or service does not relate to working within the Service
Area or activities that would benefit the Competitor principally within the Service Area; or (2) working or providing services within the Service Area so long as the Executive’s employment or service does not relate to the type of services
provided or offered by the Company within that Service Area or to services for which the Company has documented plans to provide, offer or supply within that Service Area at the time of Executive’s termination of employment; or (3) selling
or attempting to sell wireless or wireline telecommunications services, including but not limited to internet services, so long as the services or products, which the Executive is selling or attempting to sell to a customer, do not relate to the
type of services or products provided or offered by the Company to such customer or for which the Company has documented plans to provide, offer or supply to such customer at the time of Executive’s termination of employment; provided,
however, that the Executive is nevertheless prohibited from: (i) selling, attempting to sell, and providing or attempting to provide, to any person who was a customer, or who was actively sought as a customer, of the Company at the time
of Executive’s termination of employment any wireless or wireline telecommunications services, including but not limited to internet services, that are the type of services or products that the Company sold, attempted to sell or provided or
attempted to provide to such customer as described in (b) above and (ii) soliciting or encouraging any employee of the Company to terminate employment or taking any other of the prohibited actions as described in (c) above.

  
 (i) In consideration of the Executive’s
undertakings set forth in this Section 8 with respect to periods after termination of employment, but only in the event that the Executive is entitled to the benefits and payments under Section 4(c) above, the Company will pay the
Executive an amount equal to twenty-five percent (25%) of her Base Salary during the Non-Competition Period, in such periodic installments as her Base Salary was being paid immediately prior to termination of employment. In the event the
Executive is not entitled to the benefits and payments under Section 4(c) above, the Company will not pay Executive any of the consideration set forth in this Section 8(i). 
  
 (j) In the event the Executive breaches any of the restrictions or provisions set forth in this
Section 8, the Executive waives and forfeits any and all rights to any further payments under subsection (i) or otherwise under this Agreement. This waiver and forfeiture shall be effective even in the event a court refuses to enforce the
restrictions set forth in this Section 8. 
  
 (k) The Executive and the Company acknowledge and agree that no part of this Section 8 or of Sections 5, 6 or 7 are intended to (i) restrict the Executive’s right to practice law after the Executive’s employment with the
Company ends or (ii) relieve the Executive from, or cause the Executive to violate, any of her duties or responsibilities (ethical or otherwise) as an 

  

 -12- 

 
attorney admitted to practice in the Commonwealth of Virginia. None of the provisions of Sections 5, 6, 7 or 8 shall be deemed a restriction on the
Executive’s right to practice law after the Executive’s employment with the Company ends or be interpreted in a way that would be a violation of the Executive’s duties or responsibilities (ethical or otherwise) as an attorney admitted
to practice in the Commonwealth of Virginia. The Executive and the Company agree that Sections 5, 6, 7 and 8 will be interpreted to mean the maximum restrictions on Executive otherwise permitted by the applicable guidelines of professional conduct
for attorneys admitted to practice in the Commonwealth of Virginia, so as to restrict Executive’s activities consistent with Sections 5, 6, 7 or 8 without limiting her from practicing law after the Executive’s employment with the Company
ends. 
  
 9. Representations. The Executive
represents and warrants to the Company that the execution, delivery and performance of this Agreement by the Executive does not conflict with, or result in the breach by the Executive or violation by the Executive of, any other agreement to which
the Executive is a party or by which the Executive is bound. The Executive hereby agrees to indemnify the Company, its officers, directors and shareholders and hold them harmless from and against any liability (including, without limitation,
reasonable attorneys’ fees and expenses) which they may at any time suffer or incur arising out of or relating to any breach of an agreement, representation or warranty made by the Executive herein. The Company represents and warrants that this
Agreement and the transactions contemplated hereby have been duly authorized by the Company by all necessary corporate and shareholder action, and that the execution, delivery and performance of this Agreement by the Company does not conflict with,
or result in the breach or violation by the Company of, its Articles of Incorporation or Amended and Restated Bylaws or any other agreement to which the Company is a party or by which it is bound. The Company hereby agrees to indemnify the Executive
and hold the Executive harmless from and against any liability (including, without limitation, reasonable attorneys’ fees and expenses) which the Executive may at any time suffer or incur arising out of or relating to any breach of an
agreement, representation or warranty made by the Company herein. 
  
 10. Remedies. The parties hereto agree that the Company would suffer irreparable harm from a breach by the Executive of any of the covenants or agreements contained herein. Therefore, in the event of the actual or threatened
breach by the Executive of any of the provisions of this Agreement, the Company may, in addition and supplementary to other rights and remedies existing in its favor, apply to any court of law or equity of competent jurisdiction for specific
performance and/or injunctive or other relief in order to enforce or prevent any violation of the provisions hereof. The Executive agrees that if a lawsuit or other proceeding is brought to enforce the terms of this Agreement or determine the
validity of its terms and the Company prevails, the Company will be entitled to recover from the Executive its reasonable attorneys’ fees and court costs. The Executive agrees that these provisions are reasonable. 
  
 11. Successors and Assigns. This Agreement shall be binding
upon and inure to the benefit of the Company and its affiliates and their successors and assigns, and shall be binding upon and inure to the benefit of the Executive and the Executive’s legal representatives and assigns, provided that in
no event shall the Executive’s obligations to perform services for the Company and its affiliates be delegated or transferred by the Executive. The Company may assign or transfer its rights hereunder to a successor corporation in the event of a
merger, consolidation or transfer or sale of all or substantially all of the assets of the Company or of the 

  

 -13- 

 
Company’s business (provided, however, that no such assignment or transfer shall have the effect of relieving the Company of any liability to the
Executive hereunder or under any other agreement or document contemplated herein), but only if such assignment or transfer does not result in employment terms, conditions, duties or responsibilities which are or may be materially different than the
terms, conditions, duties or responsibilities of the Executive hereunder. If the Company assigns or transfers its rights under this Agreement to a successor corporation, the Executive’s obligations under Section 8 of this Agreement will be
construed and enforceable with respect to the business and geographic scope of the Company only and will not be construed or enforceable with respect to the business and geographic scope of any successor corporation to which the Company’s
rights may be assigned or transferred to the extent such business or geographic scope is greater than that of the Company at the time of such assignment or transfer. The Executive may not transfer or assign the Executive’s rights and
obligations under this Agreement. 
  
