Document:

Second Amended and Restated Limited Partnership Agreement

 Exhibit 10.23 

 
  

 
 OCM EUROPEAN PRINCIPAL
OPPORTUNITIES FUND GP, L.P. 
  
  

SECOND AMENDED & RESTATED 
 LIMITED PARTNERSHIP AGREEMENT 
  

 
 Dated
November 18, 2008 
  
  

 

 TABLE OF CONTENTS 

 

							
	 Section
	  	Page	 
	
	ARTICLE I	 
	
	GENERAL PROVISIONS	 
			
	 1.1
	 	 Definitions
	  	 	1	  
	 1.2
	 	 Name and Office
	  	 	5	  
	 1.3
	 	 Purposes
	  	 	5	  
	 1.4
	 	 Term
	  	 	6	  
	 1.5
	 	 Fiscal Year
	  	 	6	  
	 1.6
	 	 Powers
	  	 	6	  
	 1.7
	 	 Specific Authorization
	  	 	7	  
	 1.8
	 	 Amendment and Restatement of Agreement; Admission of Partners
	  	 	8	  
	 1.9
	 	 Register
	  	 	8	  
	 1.10
	 	 Cayman Register
	  	 	8	  
	
	 ARTICLE II
	   

	
	 THE GENERAL PARTNER
	   

			
	 2.1
	 	 Management of the Partnership, etc
	  	 	9	  
	 2.2
	 	 Reliance by Third Parties
	  	 	9	  
	 2.3
	 	 General Partner Not Liable for Return of Capital Contributions
	  	 	9	  
	 2.4
	 	 Bankruptcy of General Partner
	  	 	9	  
	 2.5
	 	 No Removal of General Partner
	  	 	9	  
	
	 ARTICLE III
	   

	
	 THE LIMITED PARTNERS
	   

			
	 3.1
	 	 No Participation in Management, etc
	  	 	10	  
	 3.2
	 	 Limitation of Liability
	  	 	10	  
	 3.3
	 	 No Priority
	  	 	10	  
	 3.4
	 	 Bankruptcy or Withdrawal of a Partner
	  	 	10	  
	
	 ARTICLE IV
	   

	
	 LIABILITY, EXCULPATION AND INDEMNIFICATION
	   

			
	 4.1
	 	 Liability
	  	 	10	  
	 4.2
	 	 Exculpation
	  	 	11	  
	 4.3
	 	 Indemnification
	  	 	11	  
	 4.4
	 	 Agreements for Covered Persons
	  	 	13	  

  
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	ARTICLE V	 
	
	CAPITAL CONTRIBUTIONS AND CAPITAL PERCENTAGES; CARRY PERCENTAGES AND ADJUSTMENTS
THERETO	 
			
	 5.1
	 	 Capital Contributions and Capital Percentages
	  	 	13	  
	 5.2
	 	 Carry Percentages and Adjustments Thereto
	  	 	14	  
	
	 ARTICLE VI
	   

	
	 CAPITAL ACCOUNTS; DISTRIBUTIONS; ALLOCATIONS; WITHHOLDING
	   

			
	 6.1
	 	 Capital Accounts
	  	 	15	  
	 6.2
	 	 Adjustments to Capital Accounts
	  	 	15	  
	 6.3
	 	 Distributions
	  	 	15	  
	 6.4
	 	 Tax Distributions
	  	 	15	  
	 6.5
	 	 General Distribution Provisions
	  	 	16	  
	 6.6
	 	 Distributions in Kind
	  	 	16	  
	 6.7
	 	 No Withdrawal of Capital
	  	 	16	  
	 6.8
	 	 Allocations to Capital Accounts
	  	 	16	  
	 6.9
	 	 Tax Allocations and Other Tax Matters
	  	 	16	  
	 6.10
	 	 Withholding
	  	 	17	  
	 6.11
	 	 Final Distribution
	  	 	18	  
	 6.12
	 	 Return of Distributions
	  	 	18	  
	
	 ARTICLE VII
	   

	
	 BOOKS AND RECORDS; TAX INFORMATION; REPORTS TO PARTNERS
	   

			
	 7.1
	 	 Books and Records
	  	 	18	  
	 7.2
	 	 Tax Information
	  	 	19	  
	 7.3
	 	 Reports to Partners
	  	 	19	  
	
	 ARTICLE VIII
	   

	
	 ADMISSION OF ADDITIONAL PARTNERS; TRANSFERS; DESIGNATION OF
INACTIVE PARTNERS
	   

			
	 8.1
	 	 Admission of Additional Partners
	  	 	19	  
	 8.2
	 	 Transfers
	  	 	19	  
	 8.3
	 	 Designation as Inactive Partner
	  	 	20	  
	
	 ARTICLE IX
	   

	
	 DISSOLUTION AND WINDING UP OF THE PARTNERSHIP
	   

			
	 9.1
	 	Dissolution	  	 	20	  
	 9.2
	 	Winding Up	  	 	20	  

  
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	 9.3
	 	Final Distribution	  	 	20	  
	 9.4
	 	 Time for Liquidation, etc.
	  	 	21	  
	 9.5
	 	 Termination
	  	 	21	  
	
	 ARTICLE X
	   

	
	 MISCELLANEOUS
	   

			
	 10.1
	 	 Amendments
	  	 	21	  
	 10.2
	 	 Notices
	  	 	21	  
	 10.3
	 	 Counterparts
	  	 	22	  
	 10.4
	 	 Table of Contents and Headings
	  	 	22	  
	 10.5
	 	 Successors and Assigns
	  	 	22	  
	 10.6
	 	 Severability
	  	 	22	  
	 10.7
	 	 Further Actions
	  	 	22	  
	 10.8
	 	 Determinations of the General Partner
	  	 	22	  
	 10.9
	 	 Non-Waiver
	  	 	22	  
	 10.10
	 	 Applicable Law
	  	 	23	  
	 10.11
	 	 Confidentiality
	  	 	23	  
	 10.12
	 	 Survival of Certain Provisions
	  	 	24	  
	 10.13
	 	 Waiver of Partition
	  	 	24	  
	 10.14
	 	 Entire Agreement
	  	 	24	  
	 10.15
	 	 Currency
	  	 	24	  

  

  
 iii

 OCM EUROPEAN PRINCIPAL OPPORTUNITIES FUND GP, L.P. 

This SECOND AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT of OCM EUROPEAN PRINCIPAL OPPORTUNITIES FUND GP, L.P., a Cayman Islands
exempted limited partnership (the “Partnership”), is made and entered into as a deed on November 18, 2008, by and among OCM European Principal Opportunities Fund GP Ltd., as the General Partner of the Partnership, and the
persons listed in the Register as limited partners of the Partnership (as supplemented or amended from time to time) for the purpose of amending and restating the Amended and Restated Limited Partnership Agreement of the Partnership, dated
March 3, 2006 (“Amended Agreement”). Capitalized terms used herein without definition have the meanings specified in Section 1.1. References herein to the Partnership shall, wherever the context requires, mean the General
Partner acting in its capacity as such (and in its personal capacity) on behalf of the Partnership. 
 R E
C I T A L S: 
 WHEREAS, the Partnership is an exempted limited partnership
registered under the Partnership Law pursuant to a Statement filed with the Registrar of Exempted Limited Partnerships in the Cayman Islands on February 17, 2006, and since March 3, 2006 has been governed by the Amended Agreement, which
amended and restated the Limited Partnership Agreement of the Partnership dated February 17, 2006; and 
 WHEREAS, the
General Partner and the Limited Partners admitted on the date hereof desire to amend and restate the Original Agreement in its entirety and to enter into this Agreement. 
 NOW, THEREFORE, the parties hereto hereby agree to continue the Partnership and hereby amend and restate the Amended Agreement, which is replaced and superseded in its entirety by this Agreement, as
follows: 
 ARTICLE I 
 GENERAL PROVISIONS 
 1.1 Definitions. Capitalized terms used herein
without definition shall have the meanings specified in the Fund Agreement. As used herein the following terms have the meanings set forth below: 
 “Active Partners” shall mean all Partners other than any Inactive Partners. 
 “Additional Partner” shall have the meaning set forth in Section 8.1. 
 “Adjustment Date” shall mean the last day of each Fiscal Year or any other date that the General Partner determines to be appropriate for an interim closing of the Partnership’s
books. 

 “Affiliate” shall mean, with respect to any specified
Person, a Person that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, the Person specified. 

“Agreement” shall mean this Second Amended and Restated Limited Partnership Agreement of the
Partnership, as amended, supplemented or restated from time to time. 
 “Amended Agreement”
shall have the meaning set forth in the preamble hereto. 
 “Available Assets” shall mean, as
of any date, the excess of (a) the cash and cash equivalent items held by the Partnership over (b) the sum of the amount of such items as the General Partner determines to be necessary for the payment of the
Partnership’s expenses, liabilities and other obligations (whether fixed or contingent), and for the establishment of appropriate reserves for such expenses, liabilities and obligations as they may arise, including the maintenance of adequate
working capital for the continued conduct of the Partnership’s investment activities and operations. 

