Document:

Exhibit 4.3

  
 Exhibit 4.3 

 
 AMENDED AND RESTATED 
  
 SHAREHOLDERS AGREEMENT 
  
 dated as of 
  
 ______________, 2006 
  
 among 
  
 NTELOS HOLDINGS CORP., 
  
 QUADRANGLE CAPITAL PARTNERS LP, 
  
 QUADRANGLE SELECT PARTNERS LP, 
  
 QUADRANGLE
CAPITAL PARTNERS-A LP, 
  
 CITIGROUP VENTURE CAPITAL EQUITY
PARTNERS, L.P., 
  
 CVC/SSB EMPLOYEE FUND, L.P.,

  
 CVC EXECUTIVE FUND LLC 
  
 and 
  
 THE MANAGEMENT SHAREHOLDERS NAMED HEREIN 

  
 Exhibit 4.3 

 
 AMENDED AND RESTATED 
 SHAREHOLDERS AGREEMENT 
  
 AMENDED AND RESTATED SHAREHOLDERS AGREEMENT (this “Agreement”) dated as of ______________, 2006 among (i) NTELOS Holdings Corp., a
Delaware corporation (the “Company”), (ii) 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”), (iii) Citigroup Venture Capital Equity Partners, L.P., a Delaware limited partnership (“CVC Equity”), CVC/SSB Employee Fund, L.P., a Delaware limited
partnership, CVC Executive Fund LLC, a Delaware limited liability company and the other Persons listed on the signature pages hereof under “CVC Entities” (collectively, the “CVC Entities” and, together with the Quadrangle
Entities, the “Institutional Shareholders”) and (iv) the Persons listed on the signature pages hereof under “Management Shareholders” (the “Management Shareholders”). 
  
 W I T N E S S E T H : 
  
 WHEREAS, pursuant to the Transaction Agreement (as defined below) certain
parties hereto own or will be acquiring Company Securities (as defined below); 
  
 WHEREAS, the parties listed on the signature pages hereof entered into the Shareholder Agreement dated May 2, 2005 (the “Original Agreement”) to govern certain of their rights, duties and
obligations after consummation of the transactions contemplated by the Transaction Agreement; 
  
 WHEREAS, in connection with the consummation of the First Public Offering (as defined herein), in accordance with Section 7.04 of the Original Agreement the parties executing the signature pages to this Agreement
wish to amend and restate the Original Agreement in its entirety; 
  
 NOW, THEREFORE, the parties hereto agree as follows: 
  
 ARTICLE 1 
 DEFINITIONS 
  
 Section 1.01. Definitions. (a) The following terms, as used herein, have the following meanings: 
  
 “Adjusted Cost Price” means, with respect to each of the
Unvested Incentive Shares, the original purchase price paid by the applicable Management 

 
Shareholder for such Unvested Incentive Shares (including any Unvested Incentive Shares which have been converted into other shares of capital of the
Company, and adjusted for any stock dividend payable upon, or subdivision or combination of, the Unvested Incentive Shares). 
  
 “Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling, controlled by or under common control
with such Person, provided that no securityholder of the Company shall be deemed an Affiliate of any other securityholder solely by reason of any investment in the Company. For the purpose of this definition, the term
“control” (including with correlative meanings, the terms “controlling”, “controlled by” and “under common control with”), as used with respect to any Person, shall mean the
possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise. 
  
 “Aggregate Ownership” means, with respect to any Shareholder
or group of Shareholders, and with respect to any class of Company Securities, the total amount of such class of Company Securities “beneficially owned” (as such term is defined in Rule 13d-3 of the Exchange Act) (without
duplication) by such Shareholder or group of Shareholders as of the date of such calculation, calculated on a Fully Diluted basis. 
  
 “Board” means the board of directors of the Company. 
  
 “Business Day” means any day except a Saturday, Sunday or other day on which commercial banks in New York
City are authorized by law to close. 
  
 “Bylaws”
means the Bylaws of the Company, as amended and restated and thereafter amended from time to time. 
  
 “Cause” shall exist with respect to a Management Shareholder if such Management Shareholder has (i) committed an act of fraud,
embezzlement, misappropriation or breach of fiduciary duty against the Company or any Subsidiary of the Company or a felony involving the business, assets, customers or clients of the Company or any Subsidiary of the Company 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 Management Shareholder and the Company or any of its Affiliates; or (iii) substantially failed to perform such Management Shareholder’s duties to the Company or any Subsidiary, including by committing a
material breach of any written covenant contained in any 

  

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agreement entered into by such Management Shareholder and the Company or any Subsidiary of the Company (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 a Management Shareholder’s exercise of good faith business judgment should
not constitute “Cause”). 
  
 “Change-of-Control” means, with respect to the Company, (i) the acquisition by any Person or any such “group” (other than the Institutional Shareholders and their Permitted Transferees) of securities of the
Company representing more than 51% of the combined voting power of the Company’s then outstanding voting securities with respect to matters submitted to a vote of the stockholders generally or (ii) a sale or transfer by the Company of
substantially all of the consolidated assets of the Company and its Subsidiaries to a Person that is not an Affiliate of the Company prior to such sale or transfer. 
  
 “Charter” means the Amended and Restated Certificate of Incorporation of the Company, as the same may be
amended from time to time. 
  
 “Class B Common
Stock” means the Class B Common Stock, par value $.01 per share, of the Company having the rights described in the Charter and any stock into which such Class B Common Stock may thereafter be converted or changed. “Class B Common
Shares” means shares of Class B Common Stock. 
  
 “Closing Date” means May 2, 2005. 
  
 “Code” means the Internal Revenue Code of 1986. 
  
 “Common Stock” means the Common Stock, par value $.01 per share, of the Company having the rights, including voting rights, described in the Charter and any stock into which such Common Stock may
thereafter be converted or changed. “Common Shares” means shares of Common Stock. 
  
 “Company Common Stock” means the Common Stock and the Class B Common Stock. “Company Common Shares” means shares of
Company Common Stock. 
  
 “Company Securities”
means (i) the Company Common Stock, (ii) securities convertible into or exchangeable for Company Common Stock, and (iii) options, warrants or other rights to acquire Company Common Stock or any other equity or equity-linked security
issued by the Company. 
  
 “Exchange Act” means
the Securities Exchange Act of 1934. 
  

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 “Fair Market Value” means, with respect to any purchase of Unvested Incentive Shares
pursuant to Section 4.04, the fair market value as determined by the Board in its good faith judgment, using commonly accepted valuation techniques where applicable, based upon the amount that would be recovered by the holder of such Unvested
Incentive Share if all of the capital stock of the Company were sold to a buyer in a single transaction and the proceeds from such transaction were allocated to the holders of the capital stock of the Company as if the proceeds were distributed in a
liquidation of the Company pursuant to the Charter. 
  
 “First Public Offering” means the initial Public Offering being consummated in connection with the execution of this amendment and restatement to the Original Agreement. 
  
 “Five Percent Shareholder” means a Shareholder whose
Aggregate Ownership of Company Common Shares divided by the Aggregate Ownership of such Company Common Shares by all Shareholders is 5% or more. 
  
 “Fully Diluted” means, with respect to any class of Company Securities, all outstanding shares of such class of Company Securities and
all shares issuable in respect of securities convertible into or exchangeable for such shares, all stock appreciation rights, options, warrants and other rights to purchase or subscribe for shares of such class of Company Securities or securities
convertible into or exchangeable for shares of such class of Company Securities. 
  
 “GAAP” means generally accepted accounting principles in the United States. 
  
 “Incentive Shares” means any and all of the Company Common Shares issued in respect of the Company’s formerly outstanding shares of
Class A Common Stock, par value $.01 per share, and all other securities of the Company (or a successor to the Company) received on account of ownership of such Company Common Shares, including any and all securities issued in connection with
any merger, consolidation, stock dividend, stock distribution, stock split, reverse stock split, stock combination, recapitalization, reclassification, subdivision, conversion or similar transaction in respect thereof. 
  
 “Independent Director” means a member of the Board who is
“independent” as and to the extent defined by, and who otherwise satisfies the “independence” requirements for a member of a board of directors as set forth in, the applicable rules and regulations from time to time promulgated
by the Nasdaq Stock Market, Inc. and the SEC. 
  

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 “Joint Venture” means any joint venture, partnership or other similar arrangement of
which the Company or any Subsidiary is a member. 
  
 “NASD” means the National Association of Securities Dealers, Inc. 
  
 “Permitted Transferee” means 
  
 (i) in the case of any Quadrangle Entity, (A) any other Quadrangle Entity, (B) any general or limited partner of any Quadrangle Entity, and any corporation, partnership or other Person that is an Affiliate
of any such general or limited partner (collectively, “Quadrangle Affiliates”), (C) any managing director, general partner, director, limited partner, officer or employee of any Quadrangle Entity or any Quadrangle Affiliate, or
any spouse, lineal descendent, sibling, parent, heir, executor, administrator, testamentary trustee, legatee or beneficiary of any of the foregoing persons described in this clause (C) (collectively, “Quadrangle Associates”),
or (D) any trust the beneficiaries of which, any charitable trust the grantor of which or any corporation, limited liability company or partnership the stockholders, members or general or limited partners of which, include only the Quadrangle
Entities, Quadrangle Affiliates, Quadrangle Associates, their spouses or their lineal descendants; 
  
 (ii) in the case of any CVC Entity, (A) any other CVC Entity, (B) any general or limited partner of CVC Entity, and any
corporation, partnership or other Person that is an Affiliate of any such general or limited partner (collectively, “CVC Affiliates”), (C) any managing director, general partner, director, limited partner, officer or employee
of any CVC Entity or any CVC Affiliate, or any spouse, lineal descendent, sibling, parent, heir, executor, administrator, testamentary trustee, legatee or beneficiary of any of the foregoing persons described in this clause (C) (collectively,
“CVC Associates”), or (D) any trust the beneficiaries of which, any charitable trust the grantor of which or any corporation, limited liability company or partnership the stockholders, members or general or limited partners of
which, include only the CVC Entities, CVC Affiliates, CVC Associates, their spouses or their lineal descendants; and 
  
 (iii) in the case of any Management Shareholder, (A) a Person to whom Company Common Shares are Transferred from such Management
Shareholder (1) by will or the laws of descent and distribution or (2) by gift without consideration of any kind, provided that, in the case of clause (2), such transferee is the spouse or the lineal descendant, sibling or parent of
such Management Shareholder, or (B) a 

  

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trust that is for the exclusive benefit of such Management Shareholder or its Permitted Transferees under (A) above. 
  
 “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. 
  
 “Public Offering” means an underwritten public offering of Registrable Securities of the Company pursuant
to an effective registration statement under the Securities Act, other than pursuant to a registration statement on Form S-4 or Form S-8 or any similar or successor form or a registration statement relating to a Unit Offering. 
  
 “Registrable Securities” means, at any time, any Company
Common Shares until (i) a registration statement covering such Company Common Shares has been declared effective by the SEC and such Company Common Shares have been disposed of pursuant to such effective registration statement, (ii) such
Company Common Shares are sold under circumstances in which all of the applicable conditions of Rule 144 (or any similar provisions then in force) under the Securities Act are met or such Company Common Shares may be sold pursuant to Rule 144(k) or
(iii) such Company Common Shares are otherwise Transferred, the Company has delivered a new certificate or other evidence of ownership for such Company Common Shares not bearing the legend required pursuant to this Agreement and such Company
Common Shares may be resold without subsequent registration under the Securities Act; provided that in no event shall any Unvested Incentive Shares be considered Registrable Securities. 
  