 12. Modification or
Waiver. No amendment, modification, waiver, termination or cancellation of this Agreement shall be binding or effective for any purpose unless it is made in a writing signed by the party against whom enforcement of such amendment,
modification, waiver, termination or cancellation is sought. No course of dealing between or among the parties to this Agreement shall be deemed to affect or to modify, amend or discharge any provision or term of this Agreement. No delay on the part
of the Company or the Executive in the exercise of any of their respective rights or remedies shall operate as a waiver thereof, and no single or partial exercise by the Company or the Executive of any such right or remedy shall preclude other or
further exercises thereof. A waiver of a right or remedy on any one occasion shall not be construed as a bar to or waiver of any such right or remedy on any other occasion. 
  
 13. Governing Law; Jurisdiction. This Agreement and all rights, remedies and obligations hereunder, including,
but not limited to, matters of construction, validity and performance shall be governed by the laws of the Commonwealth of Virginia without regard to its conflict of laws principles or rules. To the full extent lawful, each of the Company and the
Executive hereby consents irrevocably to personal jurisdiction, service and venue in connection with any claim or controversy arising out of this Agreement in the courts of the Commonwealth of Virginia located in Waynesboro, Virginia, and in the
federal courts in the Western District of Virginia. 
  
 14.
Excise Taxes. 
  
 (a) If any
payment or distribution by the Company or any affiliate to or for the benefit of the Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise pursuant to or by reason of any other
agreement, policy, plan, program or arrangement, including without limitation any stock option, stock appreciation right or similar right, or the lapse or termination of any restriction on or the vesting or exercisability of any of the foregoing (a
“Payment”), would be subject to the excise tax imposed by Section 4999 of the Internal Revenue Code of 1986, as amended (the “Code”) or to any similar tax imposed by state or local law, or any interest or penalties with
respect to such tax (such tax or taxes, together with any such interest and penalties, being hereafter collectively referred to as the “Excise Tax”), then the benefits payable or provided under this Agreement (or other Payments as
described above) shall be reduced (but not in excess of the amount of the 

  

 -14- 

 
benefits payable or provided under this Agreement) if, and only to the extent that, such reduction will allow the Executive to receive a greater Net After
Tax Amount than such Executive would receive absent such reduction. 
  
 (b) The Accounting Firm (as defined below) will first determine the amount of any Parachute Payments (as defined below) that are payable to the Executive. The Accounting Firm also will determine the Net After Tax
Amount attributable to the Executive’s total Parachute Payments. 
  
 (c) The Accounting Firm will next determine the largest amount of payments that may be made to the Executive without subjecting the Executive to the Excise Tax (the “Capped Payments”). Thereafter, the
Accounting Firm will determine the Net After Tax Amount attributable to the Capped Payments. 
  
 (d) The Executive then will receive the total Parachute Payments or the total Capped Payments, whichever provides the Executive with the
higher Net After Tax Amount; however, if the reductions imposed under this Section 14 are in excess of the amount of benefits payable or provided under this Agreement, then the total Parachute Payments will be adjusted by reducing the amount of
any noncash or cash benefits under this Agreement or any other plan, agreement or arrangement as directed by the Executive. The Accounting Firm will notify the Executive and the Company if it determines that the Parachute Payments must be reduced
and will send the Executive and the Company a copy of its detailed calculations supporting that determination. 
  
 (e) As a result of the uncertainty in the application of Code Sections 280G and 4999 at the time that the Accounting Firm makes its
determinations under this Section 14, it is possible that the Executive will have received Parachute Payments or Capped Payments in excess of the amount that should have been paid or distributed (“Overpayments”), or that additional
Parachute Payments or Capped Payments should be paid or distributed to the Executive (“Underpayments”). If the Accounting Firm determines, based on either the assertion of a deficiency by the Internal Revenue Service against the Company or
the Executive, which assertion the Accounting Firm believes has a high probability of success or controlling precedent or substantial authority, that an Overpayment has been made, that Overpayment may, at the Executive’s discretion, be treated
for all purposes as a loan ab initio that the Executive must repay to the Company immediately together with interest at the applicable Federal rate under Code Section 7872; provided, however, that no loan will be deemed to have been made and no
amount will be payable by the Executive to the Company unless, and then only to the extent that, the deemed loan and payment would either reduce the amount on which the Executive is subject to tax under Code Section 4999 or generate a refund of
tax imposed under Code Section 4999 and the Executive will receive a greater Net After Tax Amount than such Executive would otherwise receive. If the Accounting Firm determines, based upon controlling precedent or substantial authority, that an
Underpayment has occurred, the Accounting Firm will notify the Executive and the Company of that determination and the amount of that Underpayment will be paid to the Executive promptly by the Company. 
  

 -15- 

 (f) For purposes of this Section 14, the following terms shall have their respective
meanings: 
  
 (i) “Accounting Firm”
means the independent accounting firm currently engaged by the Company, or a mutually agreed upon independent accounting firm if requested by the Executive; and 
  
 (ii) “Net After Tax Amount” means the amount of any Parachute Payments or Capped Payments, as
applicable, net of taxes imposed under Code Sections 1, 3101(b) and 4999 and any State or local income taxes applicable to the Executive on the date of payment. The determination of the Net After Tax Amount shall be made using the highest combined
effective rate imposed by the foregoing taxes on income of the same character as the Parachute Payments or Capped Payments, as applicable, in effect on the date of payment. 
  
 (iii) “Parachute Payment” means a payment that is described in Code Section 280G(b)(2),
determined in accordance with Code Section 280G and the regulations promulgated or proposed thereunder. 
  
 (g) The fees and expenses of the Accounting Firm for its services in connection with the determinations and calculations contemplated by
the preceding subsections shall be borne by the Company. 
  
 (h) The Company and the Executive shall each provide the Accounting Firm access to and copies of any books, records and documents in the possession of the Company or the Executive, as the case may be, reasonably
requested by the Accounting Firm, and otherwise cooperate with the Accounting Firm in connection with the preparation and issuance of the determinations and calculations contemplated by the preceding subsections. Any determination by the Accounting
Firm shall be binding upon the Company and the Executive. 
  
 15.
Severability. Whenever possible each provision and term of this Agreement shall be interpreted in such a manner as to be effective and valid under applicable law, but if any provision or term of this Agreement shall be held to be
prohibited by or invalid under such applicable law, then such provision or term shall be ineffective only to the extent of such prohibition or invalidity, without invalidating or affecting in any manner whatsoever the remainder of such provisions or
term or the remaining provisions or terms of this Agreement. If any provision contained in Sections 5 or 8 of this Agreement shall for any reason be held to be excessively broad or unreasonable as to time, territory, or interest to be protected, a
court is hereby empowered and requested to construe such provision by narrowing it so as to make it reasonable and enforceable to the extent provided under applicable law. 
  
 16. Counterparts. This Agreement may be executed in separate counterparts, each of which is deemed to be an
original and all of which taken together constitute one and the same Agreement. 
  