“Business Day” shall mean any day on which commercial banks are generally open for business in New York
City and London. 
 “Capital Account” shall have the meaning set forth in Section 6.1.

 “Capital Commitment” shall mean, with respect to any Partner, the amount set forth opposite
the name of such Partner on the Register, as amended from time to time pursuant to this Agreement. 

“Capital Contribution” shall mean, with respect to any Partner, the amount of capital contributed by
such Partner to the Partnership pursuant to this Agreement, unless such capital is not treated as a Capital Contribution by the express terms of this Agreement. 

“Capital Percentage” shall mean, with respect to each Partner, a fraction, expressed as a percentage,
(a) the numerator of which is the aggregate Capital Contributions of such Partner used to fund the Partnership’s investment through the Fund in a Permitted Investment and (b) the denominator of which is the aggregate
Capital Contributions of all of the Partners used to fund such investment. 
 “Carried
Interest” shall mean distributions received or to be received by the Partnership from the Fund as general partner of the Fund pursuant to sections 6.4(c)(iii) and 6.4(c)(iv) of the Fund Agreement. 

“Carry Agreement” shall have the meaning set forth in Section 5.2(a). Any and all Carry Agreements
entered into on or after the date hereof shall be deemed incorporated in and made part of this Agreement. 

“Carry Percentage” shall have the meaning set forth in Section 5.2(a). 

“Cayman Islands” shall mean the Cayman Islands, British West Indies. 

  
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 “Cayman Register” shall have the meaning set forth in
Section 1.10. 
 “Claims” shall have the meaning set forth in Section 4.3(a).

 “Code” shall mean the U.S. Internal Revenue Code of 1986, as amended from time to time.

 “Covered Person” shall mean any Partner, any officers, directors, shareholders, controlling
Persons, partners, members, employees, representatives or agents of the General Partner; or any Person who was, at the time of the act or omission in question, such a Person. 

“Damages” shall have the meaning set forth in Section 4.3(a). 

“Designated Partner” shall mean OCM European Principal Opportunities Fund (Cayman) Ltd., a Cayman
Islands exempted company, and any other entity formed by the Partnership or its Affiliates, and admitted as a limited partner in the Fund, through which investors participate in the Fund. 

“Disabling Conduct” shall mean, with respect to any Person: (a) fraud;
(b) willful malfeasance; (c) a material violation of this Agreement that, if curable, is not cured within 30 days after a written notice describing such violation has been given to such Person; (d) conviction of a
felony; (e) a willful violation of law having a material adverse affect on the Fund; (f) Gross Negligence; or (g) reckless disregard of duties in the conduct of such Person’s office. 

“Fiscal Year” shall mean the fiscal year of the Partnership, as determined pursuant to Section 1.5.

 “Fund” shall mean OCM European Principal Opportunities Fund, L.P., a Cayman Islands exempted
limited partnership, together with any Designated Partner, Alternative Investment Fund or Separate Account, as the context may require, and their respective successors and assigns. 

“Fund Agreement” shall mean the Second Amended and Restated Limited Partnership Agreement of the Fund,
dated October 18, 2006, as amended from time to time, and the governing instrument of any Designated Partner, Alternative Investment Fund or Separate Account, each, as amended from time to time, as the context may require. 

“General Partner” shall mean OCM European Principal Opportunities Fund GP Ltd., a Cayman Islands
exempted company, and its successors and assigns. 
 “Gross Negligence” shall, notwithstanding
Section 10.10, have the meaning given to such term under the laws of the State of Delaware. 

“Inactive Partner” shall have the meaning set forth in Section 8.3. 

  
 3 

 “Limited Partners” shall mean the Persons admitted as
limited partners of the Fund, which limited partners shall be listed on the Register, and shall include their successors and permitted assigns to the extent admitted to the Partnership as limited partners in accordance with the terms hereof, in
their capacities as partners of the Partnership, but shall exclude any Person that becomes an Inactive Partner or otherwise ceases to be a Partner in accordance with the terms hereof. 

“Notice of Dissolution” shall mean a notice of dissolution signed by the General Partner pursuant to the
Partnership Law. 
 “Oaktree” shall mean Oaktree Capital Management, L.P., a Delaware limited
partnership, and any successor thereto. 
 “Partners” shall mean the General Partner, the
Limited Partners and any Inactive Partners. For purposes of Cayman Islands’ law, the Partners shall constitute a single class, series and group of Partners. 

“Partnership” shall have the meaning set forth in the preamble hereto. 

“Partnership Expenses” shall mean the reasonable costs and expenses that in the judgment of the General
Partner are incurred by or arise out of the organization and operation of the Partnership, including, without limitation, legal and accounting expenses. 
 “Partnership Law” shall mean the Exempted Limited Partnership Law of the Cayman Islands (as amended), and any successor to such statute. 

“Period” shall mean, for the first Period, the period commencing on the date of this Agreement and
ending on the next Adjustment Date; and for each subsequent Period shall mean the period commencing on the day after an Adjustment Date and ending on the next Adjustment Date. 

“Person” shall mean any individual or entity, including a corporation, partnership, association, limited
liability company, limited liability partnership, joint-stock company, trust, unincorporated association, government or governmental agency or authority. 
 “Prime Rate” shall mean the rate of interest published from time to time in The Wall Street Journal, Eastern Edition (or any successor publication thereto) designated therein as
the prime rate or, if not so published, the rate of interest publicly announced from time to time by any money center bank as its prime rate in effect at its principal office as identified by the General Partner. 

“Proceedings” shall have the meaning set forth in Section 4.3(a). 

“Register” shall mean the Register of Partners, Capital Commitments and Percentages maintained by the
General Partner, (as such Register may be supplemented or amended from time to time). 

  
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 “Securities” shall mean shares of capital stock,
partnership interests, limited liability company interests, warrants, options, bonds, notes, debentures and other equity and debt securities of whatever kind of any Person, whether readily marketable or not. 

“Statement” shall mean the statement of registration filed by the General Partner on behalf of the
Partnership with the Registrar of Exempted Limited Partnerships in the Cayman Islands. 
 “Subscription
Agreement” shall mean a subscription agreement entered into by the Partnership and a Limited Partner in connection with such Limited Partner’s purchase of interests in the Partnership. 

“Transfer” shall mean any sale, transfer, assignment, conveyance, pledge, encumbrance, hypothecation or
other disposition or grant of security interest, or the act of so doing, as the context requires. 

“Treasury Regulations” shall mean the regulations of the U.S. Treasury Department issued pursuant to the
Code. 
 “Value” shall mean, with respect to any distribution of Securities received by the
Partnership from the Fund, the value of such Securities as determined by the Fund, and otherwise shall have the meaning set forth in the Fund Agreement. 
 1.2 Name and Office. 
 (a) Name. The name of the Partnership is OCM
European Principal Opportunities Fund GP, L.P. Unless otherwise agreed by the General Partner in writing, a Limited Partner shall not have any right, title or interest in or right to the use of the name “OCM European Principal Opportunities
Fund GP,” “OCM European Principal Opportunities Fund, L.P.,” “OCM,” “Oaktree” or any variation thereof, including any name to which the name of the Partnership or the Fund may be changed. No value shall be placed
upon the name of the Partnership or the goodwill attached thereto for the purpose of determining the value of any Limited Partner’s Capital Account or interest in (or right to distributions from) the Partnership. 

(b) Office. The registered office of the Partnership in the Cayman Islands is located at c/o Walkers SPV Limited, Walker House, 87
Mary Street, George Town, Grand Cayman, KY1-9002, Cayman Islands and the registered agent for service of process on the Partnership at such address is Walkers SPV Limited. At any time, the Partnership may designate another registered agent and/or
registered office in the Cayman Islands. 
 1.3 Purposes. Subject to the other provisions of this Agreement, the purposes
of the Partnership are (a) to serve as the general partner of the Fund and the general partner (or other corresponding entity), directly or indirectly, of any Designated Partner, Alternative Investment Fund, Separate Account or any other
investment vehicle formed to make an investment in the Fund, as the General Partner deems appropriate, (b) to acquire, hold and dispose of Securities and (c) to engage in such other activities as the General Partner deems
necessary, advisable, convenient or incidental to the foregoing, provided that the Partnership shall not undertake 

  
 5 

 
business with the public in the Cayman Islands (other than so far as may be necessary to carry on the activities of the Partnership exterior to the Cayman Islands). 