 “Registration Expenses” means any and all expenses incident
to the performance of or compliance with any registration or marketing of securities, including all (i) registration and filing fees, and all other fees and expenses payable in connection with the listing of securities on any securities
exchange or automated interdealer quotation system, (ii) fees and expenses of compliance with any securities or “blue sky” laws (including reasonable fees and disbursements of counsel in connection with “blue sky”
qualifications of the securities registered), (iii) expenses in connection with the preparation, printing, mailing and delivery of any registration statements, prospectuses and other documents in connection therewith and any amendments or
supplements thereto, (iv) security engraving and printing expenses, (v) internal expenses of the Company (including all salaries and expenses of its officers and employees performing legal or accounting duties), (vi) reasonable fees
and disbursements of counsel for the Company and customary fees and expenses for independent certified public accountants retained by the Company (including the expenses relating to any comfort letters or costs associated with the delivery by
independent certified 

  

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public accountants of any comfort letters requested pursuant to Section 5.04(h)), (vii) reasonable fees and expenses of any special experts
retained by the Company in connection with such registration, (viii) reasonable fees and expenses of the Shareholders, including one counsel for all of the Shareholders participating in the offering selected (A) by the Institutional
Shareholders, in the case of any offering in which such Shareholders participate, or (B) in any other case, by the Shareholders holding the majority of the Registrable Securities to be sold for the account of all Shareholders in the offering,
(ix) fees and expenses in connection with any review by the NASD of the underwriting arrangements or other terms of the offering, and all fees and expenses of any “qualified independent underwriter,” including the fees and expenses of
any counsel thereto, (x) fees and disbursements of underwriters customarily paid by issuers or sellers of securities, but excluding any underwriting fees, discounts and commissions attributable to the sale of Registrable Securities,
(xi) costs of printing and producing any agreements among underwriters, underwriting agreements, any “blue sky” or legal investment memoranda and any selling agreements and other documents in connection with the offering, sale or
delivery of the Registrable Securities, (xii) transfer agents’ and registrars’ fees and expenses and the fees and expenses of any other agent or trustee appointed in connection with such offering, (xiii) expenses relating to any
analyst or investor presentations or any “road shows” undertaken in connection with the registration, marketing or selling of the Registrable Securities, (xiv) fees and expenses payable in connection with any ratings of the
Registrable Securities, including expenses relating to any presentations to rating agencies and (xv) all out-of pocket costs and expenses incurred by the Company or its appropriate officers in connection with their compliance with
Section 5.04(m). 
  
 “Rule 144” means Rule
144 (or any successor provisions) under the Securities Act. 
  
 “SEC” means the Securities and Exchange Commission. 
  
 “Securities Act” means the Securities Act of 1933. 
  
 “Shareholder” means each Person (other than the Company) who shall be a party to or bound by this Agreement, whether in connection with
the execution and delivery of the Original Agreement, pursuant to Sections 3.03 or 7.03 or otherwise, so long as such Person shall “beneficially own” (as such term is defined in Rule 13d-3 of the Exchange Act) any Company Securities.

  
 “Subsidiary” means, with respect to any
Person, any entity of which securities or other ownership interests having ordinary voting power to elect a 

  

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majority of the board of directors or other persons performing similar functions are at the time directly or indirectly owned by such Person. 
  
 “Termination with Cause” means termination of a Management
Shareholder’s employment with the Company and all of its Subsidiaries that is determined by the Board acting in good faith to be a Termination for Cause. 
  

“Termination without Cause” means any termination of a Management Shareholder’s employment by the Company and all of its
Subsidiaries that is not determined by the Board acting in good faith to be a Termination with Cause. 
  
 “Transaction Agreement” means the Transaction Agreement dated as of January 18, 2005 by and among NTELOS Inc., Project Holdings
Corp. (as predecessor to the Company), Project Merger Sub Corp. and certain shareholder signatories thereto, as amended. 
  
 “Transfer” means, with respect to any Company Security, (i) when used as a verb, to sell, assign, dispose of, exchange, pledge,
encumber, hypothecate or otherwise transfer such security or any participation or interest therein, whether directly or indirectly, or agree or commit to do any of the foregoing and (ii) when used as a noun, a direct or indirect sale,
assignment, disposition, exchange, pledge, encumbrance, hypothecation or other transfer of such security or any participation or interest therein or any agreement or commitment to do any of the foregoing. 
  
 “Unit Offering” shall mean a Public Offering of a
combination of debt and equity securities of the Company in which (i) not more than ten percent (10%) of the gross proceeds received from the sale of such securities is attributed to such equity securities, and (ii) after giving
effect to such offering, the Company does not have a class of equity securities required to be registered under the Exchange Act. 
  
 “Unvested Incentive Shares” means that portion of the aggregate Incentive Shares held by the applicable Management Shareholder that does
not consist of Vested Incentive Shares. 
  
 “Vested
Incentive Shares” means that portion of the aggregate Incentive Shares held by the applicable Management Shareholder equal to the following percentages: (i) after consummation of the First Public Offering and on or prior to May 2,
2007, 50%; (ii) after May 2, 2007 and on or prior to May 2, 2008, 75%; and (iii) after May 2, 2008, 100%; provided that upon (x) a Change-of-Control, 100% of the Incentive Shares held by any single Management
Shareholder will become Vested Incentive Shares and (y) a Termination without Cause of such Management Shareholder after May 2, 2006, an additional portion of such 

  

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Management Shareholder’s Incentive Shares scheduled to become Vested Incentive Shares by the next anniversary of the Closing Date (May 2, 2007 or
May 2, 2008, as applicable) will become Vested Incentive Shares determined by multiplying the number of such Management Shareholder’s Incentive Shares that would have become Vested Incentive Shares upon the next anniversary of the Closing
Date times a fraction, the numerator of which is the number of full calendar quarters that as of the date of such Management Shareholder’s termination of employment have elapsed since the last anniversary of the Closing Date and the
denominator of which is four. Upon the exercise of options for Incentive Shares by a Management Shareholder, such Incentive Shares shall be considered Vested Incentive Shares for purposes of this Agreement, provided that such Incentive Shares
shall not be included for purposes of determining the percentages in the immediately preceding sentence. 
  
 (b) The term “Quadrangle Entities”, to the extent such parties shall have transferred any of their Company Securities to
“Permitted Transferees”, shall mean the Quadrangle Entities and the Permitted Transferees of the Quadrangle Entities, taken together, and any right or action that may be exercised or taken at the election of the Quadrangle Entities
may be taken at the election of the Quadrangle Entities and such Permitted Transferees. 
  
 (c) The term “CVC Entities”, to the extent such parties shall have transferred any of their Company Securities to “Permitted Transferees”, shall mean the CVC Entities and the
Permitted Transferees of the CVC Entities, taken together, and any right or action that may be exercised or taken at the election of the CVC Entities may be taken at the election of the CVC Entities and such Permitted Transferees. 
  
 (d) The term “Management Shareholder”, to the extent any
such party shall have transferred any of its Company Securities to “Permitted Transferees”, shall mean such Management Shareholder and the Permitted Transferees of such Management Shareholder, taken together, and any right or action
that may be exercised or taken at the election of such Management Shareholder may be taken at the election of such Management Shareholder and such Permitted Transferees. 
  

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 (e) Each of the following terms is defined in the Section set forth opposite such term: 
  

			
	 Term

	  	Section

	 Agreement
	  	Preamble
	 Board Representatives
	  	2.10
	 Company
	  	Preamble
	 Competing Activity
	  	6.04
	 Confidential Information
	  	6.01(b)
	 CVC Entities
	  	Preamble
	 CVC Equity
	  	Preamble
	 CVC Representative
	  	6.06(a)
	 Damages
	  	5.05
	 Demand Registration
	  	5.01(a)
	 Indemnified Party
	  	5.07
	 Indemnifying Party
	  	5.07
	 Inspectors
	  	5.04(g)
	 Institutional Shareholders
	  	Preamble
	 Lock-Up Period
	  	5.03
	 Maximum Offering Size
	  	5.01(e)
	 Option Purchase Price
	  	4.04(c)
	 Management Shareholders
	  	Preamble
	 Piggyback Registration
	  	5.02(a)
	 Purchase Option
	  	4.04(a)
	 Quadrangle Entities
	  	Preamble
	 Records
	  	5.04(g)
	 Registering Shareholders
	  	5.01(a)
	 Replacement Nominee
	  	2.03(a)
	 Representatives
	  	6.01(b)
	 Requesting Shareholders
	  	5.01(a)
	 Shareholder
	  	7.03
	 Termination Date
	  	4.04(a)

  
 Section 1.02. Other
Definitional and Interpretative Provisions. Unless specified otherwise, in this Agreement the obligations of any party consisting of more than one person are joint and several. The words “hereof”, “herein” and
“hereunder” and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The captions herein are included for convenience of reference only and shall be
ignored in the construction or interpretation hereof. References to Articles, Sections, Exhibits and Schedules are to Articles, Sections, Exhibits and Schedules of this Agreement unless otherwise specified. All Exhibits and Schedules annexed hereto
or referred to herein are hereby incorporated in and made a part of this Agreement as if set forth in full herein. Any capitalized terms used in any Exhibit or Schedule but not otherwise defined therein, shall have the meaning as defined in this
Agreement. Any singular term in this Agreement shall be deemed to include the plural, and any plural term the singular. Whenever the words “include”, “includes” or “including” are used in this Agreement, they shall be
deemed to be followed by the words “without limitation”, whether or not they are in fact followed by those words or words of like import. “Writing”, “written” and 

  

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comparable terms refer to printing, typing and other means of reproducing words (including electronic media) in a visible form. References to a statute are
to that statute, as amended from time to time, and to the rules and regulations promulgated thereunder. References to any agreement or contract are to that agreement or contract as amended, modified or supplemented from time to time in accordance
with the terms hereof and thereof. References to any Person include the successors and permitted assigns of that Person. References from or through any date mean, unless otherwise specified, from and including or through and including, respectively.

  
 ARTICLE 2 
 CORPORATE GOVERNANCE 
  
 Section 2.01. Composition of the Board. (a) Following the consummation of the First Public Offering, the Board shall consist of seven
directors, of whom: 
  
 (i) three directors (at
least one of whom must be an Independent Director upon and following the 90th day following consummation of the
First Public Offering) will be designated by the Quadrangle Entities; which number shall be reduced to (x) two directors (none of whom must be an Independent Director) if the Aggregate Ownership of the Quadrangle Entities is less than 20% but
equal to or greater than 10%, (y) one director (who need not be an Independent Director) if the Aggregate Ownership of the Quadrangle Entities is less than 10% but greater than or equal to 5% and (z) zero directors if the Aggregate
Ownership of the Quadrangle Entities is less than 5%; 
  
 (ii) three directors (at least one of whom must be an Independent Director upon and following consummation of the First Public Offering) will be designated by the CVC Entities; which number shall be reduced to (x) two directors (none
of whom must be an Independent Director) if the Aggregate Ownership of the CVC Entities is less than 20% but equal to or greater than 10%, (y) one director (who need not be an Independent Director) if the Aggregate Ownership of the CVC Entities
is less than 10% but greater than or equal to 5% and (z) zero directors if the Aggregate Ownership of the Quadrangle Entities is less than 5%; and 
  
 (iii) one director will be the chief executive officer of the Company for so long as he or she is employed by the Company. 
  

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 Prior to the first anniversary of the First Public Offering (or earlier if requested by CVC Equity), the
Board shall be expanded to eight members to include an additional Independent Director designated jointly by the Quadrangle Entities and the CVC Entities. 
  
 (b) Each Shareholder entitled to vote for the election of directors to the Board agrees that it will vote its Company Common Shares or execute written
consents, as the case may be, and take all other necessary action (including causing the Company to call a special meeting of Shareholders) in order to ensure that the composition of the Board is as set forth in this Section 2.01. 

 
 (c) The Company agrees to cause each individual designated pursuant to
Section 2.01(a) or 2.03 to be nominated to serve as a director on the Board, and to take all other necessary actions (including calling a special meeting of the Board and/or shareholders) to ensure that the composition of the Board is as set
forth in this Section 2.01. 
  
 Section 2.02. Removal.
Each Shareholder agrees that if, at any time, it is then entitled to vote for the removal of directors of the Company, it will not vote any of its Company Common Shares in favor of the removal of any director who shall have been designated or
nominated in accordance with Section 2.01, unless the Person or Persons entitled to designate or nominate such director shall have consented to such removal in writing, provided that if the Person or Persons entitled to designate or
nominate any director pursuant to Section 2.01 shall request in writing the removal, with or without cause, of such director, each Shareholder shall vote its Company Common Shares in favor of such removal. 
  
 Section 2.03. Vacancies. If, as a result of death, permanent
disability, retirement, resignation, removal (with or without Cause) or otherwise, there shall exist or occur any vacancy on the Board: 
  
 (a) the Person or Persons entitled under Section 2.01 to designate or nominate such director whose death, permanent disability, retirement,
resignation or removal resulted in such vacancy may, subject to the provisions of Section 2.01, designate another individual (the “Replacement Nominee”) to fill such vacancy and serve as a director of the Company; and

  
 (b) subject to Section 2.01, each Shareholder then
entitled to vote for the election of the Replacement Nominee as a director of the Company agrees that it will vote its Company Common Shares, or execute a proxy or written consent, as the case may be, in order to ensure that the Replacement Nominee
be elected to the Board. 
  