 17. Headings. The headings of the Sections of this Agreement are inserted for convenience only and shall not be deemed to constitute a part hereof and shall not affect the construction or interpretation
of this Agreement. 
  
 18. Entire Agreement. This
Agreement (together with all documents and instruments referred to herein) constitutes the entire agreement, and supersedes all other prior 

  

 -16- 

 
agreements and undertakings, both written and oral, among the parties with respect to the subject matter hereof, including any employment or management
continuity agreement under which the Executive hereby agrees to waive all rights and which is hereby terminated. 
  
 [SIGNATURES APPEAR ON THE FOLLOWING PAGE] 
  

 -17- 

 IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first above written.

  

			
	NTELOS Inc.
		
	By:	 	/s/    JAMES S.
QUARFORTH        
	 	 	James S. Quarforth
	 	 	Chief Executive Officer
	
	Executive
	
	/s/    MARY
MCDERMOTT        
	Mary McDermott

  

 -18- 

 EMPLOYMENT CONTRACT AMENDMENT 
  
 THIS AMENDMENT (“Amendment”) to the Employment Agreement (the “Employment Agreement”) dated as of
May 2, 2005 by and between NTELOS Inc., a Virginia corporation (“Company”), and Mary McDermott (the “Executive”) is made as of February 13, 2006, by and between NTELOS, NTELOS Holdings Corp., a Delaware corporation
(“Holdings”) and the Executive (collectively, the “Parties”). 
  
 Background 
  
 Holdings
will be engaging in an initial public offering and NTELOS will remain a wholly owned subsidiary of Holdings. NTELOS and the Executive wish to add Holdings as a party to the Employment Agreement, upon which both NTELOS and Holdings will jointly share
the liabilities and benefits under the Employment Agreement. Additionally, the Parties wish to make certain other amendments to the Employment Agreement, as set forth herein,. The Executive consents to this Amendment, including without limitation,
the addition of Holdings as a party to the Agreement. 
  
 Terms

  
 In consideration of the foregoing and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, the Parties hereto promise and agree as follows: 
  
 1. Pursuant to Section 11 of the Employment Agreement, Holdings shall become a party to the Employment Agreement and,
jointly with NTELOS, inure to all the benefits and the liabilities under the Employment Agreement, as NTELOS has under the Agreement. Henceforth both Holdings and NTELOS shall jointly share the liabilities and benefits under the Employment
Agreement. 
  
 2. To reflect the addition of Holdings as a party
to the Employment Agreement, unless the context requires otherwise, the definition of and all references to “Company” in the Employment Contract shall refer to both Holdings and NTELOS. 
  
 3. All references to “Board” in the Employment Agreement shall
refer to the Board of Directors of Holdings. 
  
 4. Section 2
of the Employment Agreement shall be amended by adding the following after the last sentence of Section 2: 
  
 “Notwithstanding the foregoing, if the Employment Term has less than 24 months remaining upon the occurrence of a “Change in Control” (as
such term is defined in Section 4(e)(iv)), then the Employment Term shall be automatically extended so that the Employment Term will not expire until the date which is 24 months from the date of the Change in Control, subject to the automatic
renewal, as described above.” 

 5. Section 4(b) of the Employment Agreement shall be amended by adding the following after the last
sentence of Section 4(b): 
  
 “Notwithstanding the
foregoing, if the Executive is a “specified employee” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), then the Disability Incentive Payment shall be paid to the Executive in
one lump sum payment, as soon as administratively feasible after the first day which is at least six months after the Termination Date.” 
  
 6. Section 4(c)(i) of the Employment Agreement shall be amended by adding the following after the last sentence of Section 4(c)(i): 

 
 “Notwithstanding the foregoing, if the Executive is a
“specified employee” within the meaning of Code Section 409A, then the payments required under this Section 4(c)(i) shall not commence until the first day which is at least six months after the Termination Date. All payments,
which would have otherwise been required to be made over such six month period, shall be paid to the Executive in one lump sum payment, as soon as administratively feasible after the first day which is at least six months after the Termination Date.
Thereafter, payments shall continue as so provided above for the remainder of the Termination Period.” 
  
 7. Section 4(c)(ii) of the Employment Agreement shall be amended by adding the following after the last sentence of Section 4(c)(ii):

  
 “Notwithstanding the foregoing, if the Executive is a
“specified employee” within the meaning of Code Section 409A, then the payment shall be paid to the Executive in one lump sum payment, as soon as administratively feasible after the first day which is at least six months after the
Termination Date.” 
  
 8. Section 4(c)(iv) of the
Employment Agreement shall be amended by adding the following after the last sentence of Section 4(c)(iv): 
  
 “Notwithstanding the foregoing, if the Executive is a “specified employee” within the meaning of Code Section 409A, then such
reimbursements (only to the extent such would otherwise be subject to Code Section 409A) shall not commence until the first day which is at least six months after the Termination Date. All reimbursements, which would have otherwise been
required to be made over such six month period, shall be paid to the Executive in one lump sum payment, as soon as administratively feasible after the first day which is at least six months after the Termination Date. Thereafter, reimbursements
shall continue as so provided above for the remainder of the Termination Period.” 
  

 -2- 

 9. A new Section 4(e)(iv) shall be added the Employment Agreement, which shall read in its entirety,
as follows: 
  
 “Change in Control” means any of the
following described in clauses (I) through (V) below, provided that a “Change in Control” shall not mean any event listed in clauses (I) through (V) 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 securities of Holdings representing
more than fifty-one percent (51%) of the combined voting power of the then outstanding securities, or the shareholders of Holdings approve a merger, consolidation or reorganization of Holdings 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 Holdings’ then outstanding securities: 
  
 I. any Person is or becomes the owner or “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of
securities of Holdings representing more than fifty-one percent (51%) of the combined voting power of the then outstanding securities; 
  
 II. consummation of a merger, consolidation or reorganization of Holdings with any other company, or a sale of all or substantially all the assets of
Holdings (a “Transaction”), other than (i) a Transaction that would result in the voting securities of Holdings 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 Holdings or such surviving or purchasing entity; 
  
 III. the shareholders of Holdings approve a plan of complete liquidation of Holdings and such liquidation is consummated; or 
  
 IV. a sale, transfer, conveyance or other disposition (whether by asset
sale, stock sale, merger, combination or otherwise) (a “Sale”) of a Material Line of Business (other than any such sale to 

  

 -3- 

 
the Quadrangle Entities, the CVC Entities or their Affiliates, related funds and co-investors ), except that with respect to this clause (IV) there shall
only be a Change in Control with respect to the Executive who is employed at such time in such Material Line of Business (whether full or part-time), and the Executive does not receive an offer for “comparable employment” with the
purchaser and the Executive’s employment is terminated by Holdings or any Affiliate of Holdings no later than six (6) months after the consummation of the Sale of the Material Line of Business. For these purposes, “comparable
employment” means that (i) the Executive’s base salary and target incentive payments are not reduced in the aggregate, (ii) the Executive’s job duties and responsibilities are not diminished (but a reduction in size of
Holdings as the result of a Sale of a Material Line of Business, or the fact that the purchaser is smaller than Holdings, shall not alone constitute a diminution in the Executive’s job duties and responsibilities), (iii) the Executive is
not required to relocate to a facility more than fifty (50) miles from the Executive’s principal place of employment at the time of the Sale and (iv) the Executive is provided benefits that are comparable in the aggregate to those
provided to the Executive immediately prior to the Sale; or 
  
 V. During any period of twelve (12) consecutive months commencing upon the effective date of this Amendment, the individuals who constitute the Board, upon the effective date of this Amendment, and any new director who either
(i) was elected by the Board or nominated for election by Holdings’ 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. 
  