1.4 Term. The term of the Partnership commenced on February 17, 2006 and shall continue until the last day of the term of the
Fund, provided that, notwithstanding the expiration of the term of the Partnership, the Partnership shall continue in existence until the filing of a Notice of Dissolution in accordance with Section 9.5. 

1.5 Fiscal Year. The fiscal year of the Partnership shall end on the 31st day of December of each year (the “Fiscal
Year”). The Partnership shall have the same Fiscal Year for income tax and for financial and partnership accounting purposes. 
 1.6 Powers. Subject to the other provisions of this Agreement, the Partnership, acting through the General Partner, shall be and hereby is authorized and empowered to do or cause to be done any and
all acts determined by the General Partner to be necessary, advisable, convenient or incidental in furtherance of the purposes of the Partnership and the Fund, without any further act, approval or vote of any Person, including any Limited Partner.
Without limiting the generality of the foregoing, the Partnership (and the General Partner on behalf of the Partnership) is (and are) hereby authorized and empowered: 
 (a) to enter into the Fund Agreement, the Subscription Agreements and the Carry Agreements and to enter into, and to cause the Fund to execute, deliver and perform its obligations under contracts and
agreements of every kind, and amendments thereto, necessary or incidental to (i) the offer and sale of interests in the Fund (including subscription agreements and other agreements and documents in connection with the admission of limited
partners to the Fund) and (ii) the acquisition, holding, managing and transfer of Permitted Investments by the Fund, or otherwise to the accomplishment of the Fund’s purposes, and to cause the Fund to take or omit to take such other
actions in connection with such offer and sale, with such acquisition, holding, managing or transfer, or with the investment and other activities of the Fund, as may be necessary, advisable, convenient or incidental to further the purposes of the
Partnership and the Fund; 
 (b) to direct the formulation of investment policies and strategies for the Partnership and the
Fund, and to direct the investment activities of the Partnership and the Fund; 
 (c) to acquire, hold, manage, vote, Transfer
and own Securities and any other assets held by the Partnership, including exercising all rights, powers and privileges with respect to such Securities or assets and making all elections, filings, decisions and other actions that may be necessary or
appropriate for the acquisition, holding or Transfer of such Securities or assets; 
 (d) to establish, maintain or close one or
more offices within or without the Cayman Islands and in connection therewith to rent or acquire office space and to engage personnel; 
 (e) to open, maintain and close bank, brokerage (including escrow and margin) accounts, to draw checks or other orders for the payment of moneys, to exchange U.S. dollars held by the Partnership into
non-U.S. currencies and vice-versa, and to temporarily invest such funds of the Partnership as are not otherwise required for Partnership purposes; 

  
 6 

 (f) to set aside funds for reasonable reserves, anticipated contingencies and working
capital and to incur and pay Partnership Expenses and any taxes for which the Partnership may be liable; 
 (g) to lend money to,
borrow money from, act as surety, guarantor or endorser for, provide collateral for and transact other business with third Persons, including Partners and Affiliates of the Partnership, and invest and reinvest its funds, to grant a security
interest, including, entering into any pledge, instrument or other agreement as may be necessary or appropriate to effectuate the foregoing; 
 (h) to bring, defend, settle and dispose of Proceedings and otherwise to bring and defend actions and proceedings at law or in equity or before any governmental, administrative or other regulatory agency,
body or commission; 
 (i) to retain and compensate (or fix the compensation of) consultants, custodians, attorneys, accountants,
placement agents, underwriters, financial advisors and other agents and to authorize each such agent to act for and on behalf of the Partnership and/or the Fund; 
 (j) to indemnify any Person in accordance with the Partnership Law and to obtain any and all types of insurance; 
 (k) to prepare and file all tax returns of the Partnership and the Fund; to make such elections under the Code and other relevant tax laws as to the treatment of items of Partnership income, gain, loss
and deduction, and as to all other relevant matters, as the General Partner deems necessary or appropriate; to determine which items of cash outlay are to be capitalized or treated as current expenses; and to select the method of accounting and
bookkeeping procedures to be used by the Partnership and the Fund; 
 (l) to take all action that may be necessary, advisable,
convenient or incidental for the continuation of the Partnership’s valid existence as an exempted limited partnership under the Partnership Law and the Fund’s valid existence as an exempted limited partnership under the Partnership Law
(including making such filings with the Registrar of Exempted Limited Partnerships in the Cayman Islands as are necessary to continue the registration of the Partnership and/or Fund, as the case may be, as exempted limited partnerships under the
Partnership Law), and any successor to such statute, and in each other jurisdiction in which such action is necessary to protect the limited liability of the Partners or the limited partners of the Fund or to enable the Partnership and the Fund,
consistent with such limited liability, to conduct the investment and other activities in which they are engaged; and 
 (m) to
carry on any other activities necessary to, in connection with, or incidental to any of the foregoing or the Partnership’s and the Fund’s investment and other activities. 

1.7 Specific Authorization. Notwithstanding any other provision of this Agreement, the Partnership (acting in its own name or on
behalf of the Fund, as the case may be) and the General Partner on its own behalf or on behalf of the Partnership (or on behalf of the Partnership on behalf of the Fund), as appropriate, may execute, deliver and perform one or more Carry Agreements,
one or more Subscription Agreements, any Fund Agreement, any guarantee where the Fund is a beneficiary and the Partnership is an obligor, any management agreement with 

  
 7 

 
Oaktree, any subscription agreement relating to the Fund and any agreements to induce any Person to become a limited partner of the Fund, all amendments thereto and all agreements contemplated
thereby and relating thereto, all without any further act, vote or approval of any Limited Partner or other Person. The General Partner is hereby authorized to enter into and perform on its own behalf or on behalf of the Partnership, as appropriate,
the agreements described in the immediately preceding sentence, but such authorization shall not be deemed a restriction on the power of the General Partner to enter into other agreements on its own behalf or on behalf of the Partnership subject to
any other restrictions expressly set forth in this Agreement. 
 1.8 Amendment and Restatement of Agreement; Admission of
Partners. The parties hereto hereby agree to continue the Partnership and hereby amend and restate the Amended Agreement, which is replaced and superseded in its entirety by this Agreement. A Person shall be admitted as a Limited Partner at the
time (a) this Agreement or a counterpart hereof, a Subscription Agreement or a Carry Agreement is executed by or on behalf of such Person and (b) such Person is listed by the General Partner as a Partner of the Partnership in
the Register. The General Partner shall inscribe, or arrange the inscription of, the names of the Limited Partners in the Register and the Cayman Register, and shall update the Cayman Register as necessary to accurately reflect the information
therein in accordance with the Partnership Law. After the date hereof, Persons shall be admitted as Partners of the Partnership as provided in Article VIII. 
 1.9 Register. The General Partner shall cause the Register to be maintained in the principal office of the Partnership. The Register shall be part of the books and records of the Partnership. The
Register shall from time to time be updated by the General Partner as necessary to reflect accurately the information to be contained therein without any action on the part of the Limited Partners. Any reference in this Agreement to the Register
shall be deemed a reference to the Register as in effect from time to time. Subject to the terms of this Agreement, the General Partner may take any action authorized hereunder in respect of the Register without any need to obtain the consent of any
other Partner. No update to the Register shall require an amendment to this Agreement. 
 1.10 Cayman Register. The
General Partner shall cause to be maintained at the registered office of the Partnership a register of limited partnership interests of the Partnership which shall include, as required by the Partnership Law, the name and address of each Limited
Partner and the amount of capital contributions made by each Limited Partner (the “Cayman Register”). The Cayman Register shall not be part of this Agreement. The General Partner shall from time to time update the Cayman Register as
required by the Partnership Law to accurately reflect the information therein. Any reference in this Agreement to the Cayman Register shall be deemed a reference to the Cayman Register as in effect from time to time. Subject to the terms of this
Agreement, the General Partner may take any action authorized hereunder in respect of the Cayman Register without any need to obtain the consent of any other Partner. No action of any Limited Partner shall be required to amend or update the Cayman
Register. 

  
 8 

 ARTICLE II 
 THE GENERAL PARTNER 
 2.1 Management of the Partnership, etc.