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 Any vacancies resulting from an increase in the number of directors may only be filled by the directors
then in office. 
  
 Section 2.04. Meetings. The Board shall
hold a regularly scheduled meeting at least once every calendar quarter. 
  
 Section 2.05 . Action by the Board. (a) A quorum of the Board shall consist of a majority of the directors, provided that such majority shall include at least one director designated by the
Quadrangle Entities who is not an Independent Director and at least one director designated by the CVC Entities who is not an Independent Director, respectively, for so long as the Quadrangle Entities and CVC Entities, respectively, are entitled to
designate one or more directors pursuant to Section 2.01 hereof. 
  
 (b) All actions of the Board shall require (i) the affirmative vote of at least a majority of the directors present at a duly convened meeting of the Board at which a quorum is present (in person or telephonically) or (ii) the
unanimous written consent of the Board, provided that, in the event that there is a vacancy on the Board and an individual has been nominated to fill such vacancy, the first order of business shall be to fill such vacancy. 
  
 (c) The Board may create executive, compensation, audit and such other
committees as it may determine. The Quadrangle Entities and the CVC Entities shall have the right to designate a number of directors comprising each such committee that is proportionate to the number of directors that such Shareholders are entitled
to designate pursuant to Section 2.01; provided that no such Shareholder shall have the right to designate any member of a special committee formed in connection with any transaction, or proposed transaction, between the Company or any
Subsidiary, on the one hand, and such Shareholder or an Affiliate of such Shareholder, on the other hand. 
  
 (d) No action by the Company (including but not limited to any action by the Board or any committee thereof) shall be taken after the date of the Original
Agreement, and the Company shall not permit any action to be taken by any Subsidiary or any Joint Venture (but only, with respect to any Joint Venture, to the extent that the Company or a Subsidiary has the right pursuant to the terms of such Joint
Venture to not permit such action to be taken), with respect to any of the following matters without the affirmative approval of the Board: 
  
 (i) (1) any merger or consolidation of the Company, any Subsidiary or any Joint Venture with or into any Person, other than a wholly owned
Subsidiary, or of any Subsidiary or Joint Venture with or into any Person other than the Company or any other wholly owned 

  

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Subsidiary, (2) any sale of the Company, any Subsidiary, any Joint Venture or any significant operations of the Company, any Subsidiary or any Joint
Venture or (3) any acquisition or disposition of assets, business, operations or securities by the Company, any Subsidiary or any Joint Venture (in a single transaction or a series of related transactions) having a value in each case in this
clause (3) in excess of $3,000,000; 
  
 (ii)
the declaration of any dividend on or the making of any distribution with respect to, or the recapitalization, reclassification, redemption, repurchase or other acquisition of, any securities of the Company, any Subsidiary or any Joint Venture,
except (i) as expressly permitted by this Agreement or the Charter and (ii) any dividend made from a Subsidiary of the Company to another Subsidiary of the Company or from a Subsidiary of the Company to the Company; 
  
 (iii) any liquidation, dissolution, commencement of
bankruptcy, liquidation or similar proceedings with respect to the Company, any Subsidiary or any Joint Venture; 
  
 (iv) any incurrence, refinancing, alteration of material terms or prepayment by the Company, any Subsidiary or any Joint Venture of
indebtedness for borrowed money (or the guaranty by the Company, any Subsidiary or any Joint Venture of any such indebtedness), or the issuance or registration with the SEC of any security by the Company, any Subsidiary or any Joint Venture, in each
case other than (i) pursuant to the First Lien Credit Agreement dated as of February 24, 2005, among NTELOS Inc., the subsidiary guarantors named therein, the initial lenders, initial issuing bank and swing line bank each as named therein,
Morgan Stanley Senior Funding, Inc., as administrative agent, Morgan Stanley & Co. Incorporated, as collateral agent and Bear Stearns Corporate Lending Inc., as syndication agent, (ii) the Second Lien Credit Agreement dated as of
February 24, 2005, among NTELOS Inc., the subsidiary guarantors named therein, the lenders named therein, Morgan Stanley Senior Funding, Inc., as administrative agent, Morgan Stanley & Co. Incorporated, as collateral agent and Bear
Stearns Corporate Lending Inc., as syndication agent, (iii) pursuant to any other revolving credit agreement previously approved by the Board in compliance with this Section 2.05(d), (iv) pursuant to any employee or stock option plans
previously approved by the Board in compliance with this Section 2.05(d) or (v) as specifically contemplated by this Agreement; 
  
 (v) any individual or related series of capital expenditures or capital leases which are inconsistent in any material respect with the

  

 14 

 
annual capital expenditure budget approved by the Board in compliance with this Section 2.05(d); 
  
 (vi) any entering into, amending or modifying in any
material respect any agreement of the Company, any Subsidiary or any Joint Venture, which is made outside the ordinary course of business and is material to the Company and its Subsidiaries as a whole; 
  
 (vii) any entering into of any agreement, indenture or other
instrument that contains any provision that would restrict either the payment of dividends on the Company Common Stock or the repurchase of Company Common Stock in accordance with Section 4.04; 
  
 (viii) any determination of compensation, benefits,
perquisites or other incentives for executive officers of the Company, any Subsidiary or any Joint Venture or the approval or amendment of any plans or contracts in connection therewith, any approval of or amendment to any equity or other
compensation or benefit plans for employees of the Company, Subsidiary or any Joint Venture or the grant of any stock option or other equity compensation to any employee of the Company, any Subsidiary or any Joint Venture, other than any such
determinations, amendments or grants (i) required by law, (ii) to satisfy agreements currently in place or deliver the benefits intended thereunder or (iii) to renew insurance or administrative service contracts relating to benefits
plans if such renewals come due in the ordinary course; 
  
 (ix) any appointment or dismissal of any of the Chief Executive Officer, President, Chief Financial Officer, Chief Operating Officer, any division head or any other executive officer in any similar capacity of the
Company, any Subsidiary or any Joint Venture; 
  
 (x) any appointment or removal of the regular legal counsel, financial advisors, underwriters, investment bankers or, other than in connection with renewals of coverage at comparable levels in the ordinary course, company-wide insurance
providers of the Company, any Subsidiary or any Joint Venture; 
  
 (xi) any exercise or waiver of the Company’s rights under this Agreement, any amendment to the Charter or Bylaws or any adoption of or amendment to the certificate of incorporation, bylaws or other organizational
documents of any Subsidiary or Joint Venture; 
  

 15 

 (xii) any approval of the annual business plan, budget, capital expenditure budget or
long-term strategic plan of the Company, any Subsidiary or any Joint Venture; 
  
 (xiii) any modification of the long-term business strategy or scope of the business of the Company, any Subsidiary or any Joint Venture; 
  
 (xiv) any increase or decrease to the number of directors that comprise the entire board of directors or
similar governing body of the Company, any Subsidiary or any Joint Venture; 
  
 (xv) any contract with, obligation to or transaction or series of transactions between, the Company, any Subsidiary or any Joint Venture, on the one hand, and one or more of its stockholders, other equityholders or
their respective Affiliates, on the other hand; 
  
 (xvi) any initiation or settlement of any material litigation, arbitration, mediation or other dispute resolution proceeding outside of the ordinary course of business; or 
  
 (xvii) the entry into, or the termination, disposition or material amendment of the terms of, any Joint
Venture. 
  
 Section 2.06. Conflicting Charter or Bylaw
Provisions. Each Shareholder shall vote its Company Common Shares or execute proxies or written consents, as the case may be, and shall take all other actions necessary, to ensure that the Company’s Charter and Bylaws (i) facilitate,
and do not at any time conflict with, any provision of this Agreement and (ii) permit each Shareholder to receive the benefits to which each such Shareholder is entitled under this Agreement. 
  
 Section 2.07. Notice of Meeting. Each director shall receive notice
and the agenda of each meeting of the Board or any committee thereof at least five days prior to such meeting. 
  
 Section 2.08. Subsidiary Governance. The Company and each Shareholder agree that the Quadrangle Entities and the CVC Entities shall have the right
to designate a number of directors comprising the board of directors of each Subsidiary and each committee thereof that is proportionate to the number of directors that such Shareholders are entitled to designate pursuant to Section 2.01. Each
Shareholder agrees to vote its Company Common Shares and to cause its representatives on the Board, subject to their fiduciary duties, to vote and take other appropriate action to effectuate the agreements in this Section 2.08 in respect of any
Subsidiary. 
  

 16 

 Section 2.09. Affiliate Transactions. The Company shall not, and shall not permit any of its
Subsidiaries to, make any payment to, or sell, lease, transfer or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction, contract, agreement, understanding,
loan, advance or guarantee with or for the benefit of, any Affiliate of the Company, unless (i) such transaction is on terms that are no less favorable to the Company or such Subsidiary than those that would have been obtained in a comparable
transaction by the Company or such Subsidiary with an unrelated Person, (ii) if a Quadrangle Entity or any Affiliate of a Quadrangle Entity is a party to such transaction, CVC Equity (so long as the CVC Entities maintain Aggregate Ownership of
at least 5%) shall have consented to such transaction in its capacity as a stockholder of the Company and (iii) if a CVC Entity or any Affiliate of a CVC Entity is a party to such transaction, each Quadrangle Entity (so long as the Quadrangle
Entities maintain Aggregate Ownership of at least 5%) shall have consented to such transaction in its capacity as stockholder of the Company. 
  
 Section 2.10. Board Observers. During the periods described below in this Section 2.10, each Quadrangle Entity and each CVC Entity shall have
the right to appoint a representative (collectively, the “Board Representatives”) to attend each meeting of the Board as a non-voting observer, whether such meeting is conducted in person or by teleconference. The Board
Representatives shall have the right to present matters for consideration by the Board and to speak on matters presented by others. Subject to the confidentiality provisions of this Section 2.10, the Company shall cause the Board
Representatives to be provided with all communications and materials that are provided by the Company or its consultants to the members of the Board generally, at the same time and in the same manner that such communications and materials are
provided to such members, including all notices, board packages, reports, presentations, minutes and consents. The Board Representatives shall be entitled to meet and consult with the senior executive management team of the Company on a quarterly
basis to discuss the quarterly and annual business plans of the Company and the Company’s Subsidiaries and to review the progress of the Company and the Company’s Subsidiaries in achieving their plans. In addition, upon request to the
chief executive officer of the Company, the members of the senior executive management team of the Company shall make themselves available during normal business hours to meet with the Board Representatives on an interim basis, as the Board
Representatives may reasonably request from time to time. 
  
 The
Company shall use its reasonable best efforts to notify the Board Representatives of any significant business issues or initiatives affecting the Company or the Company’s Subsidiaries, such as changes in the Company’s capital structure,
incurrence of any significant indebtedness, significant business 

  

 17 

 
acquisitions, dispositions or similar transactions, developments or proposals entailing a potentially significant liability, nomination of directors,
appointment or election of senior management personnel, and adoption of contracts, plans or other compensation arrangements covering senior management personnel. Whenever reasonably practicable, such notice shall be provided to the Board
Representatives in a manner that affords the Board Representatives an opportunity to consult with the Company prior to any significant action on such issues or initiatives. Upon reasonable request by the Board Representatives to the chief executive
officer of the Company, the Board Representatives shall be entitled, at their cost and expense, to inspect the books and records and the facilities of the Company and the Company’s Subsidiaries during normal business hours and to request and
receive reasonable information regarding the financial condition and operations of the Company and the Company’s Subsidiaries. The right of each Quadrangle Entity and each CVC Entity to appoint a Board Representative, and the rights of such
Board Representatives described above, shall exist solely during the periods, if any, in which such entity is intended to qualify as a “venture capital operating company” under U.S. Department of Labor Regulation 29 C.F.R.
Section 2510.3-101 and such entity does not possess the right to elect or appoint a member of the Board. Notwithstanding any other provision of this Section 2.10 to the contrary, the Board shall have the right to keep confidential from the
Board Representatives for such period of time as the Board deems reasonable any information and copies of written materials the Company is required by law or agreement with a third party to keep confidential. As a condition of the exercise of their
rights under this Section 2.10, the Board Representatives shall enter into such agreements or undertakings with the Company to maintain the confidentiality of information provided to them in connection with the exercise of such rights as the
Company may reasonably request. 
  