 For purposes of the foregoing, “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. 
  
 For purposes of the foregoing, “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. 
  
 10. Section 8(i) of the Employment Agreement shall be amended by adding the following before the last sentence of Section 8(i): 
  

 -4- 

 “Notwithstanding the foregoing, if the Executive is a “specified employee” within the
meaning of Section 409A, then such payments shall be made in the same time and manner as provided in Section 4(c)(i) above.” 
  
 11. Other than as specifically provided in the Amendment, the Employment Agreement shall remain in full force and effect. 
  
 IN WITNESS WHEREOF, the parties have caused this Amendment to be executed and
delivered by their respective representatives, thereunto duly authorized, as of the date first above written. 
  

									
	HOLDINGS:	 	 	 	NTELOS HOLDINGS CORP.
					
	 	 	 	 	 	 	By:	 	/s/    JAMES S.
QUARFORTH        
	 	 	 	 	 	 	Name:	 	James S. Quarforth
	 	 	 	 	 	 	Title:	 	Chief Executive Officer, President and Chairman of the Board of Directors
			
	NTELOS:	 	 	 	NTELOS INC.
					
	 	 	 	 	 	 	By:	 	/s/    JAMES S.
QUARFORTH        
	 	 	 	 	 	 	Name:	 	James S. Quarforth
	 	 	 	 	 	 	Title:	 	Chief Executive Officer, President and Chairman of the Board of Directors
			
	 	 	 	 	 
				
	EXECUTIVE :	 	 	 	 	 	/s/    MARY
MCDERMOTT        
	 	 	 	 	 	 	Name:	 	Mary McDermott

  

 -5-Holdings Amended and Restated Equity Incentive Plan

 Exhibit 10.8 
 NTELOS HOLDINGS CORP. AMENDED AND RESTATED EQUITY INCENTIVE PLAN 
 (Effective as of
February 13, 2006) 

 NTELOS HOLDINGS CORP. AMENDED AND RESTATED 
 EQUITY INCENTIVE PLAN 
  

	 	1.	Purpose of the Plan 

 The purpose of the Plan
is to assist the Company and its Subsidiaries in attracting and retaining valued employees, officers, consultants and other service providers by offering them a greater stake in the Company’s success and a closer identity with it, and to
encourage ownership of the Company’s stock by such individuals. 
  

	 	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. Unless the context requires otherwise, when a specified
Person is not referenced, the term “Affiliate” shall refer to Affiliates of the Company and/or its Subsidiaries. 
 2.2 “Award” means a grant of an Incentive Award, Option, Restricted Stock, Restricted Stock Unit or SAR 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 “Cause” shall mean Cause as such term is defined in any employment agreement between the Participant and the
Company or its Subsidiaries or Affiliates. If no such agreement or definition exists, “Cause” shall exist with respect to a Participant if such Participant has (i) committed an act of fraud, embezzlement, misappropriation or breach of
fiduciary duty against the Company, any Subsidiary or any Affiliate or a felony involving the business, assets, customers or clients of the Company, any Subsidiary or any Affiliate or has been convicted by a court of competent 

 
jurisdiction or has plead guilty or nolo contendere to any other felony; (ii) committed a material breach of any written confidentiality, non-compete,
non-solicitation or business opportunity covenant contained in any agreement entered into by such Participant and the Company, any Subsidiary or any Affiliate; or (iii) substantially failed to perform such Participant’s duties to the
Company, any Subsidiary or any Affiliate, including by committing a material breach of any written covenant contained in any agreement entered into by such Participant and the Company, any Subsidiary or any Affiliate (other than a confidentiality,
non-compete, non-solicitation or business opportunity covenant) after written notice and an opportunity to cure (not to exceed 30 days) (it being understood that conduct pursuant to an Participant’s exercise of good faith business judgment
should not constitute “Cause” under clause (iii) above). 
 2.6 “Change in Control” means any of the
following described in clauses (a) through (e) below, provided that a “Change in Control” shall not mean any event listed in clauses (a) through (e) 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 

  

 - 2 - 

 
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) a sale, transfer, conveyance or other disposition (whether by asset sale, stock sale, merger, combination or otherwise) (a
“Sale”) of a Material Line of Business (other than any such sale to the Quadrangle Entities, the CVC Entities or their Affiliates, related funds and co-investors), except that with respect to this clause (d) there shall only be a
Change in Control with respect to a Holder who is employed at such time in such Material Line of Business (whether full or part-time), and the Holder does not receive an offer for “comparable employment” with the purchaser and the
Holder’s employment is terminated by the Company or any Affiliate no later than six (6) months after the consummation of the Sale of the Material Line of Business. For these purposes, “comparable employment” means that
(i) the Holder’s base salary and target incentive payments are not reduced in the aggregate, (ii) the Holder’s job duties and responsibilities are not diminished (but a reduction in size of the Company as the result of a Sale of
a Material Line of Business, or the fact that the purchaser is smaller than the Company, shall not alone constitute a diminution in the Holder’s job duties and responsibilities), (iii) the Holder is not required to relocate to a facility
more than fifty (50) miles from the Holder’s principal place of employment at the time of the Sale and (iv) the Holder is provided benefits that are comparable in the aggregate to those provided to the Holder immediately prior to the
Sale; or 
 (e) 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. 
 For purposes of the foregoing,
“Material Line of Business” means any line or lines of business or service or group of services which represent(s) in the aggregate either twenty-five percent (25%) or more of the 

  

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Company’s consolidated revenues or twenty-five percent (25%) or more of the Company’s consolidated EBITDA (earnings before interest, taxes,
depreciation and amortization) for the twelve-month period ended on the last day of the most recently ended fiscal quarter for the Company. 
 2.7 “Class B Common Stock “ means Class B Common Stock of the Company, par value $0.01 per share. 
 2.8 “Code” means the Internal Revenue Code of 1986, as amended. 
 2.9
“Committee” means the committee designated by the Board to administer the Plan under Section 4. The Committee shall have at least two members, each of whom shall be a member of the Board, and shall be both a Non-Employee Director and
an Outside Director. 
 2.10 “Common Stock” means the Common Stock of the Company, par value $0.01 per share, Class
B Common Stock, or such other class or kind of shares or other securities resulting from the application of Section 8, as applicable. 
 2.11 “Company” means NTELOS Holdings Corp., a Delaware corporation, or any successor corporation. 
 2.12 “Disability” means a physical, mental or other impairment within the meaning of Section 22(e)(3) of the Code. 
 2.13 “Employee” means an officer or other employee of the Company, a Subsidiary or an Affiliate, including a director who is
such an employee. 
 2.14 “Exercise Price” means the exercise price per share of Common Stock of an Option or the
base value of a SAR. 
 2.15 “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 

  

 - 4 - 

 
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. 