 (a) General. Subject to Section 2.1(b), the management, control and operation of and the determination of policy
with respect to the Partnership and its investment and other activities shall be vested exclusively in the General Partner, who shall, subject to the other provisions of this Agreement, carry out any and all of the purposes of the Partnership and
perform all acts and enter into and perform all contracts and other undertakings that it may deem necessary, advisable, convenient or incidental thereto. 
 (b) Actions and Determinations of the Partnership. Except as otherwise expressly provided herein, whenever this Agreement provides that a determination shall be made or an action shall be taken by
the Partnership, such determination or act may be made or taken by the General Partner in its sole discretion. 
 (c) General
Partner as Agent. The General Partner, to the extent of its powers set forth in this Agreement, is an agent of the Partnership for the purpose of the Partnership’s business, and the actions of the General Partner taken in accordance with
this Agreement shall bind the Partnership. 
 2.2 Reliance by Third Parties. In dealing with the General Partner and its
duly appointed agents, no Person shall be required to inquire as to the authority of the General Partner or any such agent to bind the Partnership. 
 2.3 General Partner Not Liable for Return of Capital Contributions. Neither the General Partner nor any of its Affiliates shall be liable for the return of the Capital Contributions of any Limited
Partner, and such return shall be made solely from Available Assets of the Partnership, if any, and each Limited Partner hereby waives any and all claims that he, she or it may have against the General Partner or any Affiliate thereof in this
regard. 
 2.4 Bankruptcy of General Partner. In the event of the bankruptcy or dissolution and commencement of
winding-up of the General Partner or the occurrence of any other event that causes the General Partner to cease to be a general partner of the Partnership under the Partnership Law, the Partnership shall be dissolved and wound up as provided in
Article IX, unless a replacement general partner of the Partnership is designated within 90 days by the unanimous written election of the Limited Partners. 
 2.5 No Removal of General Partner. The General Partner may not be removed as the General Partner of the Partnership. 

  
 9 

 ARTICLE III 
 THE LIMITED PARTNERS 
 3.1 No Participation in Management, etc. No
Limited Partner shall take part in the management or control of the Partnership, transact any business in the Partnership’s name or have the power to sign documents for or otherwise bind the Partnership, provided that a Person that is
also a Limited Partner may execute documents and perform other activities on behalf of the Partnership if such Person has been designated, by way of power of attorney or otherwise, as a Person authorized to act for the General Partner or a director
of the General Partner in the performance of such person’s duties for, and employment with, Oaktree or any of its Affiliates and provided further that in so doing it shall be clear that such Person is not acting in his or her capacity as
a Limited Partner. Except as otherwise expressly provided herein, and subject to the Partnership Law, no Limited Partner may vote with respect to any action taken or to be taken by the Partnership or the Partners. 

3.2 Limitation of Liability. Except as may otherwise be required by the Partnership Law or as expressly provided for herein, the
liability of each Limited Partner, solely in its capacity as a Partner of the Partnership, is limited to such Partner’s Capital Commitment. 
 3.3 No Priority. No Limited Partner shall have priority over any other Partner either as to the return of the amount of such Partner’s Capital Contribution or as to any allocation of any item
of income, gain, loss, deduction or credit of the Partnership. 
 3.4 Bankruptcy or Withdrawal of a Partner. The
bankruptcy or withdrawal of a Limited Partner shall not in and of itself dissolve the Partnership. A Limited Partner shall not withdraw from the Partnership prior to the dissolution of the Partnership except with the written consent of the General
Partner. 
 ARTICLE IV 
 LIABILITY, EXCULPATION AND INDEMNIFICATION 
 4.1 Liability. Except
as otherwise provided in this Agreement or by the Partnership Law, the debts, obligations and liabilities of the Partnership, whether arising in contract, tort or otherwise, shall be solely the debts, obligations and liabilities of the Partnership,
and no Covered Person shall be obligated personally for any such debt, obligation or liability of the Partnership solely by reason of it being a Partner. Except as otherwise expressly required by law or as expressly provided in this Agreement, a
Partner, as such, shall have no liability in excess of (a) such Partner’s obligation to make payments expressly provided for in this Agreement, including the amount of such Partner’s Capital Commitment and such Partner’s
share of the amount that the Partnership is obligated to contribute to the Fund pursuant to sections 9.2 and 11.3 (clawback provisions) of the Fund Agreement, subject to the terms and conditions herein, (b) such Partner’s share of
any undistributed profits and assets of the Partnership, and (c) the amount of any distributions wrongfully distributed to such Partner as described in the Partnership Law. 

  
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 4.2 Exculpation. 

(a) Generally. No Covered Person shall be liable to the Partnership or any other Partner for any act or omission taken or suffered
by such Covered Person in good faith and in the reasonable belief that such act or omission is in or is not contrary to the best interests of the Partnership and is within the scope of authority granted to such Covered Person by this Agreement,
provided that such act or omission does not constitute Disabling Conduct of the Covered Person. No Partner shall be liable to the Partnership or any Partner for any action taken by any other Partner. 

(b) Reliance Generally. A Covered Person shall incur no liability in acting upon any signature or writing reasonably believed by
such Covered Person to be genuine, and may rely in good faith on a certificate signed by an executive officer of any Person in order to ascertain any fact with respect to such Person or within such Person’s knowledge and may rely in good faith
on an opinion of counsel selected with reasonable care by such Covered Person with respect to legal matters. Each Covered Person may act directly or through such Covered Person’s agents or attorneys. Each Covered Person may consult with
counsel, appraisers, engineers, accountants and other skilled Persons of such Covered Person’s choosing and shall not be liable for anything done, suffered or omitted in good faith and within the scope of this Agreement in reasonable reliance
upon the advice of any of such Persons. No Covered Person shall be liable to the Partnership or any Partner for any error of judgment made in good faith by a responsible officer or employee of such Covered Person or such Covered Person’s
Affiliate. Except as otherwise provided in this Section 4.2, no Covered Person shall be liable to the Partnership or any Partner for any mistake of fact or judgment by such Covered Person in conducting the affairs of the Partnership or
otherwise acting in respect of and within the scope of this Agreement. 
 (c) Reliance on this Agreement. To the extent
that, at law or in equity, a Covered Person has duties (including fiduciary duties) and liabilities relating thereto to the Partnership or to the Partners, any Covered Person acting under this Agreement or otherwise shall not be liable to the
Partnership or to any Partner for anything done, suffered or omitted in such Covered Person’s good faith reliance on the provisions of this Agreement. The provisions of this Agreement, to the extent that they address the duties (including
fiduciary duties) and liabilities of a Covered Person otherwise existing at law or in equity, are agreed by the Partners to replace such other duties and liabilities of such Covered Person. 

(d) Not Liable for Return of Capital Contributions. Except as otherwise provided in this Agreement, no Covered Person shall be
liable for the return of the Capital Contributions or Capital Account of any Partner, and such return shall be made solely from the Available Assets of the Partnership, if any, and each Partner hereby waives any and all claims that he, she or it may
have against each Covered Person in this regard. 
 4.3 Indemnification. 

(a) Indemnification Generally. Subject to Section 4.3(c), the Partnership shall and hereby does, to the fullest extent
permitted by applicable law, indemnify, hold harmless and release (and each Partner does hereby release) each Covered Person from and against any and all claims, demands, liabilities, costs, expenses, damages, losses, suits, proceedings and actions,

  
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whether judicial, administrative, investigative or otherwise, of whatever nature, known or unknown, liquidated or unliquidated (“Claims”), that may accrue to or be incurred by
any Covered Person, or in which any Covered Person may become involved, as a party or otherwise, or with which any Covered Person may be threatened, relating to or arising out of the investment or other activities of the Partnership, or activities
undertaken in connection with the Partnership, or otherwise relating to or arising out of this Agreement, including amounts paid in satisfaction of judgments, in compromise or as fines or penalties, and counsel fees and expenses incurred in
connection with the preparation for or defense or disposition of any investigation, action, suit, arbitration or other proceeding (a “Proceeding”), whether civil or criminal (all of such Claims and amounts covered by this
Section 4.3, and all expenses referred to in Section 4.3(b), are referred to collectively as “Damages”), except to the extent that it shall have been determined in a final non-appealable judgment by a court of competent
jurisdiction that such Damages arose primarily from the Disabling Conduct of such Covered Person. The Partners intend that all Covered Persons be entitled to be indemnified hereunder, and have the right to enforce such indemnification as though they
were parties hereto; but, the Partners understand that, in general, the laws of the Cayman Islands currently do not recognize the right of a Person to claim benefits from or enforce an agreement to which such Person is not a party. Accordingly, the
General Partner intends to extend such indemnification to Covered Persons that are not parties hereto; and the Partners agree that the Partnership shall, and the Partnership hereby does, to the fullest extent permitted by applicable law, indemnify
and hold harmless the General Partner for all payments that the General Partner is obligated to make to Covered Persons that are not parties to this Agreement to cover Damages incurred by such Covered Persons that such Covered Persons would have
been entitled to receive from the Partnership under this Agreement if such Covered Persons were parties hereto or were permitted by applicable law to claim benefits from or enforce this Agreement (i.e., if such Covered Persons were third party
beneficiaries hereof). The termination of any Proceeding by settlement shall not, of itself, create a presumption that any Damages relating to such settlement or otherwise relating to such Proceedings arose primarily from the Disabling Conduct of
any Covered Person. 
 (b) Expenses, etc. The reasonable expenses incurred by a Covered Person (including the General
Partner and its Affiliates) in defense or settlement of any Claim that may be subject to a right of indemnification hereunder may be advanced by the Partnership to such Covered Person prior to the final disposition thereof with the consent of the
General Partner upon receipt of an undertaking by or on behalf of such Covered Person to repay such amount if it shall be determined ultimately by a court of competent jurisdiction that such Covered Person is not entitled to be indemnified
hereunder. 
 (c) Notices of Claims, etc. Promptly after receipt by a Covered Person of notice of the commencement of any
Proceeding that might give rise to a claim for indemnification by such Covered Person hereunder, such Covered Person shall give written notice to the Partnership of the commencement of such Proceeding, provided that the failure of any Covered
Person to give notice as provided herein shall not relieve the Partnership of its obligations under this Section 4.3 except to the extent that the Partnership is actually prejudiced by such failure to give notice. In case any such Proceeding is
brought against a Covered Person (other than a derivative suit in right of the Partnership), the Partnership will be entitled to participate in and to assume the defense thereof to the extent that the Partnership may wish, with counsel reasonably
satisfactory to such Covered Person. After notice from the Partnership to such Covered Person of the 