 ARTICLE 3 
 RESTRICTIONS ON TRANSFER 
  
 Section 3.01. General. (a) Each Shareholder understands and agrees that the Company Securities acquired pursuant
to the Transaction Agreement have not been registered under the Securities Act and are restricted securities thereunder. Each Shareholder agrees that it will not Transfer any Company Securities (or solicit any offers in respect of any Transfer of
any Company Securities), except in compliance with, or pursuant to an applicable exemption from, the Securities Act, any applicable foreign or state securities or “blue sky” laws, and the terms and conditions of this Agreement. 

 

 18 

 (b) Any attempt to Transfer any Company Securities not in compliance with this Agreement shall be null
and void and the Company shall not, and shall cause any transfer agent not to, give any effect in the Company’s stock records to such attempted Transfer. 
  

Section 3.02. Legends. (a) In addition to any other legend that may be required, each certificate for Company Securities that is issued to
any Shareholder shall bear a legend in substantially the following form: 
  
 “THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY FOREIGN OR STATE SECURITIES LAWS AND MAY NOT BE OFFERED OR SOLD EXCEPT IN COMPLIANCE THEREWITH. THIS SECURITY IS ALSO
SUBJECT TO ADDITIONAL RESTRICTIONS ON TRANSFER AS SET FORTH IN THE AMENDED AND RESTATED SHAREHOLDERS AGREEMENT DATED AS OF
                                    , 2006, COPIES OF WHICH
MAY BE OBTAINED UPON REQUEST FROM NTELOS HOLDINGS CORP. OR ANY SUCCESSOR THERETO.” 
  
 (b) If any Company Securities shall be either (i) disposed of pursuant to a registration statement that has been declared effective by the SEC or (ii) sold under circumstances in which all of the applicable
conditions of Rule 144 are met, the Company, upon the written request of the holder thereof, shall issue to such holder a new certificate evidencing such shares without the first sentence of the legend required by Section 3.02(a) endorsed
thereon. If any Company Securities cease to be subject to any and all restrictions on Transfer set forth in this Agreement, the Company, upon the written request of the holder thereof, shall issue to such holder a new certificate evidencing such
Company Securities without the second sentence of the legend required by Section 3.02(a) endorsed thereon. 
  
 Section 3.03 . Permitted Transferees. (a) Notwithstanding anything in this Agreement to the contrary, any Shareholder may at any time Transfer
any or all of its Company Securities to one or more of its Permitted Transferees without the consent of the Board or any Management Shareholder or group of Shareholders and without compliance with Sections 3.04 and 3.05 so long as (a) such
Permitted Transferee shall have agreed in writing to be bound by the terms of this Agreement in the form of Exhibit A attached hereto and (b) the Transfer to such Permitted Transferee is not in violation of applicable federal or state
securities laws. 
  
 (b) If any Permitted Transferee of any
Shareholder to which Company Common Shares have been transferred ceases to be a Permitted Transferee of 

  

 19 

 
such Shareholder, such Permitted Transferee shall, and such Shareholder shall cause such Permitted Transferee to, transfer back to such Shareholder (or to
another Permitted Transferee of such Shareholder) any Company Common Shares it owns on or prior to the date that such Permitted Transferee ceases to be a Permitted Transferee of such Shareholder. 
  
 Section 3.04. Restrictions on Transfers by the Institutional Shareholders.
Except as provided in Section 3.03 hereof, each Institutional Shareholder may transfer its Company Securities only as follows: 
  
 (a) in a Transfer to which CVC Equity (in the case of a Transfer by any of the Quadrangle Entities) consents or the Quadrangle Entities (in the case of a
Transfer by any of the CVC Entities) consent; 
  
 (b) in a
Transfer pursuant to Article 5 hereof; or 
  
 (c) in a Transfer
made at least 18 months following the date of the First Public Offering that complies with Rule 144 under the Securities Act (including Rule 144(k) to the extent available to all CVC Entities and their Permitted Transferees on the one hand or all
Quadrangle Entities and their Permitted Transferees on the other hand); provided that the amount of Company Securities to be Transferred pursuant to Rule 144 by the CVC Entities and their Permitted Transferees, on the one hand, and the
Quadrangle Entities and their Permitted Transferees, on the other hand, shall be aggregated for purposes of determining compliance with the volume limitations set forth in paragraph (e) of Rule 144. 
  
 Section 3.05. Restrictions on Transfers by the Management Shareholders.
Except as provided in Section 3.03, each Management Shareholder may transfer its Company Securities only as follows: 
  
 (a) in a Transfer pursuant to Section 4.04; 
  
 (b) in a Transfer pursuant to Article 5 hereof; or 
  
 (c) in a Transfer of Company Securities which are not Unvested Incentive Shares made following the consummation of the First Public Offering. 

 
 ARTICLE 4 
 PURCHASE OPTION 
  
 Section 4.01. Intentionally Omitted. 
  
 Section 4.02. Intentionally Omitted. 
  

 20 

 Section 4.03. Intentionally Omitted. 
  
 Section 4.04. Purchase Option. (a) In the event that on or prior to the fourth anniversary of the Closing Date,
any Management Shareholder shall cease to be employed by the Company or any of its Subsidiaries for any reason (including, but not limited to, death, disability, retirement at age 65 or more under the Company’s or of its Subsidiaries’
normal retirement policies, resignation or termination by the Company or any of its Subsidiaries, as the case may be, with or without Cause), not including a leave of absence approved by the Company, such Management Shareholder shall give prompt
notice to the Company of such termination (except in the case of termination by the Company), and the Company, and/or, if approved by the Board, the Company’s designee, shall have the right and option at any time within 90 days after the later
of the effective date of such termination of employment (the “Termination Date”) or the date of the Company’s receipt of the aforesaid notice, (which 90-day period shall be extended if such transaction is subject to regulatory
approval until the expiration of five Business Days after all such approvals have been received, but in no event later than 180 days), to purchase from such Management Shareholder, any or all of the Unvested Incentive Shares then owned by such
Management Shareholder (and his or her Permitted Transferees) at a purchase price equal to the Option Purchase Price (as defined below). The Company shall give notice to the terminated Management Shareholder of its intention (or the intention of its
designee, as applicable) to purchase Unvested Incentive Shares at any time not later than 90 days after the Termination Date (which 90-day period shall be extended if such transaction is subject to regulatory approval until the expiration of five
Business Days after all such approvals have been received, but in no event later than 180 days). The right of the Company (or its designee, as applicable) set forth in this Section 4.04 to purchase a terminated Management Shareholder’s
Unvested Incentive Shares (and the Unvested Incentive Shares of the persons or entities deemed to be included in the definition of such Management Shareholder pursuant to this Agreement) is hereinafter referred to as the “Purchase
Option.” 
  
 (b) The Purchase Option shall be exercised
by written notice to the terminated Management Shareholder signed by an officer of the Company on behalf of the Company. Such notice shall set forth the number of Unvested Incentive Shares desired to be purchased and shall set forth a time and place
of closing which shall be no earlier than 10 days and no later than 60 days after the date such notice is sent. At such closing, the seller shall deliver the certificates evidencing the number of Unvested Incentive Shares to be purchased by the
Company and/or its designee(s), accompanied by stock powers duly endorsed in blank or duly executed instruments of transfer, and any other documents that are necessary to transfer to the Company and/or its designee good title to such of the Unvested
Incentive Shares to be transferred, free and clear of all pledges, security 

  

 21 

 
interests, liens, charges, encumbrances, equities, claims and options of whatever nature other than those imposed under this Agreement, and concurrently with
such delivery, the Company and/or its designee shall deliver to the seller the full amount of the Option Purchase Price for such Securities in cash by certified or bank cashier’s check. 
  
 (c) The “Option Purchase Price” for the Unvested Incentive
Shares to be purchased from such Management Shareholder pursuant to the Purchase Option shall equal the price calculated as set forth below: 
  

			
	 Type of Employment Cessation

	  	 Unvested Incentive Shares Option
 Purchase
Price

	Resignation or termination for any reason other than Cause	  	Adjusted Cost Price
	Termination with Cause	  	Lesser of Fair Market Value or Adjusted Cost Price

  
 Notwithstanding anything to the
contrary contained herein, in connection with the exercise of any Purchase Option pursuant to Section 4.04, the Company may offset from the Option Purchase Price paid to any Management Shareholder the aggregate amount of any outstanding
principal and accrued but unpaid interest due on any indebtedness of such Management Shareholder to the Company. 
  
 ARTICLE 5 
 REGISTRATION RIGHTS 
  
 Section 5.01. Demand Registration. (a) If at any time following
the earlier of (x) 180 days after the effective date of the registration statement for the First Public Offering and (y) the expiration of the period during which the managing underwriters for the First Public Offering shall prohibit the
Company from effecting any other public sale or distribution of Company Securities, the Company shall receive a joint request from the Quadrangle Entities and the CVC Entities (the “Requesting Shareholders”) that the Company effect
the registration under the Securities Act of all or any portion of such Requesting Shareholder’s Registrable Securities, and specifying the intended method of disposition thereof, then the Company shall promptly give notice of such requested
registration (each such request, a “Demand Registration”) at least 15 Business Days prior to the anticipated filing date of the registration statement 

  

 22 

 
relating to such Demand Registration to the Management Shareholders and thereupon shall use its best efforts to effect, as expeditiously as possible, the
registration under the Securities Act of: 
  
 (i)
all Registrable Securities for which the Requesting Shareholders have requested registration under this Section 5.01, and 
  
 (ii) subject to the restrictions set forth in Sections 5.01(e) and 5.02, all other Registrable Securities of the same class as those
requested to be registered by the Requesting Shareholders that any Shareholders with rights to request registration under Section 5.02 (all such Shareholders, together with the Requesting Shareholders, the “Registering
Shareholders”) have requested the Company to register by request received by the Company within 15 Business Days after such Shareholders receive the Company’s notice of the Demand Registration, 
  
 all to the extent necessary to permit the disposition (in accordance with the intended
methods thereof as aforesaid) of the Registrable Securities so to be registered, provided that, subject to Section 5.01(d), the Company shall not be obligated to effect more than three Demand Registrations for the Institutional
Shareholders, other than Demand Registrations to be effected pursuant to a Registration Statement on Form S-3 (or any successor thereto), for which an unlimited number of Demand Registrations shall be permitted; provided further that the
Company shall not be obligated to effect a Demand Registration unless the aggregate proceeds expected to be received from the sale of the Registrable Securities requested to be included in such Demand Registration equals or exceeds $15,000,000. In
no event shall the Company be required to effect more than one Demand Registration hereunder within any six-month period. 
  
 (b) Promptly after the expiration of the 15 Business Day-period referred to in Section 5.01(a)(ii), the Company will notify all Registering
Shareholders of the identities of the other Registering Shareholders and the number of shares of Registrable Securities requested to be included therein. At any time prior to the effective date of the registration statement relating to such
registration, the Requesting Shareholders may revoke such request, without liability to any of the other Registering Shareholders, by providing a notice to the Company revoking such request. 
  
 (c) The Company shall be liable for and pay all Registration Expenses in
connection with any Demand Registration. 
  

 23 

 (d) A Demand Registration shall not be deemed to have occurred: 
  
 (i) unless the registration statement relating thereto
(A) has become effective under the Securities Act and (B) has remained effective for a period of at least 180 days (or such shorter period in which all Registrable Securities of the Registering Shareholders included in such registration
have actually been sold thereunder), provided that such registration statement shall not be considered a Demand Registration if, after such registration statement becomes effective, (1) such registration statement is interfered with by
any stop order, injunction or other order or requirement of the SEC or other governmental agency or court and (2) less than 75% of the Registrable Securities included in such registration statement have been sold thereunder; or 
  
 (ii) if the Maximum Offering Size is reduced in accordance
with Section 5.01(e) such that less than 66 2/3% of the Registrable Securities of the Requesting
Shareholders sought to be included in such registration are included. 
  