2.16 “Holder” means a Participant to whom an Award is made. 
 2.17 “Incentive Award” means an Award granted pursuant to Section 10, stated with reference to a specified dollar amount or
number of shares of Common Stock which, subject to such terms and conditions as may be prescribed by the Committee, entitles the Participant to receive shares of Common Stock, a cash payment or a combination thereof from the Company or an Affiliate.

 2.18 “Incentive Stock Option” means an Option intended to meet the requirements of an incentive stock option as
defined in section 422 of the Code and designated as an Incentive Stock Option. 
 2.19 “Named Executive Officer”
means a Holder who, as of the last day of a taxable year, is the Chief Executive Officer of the Company (or is acting in such capacity) or one of the four highest compensated officers of the Company (other than the Chief Executive Officer) or is
otherwise one of the group of “covered employees,” as defined in the regulations promulgated under Code Section 162(m). 
 2.20 “1934 Act” means the Securities Exchange Act of 1934, as amended. 
 2.21
“Non-Employee Director” means a member of the Board who meets the definition of a “non-employee director” under Rule 16b-3(b)(3) promulgated by the Securities and Exchange Commission under the 1934 Act. 
 2.22 “Non-Qualified Option” means an Option not intended to be an Incentive Stock Option, and designated as a Non-Qualified
Option. 
  

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 2.23 “Option” means any stock option granted from time to time under
Section 7 of the Plan. Options granted under the Plan may be Non-Qualified Options or Incentive Stock Options, as determined by the Committee. 
 2.24 “Outside Director” means a member of the Board who meets the definition of an “outside director” under Treasury Regulation § 1.162-27(e)(3). 
 2.25 “Participant” means a person granted an Award. 
 2.26 “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. 
 2.27
“Plan” means the NTELOS Holdings Corp. Amended and Restated Equity Incentive Plan herein set forth, as amended from time to time. 
 2.28 “Restricted Stock” means Common Stock subject to a Restriction Period awarded by the Committee under Section 6 of the Plan. 
 2.29 “Restricted Stock Units” means an Award granted pursuant to Section 9, in the amount determined by the Committee,
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. 
 2.30 “Restriction Period” means the period during which an Award of Restricted Stock awarded under Section 6 of the Plan or
an Award of a Restricted Stock Unit awarded under Section 9 of the Plan is subject to forfeiture. 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. 
 2.31 “SAR” means a stock appreciation right granted pursuant
to Section 8, that in accordance with the terms of an Award Agreement entitles the Holder to receive a number of 

  

 - 6 - 

 
shares of Common Stock based on the increase in the Fair Market Value of the shares underlying the stock appreciation right during a stated period specified
by the Committee. 
 2.32 “Subsidiary” means, with respect to the Company, any corporation, partnership, association
or other business entity of which (i) if a corporation, a majority of the overall economic equity or a majority of the total voting power of shares of stock entitled (regardless of whether, at the time, stock of any other class or classes of
such corporation shall have or might have voting power by reason of the happening of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by the Company or
one or more of the other Subsidiaries of the Company or a combination thereof or (ii) if a partnership, association or other business entity, a majority of the partnership or other similar ownership interest thereof is at the time owned or
controlled, directly or indirectly, by the Company or one or more of the other Subsidiaries of the Company or a combination thereof. 
 2.33 “Ten Percent Shareholder” means a person who on any given date owns, either directly or indirectly (taking into account the attribution rules contained in section 424(d) of the Code), stock possessing more than 10% of the
total combined voting power of all classes of stock of the Company or a corporate Subsidiary. 
 2.34 “Termination
Date” means the day on which a Holder’s employment or service with the Company and its Subsidiaries and Affiliates terminates or is terminated. 
  

	 	3.	Eligibility 

 3.1 Any
Employee of the Company, its Subsidiaries or its Affiliates is eligible to participate in this Plan. In addition, any other person that provides services to the Company, its Subsidiaries or Affiliates is eligible to participate in this Plan.

  

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	 	4.	Administration and Implementation of Plan 

 4.1 The Plan shall be administered by the Committee, which shall have full power to interpret and administer the Plan and full authority to act in selecting the Participants 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 Participant, 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. Additionally, the Committee may impose restrictions, including without limitation, confidentiality and non-solicitation restrictions, on the grant, vesting,
exercise or payment of an Award as it determines appropriate. 
 4.2 The Committee’s powers shall 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 11, the effect, if any, of a Change in Control of the Company upon outstanding Awards. 
 4.3 The Committee shall have the power to adopt regulations for carrying out the Plan and to make changes to such regulations as it shall, from time to time, deem advisable. Any interpretation by the Committee of the terms and provisions of
the Plan and the administration thereof, and all actions taken by the Committee, shall be final and binding on Holders. The Holder shall take whatever additional actions and execute whatever additional documents the Committee may in its reasonable
judgment deem necessary or advisable in order to carry out or effect one or more of the obligations or restrictions imposed on the Holder pursuant to the express provisions of the Plan and the Award Agreement. 
  