  
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Partnership’s election to assume the defense thereof, the Partnership will not be liable for expenses subsequently incurred by such Covered Person in connection with the defense thereof.

 (d) Survival of Protection. The provisions of this Section 4.3 shall continue to afford protection to each Covered
Person regardless of whether such Covered Person remains in the position or capacity pursuant to which such Covered Person became entitled to indemnification under this Section 4.3 and regardless of any subsequent amendment to this Agreement,
and no amendment to this Agreement shall reduce or restrict the extent to which these indemnification provisions apply to actions taken or omissions made prior to the date of such amendment. 

(e) Reserves. If the General Partner determines in its sole discretion that it is appropriate or necessary to do so, the General
Partner may cause the Partnership to establish reasonable reserves, escrow accounts or similar accounts to fund its obligations under this Section 4.3. 
 (f) Rights Cumulative. The right of any Covered Person to the indemnification provided herein shall be cumulative with, and in addition to, any and all rights to which such Covered Person may
otherwise be entitled by contract or as a matter of law or equity and shall extend to such Covered Person’s successors, assigns and legal representatives. 
 (g) No Waiver. Nothing contained in this Article IV shall constitute a waiver by any Partner of any right that it may have against any party under federal or state securities laws. 

4.4 Agreements for Covered Persons. In addition to the indemnification coverage provided to Covered Persons pursuant to
Section 4.3, the General Partner is hereby instructed to cause the Partnership to indemnify and hold harmless each Covered Person, and authorized to cause the Partnership to indemnify and hold harmless any other Person, in each case pursuant to
a separate indemnification agreement. It is the express intention of the parties hereto that the provisions of this Article IV for the indemnification of Covered Persons may be relied upon by such Covered Persons and may be enforced by such Covered
Persons (or by the General Partner on behalf of any such Covered Person, provided that the General Partner shall not have any obligation to so act for or on behalf of any such Covered Person) against the Partnership pursuant to this Agreement
or to a separate indemnification agreement, as if such Covered Persons were parties hereto. 
 ARTICLE V 

CAPITAL CONTRIBUTIONS AND CAPITAL PERCENTAGES; 
 CARRY PERCENTAGES AND ADJUSTMENTS THERETO 
 5.1 Capital Contributions
and Capital Percentages. Except as otherwise provided herein, each Partner shall make Capital Contributions in the aggregate up to the amount of such Partner’s Capital Commitment, which is set forth opposite such Partner’s name in the
Register, as and when called for by the General Partner (so that the Partnership may fund its obligation to contribute capital to the Fund), and shall have a Capital Percentage. Notwithstanding any provision of this Agreement to the contrary, no
Partner shall make Capital Contributions in excess of such Partner’s Capital Commitment. For the convenience of the Partnership, the General Partner, in its sole discretion, may request each Partner to make a payment to the

  
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Partnership in an amount up to the amount of such Partner’s Capital Commitment upon his, her or its admission as a Limited Partner of the Partnership. The General Partner shall not have a
Capital Commitment, shall not make Capital Contributions to the Partnership and shall not otherwise have an economic interest in the Partnership. 
 5.2 Carry Percentages and Adjustments Thereto. 
 (a) General. Each
Partner shall be assigned a sharing percentage representing such Partner’s share of the Carried Interest to be received from the Fund (such Partner’s “Carry Percentage”). The initial Carry Percentages shall be as set forth
in the Register. The Carry Percentage of each Limited Partner shall also be set forth in an agreement between the Partnership and such Partner which sets forth additional terms upon which such Partner has subscribed for its interest in the
Partnership (with respect to each Partner, such Partner’s “Carry Agreement”). Each Partner’s Carry Percentage shall be subject to adjustment as provided in such Partner’s Carry Agreement. In addition, the General
Partner may from time to time, without the consent of any Limited Partner, adjust any Active Partner’s Carry Percentage by allocating additional Carry Percentage to such Active Partner and correspondingly reducing the Carry Percentage of the
General Partner. If deemed advisable by the General Partner, the General Partner shall have the discretion to make any such adjustment effective only with respect to Carried Interest attributable to increases in value in the Fund’s investments
occurring after the date of such adjustment, and to amend or interpret the provisions of this Agreement (including Article VI) to give effect thereto. The General Partner’s Carry Percentage shall at all times be 0%, and the General Partner
shall not otherwise be eligible to receive distributions of Carried Interest. 
 (b) Adjustments to Carry Percentages in
Connection with the Admission of Additional Partners. In connection with the admission of an Additional Partner as provided in Section 8.1 and without the consent of any Limited Partner, the General Partner may allocate to such Additional
Partner such Carry Percentage as the General Partner may determine in its sole discretion and correspondingly reduce the Carry Percentages of the Limited Partners as the General Partner may determine in its sole discretion, to the extent necessary
for the sum of the Carry Percentages to equal 100%. If deemed advisable by the General Partner, the General Partner shall have the discretion to make any such adjustment effective only with respect to Carried Interest attributable to increases in
value in the Fund’s investments occurring after the date of such adjustment, and to amend or interpret the provisions of this Agreement (including Article VI) to give effect thereto. 

(c) Additional Adjustments with Respect to Active Partners. Following a designation of a Partner as an Inactive Partner pursuant to
Section 8.2 and any adjustments to such Inactive Partner’s Carry Percentage pursuant to such Partner’s Carry Agreement, the General Partner shall, without the consent of any Limited Partner, reallocate any reduction in the Carry
Percentage of such Inactive Partner to such Limited Partners as the General Partner may determine in its sole discretion. 

  
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 ARTICLE VI 
 CAPITAL ACCOUNTS; DISTRIBUTIONS; ALLOCATIONS; WITHHOLDING 
 6.1 Capital
Accounts. There shall be established on the books and records of the Partnership a capital account (a “Capital Account”) for each Partner. 
 6.2 Adjustments to Capital Accounts. As of the last day of each Period, the balance in each Partner’s Capital Account shall be adjusted by (a) increasing such balance by
(i) such Partner’s allocable share of each item of the Partnership’s income and gain for such Period (allocated in accordance with Section 6.8) and (ii) the Capital Contribution, if any, made by such Partner
during such Period, (b) decreasing such balance by (i) the amount of cash or the Value of Securities or other property distributed to such Partner pursuant to this Agreement and (ii) such Partner’s allocable
share of each item of the Partnership’s loss and deduction for such Period (allocated in accordance with Section 6.8). Each Partner’s Capital Account shall be further adjusted with respect to any special allocations or adjustments
pursuant to this Agreement. 
 6.3 Distributions. 

(a) Timing and Form of Distributions. The General Partner shall, after establishing reserves for material anticipated obligations
or commitments of the Partnership, make distributions pursuant to Section 6.3(b) of amounts received by the Partnership from the Fund at such time or times as the General Partner shall determine in its sole discretion. 

(b) Making of Distributions. Subject to Section 4.3 and to the other provisions of this Article VI, distributions to the
Partners shall be made as follows: 
 (i) Capital Percentage Distributions. Distributions received
pursuant to section 6.4(b) of the Fund Agreement shall be distributed to the Partners in proportion to their Capital Percentages. 
 (ii) Carry Percentage Distributions. Distributions of Carried Interest shall be distributed to the Partners in proportion to their Carry Percentages as they may be adjusted pursuant to this
Agreement and the Carry Agreements. 
 (iii) Other Distributions. Distributions not described in paragraph
(i) or (ii) of this Section 6.3(b) shall be distributed to the Active Partners in such proportions as shall be determined by the General Partner in its sole discretion; provided that no distributions shall be made to the
General Partner. 
 6.4 Tax Distributions. Notwithstanding Section 6.3, the General Partner may, to the extent of
available cash, make distributions to the Partners in amounts sufficient to enable the Partners to discharge their U.S. federal, state and local income or non-U.S. tax liabilities arising from the allocations made pursuant to this Agreement. The
amount distributable pursuant to this Section 6.4 shall be determined by the General Partner based on such assumptions as the General Partner determines in its sole discretion to be appropriate. The amount distributed to any Partner pursuant to
this Section 6.4 shall reduce the amount otherwise distributable to such Partner 

  
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pursuant to the relevant clause of Section 6.3, and shall be deemed to have been distributed to the extent of such reduction pursuant to such clause of Section 6.3. 