 (e) If a Demand Registration involves an underwritten Public Offering and the managing underwriter advises the Company and the Requesting Shareholders that, in its view, the number of shares of Registrable Securities
requested to be included in such registration (including any securities that the Company proposes to be included that are not Registrable Securities) exceeds the largest number of shares that can be sold without having an adverse effect on such
offering, including the price at which such shares can be sold (the “Maximum Offering Size”), the Company shall include in such registration, in the priority listed below, up to the Maximum Offering Size: 
  
 (i) first, all Registrable Securities requested to be
registered by the Institutional Shareholders (allocated, if necessary for the offering not to exceed the Maximum Offering Size, pro rata among such entities on the basis of the relative number of Registrable Securities so requested to be
included in such registration by each), 
  
 (ii)
second, all Registrable Securities requested to be included in such registration by any other Registering Shareholder (allocated, if necessary for the offering not to exceed the Maximum Offering Size, pro rata among such Management
Shareholders on the basis of the relative number of Registrable Securities so requested to be included in such registration by each such Shareholder), and 
  
 (iii) third, any securities proposed to be registered for the account of any other Persons (including the Company), with such priorities
among them as the Company shall determine. 
  

 24 

 (f) Upon notice to each Requesting Shareholder, the Company may postpone effecting a registration
pursuant to this Section 5.01 on one occasion during any period of twelve consecutive months for a reasonable time specified in the notice but not exceeding 90 days (which period may not be extended or renewed), if (i) an investment
banking firm of recognized national standing shall advise the Company and the Requesting Shareholders in writing that effecting the registration would materially and adversely affect an offering of securities of the Company the preparation of which
had then been commenced or (ii) the Company is in possession of material non-public information the disclosure of which during the period specified in such notice the Company reasonably believes would not be in the best interests of the
Company. 
  
 Section 5.02. Piggyback Registration.
(a) If at any time after the First Public Offering the Company proposes to register any Company Securities under the Securities Act (other than a registration on Form S-8 or S-4, or any successor forms, relating to Company Common Shares
issuable upon exercise of employee stock options or in connection with any employee benefit or similar plan of the Company or in connection with a direct or indirect acquisition by the Company of another Person), whether or not for sale for its own
account, the Company shall each such time give prompt notice at least 30 Business Days prior to the anticipated filing date of the registration statement relating to such registration to each Shareholder, which notice shall set forth such
Shareholder’s rights under this Section 5.02 and shall offer such Shareholder the opportunity to include in such registration statement the number of Registrable Securities of the same class or series as those proposed to be registered as
each such Shareholder may request (a “Piggyback Registration”), subject to the provisions of Section 5.02(b). Upon the request of any such Shareholder made within 15 Business Days after the receipt of notice from the Company
(which request shall specify the number of Registrable Securities intended to be registered by such Shareholder), the Company shall use its reasonable best efforts to effect the registration under the Securities Act of all Registrable Securities
that the Company has been so requested to register by all such Shareholders, to the extent requisite to permit the disposition of the Registrable Securities so to be registered, provided that (i) if such registration involves an
underwritten Public Offering, all such Shareholders requesting to be included in the Company’s registration must sell their Registrable Securities to the underwriters selected as provided in Section 5.04(f)(i) on the same terms and
conditions as apply to the Company or the Requesting Shareholders, as applicable, and (ii) if, at any time after giving notice of its intention to register any Company Securities pursuant to this Section 5.02(a) and prior to the effective
date of the registration statement filed in connection with such registration, the Company shall determine for any reason not to register such securities, the Company shall give notice to all such Shareholders and, thereupon, shall be relieved of
its obligation to register any Registrable Securities in 

  

 25 

 
connection with such registration. No registration effected under this Section 5.02 shall relieve the Company of its obligations to effect a Demand
Registration to the extent required by Section 5.01. The Company shall pay all Registration Expenses in connection with each Piggyback Registration. 
  
 (b) If a Piggyback Registration involves an underwritten Public Offering (other than any Demand Registration, in which case the provisions with respect to
priority of inclusion in such offering set forth in Section 5.01(e) shall apply) and the managing underwriter advises the Company that, in its view, the number of Shares that the Company and such Shareholders intend to include in such
registration exceeds the Maximum Offering Size, the Company shall include in such registration, in the following priority, up to the Maximum Offering Size: 
  
 (i) first, so much of the Company Securities proposed to be registered for the account of the Company as would not cause the offering to
exceed the Maximum Offering Size, 
  
 (ii)
second, all Registrable Securities requested to be included in such registration by any Shareholders pursuant to Section 5.02 (allocated, if necessary for the offering not to exceed the Maximum Offering Size, pro rata among such
Shareholders on the basis of the relative number of shares of Registrable Securities so requested to be included in such registration by each), provided, that, the managing underwriter may select shares of Registrable Securities for
inclusion, or exclude shares completely, in such Piggyback Registration on a basis other than a pro rata basis if, in the reasonable opinion of such underwriter, selection on such other basis, or inclusion of such shares, would be material to the
success of the offering, and 
  
 (iii) third, any
securities proposed to be registered for the account of any other Persons with such priorities among them as the Company shall determine. 
  
 Section 5.03. Lock-Up Agreements. If any registration of Registrable Securities shall be effected in connection with a Public Offering, neither the
Company nor any Shareholder shall effect any public sale or distribution, including any sale pursuant to Rule 144, of any Company Securities or other security of the Company (except as part of such Public Offering) during the period beginning 14
days prior to the effective date of the applicable registration statement until the earlier of (i) such time as the Company and the lead managing underwriter shall agree, which period of time shall be the lock-up period applicable to all
shareholders of the Company, and (ii) 180 days (such earlier period, the “Lock-Up Period” for the applicable registration statement). In the 

  

 26 

 
event of a conflict between this Section 5.03 and any separate lock-up agreement executed between a Shareholder and the lead managing underwriter of a
Public Offering with respect to that Public Offering, the terms of such lock-up agreement shall govern and control. 
  
 Section 5.04. Registration Procedures. Whenever Shareholders request that any Registrable Securities be registered pursuant to Section 5.01 or
5.02, subject to the provisions of such Sections, the Company shall use its reasonable best efforts to effect the registration and the sale of such Registrable Securities in accordance with the intended method of disposition thereof as quickly as
practicable, and, in connection with any such request: 
  
 (a) The
Company shall as expeditiously as possible prepare and file with the SEC a registration statement on any form for which the Company then qualifies or that counsel for the Company shall deem appropriate and which form shall be available for the sale
of the Registrable Securities to be registered thereunder in accordance with the intended method of distribution thereof, and use its reasonable best efforts to cause such filed registration statement to become and remain effective for a period of
not less than 180 days, or in the case of a shelf registration statement, one year (or such shorter period in which all of the Registrable Securities of the Registering Shareholders included in such registration statement shall have actually been
sold thereunder). 
  
 (b) Prior to filing a registration statement
or prospectus or any amendment or supplement thereto, the Company shall, if requested, furnish to each participating Shareholder and each underwriter, if any, of the Registrable Securities covered by such registration statement copies of such
registration statement as proposed to be filed, and thereafter the Company shall furnish to such Shareholder and underwriter, if any, such number of copies of such registration statement, each amendment and supplement thereto (in each case including
all exhibits thereto and documents incorporated by reference therein), the prospectus included in such registration statement (including each preliminary prospectus and any summary prospectus) and any other prospectus filed under Rule 424 or Rule
430A under the Securities Act and such other documents as such Shareholder or underwriter may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such Shareholder. Each Shareholder shall have the right to
request that the Company modify any information contained in such registration statement, amendment and supplement thereto pertaining to such Shareholder and the Company shall use its reasonable best efforts to comply with such request,
provided that the Company shall not have any obligation so to modify any information if the Company reasonably expects that so doing would cause the prospectus to contain an untrue statement 

  

 27 

 
of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading. 

 
 (c) After the filing of the registration statement, the Company shall
(i) cause the related prospectus to be supplemented by any required prospectus supplement, and, as so supplemented, to be filed pursuant to Rule 424 under the Securities Act, (ii) comply with the provisions of the Securities Act with
respect to the disposition of all Registrable Securities covered by such registration statement during the applicable period in accordance with the intended methods of disposition by the Registering Shareholders thereof set forth in such
registration statement or supplement to such prospectus and (iii) promptly notify each Registering Shareholder holding Registrable Securities covered by such registration statement of any stop order issued or threatened by the SEC or any state
securities commission and take all reasonable actions required to prevent the entry of such stop order or to remove it if entered. 
  
 (d) The Company shall use its reasonable best efforts to (i) register or qualify the Registrable Securities covered by such registration statement
under such other securities or “blue sky” laws of such jurisdictions in the United States as any Registering Shareholder holding such Registrable Securities reasonably (in light of such Shareholder’s intended plan of distribution)
requests and (ii) cause such Registrable Securities to be registered with or approved by such other governmental agencies or authorities as may be necessary by virtue of the business and operations of the Company and do any and all other acts
and things that may be reasonably necessary or advisable to enable such Shareholder to consummate the disposition of the Registrable Securities owned by such Shareholder, provided that the Company shall not be required to (A) qualify
generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this Section 5.04(d), (B) subject itself to taxation in any such jurisdiction or (C) consent to general service of process in any
such jurisdiction. 
  
 (e) The Company shall immediately notify
each Registering Shareholder holding such Registrable Securities covered by such registration statement, at any time when a prospectus relating thereto is required to be delivered under the Securities Act, of the occurrence of an event requiring the
preparation of a supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus will not contain an untrue statement of a material fact or omit to state any material fact
required to be stated therein or necessary to make the statements therein not misleading and promptly prepare and make available to each such Shareholder and file with the SEC any such supplement or amendment. 
  

 28 

 (f) (i) The Institutional Shareholders shall have the right, in their sole discretion, to select an
underwriter or underwriters in connection with any Public Offering resulting from the exercise by the Institutional Shareholders of a Demand Registration which underwriter or underwriters may include an Affiliate of an Institutional Shareholder and
(ii) the Company shall select an underwriter or underwriters in connection with any other Public Offering. In connection with any Public Offering, the Company shall enter into customary agreements (including an underwriting agreement in
customary form) and take such all other actions as are reasonably required in order to expedite or facilitate the disposition of such Registrable Securities in any such Public Offering, including the engagement of a “qualified independent
underwriter” in connection with the qualification of the underwriting arrangements with the NASD. 
  
 (g) Upon execution of confidentiality agreements in form and substance reasonably satisfactory to the Company, the Company shall make available for
inspection by any Registering Shareholder and any underwriter participating in any disposition pursuant to a registration statement being filed by the Company pursuant to this Section 5.04 and any attorney, accountant or other professional
retained by any such Shareholder or underwriter (collectively, the “Inspectors”), all financial and other records, pertinent corporate documents and properties of the Company (collectively, the “Records”) as shall
be reasonably necessary or desirable to enable them to exercise their due diligence responsibility, and cause the Company’s officers, directors and employees to supply all information reasonably requested by any Inspectors in connection with
such registration statement. Records that the Company determines, in good faith, to be confidential and that it notifies the Inspectors are confidential shall not be disclosed by the Inspectors unless (i) the disclosure of such Records is
necessary to avoid or correct a misstatement or omission in such registration statement or (ii) the release of such Records is ordered pursuant to a subpoena or other order from a court of competent jurisdiction. Each Registering Shareholder
agrees that information obtained by it as a result of such inspections shall be deemed confidential and shall not be used by it or its Affiliates as the basis for any market transactions in the Company Securities unless and until such information is
made generally available to the public. Each Registering Shareholder further agrees that, upon learning that disclosure of such Records is sought in a court of competent jurisdiction, it shall give notice to the Company and allow the Company, at its
expense, to undertake appropriate action to prevent disclosure of the Records deemed confidential. 
  
 (h) The Company shall furnish to each Registering Shareholder and to each such underwriter, if any, a signed counterpart, addressed to such Shareholder or
underwriter, of (i) an opinion or opinions of counsel to the Company and (ii) a comfort letter or comfort letters from the Company’s independent public 

  

 29 

 
accountants, each in customary form and covering such matters of the kind customarily covered by opinions or comfort letters, as the case may be, as a
majority of such Shareholders or the managing underwriter therefor reasonably requests. 
  
 (i) The Company shall otherwise use its best efforts to comply with all applicable rules and regulations of the SEC, and make available to its security holders, as soon as reasonably practicable, an earnings statement
or such other document covering a period of twelve months, beginning within three months after the effective date of the registration statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and
Rule 158 thereunder. 
  