 - 8 - 

 4.4 The Committee may condition the grant of any Award or the lapse of any Restriction
Period (or any combination thereof) upon the Holder’s achievement of a Performance Goal that is established by the Committee before the grant of the Award. For this purpose, a “Performance Goal” shall mean a goal that must be met by
the end of a period specified by the Committee (but that is substantially uncertain to be met before the grant of the Award) based upon the Company’s, a Subsidiary’s, an Affiliate’s or a business unit’s: (i) total
stockholder return, (ii) total stockholder return as compared to total return (on a comparable basis) of a publicly available index, (iii) net income, (iv) pretax earnings, (v) funds from operations, (vi) earnings before
interest expense, taxes, depreciation and amortization, (vii) operating margin, (viii) earnings per share, (ix) return on equity, capital, assets or investment, (x) operating earnings, (xi) working capital, (xii) ratio
of debt to stockholders equity or (xiii) revenue. The Committee shall have discretion to determine the specific targets with respect to each of these categories of Performance Goals. Before granting an Award or permitting the lapse of any
Restriction Period on an Award subject to this Section, the Committee shall certify in writing that the applicable Performance Goal has been satisfied. Performance Goals may also be linked only to a specified period of service with the Company, its
Subsidiaries, or its Affiliates; provided however, that in such case, the Committee shall not be required to certify that such Performance Goal has been satisfied. 
 4.5 The Committee 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 Committee must obtain the Holder’s consent to any such amendment, provided further that such consent shall not be required if, as determined by the Committee 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. 
  

 - 9 - 

 4.6 To the extent applicable law so permits, the Committee, in its discretion, may
delegate to one or more officers of the Company all or part of the Committee’s authority and duties with respect to Awards to be granted to individuals who are not subject to the reporting and other provisions of Section 16 of the Exchange
Act and who are not Named Executive Officers. The Committee may revoke or amend the terms of a delegation at any time but such action shall not invalidate any prior actions of the Committee’s delegate or delegates that were consistent with the
terms of the Plan and the Committee’s prior delegation. 
  

	 	5.	Shares of Stock Subject to the Plan 

 5.1 Subject to adjustment as provided in Section 11, the total number of shares of Common Stock available for Awards under the Plan shall be 4,050,000. This limit shall also include all equity awards previously granted under the prior
version of this Plan, the NTELOS Holdings Corp. Equity Incentive Plan, including all restricted shares of Common Stock that have been converted into shares of Class B Common Stock, and all options granted under such plan. Such equity awards granted
under the NTELOS Holdings Corp. Equity Incentive Plan shall count against the above maximum limit based on the number shares outstanding subsequent to the share conversion occurring in connection with the initial public offering of the Company
(approximately 1,895,144 shares of Common Stock). After the effective date of this Plan, no shares of Class B Common Stock shall be available for Awards under this Plan. 
 5.2 The maximum number of shares of Common Stock available for Awards in any combination that may be granted to any individual Participant
shall not exceed 1,000,000 during any calendar year (the “Individual Limit”). Subject to Section 5.3 and Section 12, any Award that is canceled by the Committee shall count against the Individual Limit. Notwithstanding the
foregoing, the Individual Limit may be adjusted to reflect the effect on Awards of any transaction or event 

  

 - 10 - 

 
described in Section 11. Additionally, the maximum Incentive Award cash payment that any one Participant may receive during any calendar year shall not
exceed $1,000,000. 
 5.3 Any shares issued by the Company through the assumption or substitution of outstanding grants from
an acquired company shall not reduce the shares available for Awards under the Plan. 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, the shares subject to such Award, to the extent of any such forfeiture or termination, shall again be available for Awards under the Plan. Shares of Restricted Stock issued upon exercise of
Options granted under the Plan shall not further reduce the shares available for Awards under the Plan. 
 5.4 No Option or
SAR shall be exercisable, no shares of Common Stock shall be issued, no certificates for shares of Common Stock shall be delivered and no payment shall be made under the Plan except in compliance with all applicable laws. 
  

	 	6.	Restricted Stock 

 An Award of Restricted
Stock is a grant by the Company of a specified number of shares of Common Stock to the Participant, 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: 
 6.1 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 Committee shall deem advisable. At the time of grant of an Award of Restricted Stock, the Committee
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. 
  

 - 11 - 

 6.2 Unless otherwise provided by the Board or the Committee, upon determination of the
number of shares of Restricted Stock to be granted to the Holder, the Committee 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 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. 
 6.3 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.

 6.4 The Committee may condition the expiration of the Restriction Period upon: (i) the Participant’s continued
service over a period of time with the Company, its Subsidiaries or its Affiliates, (ii) the achievement by the Participant, the Company, its Subsidiaries or its Affiliates of any other Performance Goals set by the Committee, or (iii) any
combination of the above conditions, 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 Committee, in its sole discretion, may grant Awards of Restricted Stock under this Section 6 that are not subject to any
Restriction Period. 
 6.5 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 Committee, and any legend described in Section 6.2 that is then no longer applicable, shall be removed and such number of
shares delivered to the Holder (or, 

  

 - 12 - 

 
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. 
 6.6 At the time of the grant or upon the lapse of the Restriction Period of an
Award of Restricted Stock, the Committee 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 Committee and to the extent 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 Committee, in its sole discretion. 
 6.7 Notwithstanding the foregoing, any Award of Restricted Stock granted prior to the effective date of this plan shall be governed by the
terms and conditions of the prior version of this plan, the NTELOS Holdings Corp. Equity Incentive Plan. 
  

	 	7.	Options 

 Options give a Participant the
right to purchase a specified number of shares of Common Stock, as delineated in the Award Agreement, from the Company for a specified time period at a fixed price. Options may be either Incentive Stock Options or Non-Qualified Stock Options. The
grant of Options shall be subject to the following terms and conditions: 
 7.1 Options shall be evidenced by Award
Agreements. Such agreements shall conform to the requirements of the Plan, and may contain such other provisions as the Committee shall deem advisable, including without limitation, specifying the number of shares underlying the Award, the type of
the Option and the Exercise Price of the Option. 
  

 - 13 - 

 7.2 The Exercise Price of an Option shall be determined by the Committee, however, the
Exercise Price shall be not less than the Fair Market Value of a share of the applicable Common Stock underlying such Option on the date of grant. In the case of any Incentive Stock Option granted to a Ten Percent Shareholder, the Exercise Price per
share shall not be less than 110% of the Fair Market Value of a share of Common Stock on the date of grant. 
 7.3 The Option
agreements shall specify when and under what terms and conditions an Option may be exercisable. The term of an Option shall in no event be greater than ten years (five years in the case of an Incentive Stock Option granted to a Ten Percent
Shareholder). 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. 
 7.4 Incentive Stock Options may only be granted to Employees of the Company or a corporate Subsidiary (provided however that solely for
this purpose, grants of Incentive Stock Options to an employee of a Subsidiary may only be made if the Company controls at least a majority of the total voting power of such Subsidiary, as determined in accordance with Section 424 of the Code
and the regulations thereunder) and may not be granted to Employees of Affiliates or Employees of non-corporate Subsidiaries (or Employees of a Subsidiary where the Company does not control a majority of the voting power in such Subsidiary). Any
Incentive Stock Options, which first become exercisable in any one calendar year that are in excess of the $100,000 statutory limit shall be treated as Non-Qualified Stock Options, with respect only to such excess. A Holder shall notify the Company
of any sale or other disposition of shares of Common Stock acquired pursuant to an Incentive Stock Option if such sale or disposition occurs (i) within two years of the grant of an Incentive Stock Option or (ii) within one year of the
issuance of shares of Common Stock to the Holder. Such notice shall be in writing and directed to the Secretary of the Company. The Company shall not be liable to any Holder or any other person if the Internal Revenue Service or any court or 