6.5 General Distribution Provisions. Notwithstanding any other provision of this Agreement, distributions shall be made only to
the extent of Available Assets and in compliance with the Partnership Law and other applicable law. Any distribution by the Partnership pursuant to Article VI or IX to the Person shown on the Partnership’s records as a Partner or to such
Partner’s legal representatives, or to the transferee of such Person’s right to receive such distributions as provided herein, shall, to the fullest extent permitted by law, acquit the Partnership of all liability to any other Person that
may be interested in such distribution by reason of any Transfer of such Person’s interest in the Partnership for any reason (including a Transfer of such interest by reason of the death, incompetence, bankruptcy or liquidation of such Person).

 6.6 Distributions in Kind. In the event that a distribution of Marketable Securities or other Securities is made, such
Securities shall be deemed to have been sold at their Value and the proceeds of such sale shall be deemed to have been distributed in cash to the Partners for all purposes of this Agreement. Distributions of Marketable Securities and any other
Securities or other property shall be made in proportion to the aggregate amounts that would be distributed to each Partner pursuant to Section 6.3, as determined by the General Partner in its sole discretion. The General Partner may cause
certificates evidencing any Securities to be distributed to be imprinted with legends as to such restrictions on Transfer as the General Partner may determine are necessary or appropriate, including legends as to applicable U.S. federal or state or
non-U.S. securities laws or other legal or contractual restrictions, and may require any Partner to which Securities are to be distributed, as a condition to such distribution, to agree in writing (a) that such Partner will not Transfer
such Securities except in compliance with such restrictions and (b) to such other matters as the General Partner may determine are necessary or appropriate. 
 6.7 No Withdrawal of Capital. No Partner shall have the right to withdraw capital from the Partnership at its option or to receive any distribution of or return on such Partner’s Capital
Contributions. 
 6.8 Allocations to Capital Accounts. Except as otherwise provided herein, each item of income, gain,
loss and deduction of the Partnership (determined in accordance with U.S. tax principles as applied to the maintenance of capital accounts) shall be allocated among the Capital Accounts of the Partners with respect to each Period, as of the end of
such Period, in a manner that as closely as possible gives economic effect to the provisions of Articles VI and IX and the other relevant provisions of this Agreement. No Partner shall be required to make up a negative balance in such Partner’s
Capital Account. 
 6.9 Tax Allocations and Other Tax Matters. Except as otherwise provided herein, each item of income,
gain, loss and deduction recognized by the Partnership shall be allocated among the Partners for U.S. federal, state and local and non-U.S. income tax purposes in the same manner that each such item is allocated to the Partners’ Capital
Accounts or as otherwise provided herein, provided that the General Partner may adjust such allocations as may be necessary or desirable to maintain substantial economic effect, or to ensure that such allocations are in accordance with the
interests of the “partners in the partnership,” in each case, within the 

  
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meaning of the Code and the Treasury Regulations. Tax credits and tax credit recapture shall be allocated in accordance with the interests of the Partners in the Partnership as provided in
Treasury Regulation section 1.704-1(b)(4)(ii). All matters concerning allocations for U.S. federal, state and local and non-U.S. income tax purposes, including accounting procedures, not expressly provided for by the terms of this Agreement shall be
determined in good faith by the General Partner. The General Partner is hereby designated as the tax matters partner of the Partnership, in accordance with the Treasury Regulations promulgated pursuant to section 6231 of the Code and any
similar provisions under any other state or local or non-U.S. tax laws. Each Limited Partner hereby consents to such designation and agrees that, upon the request of the General Partner, he, she or it will execute, certify, acknowledge, deliver,
swear to, file and record at the appropriate public offices such documents as may be necessary or appropriate to evidence such consent. Either the General Partner shall have executed and filed a U.S. Internal Revenue Service Form 8832 prior to the
date hereof electing to classify the Partnership as a partnership for U.S. federal income tax purposes pursuant to section 301.7701-3 of the Treasury Regulations as of a date no later than the date hereof, or the General Partner shall timely execute
and file such Form 8832 on or after the date hereof electing to classify the Partnership as a partnership for United States federal income tax purposes as of a date no later than the date hereof, and the General Partner is hereby authorized to
execute and file such Form 8832 for all of the Partners. The General Partner shall not subsequently elect to change such classification. The General Partner is hereby authorized to execute and file for all of the Partners any comparable form or
document required by any applicable United States tax law for the Partnership to be classified as a partnership under such tax law. The Partnership shall not participate in the establishment of an “established securities market” (within
the meaning of section 1.7704-1(b) of the Treasury Regulations) or a “secondary market or the substantial equivalent thereof” (within the meaning of section 1.7704-1(c) of the Treasury Regulations) or, in either case, the inclusion of
interests in the Partnership thereon. 
 6.10 Withholding. Notwithstanding any other provision of this Agreement or any
Carry Agreement, each Partner hereby authorizes the Partnership to withhold and to pay over, or otherwise pay, any withholding or other taxes payable by the Partnership or any of its Affiliates (pursuant to the Code or any provision of U.S. federal,
state or local or non-U.S. tax law) with respect to such Partner or as a result of such Partner’s status as a partner hereunder. If and to the extent that the Partnership shall be required to withhold or pay any such withholding or other taxes,
such Partner shall be deemed for all purposes of this Agreement and the Carry Agreement to have received a payment from the Partnership as of the time that such withholding or other tax is required to be paid, which payment shall be deemed to be a
distribution with respect to such Partner’s interest in the Partnership to the extent that such Partner (or any successor to such Partner’s interest in the Partnership) would have received a distribution but for such withholding. To the
extent that such payment exceeds the cash distribution that such Partner would have received but for such withholding, the General Partner shall notify such Partner as to the amount of such excess and such Partner shall make a prompt payment to the
Partnership of such amount, which payment shall not constitute a Capital Contribution and, consequently, shall not increase such Partner’s Capital Account. The Partnership may hold back from any such distribution in kind property having a value
equal to the amount of such taxes until the Partnership has received payment of such amount. In addition, if and to the extent that the Partnership or the Fund receives a distribution or payment from or in respect of which tax was withheld, as a
result of (or attributable to) such Partner’s status as a Partner under this Agreement, as determined by the 

  
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General Partner in its sole discretion, such Partner shall be deemed for all purposes of this Agreement to have received a distribution from the Partnership as of the time that such withholding
was paid. Unless the General Partner determines otherwise, the withholdings by the Partnership referred to in this Section 6.10 shall be made at the maximum applicable statutory rate under the applicable tax law. 

6.11 Final Distribution. Notwithstanding anything to the contrary in this Article VI, the final distribution following the
dissolution of the Partnership shall be made in accordance with the provisions of Section 9.3. 
 6.12 Return of
Distributions. If the Partnership is obligated under section 11.3 (general partner clawback) of the Fund Agreement to contribute to the Fund all or a portion of the distributions received by the Partnership from the Fund, the Partners shall
be required to fund, and hereby agree to fund, such obligation in proportion to and up to an amount not to exceed, in the case of each Partner, the aggregate distributions received by such Partner pursuant to Section 6.3(b)(ii) (not including
distributions made (or that could have been made) pursuant to Section 6.4 that are deemed (or would have been deemed) to be distributions under Section 6.3(b)(ii)). Subject to the preceding sentence of this Section 6.12, if the
Partnership is obligated under section 9.2 (all-partner clawback) of the Fund Agreement to contribute to the Fund all or a portion of the distributions received by the Partnership from the Fund, the Partners shall be required to fund such obligation
in proportion to and up to an amount not to exceed, in the case of each Partner, the aggregate distributions received by such Partner pursuant to Section 6.3. Each such Partner shall make contributions to the Partnership in satisfaction of such
obligation. A Partner’s obligation to make contributions to the Partnership under this Section 6.12 shall survive the dissolution, liquidation, winding up and termination of the Partnership, and for purposes of this Section 6.12, the
Partnership may pursue and enforce all rights and remedies that it may have against each Partner under this Section 6.12, including instituting a lawsuit to collect such contribution with interest from the date that such contribution was
required to be paid under this Section 6.12 calculated at a rate equal to the Prime Rate plus 2% per annum (but not in excess of the highest rate per annum permitted by law). Any distributions returned pursuant to this Section 6.12
shall not be treated as Capital Contributions. 
 ARTICLE VII 

BOOKS AND RECORDS; TAX INFORMATION; REPORTS TO PARTNERS 
 7.1 Books and Records. The General Partner shall keep or cause to be kept full and accurate accounts of the transactions of the Partnership in proper books and records of account which shall set
forth all information required by the Partnership Law. Upon advance written notice to the General Partner, such books and records shall be available for inspection and copying by the Limited Partners or their duly authorized representatives during
normal business hours for any purpose reasonably related to such Partner’s interest in the Partnership, provided that, to the fullest extent permitted by applicable law, Limited Partners shall not have access to the portions of such
books and records that the General Partner determines in its sole discretion would permit the identification of the Capital Contributions, Capital Account balances, Carry Percentages and Capital Percentages of the other Partners, and provided,
further, that, except to the extent that applicable law otherwise requires, an Inactive Partner shall have no right to 

  
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inspect or copy the books and records of the Partnership. The Limited Partners hereby waive any and all right to account that they may have under the Partnership Law. 