 (j) The Company may require each such
Registering Shareholder promptly to furnish in writing to the Company such information regarding the distribution of the Registrable Securities as the Company may from time to time reasonably request and such other information as may be legally
required in connection with such registration. 
  
 (k) Each such
Registering Shareholder agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section 5.04(e), such Shareholder shall forthwith discontinue disposition of Registrable Securities pursuant
to the registration statement covering such Registrable Securities until such Shareholder’s receipt of the copies of the supplemented or amended prospectus contemplated by Section 5.04(e), and, if so directed by the Company, such
Shareholder shall deliver to the Company all copies, other than any permanent file copies then in such Shareholder’s possession, of the most recent prospectus covering such Registrable Securities at the time of receipt of such notice. If the
Company shall give such notice, the Company shall extend the period during which such registration statement shall be maintained effective (including the period referred to in Section 5.04(a)) by the number of days during the period from and
including the date of the giving of notice pursuant to Section 5.04(e) to the date when the Company shall make available to such Shareholder a prospectus supplemented or amended to conform with the requirements of Section 5.04(e).

  
 (l) The Company shall use its reasonable best efforts to list
all Registrable Securities covered by such registration statement on any securities exchange or quotation system on which any of the Registrable Securities are then listed or traded. 
  
 (m) The Company shall have appropriate officers of the Company (i) prepare and make presentations at any “road
shows” and before analysts and 

  

 30 

 
rating agencies, as the case may be, (ii) take other actions to obtain ratings for any Registrable Securities and (iii) otherwise use their
reasonable best efforts to cooperate as reasonably requested by the underwriters in the offering, marketing or selling of the Registrable Securities. 
  
 (n) The Company will provide and cause to be maintained a transfer agent and registrar for all Registrable Securities covered by a registration statement
from and after a date not later than the effective date of such registration statement. 
  
 Section 5.05. Indemnification by the Company. The Company agrees to indemnify and hold harmless each Registering Shareholder holding Registrable Securities covered by a registration statement, its officers,
directors, employees, partners and agents, and each Person, if any, who controls such Shareholder within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act from and against any and all losses, claims,
damages, liabilities and expenses (including reasonable expenses of investigation and reasonable attorneys’ fees and expenses) (“Damages”) caused by or relating to any untrue statement or alleged untrue statement of a material
fact contained in any registration statement or prospectus relating to the Registrable Securities (as amended or supplemented if the Company shall have furnished any amendments or supplements thereto) or any preliminary prospectus, or caused by or
relating to any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as such Damages are caused by or related to any such untrue
statement or omission or alleged untrue statement or omission so made based upon information furnished in writing to the Company by such Shareholder or on such Shareholder’s behalf expressly for use therein, provided that, with respect
to any untrue statement or omission or alleged untrue statement or omission made in any preliminary prospectus, or in any prospectus, as the case may be, the indemnity agreement contained in this paragraph shall not apply to the extent that any
Damages result from the fact that a current copy of the prospectus (or such amended or supplemented prospectus, as the case may be) was not sent or given to the Person asserting any such Damages at or prior to the written confirmation of the sale of
the Registrable Securities concerned to such Person if it is determined that the Company has provided such prospectus to such Shareholder and it was the responsibility of such Shareholder to provide such Person with a current copy of the prospectus
(or such amended or supplemented prospectus, as the case may be) and such current copy of the prospectus (or such amended or supplemented prospectus, as the case may be) would have cured the defect giving rise to such Damages. The Company also
agrees to indemnify any underwriters of the Registrable Securities, their officers and directors and each Person who controls such underwriters within the meaning of Section 15 of the Securities Act 

  

 31 

 
or Section 20 of the Exchange Act on substantially the same basis as that of the indemnification of the Shareholders provided in this Section 5.05.

  
 Section 5.06. Indemnification by Participating
Shareholders. Each Registering Shareholder holding Registrable Securities included in any registration statement agrees, severally but not jointly, to indemnify and hold harmless the Company, its officers, directors and agents and each Person,
if any, who controls the Company within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act to the same extent as the foregoing indemnity from the Company to such Shareholder, but only (i) with
respect to information furnished in writing by such Shareholder or on such Shareholder’s behalf expressly for use in any registration statement or prospectus relating to the Registrable Securities, or any amendment or supplement thereto, or any
preliminary prospectus or (ii) to the extent that any Damages result from the fact that a current copy of the prospectus (or such amended or supplemented prospectus, as the case may be) was not sent or given to the Person asserting any such
Damages at or prior to the written confirmation of the sale of the Registrable Securities concerned to such Person if it is determined that it was the responsibility of such Shareholder to provide such Person with a current copy of the prospectus
(or such amended or supplemented prospectus, as the case may be) and such current copy of the prospectus (or such amended or supplemented prospectus, as the case may be) would have cured the defect giving rise to such loss, claim, damage, liability
or expense. Each such Shareholder also agrees to indemnify and hold harmless underwriters of the Registrable Securities, their officers and directors and each Person who controls such underwriters within the meaning of either Section 15 of the
Securities Act or Section 20 of the Exchange Act on substantially the same basis as that of the indemnification of the Company provided in this Section 5.06. As a condition to including Registrable Securities in any registration statement
filed in accordance with Article 5, the Company may require that it shall have received an undertaking reasonably satisfactory to it from any underwriter to indemnify and hold it harmless to the extent customarily provided by underwriters with
respect to similar securities. No Registering Shareholder shall be liable under this Section 5.06 for any Damages in excess of the net proceeds realized by such Shareholder in the sale of Registrable Securities of such Shareholder to which such
Damages relate. 
  
 Section 5.07. Conduct of Indemnification
Proceedings. If any proceeding (including any governmental investigation) shall be instituted involving any Person in respect of which indemnity may be sought pursuant to this Article 5, such Person (an “Indemnified Party”)
shall promptly notify the Person against whom such indemnity may be sought (the “Indemnifying Party”) in writing and the Indemnifying Party shall assume the defense thereof, including the employment of counsel reasonably
satisfactory to such Indemnified Party, and 

  

 32 

 
shall assume the payment of all fees and expenses, provided that the failure of any Indemnified Party so to notify the Indemnifying Party shall not
relieve the Indemnifying Party of its obligations hereunder except to the extent that the Indemnifying Party is materially prejudiced by such failure to notify. In any such proceeding, any Indemnified Party shall have the right to retain its own
counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party unless (i) the Indemnifying Party and the Indemnified Party shall have mutually agreed to the retention of such counsel or (ii) in the
reasonable judgment of such Indemnified Party representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. It is understood that, in connection with any proceeding or related
proceedings in the same jurisdiction, the Indemnifying Party shall not be liable for the reasonable fees and expenses of more than one separate firm of attorneys (in addition to any local counsel) at any time for all such Indemnified Parties, and
that all such fees and expenses shall be reimbursed as they are incurred. In the case of any such separate firm for the Indemnified Parties, such firm shall be designated in writing by the Indemnified Parties. The Indemnifying Party shall not be
liable for any settlement of any proceeding effected without its written consent, but if settled with such consent, or if there be a final judgment for the plaintiff, the Indemnifying Party shall indemnify and hold harmless such Indemnified Parties
from and against any loss or liability (to the extent stated above) by reason of such settlement or judgment. Without the prior written consent of the Indemnified Party, no Indemnifying Party shall effect any settlement of any pending or threatened
proceeding in respect of which any Indemnified Party is or could have been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such settlement includes an unconditional release of such Indemnified Party from all
liability arising out of such proceeding. 
  
 Section 5.08.
Contribution. If the indemnification provided for in this Article 5 is unavailable to the Indemnified Parties in respect of any Damages, then each such Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to
the amount paid or payable by such Indemnified Party as a result of such Damages (i) as between the Company and the Registering Shareholders holding Registrable Securities covered by a registration statement on the one hand and the underwriters
on the other, in such proportion as is appropriate to reflect the relative benefits received by the Company and such Shareholders on the one hand and the underwriters on the other, from the offering of the Registrable Securities, or if such
allocation is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits but also the relative fault of the Company and such Shareholders on the one hand and of such underwriters on the other in
connection with the statements or omissions that resulted in such Damages, as well as any other relevant equitable 

  

 33 

 
considerations and (ii) as between the Company on the one hand and each such Shareholder on the other, in such proportion as is appropriate to reflect
the relative fault of the Company and of each such Shareholder in connection with such statements or omissions, as well as any other relevant equitable considerations. The relative benefits received by the Company and such Shareholders on the one
hand and such underwriters on the other shall be deemed to be in the same proportion as the total proceeds from the offering (net of underwriting discounts and commissions but before deducting expenses) received by the Company and such Shareholders
bear to the total underwriting discounts and commissions received by such underwriters, in each case as set forth in the table on the cover page of the prospectus. The relative fault of the Company and such Shareholders on the one hand and of such
underwriters on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the
Company and such Shareholders or by such underwriters. The relative fault of the Company on the one hand and of each such Shareholder on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue
statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by such party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent
such statement or omission. 
  
 The Company and the Registering
Shareholders agree that it would not be just and equitable if contribution pursuant to this Section 5.08 were determined by pro rata allocation (even if the underwriters were treated as one entity for such purpose) or by any other method of
allocation that does not take account of the equitable considerations referred to in the immediately preceding paragraph. The amount paid or payable by an Indemnified Party as a result of the Damages referred to in the immediately preceding
paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such Indemnified Party in connection with investigating or defending any such action or claim. Notwithstanding the
provisions of this Section 5.08, no underwriter shall be required to contribute any amount in excess of the amount by which the total price at which the Registrable Securities underwritten by it and distributed to the public were offered to the
public exceeds the amount of any Damages that such underwriter has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission, and no Registering Shareholder shall be required to contribute
any amount in excess of the amount by which the total price at which the Registrable Securities of such Shareholder were offered to the public (less underwriters’ discounts and commissions) exceeds the amount of any Damages that such
Shareholder has otherwise been required to pay by reason of such untrue or alleged untrue 

  

 34 

 
statement or omission or alleged omission. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act)
shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. Each Registering Shareholder’s obligation to contribute pursuant to this Section 5.08 is several in the proportion that the proceeds
of the offering received by such Shareholder bears to the total proceeds of the offering received by all such Registering Shareholders and not joint. 
  
 Section 5.09. Participation in Public Offering. No Person may participate in any Public Offering hereunder unless such Person (a) agrees to
sell such Person’s securities on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements and (b) completes and executes all questionnaires, powers of attorney,
indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements and the provisions of this Agreement in respect of registration rights. 
  
 Section 5.10. Other Indemnification. Indemnification similar to that
specified herein (with appropriate modifications) shall be given by the Company and each Registering Shareholder participating therein with respect to any required registration or other qualification of securities under any federal or state law or
regulation or governmental authority other than the Securities Act. 
  
 Section 5.11. Cooperation by the Company. If any Shareholder shall transfer any Registrable Securities pursuant to Rule 144, the Company shall cooperate, to the extent commercially reasonable, with such Shareholder and shall provide
to such Shareholder such information as such Shareholder shall reasonably request. 
  
 Section 5.12. No Transfer of Registration Rights. None of the rights of Shareholders under this Article 5 shall be assignable by any Shareholder to any Person acquiring Securities in any Public Offering or
pursuant to Rule 144. 
  
 ARTICLE 6 
 CERTAIN COVENANTS AND AGREEMENTS 
  
 Section 6.01. Confidentiality. (a) Each Shareholder agrees that Confidential Information (as defined below)
furnished and to be furnished to it was and will be made available in connection with such Shareholder’s investment in the Company. Each Shareholder agrees that it will use, and that it will cause any Person to whom Confidential Information is
disclosed pursuant to clause (i) below to use, the Confidential Information only in connection with its investment 

  

 35 

 
in the Company and not for any other purpose (including, without limitation, to disadvantage competitively the Company or any Management Shareholder). Each
Shareholder further acknowledges and agrees that it will not disclose any Confidential Information to any Person, provided that Confidential Information may be disclosed (i) to such Shareholder’s Representatives (as defined below)
in the normal course of the performance of their duties or to any financial institution providing credit to such Shareholder, (ii) to the extent required by applicable law, rule or regulation (including complying with any oral or written
questions, interrogatories, requests for information or documents, subpoena, civil investigative demand or similar process to which a Shareholder is subject, provided that such Shareholder gives the Company prompt notice of such request(s),
to the extent practicable, so that the Company may seek an appropriate protective order or similar relief (and the Shareholder shall cooperate with such efforts by the Company, and shall in any event make only the minimum disclosure required by such
law, rule or regulation)), (iii) to any Person to whom such Shareholder is contemplating a Transfer of its Company Securities (provided that such Transfer would not be in violation of the provisions of this Agreement and as long as such
potential transferee is advised of the confidential nature of such information and agrees to be bound by a confidentiality agreement in form and substance reasonably satisfactory to the Company and consistent with the provisions hereof),
(iv) to any regulatory authority or rating agency to which the Shareholder or any of its Affiliates is subject or with which it has regular dealings, as long as such authority or agency is advised of the confidential nature of such information
or (v) if the prior written consent of the Board shall have been obtained. Nothing contained herein shall prevent the use (subject, to the extent possible, to a protective order) of Confidential Information in connection with the assertion or
defense of any claim by or against the Company or any Shareholder. 
  