  

 - 14 - 

 
other authority having jurisdiction over such matter determines for any reason that an Option intended to be an Incentive Stock Option does not so qualify as
an Incentive Stock Option. 
 7.5 The total number of shares of Common Stock subject to an Option may, but need not, vest and
therefore become exercisable in periodic installments that may, but need not, be equal. The Option may be subject to such other terms and conditions on the time or times when it may be exercised (which may be based on performance or other criteria)
as the Committee may deem appropriate. The vesting provisions of individual Options, as provided in the Award Agreement, may vary. Unless otherwise determined by the Committee, no Option shall become exercisable until such Option becomes vested.

 7.6 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. 
 7.7 Subject to vesting and other restrictions provided
for hereunder or otherwise imposed in accordance herewith, an Option may be exercised, and payment in full of the aggregate Exercise Price made, by a Holder (or, where appropriate, a permitted transferee of the Holder) only by notice (in the form
prescribed by the Committee) to the Company specifying the number of shares of Common Stock to be purchased. Without limiting the scope of the Committee’s discretion hereunder, the Committee may impose such other restrictions, including without
limitation, confidentiality and non-solicitation restrictions, on the award or the exercise of Options (whether or not in the nature of the foregoing restrictions) as it may deem necessary or appropriate. 
 7.8 The aggregate Exercise Price shall be paid in full upon the exercise of the Option. Payment must be made by one of the following
methods: 
 (a) cash or a certified or bank cashier’s check; 
  

 - 15 - 

 (b) if approved by the Committee in its sole discretion, Common Stock previously owned
and held for such period of time as necessary to avoid a charge for financial accounting purposes and having an aggregate Fair Market Value on the date of exercise equal to the aggregate Exercise Price; or 
 (c) by any combination of such methods of payment or any other legal method acceptable to the Committee in its discretion. 
 7.9 If a Holder incurs a Termination Date 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 Termination Date or on such accelerated basis as the Committee may determine at or after grant, (x) for a period of 6 months
from the Termination Date 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. 
 7.10 Unless otherwise
provided by the Committee at or after grant, if a Holder incurs a Termination Date due to Cause, all unexercised Options, regardless of whether the unexercised portion of the Option is vested or unvested, awarded to the Holder shall terminate and be
forfeited as of the Termination Date with no further compensation due to the Holder. 
 7.11 If a Holder incurs a Termination
Date for any reason, other than as described in Section 7.9 or 7.10 above, any vested 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
vested and exercisable at the time of termination or on such accelerated basis as the Committee may determine at or after grant, (x) for a period of 30 days from the Termination Date, provided that such period shall be 60 days from the
Termination Date if the Holder incurs a termination of service or employment by the Company, its Subsidiaries and its Affiliates other than for Cause or (y) until the expiration of the stated term of the Option, whichever period is shorter. Any
portion of the Option that 

  

 - 16 - 

 
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. 
 7.12 Notwithstanding the foregoing, any Award of an Option
granted prior to the effective date of this plan shall be governed by the terms and conditions of the prior version of this plan, the NTELOS Holdings Corp. Equity Incentive Plan. 
  

	 	8.	Stock Appreciation Rights 

 SARs give a
Participant the right to receive, upon exercise of the SAR, the increase in the Fair Market Value of a specified number of shares of Common Stock from the date of grant of the SAR to the date of exercise, where such increase shall be payable in
shares of Common Stock. The grant of SARs shall be subject to the following terms and conditions: 
 8.1 An Award of an SAR
shall be evidenced by an Award Agreement. Such agreement shall conform to the requirements of the Plan and may contain such other provisions as the Committee shall deem advisable. An SAR may be granted in tandem with all or a portion of a related
Option under the Plan (“Tandem SAR”), or may be granted separately (“Freestanding SAR”). A Tandem SAR may be granted either at the time of the grant of the Option or at any time thereafter during the term of the Option and shall
be exercisable only to the extent that the related Option is exercisable. 
 8.2 The base price of a Tandem SAR shall be the
Exercise Price of the related Option. The base price of a Freestanding SAR shall be not less than 100% of the Fair Market Value of the Common Stock on the date of grant of the Freestanding SAR. 
 8.3 For purposes of Section 5.1 and 5.2, an Option and Tandem SAR shall be treated as a single Award. In addition, no Participant may
be granted Tandem SARs (under this Plan and all other incentive stock option plans of the Company and its Subsidiaries) that are related to 

  

 - 17 - 

 
Incentive Stock Options which are first exercisable in any calendar year for shares of Common Stock having an aggregate Fair Market Value (determined as of
the date the related Incentive Stock Options are granted) that exceeds $100,000. 
 8.4 An SAR shall entitle the Holder to
receive from the Company a payment equal to the excess of the Fair Market Value of a share of Common Stock on the date of exercise of the SAR over the base price, multiplied by the number of shares of Common Stock with respect to which the SAR is
exercised. Such payment shall be in shares of Common Stock. Upon exercise of a Tandem SAR as to some or all of the shares of Common Stock covered by the grant, the related Option shall be canceled automatically to the extent of the number of shares
of Common Stock covered by such exercise, and such shares shall no longer be available for purchase under the Option pursuant to Section 7. Conversely, if the related Option is exercised as to some or all of the shares of Common Stock covered
by the grant, the related Tandem SAR, if any, shall be canceled automatically to the extent of the number of shares of Common Stock covered by the Option exercise. 
 8.5 SARs shall be subject to the same terms and conditions applicable to Options as stated in sections 7.3, 7.5, 7.6, 7.8, 7.9, 7.10 and
7.11. SARs shall also be subject to such other terms and conditions consistent with the Plan as shall be determined by the Committee. 
  

	 	9.	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 Participant, 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: 
 9.1 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 Committee shall deem advisable. 

 

 - 18 - 

 9.2 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. 
 9.3 The Committee may condition the expiration of the Restriction Period with respect to a grant of Restricted Stock Units upon: (i) the Participant’s continued service over a period of time with the
Company, its Subsidiaries or Affiliates, (ii) the achievement by the Participant, the Company, its Subsidiaries or Affiliates of any other Performance Goals set by the Committee, or (iii) any combination of the above conditions, 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. 
 9.4 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. 
  