7.2 Tax Information. As soon as reasonably practicable after the end of each Fiscal Year, the General Partner shall send to each
Person that was a Partner at any time during such Fiscal Year U.S. Internal Revenue Service Schedule K-1, “Partner’s Share of Income, Credits, Deductions, Etc.,” or any successor schedule or form, for such Partner. 

7.3 Reports to Partners. Except as otherwise provided in this Agreement or required by applicable law, the General Partner shall
send to each Limited Partner only such other financial and other reports as the General Partner shall deem appropriate. 

ARTICLE VIII 
 ADMISSION OF ADDITIONAL PARTNERS; TRANSFERS; DESIGNATION OF INACTIVE PARTNERS 
 8.1 Admission of Additional Partners. Notwithstanding any other provision of this Agreement, without the consent of any other Person, the General Partner may admit such Persons to the Partnership
as the General Partner shall determine in its sole discretion from time to time (each, an “Additional Partner”). In connection with the admission of any such Additional Partner, the General Partner shall amend the Register and the
Cayman Register to reflect the admission of such Additional Partner and the amount of such Additional Partner’s Capital Commitment, Capital Contribution (in the case of the Cayman Register) and Carry Percentage without the consent of any
Limited Partner. Each such Person shall be admitted as an Additional Partner at the time that such Person (a) executes a counterpart of this Agreement, a Subscription Agreement or a Carry Agreement and (b) is listed by the
General Partner as a partner of the Partnership in the Register. 
 8.2 Transfers. 

(a) General. Except as provided in such Partner’s Carry Agreement, no Limited Partner may Transfer in any manner whatsoever
all or any part of such Partner’s interest in the Partnership without the express prior written consent of the General Partner. 
 (b) Certain Transfers. Without the consent of the General Partner, upon the death of a Limited Partner who is a natural person, such Partner’s interest will be transferred to the estate of
such Partner or otherwise in accordance with applicable law, provided that such transferee shall not be substituted for the deceased Partner as a partner of the Partnership without the consent of the General Partner. 

(c) Conditions to Transfer. No Transfer of an interest in the Partnership shall be permitted if (i) such Transfer would
result in a violation of applicable law, including any securities laws, (ii) as a result of such Transfer, the Partnership or the Fund would be required to register as an investment company under the Investment Company Act, or
(iii) such Transfer would result in the Partnership at any time during its taxable year having more than 100 partners, within the meaning of section 1.7704-1(h)(1)(ii) of the Treasury Regulations (taking into account

  
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section 1.7704-1(h)(3) of the Treasury Regulations). No attempted or purported Transfer in violation of this Section 8.2 shall be effective. 

8.3 Designation as Inactive Partner. From and after the date of a Limited Partner’s death (in the case of a Limited Partner
who is a natural person), Disability (as defined in such Partner’s Carry Agreement), bankruptcy or ceasing to be employed by or otherwise perform services for Oaktree or its Affiliates for any reason as determined by the General Partner in its
sole discretion, such Limited Partner shall automatically be deemed an “Inactive Partner” without any further action, unless the General Partner, in its sole discretion, determines otherwise. 

ARTICLE IX 

DISSOLUTION AND WINDING UP OF THE PARTNERSHIP 
 9.1 Dissolution. Subject to the Partnership Law, there shall be a dissolution of the Partnership (meaning that the business of the Partnership shall be discontinued) and its affairs shall be wound
up upon the first to occur of any of the following events: 
 (a) the execution and filing of a notice of dissolution in respect
of the Fund in accordance with section 11.4 of the Fund Agreement; 
 (b) subject to section 2.6(c) of the Fund Agreement, the
decision of the General Partner to dissolve the Partnership; 
 (c) the entry of a decree of judicial dissolution under the
Partnership Law; or 
 (d) at any time when there are no Partners. 

9.2 Winding Up. Upon the commencement of winding up of the Partnership, the General Partner (or any duly designated
representative) shall use all commercially reasonable efforts to liquidate all of the Partnership’s assets and wind up the affairs of the Partnership in an orderly manner, provided that if in the judgment of the General Partner (or such
representative) an asset of the Partnership should not be liquidated, the General Partner (or such representative) shall allocate, on the basis of the Value of any assets of the Partnership not sold or otherwise disposed of, any unrealized gain or
loss based on such Value to the Partners’ Capital Accounts as though the assets in question had been sold on the date of such allocation and, after giving effect to any such adjustment, distribute said assets in accordance with
Section 9.3, subject to the priorities set forth in Section 9.3, and provided, further, that the General Partner (or such other representative) will attempt to liquidate sufficient Partnership assets to satisfy in cash (or
make reasonable provision in cash for) the debts and liabilities referred to in Section 9.3. 
 9.3 Final
Distribution. After the application or distribution of the proceeds of the liquidation of the Partnership’s assets in one or more installments to the satisfaction of the liabilities to creditors of the Partnership, to the extent permitted
by law, including to the satisfaction of the expenses of the winding-up, liquidation and dissolution of the Partnership (whether by payment or the making of reasonable provision for payment thereof), the remaining

  
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proceeds, if any, plus any remaining assets of the Partnership shall be distributed in accordance with the provisions of Section 6.3. 

9.4 Time for Liquidation, etc. A reasonable time period shall be allowed for the orderly winding up and liquidation of the assets
of the Partnership and the discharge of liabilities to creditors so as to enable the Partnership to seek to minimize potential losses upon such liquidation. The provisions of this Agreement shall remain in full force and effect during the period of
winding up and until the filing of the Notice of Dissolution as provided in Section 9.5. 
 9.5 Termination. Upon
the winding up of the affairs of the Partnership in accordance with the Partnership Law and this Agreement, the General Partner shall execute a Notice of Dissolution in respect of the Partnership and shall cause such Notice of Dissolution to be
filed with the Registrar of Exempted Limited Partnerships of the Cayman Islands and this Agreement shall terminate. Notwithstanding any other provision of this Agreement, the General Partner shall not cause the Notice of Dissolution in respect of
the Partnership to be filed prior to the filing of the notice of dissolution in respect of the Fund pursuant to the Fund Agreement, unless otherwise required by applicable law. 
 ARTICLE X 
 MISCELLANEOUS 

10.1 Amendments. This Agreement and any Schedule hereto may be modified or amended, and any provision hereof may be waived, by a
written instrument signed by the General Partner, provided that, except as otherwise expressly provided herein or in the Carry Agreement, no such modification, amendment or waiver that would adversely and materially alter any Partner’s
economic interest in the Partnership (including such Partner’s Capital Commitment, Capital Percentage, Carry Percentage, obligations pursuant to Section 6.12, or right to or timing of distributions) shall be effective without the consent
of such affected Partner. In addition to the foregoing, the General Partner has full authority without the consent of the Limited Partners to interpret any ambiguous provisions of this Agreement and to correct or supplement any provision herein that
may be inconsistent with any other provision of this Agreement. 
 10.2 Notices. Each notice relating
to this Agreement shall be in writing and shall be delivered (a) in person, by registered or certified mail or by private courier or (b) by facsimile or other electronic means, including e-mail. All notices to any Limited
Partner shall be delivered to such Partner at the address of such Partner as set forth in the records of the Partnership. All notices to the General Partner shall be delivered to the General Partner c/o Oaktree Capital Management, L.P., 333 South
Grand Avenue, 28th Floor, Los Angeles, California 90071,
Attention: General Counsel. Any Limited Partner may designate a new address for notices by giving written notice to that effect to the General Partner. The General Partner may designate a new address for notices by giving written notice to that
effect to each of the Partners. A notice given in accordance with the foregoing clause (a) shall be deemed to have been effectively given five Business Days after such notice is mailed by registered or certified mail, return receipt requested,
and one Business Day after such notice is sent by Federal Express or other one-day service provider, to the proper address, or at the time delivered when delivered in person or by 

  
 21 

 
private courier. Any notice by facsimile or other electronic means shall be deemed to have been effectively given when sent. 