 (b) “Confidential Information” means any information concerning the Company and Persons that are or become its Subsidiaries or the financial condition, business, operations or prospects of the Company and Persons that are
or become its Subsidiaries in the possession of or furnished to any Shareholder (including, without limitation by virtue of its present or former right to designate a director of the Company), provided that the term “Confidential
Information” does not include information that (i) is or becomes generally available to the public other than as a result of a disclosure by a Shareholder or its partners, directors, officers, employees, agents, counsel, investment
advisers or representatives (all such persons being collectively referred to as “Representatives”) in violation of this Agreement, (ii) is or was available to such Shareholder on a non-confidential basis prior to its disclosure
to such Shareholder or its Representatives by the Company or (iii) was or becomes available to such Shareholder on a non-confidential basis from a source other than the Company, provided that such source is or was (at the time of receipt
of the relevant 

  

 36 

 
information) not, to the best of such Shareholder’s knowledge, bound by a confidentiality agreement with (or other confidentiality obligation to) the
Company or another Person. 
  
 Section 6.02. Information.
So long as any Company Securities remain outstanding, the Company shall deliver to each Five Percent Shareholder: 
  
 (a) as soon as practicable and, in any event within 30 days after the end of each month, the unaudited consolidated balance sheet of the Company and the
Subsidiaries as at the end of such month and the related unaudited statement of operations and cash flow for such month, and for the portion of the fiscal year then ended, in each case prepared in accordance with GAAP, setting forth in comparative
form the figures for the corresponding month and portion of the previous fiscal year, and the figures for the corresponding month and portion of the then current fiscal year as in the Company’s annual operating budget; 
  
 (b) as soon as practicable and in any event within 45 days after the end of
the first three fiscal quarters of each fiscal year of the Company, consolidated balance sheets of the Company and the Subsidiaries as at the end of such period and the related consolidated statements of income, stockholders’ equity and cash
flow of the Company and the Subsidiaries for such fiscal quarter, in each case prepared in accordance with GAAP, setting forth in each case in comparative form the consolidated figures for the corresponding periods of the previous fiscal year, all
in reasonable detail and certified by the Company’s Chief Financial Officer that they fairly present the financial condition of the Company and the Subsidiaries as at the dates indicated and the results of their operations and changes in their
financial position for the periods indicated, subject to normal year-end adjustments; 
  
 (c) as soon as practicable and in any event within 90 days after the end of each fiscal year of the Company, consolidated balance sheets of the Company and the Subsidiaries as at the end of such year and the related
consolidated statements of income, stockholders’ equity and cash flow of the Company and the Subsidiaries for such fiscal year setting forth in each case, in comparative form, the consolidated figures for the previous year, all in reasonable
detail and accompanied by a report thereon of independent certified public accountants of recognized national standing selected by the Company, which report shall be unqualified as to going concern and scope of audit and shall state that such
consolidated financial statements present fairly the financial position of the Company and the Subsidiaries as at the dates indicated and the results of their operations and changes in their financial position for the periods indicated in conformity
with GAAP applied on a basis consistent with prior years (except as otherwise stated therein) and that the examination by such accountants in 

  

 37 

 
connection with such consolidated financial statements has been made in accordance with generally accepted auditing standards; 
  
 (d) promptly upon their becoming available, copies of all financial
statements, reports, notices and proxy statements sent or made available generally by the Company to its securityholders or by any Subsidiary to its securityholders other than the Company or another Subsidiary, all regular and periodic reports and
all registration statements and prospectuses, if any, filed by the Company or any Subsidiary with any securities exchange or with the SEC, and all press releases and other written statements made available generally by the Company or any Subsidiary
to the public; and 
  
 (e) as promptly as reasonably practicable,
such additional information regarding the financial position or business of the Company and its Subsidiaries as such Five Percent Shareholder may reasonably request. 
  
 Section 6.03. Certain Financial Information. So long as any Company Securities remain outstanding, the Company shall
deliver to each Shareholder, whose Aggregate Ownership of Company Common Shares divided by the Aggregate Ownership of such Company Common Shares by all Shareholders is 10% or more: 
  
 (a) all information provided in writing to lenders pursuant to the Company’s credit facility; and 
  
 (b) promptly upon receipt thereof, copies of all reports submitted to the
Company by independent public accountants in connection with each annual, interim or special audit of the Company’s financial statements made by such accountant, including, without limitation, the comment letter submitted by such accountants to
management in connection with their annual audit. 
  
 Section
6.04. Business Opportunity. To the fullest extent permitted by applicable law and the Company’s Charter, the doctrine of corporate opportunity, or any other analogous doctrine, shall not apply with respect to the Company and any
Institutional Shareholder. No Institutional Shareholder nor any of its Affiliates shall have any obligation to refrain from (i) engaging in the same or similar activities or lines of business as the Company or developing or marketing any
products or services that compete, directly or indirectly, with those of the Company, (ii) investing or owning any interest publicly or privately in, or developing a business relationship with, any Person engaged in the same or similar
activities or lines of business as, or otherwise in competition with, the Company or (iii) doing business with any client or customer of the Company (each of the activities referred to in clauses (i)-(iii), a “Competing
Activity”); 

  

 38 

 
provided that, with respect to each Competing Activity in which an Institutional Shareholder engages, such Institutional Shareholder shall, and shall
cause its Affiliates to, use its reasonable best efforts to (A) avoid taking any actions that would be reasonably likely to have a significant adverse regulatory impact on the Company and the Subsidiaries, taken as a whole, and
(B) implement appropriate internal controls to protect Confidential Information in a manner consistent with the obligations of such Institutional Shareholder pursuant to Section 6.01. 
  
 Section 6.05. Intentionally Omitted. 
  
 Section 6.06. Appointment of CVC Shareholder Representative.
(a) Each CVC Entity hereby covenants and agrees that CVC Equity (the “CVC Representative”) is fully and exclusively authorized, empowered and appointed to serve as its sole representative and agent, to take any and all
action, including the execution and delivery of any documents, and make any and all decisions and determinations that may be required or permitted to be taken or made hereunder by such CVC Entity, to perform all of the obligations of such CVC Entity
required or permitted to be performed hereunder, and to execute, deliver and perform on behalf of such CVC Entity any and all amendments hereto. Any such action, decision or determination taken or made by the CVC Representative, and any such
amendment, shall be absolutely and irrevocably binding on such CVC Entity as if such CVC Entity had personally taken such action or made such decision or determination in its, his or her individual (or, as applicable, fiduciary) capacity.

  
 (b) Notwithstanding any other provision of this Agreement,
(i) each CVC Entity hereby irrevocably relinquishes its, his or her right to act independently and other than through the CVC Representative, and (ii) no CVC Entity shall have any right by virtue of any provision in this Agreement or
otherwise to institute any suit, action or proceeding in equity or at law upon or under or with respect to any matter hereunder, any such rights being irrevocably and exclusively delegated to the CVC Representative, who, acting in accordance with
the terms hereof, shall be the sole party entitled to enforce any rights of such CVC Entity with respect to any matter hereunder. 
  
 (c) The CVC Representative hereby acknowledges the foregoing authorization and appointment, agrees to serve as such and covenants and agrees with each
other party hereto that it will fulfill all its obligations hereunder. All actions taken, notices given or received and documents executed by the CVC Representative pursuant to the authority granted hereunder may be relied upon by the Company and
the Shareholders, and neither the Company nor any Shareholder shall be required to make any inquiry regarding such actions, notices or documents. 
  

 39 

 (d) The Shareholder serving as CVC Representative may be replaced with another Shareholder at any time
and from time to time by the vote of a majority of the Company Common Shares held by all CVC Entities. Such successor CVC Representative shall thereupon succeed to and become vested with all the rights and duties of the predecessor CVC
Representative, and such predecessor CVC Representative shall be discharged from its duties and obligations hereunder. The successor CVC Representative shall notify the Company and each Shareholder as promptly as practicable after such replacement.

  
 ARTICLE 7 
 MISCELLANEOUS 
  
 Section 7.01. Entire Agreement. This Agreement constitutes the entire agreement among the parties hereto and supersedes all prior and
contemporaneous agreements and understandings, both oral and written, among the parties hereto with respect to the subject matter hereof, including the Subscription Agreement dated as of February 25, 2005 among Project Holdings LLC (as
predecessor to the Company) and certain of the parties to this Agreement and the letter agreement dated January 18, 2005, as amended, between CVC Equity and Quadrangle GP Investors LP. 
  
 Section 7.02. Binding Effect; Benefit. This Agreement shall inure to
the benefit of and be binding upon the parties hereto and their respective heirs, successors, legal representatives and permitted assigns. Nothing in this Agreement, expressed or implied, is intended to confer on any Person other than the parties
hereto, and their respective heirs, successors, legal representatives and permitted assigns, any rights, remedies, obligations or liabilities under or by reason of this Agreement. 
  
 Section 7.03. Assignability. Neither this Agreement nor any right, remedy, obligation or liability arising hereunder
or by reason hereof shall be assignable by any party hereto pursuant to any Transfer of Company Securities or otherwise, except that any Permitted Transferee acquiring Company Securities and any Person acquiring Company Securities who is required by
the terms of this Agreement or any employment agreement or stock purchase, option, stock option or other compensation plan of the Company or any Subsidiary to become a party hereto shall (unless already bound hereby) execute and deliver to the
Company an agreement to be bound by this Agreement in the form of Exhibit A hereto and shall thenceforth be a “Shareholder”. Any Shareholder who ceases to own beneficially any Company Securities shall cease to be bound by the terms
hereof (other than Section 6.01 and this Article 7). 
  

 40 

 Section 7.04. Waiver; Amendment. No provision of this Agreement may be waived except by an
instrument in writing executed by the party against whom the waiver is to be effective. No provision of this Agreement may be amended or otherwise modified except by an instrument in writing executed by the Company with approval of the Board and
each Institutional Shareholder; provided that any amendment or modification of Section 3.05, 4.04 or Article 5 that would adversely and disproportionately affect the Management Shareholders relative to the Institutional Shareholders may
be effected only with the consent of Management Shareholders holding more than 50% of the outstanding Company Common Shares held by all Management Shareholders at the time of such proposed amendment or modification. 
  
 Section 7.05. Notices. All notices, requests and other communications
to any party shall be in writing (including facsimile transmissions) and shall be given, 
  
 if to the Company to: 
  
 NTELOS
Holdings Corp. 
 401 Spring Lane, Suite 300 
 P.O. Box 1990 
 Waynesboro, Virginia 22980 
 Attention: James S. Quarforth 
 Fax: (540)
946-3595 
  
 with a copy to the Quadrangle Entities and the CVC
Entities at the addresses listed below; 
  
 if to any of the
Quadrangle Entities, to: 
  
 Quadrangle Capital Partners LP

 375 Park Avenue 
 New York, NY
10152 
 Attention: Kimberley Carlson 
 Fax: (212) 418-1701 
  
 with a copy to: 

 
 Davis Polk & Wardwell 
 450 Lexington Avenue 
 New York, NY 10017

 Attention: Phillip R. Mills 
 Fax: (212) 450-3800 
  

 41 

 if to any of the CVC Entities, to: 
  
 Citicorp Venture Capital 
 399 Park Avenue, 14th Floor 
 New York, NY 10043 
 Attention: Michael A. Delaney 
 Fax:
(212) 888-2940 
  
 with a copy to: 
  
 Dechert LLP 
 4000 Bell Atlantic Tower 
 1717 Arch Street

 Philadelphia, PA 19103-2793 
 Attention: Geraldine A. Sinatra 
 Fax: (215) 994-2222 
  
 if to a Management Shareholder, to the address or facsimile number set forth on the signature pages hereto with respect to
such Management Shareholder. 
  