	 	10.	Incentive Awards 

 An Incentive Award is a
grant by the Company of compensation payable only upon the satisfaction of certain conditions in reference to a certain dollar amount, shares of Common Stock or both. Such an Award shall be subject to the following terms and conditions: 

10.1 Incentive Awards shall be evidenced by Award Agreements. Such agreements shall conform to the requirements of the Plan and may
contain such other provisions as the Committee shall deem advisable. 
  

 - 19 - 

 10.2 The Holder shall not have any rights as a shareholder with respect to an Incentive
Award until such time as the Incentive Award has been earned and settled, provided that such settlement is made in shares of Common Stock. 
 10.3 The applicable Award Agreement shall set forth the Performance Goals or continued employment requirements which must be satisfied in order for the Holder to receive the value of the Incentive Award. 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, if any, shall be forfeited to the Company. 
 10.4 The amount payable when an Incentive Award is earned may be settled in cash, by the issuance of shares of Common Stock or by a
combination thereof. A fractional share of Common Stock shall not be deliverable when an Incentive Award is earned, but a cash payment will be made in lieu thereof. 
  

	 	11.	Adjustments upon Changes in Capitalization 

 11.1 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 Committee 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. 
  

 - 20 - 

 11.2 In the event of a Change of Control of the Company, the Committee may, on a Holder
by Holder basis: 
 (a) accelerate the vesting of all outstanding Options and/or SARs issued under the Plan that remain
unvested and terminate the Option and/or SAR 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 Committee’s intention to cancel
the Option and/or SARs with respect to all Common Stock for which the Option and/or SAR 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 Committee’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 and/or SAR, 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 and/or SARs, terminate any or all of the Holder’s unexercised Options and/or SARs; 
 (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 Committee 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 and/or SAR, 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 and/or SAR 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; 
 (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 Committee 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 Committee 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. 
 11.3 Committee Authority:
The judgment of the Committee with respect to any matter referred to in this Section 11 shall be conclusive and binding upon each Holder without the need for any amendment to the Plan. 
  

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	 	12.	Effective Date, Termination and Amendment 

 The Plan is effective on February 13, 2006, the date the Plan was approved by the Board, contingent, however, on approval of the amendment and restatement by the Company’s stockholders within 12 months of such date. The Plan shall
remain in full force and effect until the earlier of May 2, 2015, 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, provided that any such termination of the Plan
shall not affect Awards outstanding under the Plan at the time of termination. Notwithstanding the foregoing, an amendment will be contingent on approval of the Company’s stockholders, to the extent required by law or by the rules of any stock
exchange on which the Company’s securities are traded or if the amendment would (i) increase the benefits accruing to Participants under the Plan, including without limitation, any amendment to the Plan or any agreement to permit a
repricing or decrease the Exercise Price of any outstanding Options, (ii) increase the aggregate number of shares of Common Stock that may be issued under the Plan, or (iii) modify the requirements as to eligibility for participation in
the Plan. 
  

	 	13.	Transferability 

 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. Notwithstanding the generality of the foregoing, the Committee may (but need not) grant Awards (other than ISOs issued either
separately or in conjunction with a SAR) that are transferable by the Holder, during the Holder’s lifetime. The transferee of the Holder shall, in all cases, be subject to the Plan and the provisions of the Award Agreement between the Company
and the Holder. 
  

	 	14.	General Provisions 

 14.1 The
Committee may postpone any grant, exercise, vesting or payment of an Award for such time as the Committee in its sole discretion may deem necessary in order to permit the Company (i) to effect, amend or maintain any necessary registration of
the Plan or the shares of 

  

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Common Stock issuable pursuant to the Award under the securities laws; (ii) to take any action in order to (A) list such shares of Common Stock or
other shares of stock of the Company on a stock exchange if shares of Common Stock or other shares of stock of the Company are not then listed on such exchange or (B) comply with restrictions or regulations incident to the maintenance of a
public market for its shares of Common Stock or other shares of stock of the Company, including any rules or regulations of any stock exchange on which the shares of Common Stock or other shares of stock of the Company are listed; (iii) to
determine that such shares of Common Stock in the Plan are exempt from such registration or that no action of the kind referred to in (ii)(B) above needs to be taken; (iv) to comply with any other applicable law, including without limitation,
securities laws; (v) during any such time the Company or any Affiliate is prohibited from doing any of such acts under applicable law, including without limitation, during the course of an investigation of the Company or any Affiliate, or under
any contract, loan agreement or covenant or other agreement to which the Company or any Affiliate is a party or (vi) to otherwise comply with any prohibition on such acts or payments during any applicable blackout period; and the Company shall
not be obligated by virtue of any terms and conditions of any Agreement or any provision of the Plan to recognize the grant, exercise, vesting or payment of an Award or to grant, sell or issue shares of Common Stock or make any such payments in
violation of the securities laws or the laws of any government having jurisdiction thereof or any of the provisions hereof. Any such postponement shall not extend the term of the Award and neither the Company nor its directors and officers nor the
Committee shall have any obligation or liability to any Participant or to any other person with respect to shares of Common Stock or payments as to which the Award shall lapse because of such postponement. 
 14.2 Nothing contained in the Plan, or any Award granted pursuant to the Plan, shall confer upon any Participant any right to continued
employment or service with the 

  

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Company or any Subsidiary or Affiliate, nor interfere in any way with the right of the Company, a Subsidiary or an Affiliate to terminate the employment or
service of any Participant at any time. 
 14.3 Nothing contained in the Plan, and no action taken pursuant to the provisions
of the Plan, shall create or shall be construed to create a trust of any kind, or a fiduciary relationship between the Committee, the Company or its Subsidiaries or Affiliates, or their officers or the Board, on the one hand, and the Holder, the
Company, its Subsidiaries or Affiliates or any other person or entity, on the other. 
 14.4 For purposes of this Plan, a
transfer of employment between the Company, its Subsidiaries and its Affiliates shall not be deemed a termination of employment; notwithstanding the foregoing, a transfer of employment of a Participant between the Company or its Subsidiaries to an
Affiliate or a non-corporate Subsidiary (or a Subsidiary where the Company does not control a majority of the voting power in such Subsidiary) shall be deemed a termination of employment with regard to any Incentive Stock Options (or any Tandem SARs
that are related to Incentive Stock Options) that have been granted to such Participant. 
 14.5 The Company shall indemnify
and hold harmless the members of the Committee and the Board, from and against any and all liabilities, costs and expenses incurred by such persons as a result of any act or omission to act in connection with the performance of such person’s
duties, responsibilities and obligations under the Plan, to the maximum extent permitted by law, other than such liabilities, costs and expenses as may result from the gross negligence, bad faith, willful misconduct or criminal acts of such persons.

 14.6 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 

  

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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. 
 14.7 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 laws of Delaware and construed accordingly. 
  

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