 All notices, requests and other communications
shall be deemed received on the date of receipt by the recipient thereof if received prior to 5:00 p.m. in the place of receipt and such day is a business day in the place of receipt. Otherwise, any such notice, request or communication shall be
deemed not to have been received until the next succeeding business day in the place of receipt. Any notice, request or other written communication sent by facsimile transmission shall be confirmed by certified mail, return receipt requested, posted
within one business day, or by personal delivery, whether courier or otherwise, made within two business days after the date of such facsimile transmissions. 
  
 Any Person who becomes a Shareholder shall provide its address and fax number to the Company, which shall promptly provide such information to each
Management Shareholder. 
  
 Section 7.06. Fees and Expenses.
Except as otherwise provided herein, all costs and expenses incurred in connection with this Agreement shall be paid by the party incurring such cost or expense; provided that the Company shall pay all out-of-pocket costs and expenses of
the Institutional Shareholders, including the reasonable fees and expenses of counsel, incurred in connection with the preparation of this Agreement, or any amendment or waiver hereof, and the transactions contemplated hereby and all matters related
hereto. 
  

 42 

 Section 7.07. Headings. The headings contained in this Agreement are for convenience only and
shall not affect the meaning or interpretation of this Agreement. 
  
 Section 7.08. Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which together shall be deemed to be one and the same instrument. 
  
 Section 7.09. Applicable Law. This Agreement shall be governed by, and
construed in accordance with, the laws of the State of Delaware, without regard to the conflicts of laws rules of such state. 
  
 Section 7.10. Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
  
 Section 7.11. Specific Enforcement. Each party hereto acknowledges that the remedies at law of the other parties for a breach or threatened breach of this Agreement would be inadequate and, in recognition of
this fact, any party to this Agreement, without posting any bond, and in addition to all other remedies that may be available, shall be entitled to obtain equitable relief in the form of specific performance, a temporary restraining order, a
temporary or permanent injunction or any other equitable remedy that may then be available. 
  
 Section 7.12. Consent to Jurisdiction. The parties hereby agree that any suit, action or proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with, this
Agreement or the transactions contemplated hereby shall be brought in the United States District Court for the District of Delaware or any Delaware state court sitting in Delaware, so long as one of such courts shall have subject matter jurisdiction
over such suit, action or proceeding, and that any cause of action arising out of this Agreement shall be deemed to have arisen from a transaction of business in the State of Delaware, and each of the parties hereby irrevocably consents to the
nonexclusive jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such suit, action or proceeding and irrevocably waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to
the laying of the venue of any such suit, action or proceeding in any such court or that any such suit, action or proceeding which is brought in any such court has been brought in an inconvenient form. Process in any such suit, action or proceeding
may be served on any party anywhere in the world, whether within or without the jurisdiction of any such court. Without limiting the foregoing, each party agrees 

  

 43 

 
that service of process on such party as provided in Section 7.05 shall be deemed effective service of process on such party. 
  
 Section 7.13. Severability. If one or more provisions of this
Agreement are held to be unenforceable to any extent under applicable law, such provision shall be interpreted as if it were written so as to be enforceable to the maximum possible extent so as to effectuate the parties’ intent to the maximum
possible extent, and the balance of the Agreement shall be interpreted as if such provision were so excluded and shall be enforceable in accordance with its terms to the maximum extent permitted by law. 
  
 Section 7.14. Recapitalization. If any capital stock or other
securities are issued in respect of, in exchange for, or in substitution of, any Company Securities by reason of any reorganization, recapitalization, reclassification, merger, consolidation, spin-off, partial or complete liquidation, stock
dividend, split-up, sale of assets, distribution to stockholders or combination of the Company Securities or any other change in capital structure of the Company, appropriate adjustments shall be made with respect to the relevant provisions of this
Agreement so as fairly and equitably to preserve, as far as practicable, the original rights and obligations of the parties hereto under this Agreement. 
  
 Section 7.15. No Inconsistent Agreements. The Company will not hereafter enter into any agreement with respect to its securities that is
inconsistent with, or grants rights superior to the rights granted to the Shareholders pursuant to, this Agreement. 
  
 Section 7.16. Effective Time; Legal Effect. This Agreement shall become effective to amend and restate the Original Agreement in its entirety and
shall be binding upon all Shareholders who executed the Original Agreement effective upon the occurrence of both of the following: (i) the execution of this Agreement by the required signatories pursuant to Sections 7.04 and 6.06 hereof and
(ii) the consummation on the date of this Agreement of the First Public Offering. 
  

 44 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective
authorized officers as of the day and year first above written. 
  

			
	 THE COMPANY:

	
	NTELOS HOLDINGS CORP.
		
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 
		
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 

   
			
	 QUADRANGLE ENTITIES:

	
	QUADRANGLE CAPITAL PARTNERS LP
		
	 By:
	 	Quadrangle GP Investors LP, as its General Partner
		
	 By:
	 	Quadrangle GP Investors LLC, as its General Partner
		
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 
	
	QUADRANGLE SELECT PARTNERS LP
		
	 By:
	 	Quadrangle GP Investors LP, as its General Partner
		
	 By:
	 	Quadrangle GP Investors LLC, as its General Partner
		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 
	
	QUADRANGLE CAPITAL PARTNERS-A LP
		
	 By:
	 	Quadrangle GP Investors LP, as its General Partner
		
	 By:
	 	Quadrangle GP Investors LLC, as its General Partner
		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 

			
	 CVC ENTITIES:

	
	 CITIGROUP VENTURE CAPITAL EQUITY PARTNERS, L.P.

		
	 By:
	 	 CVC Partners LLC, as its General Partner

		
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 
	
	CVC/SSB EMPLOYEE FUND, L.P.
		
	 By:
	 	 CVC Partners LLC, as its General Partner

		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 
	
	CVC EXECUTIVE FUND LLC
		
	 By:
	 	Citigroup Venture Capital GP Holdings, Ltd., as managing member
		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 
	
	 
	Clayton M. Albertson
	
	 
	Christopher D. Bloise
	
	 
	John P. Civantos

			
	
	 
	Michael A. Delaney
	
	 
	Marcus Ehrler
	
	 
	Scott F. Elkins
	
	 
	Andrew S. Gesell
	
	 
	Michael S. Gollner
	
	 
	Richard A. Mayberry, Jr.
	
	ALCHEMY, L.P.
		
	By:	 	 
	 Name:
	 	Thomas F. McWilliams
	 Title:
	 	General Partner
	
	 
	Harris Newman
	
	BG PARTNERS L.P.
		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 
	
	 
	Joseph M. Silvestri
	
	 
	Michael D. Stephensen

			
	
	 
	David F. Thomas
	
	 
	James A. Urry
	
	SIXTY-FOUR BR PARTNERSHIP
		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 
	
	 
	Claus von Hermann
	
	 
	Jeffrey F. Vogel
	
	ABG INVESTMENT MANAGEMENT, LLC
		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 
	
	 MANAGEMENT SHAREHOLDERS:

	
	 THE JAMES S. QUARFORTH
 REVOCABLE
TRUST,
 dated April 25, 2005

		
	By:	 	 
	 Name:
	 	James S. Quarforth
	 Title:
	 	Trustee

			
	 MANAGEMENT

	 SHAREHOLDERS (continued):

	
	 THE QUARFORTH IRREVOCABLE
 TRUST,
dated May 1, 2005

	
	 By: Bank of America Trust Company of
 Delaware, N.A., as its Trustee

		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 
	
	 
	Alyssa B. Quarforth
	
	 
	Scott C. Quarforth

			
	 MANAGEMENT

	 SHAREHOLDERS (continued):

	
	 CHERYL B. ROSBERG REVOCABLE
 TRUST,
dated November 6, 2001

		
	By:	 	 
	 Name:
	 	Cheryl B. Rosberg
	 Title:
	 	Trustee
	
	 CARL A. ROSBERG REVOCABLE
 TRUST,
dated November 6, 2001

		
	By:	 	 
	 Name:
	 	Carl A. Rosberg
	 Title:
	 	Trustee
	
	 
	Drew Alan Rosberg
	
	 
	Cameron Jordan Rosberg

			
	 MANAGEMENT

	 SHAREHOLDERS (continued):

	
	 
	David R. Maccarelli
	
	 THE MACCARELLI IRREVOCABLE
 TRUST,
dated May 1, 2005

	
	 By: Bank of America Trust Company of
 Delaware, N.A., as its Trustee

		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 
	
	 
	Michael B. Moneymaker

			
	
	 
	Michael B. Moneymaker, as Custodian for
Christopher M. Moneymaker
	
	 
	Michael B. Moneymaker, as Custodian for
Ryan Edward Moneymaker
	
	 
	Mary McDermott
	
	 
	Frank L. Berry
	
	 
	David J. Keller

			
	 MANAGEMENT

	 SHAREHOLDERS (continued):

	
	 
	Robert L. McAvoy Jr.
	
	 
	Francis C. Guido
	
	 
	Denise H. Ramey
	
	 
	Robbie W. Cale
	
	 
	David L. Coats

			
	 MANAGEMENT
 SHAREHOLDERS (continued):

	
	 
	Duane K. Breeden
	
	 
	Kenneth R. Boward
	
	 
	 S. Craig Highland, as Custodian for Lesleigh
 Hope Highland

	
	 
	 S. Craig Highland, as Custodian for Zachary
 Lane Highland

			
	 MANAGEMENT
 SHAREHOLDERS (continued):
  
 S. CRAIG HIGHLAND AND C. LYNN HIGHLAND, as Joint Tenants in Common

		
	By:	 	 
	 	 	S. Craig Highland
		
	By:	 	 
	 	 	C. Lynn Highland

 EXHIBIT A 
  

JOINDER TO SHAREHOLDERS AGREEMENT 
  
 This Joinder Agreement (this “Joinder Agreement”) is made as of the date written below by the undersigned (the “Joining
Party”) in accordance with the Amended and Restated Shareholders Agreement dated as of _____________, 2006 (the “Shareholders Agreement”) among NTELOS Holdings Corp., Quadrangle Capital Partners LP, Quadrangle Select
Partners LP, Quadrangle Capital Partners-A LP, Citigroup Venture Capital Equity Partners, L.P., CVC/SSB Employee Fund, L.P., CVC Executive Fund LLC and the other parties listed on the signature pages thereof, as the same may be amended from time to
time. Capitalized terms used, but not defined, herein shall have the meaning ascribed to such terms in the Shareholders Agreement. 
  
 The Joining Party hereby acknowledges, agrees and confirms that, by its execution of this Joinder Agreement, the Joining Party shall be deemed to be a
party to the Shareholders Agreement as of the date hereof and shall have all of the rights and obligations of a “Shareholder” thereunder as if it had executed the Shareholders Agreement. The Joining Party hereby ratifies, as of the date
hereof, and agrees to be bound by, all of the terms, provisions and conditions contained in the Shareholders Agreement. 
  
 IN WITNESS WHEREOF, the undersigned has executed this Joinder Agreement as of the date written below. 
  
 Date: ___________ ___, ______ 
  

			
	 [NAME OF JOINING PARTY]

		
	 By:
	 	 
	 Name:
 Title:
	 	 
		
	 	 	Address for Notices:Exhibit 10.8

 Exhibit 10.8 
  
 NTELOS HOLDINGS CORP. AMENDED AND RESTATED EQUITY INCENTIVE PLAN 
  
 (Effective as of
                    , 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 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; 
  

 - 2 - 

 (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 
  

 - 3 - 

 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 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. 
  

 - 4 - 

 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. 

 

 - 5 - 

 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 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. 
  

 - 6 - 

 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. 
  

 - 7 - 

 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 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. 
  

 - 10 - 

 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, 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. 
  

 - 12 - 

 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 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. 
  

 - 14 - 

 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.

  
 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; 
  

 - 20 - 

 (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. 
  

 - 21 - 

 12. Effective Date, Termination and Amendment 
  
 The Plan is effective on
                    , 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

  

 - 22 - 

 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 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. 
  

 - 23 - 

 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 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. 
  

 - 24 - 

 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. 
  

 - 25 -

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