10.3 Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original and all
of which taken together shall constitute a single agreement. 
 10.4 Table of Contents and Headings. The table of
contents and the headings of the articles, sections and subsections of this Agreement are inserted for convenience of reference only and shall not be deemed to constitute a part hereof or affect the interpretation hereof. 

10.5 Successors and Assigns. This Agreement shall inure to the benefit of the Partners and the Covered Persons, and shall be
binding upon the parties and, subject to Section 8.2, their respective successors, permitted assigns and, in the case of individual Covered Persons, heirs and legal representatives. 

10.6 Severability. Every term and provision of this Agreement is intended to be severable. If any term or provision hereof is
illegal or invalid for any reason whatsoever, such term or provision will be enforced to the maximum extent permitted by law and, in any event, such illegality or invalidity shall not affect the validity of the remainder of this Agreement.

 10.7 Further Actions. Each Limited Partner shall execute and deliver such other certificates, agreements and
documents, and take such other actions, as may reasonably be requested by the General Partner in connection with the achievement of its purposes or to give effect to the provisions of this Agreement, in each case as are not inconsistent with the
terms and provisions of this Agreement, including any documents that the General Partner determines to be necessary or appropriate to form, qualify or continue the Partnership as a limited partnership in all jurisdictions in which the Partnership
conducts or plans to conduct its investment and other activities and all such agreements, certificates, tax statements and other documents as may be required to be filed by or on behalf of the Partnership. 

10.8 Determinations of the General Partner. To the fullest extent permitted by law and notwithstanding any other provision of this
Agreement or in any other agreement contemplated herein or applicable provisions of law or equity or otherwise, whenever in this Agreement the General Partner is permitted or required to make a decision (a) in its “sole
discretion” or “discretion” or under a grant of similar authority or latitude, the General Partner shall be entitled to consider only such interests and factors as it desires, including its own interests, and shall have no duty or
obligation to give any consideration to any interest of or factors affecting the Partnership or any other Person, or (b) in its “good faith” or under another express standard, the General Partner shall act under such express
standard and shall not be subject to any other or different standard. 
 10.9 Non-Waiver. No provision of this Agreement
shall be deemed to have been waived unless such waiver is given in writing, and no such waiver shall be deemed to be a waiver of any other or further obligation or liability of the party or parties in whose favor such waiver was given. 

  
 22 

 10.10 Applicable Law. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE CAYMAN ISLANDS. The General Partner hereby submits to the nonexclusive jurisdiction of the courts of the Cayman Islands and to the courts of the
jurisdiction in which the principal office of the General Partner is located (and, if the principal office is located in the United States, of the federal district court having jurisdiction over the location of the principal office) for the
resolution of all matters pertaining to the enforcement and interpretation of this Agreement. 
 10.11 Confidentiality.
Each Limited Partner shall keep confidential and shall not disclose without the prior written consent of the General Partner any information with respect to this Agreement, the Partnership, the Fund or any Permitted Investment made by the Fund, any
issuer of any Permitted Investment made by the Fund or any Affiliate of any of the foregoing, provided that a Partner may disclose any such information (a) as has become generally available to the public other than as a result of
the breach of this Section 10.11 by such Partner, (b) as may be required to be included in any report, statement or testimony required to be submitted to any municipal, state or national regulatory body having jurisdiction over such
Partner, (c) as may be required in response to any summons or subpoena or in connection with any litigation, (d) to the extent necessary in order to comply with any law, order, regulation or ruling applicable to such Partner,
(e) to such Partner’s professional advisors, provided that such professional advisors are advised of, and have expressly agreed to be bound by, the confidentiality provisions contained herein or are bound by confidentiality
obligations to the Limited Partner at least as stringent as the provisions set forth in this Section 10.11, (f) as may be required in connection with an audit by any taxing authority and (g) to the extent necessary for
the fulfillment of such Partner’s obligations as an employee of Oaktree or any of its Affiliates (including for purposes of marketing limited partnership interests in the Fund). To the fullest extent permitted by law, to the extent that a
Limited Partner seeks to disclose information pursuant to clauses (b), (c) or (d) above, such Limited Partner shall (i) affirmatively seek to prevent or withhold the disclosure of such information on the basis of any and all
applicable exemptions under applicable law or regulation, (ii) provide the General Partner with prompt notice prior to the time of any such disclosure so that the General Partner may seek an appropriate protective order or other
appropriate relief to prevent or withhold any such disclosure and (iii) reasonably cooperate with the General Partner’s efforts to prevent any such disclosure, in a manner that would be consistent with the provisions of applicable
law or regulation. Notwithstanding any other provision of this Agreement, to the fullest extent permitted by law, the General Partner shall have the right to keep confidential from the Partners for such period of time as the General Partner
determines to be reasonable (A) any information that the General Partner reasonably believes to be in the nature of trade secrets and (B) any other information (1) the disclosure of which the General Partner in
good faith believes is not in the best interest of the Partnership, the Fund or its investments or could damage the Partnership, the Fund or its investments or (2) that the Partnership is required by law or by agreement with a third
Person to keep confidential. The provisions of this Section 10.11 were negotiated in good faith by the parties hereto, and the parties hereto agree that such provisions are reasonable and are not more restrictive than is necessary to protect
the legitimate interests of the parties hereto. 

  
 23 

 10.12 Survival of Certain Provisions. The obligations of each Partner pursuant to
Article IV, Section 6.12 and this Article X shall survive the termination or expiration of this Agreement and the dissolution, winding up and termination of the Partnership. 

10.13 Waiver of Partition. Except as may otherwise be provided by law in connection with the dissolution, winding up and
liquidation of the Partnership, each Partner hereby irrevocably waives any and all rights that such Partner may have to maintain an action for partition of any of the Partnership’s property. 

10.14 Entire Agreement. This Agreement, the Subscription Agreements and the Carry Agreements together constitute the entire
agreement among the Partners with respect to the subject matter hereof and supersede any prior agreement or understanding among them with respect to such subject matter, provided that the foregoing shall not supersede any employment
agreements that may be, or have been, entered into by any Limited Partner and Oaktree or any of its Affiliates. The provisions of the Subscription Agreements shall survive the execution and delivery of this Agreement. 

10.15 Currency. The term “dollar” and the symbol “$,” wherever used in this Agreement, shall mean the United
States dollar. 

  
 24 

 IN WITNESS WHEREOF, the undersigned have duly executed and delivered this Agreement as a
deed on the day and year first above written. 
  

											
		 		 	GENERAL PARTNER:
			
	In the presence of:	 		 	 OCM EUROPEAN PRINCIPAL
 OPPORTUNITIES FUND GP LTD.

				
		 		 	By:	 	 Oaktree Capital Management, L.P.,
 Director

	/S/ KRISTA WARE        	 		 		 		 	
	Name:	 		 		 	By:	 	/S/ TODD MOLZ        
		 		 		 		 	Todd Molz
		 		 		 		 		 	Managing Director and General
		 		 		 		 		 	Counsel
					
	/S/ KRISTA WARE        	 		 		 	By:	 	/S/ EMILY ALEXANDER        
	Name:	 		 		 		 	Emily Alexander
		 		 		 		 		 	Senior Vice President, Legal

  

									
	In the presence of:	 		 	LIMITED PARTNERS:
			
		 		 	OAKTREE FUND GP I, L.P.
				
	/S/ KRISTA WARE        	 		 	By:	 	/S/ TODD MOLZ        
	Name:	 		 		 	Todd Molz
		 		 		 		 	Authorized Signatory
				
	/S/ KRISTA WARE        	 		 	By:	 	/S/ EMILY ALEXANDER        
	Name:	 		 		 	 Emily Alexander
 Authorized
Signatory

  

			
		  	 Signature page to Amended
 and Restated Limited
 Partnership Agreement
 OCM European Principal
 Opportunities Fund GP, L.P.

  
 25 

											
		 		 	Those Other Persons Listed on the Register
			
		 		 	 By: OCM European Principal Opportunities
 Fund GP Ltd.

		 		 		 	 as attorney-in-fact for the Limited
 Partners pursuant to Section 7 of
 the Subscription Agreements

				
		 		 	By:	 	 Oaktree Capital Management, L.P.,
 a director

					
	In the presence of:	 		 		 	By:	 	/S/ TODD MOLZ        
		 		 		 		 		 	Todd Molz
	/S/ KRISTA WARE        	 		 		 		 	Managing Director and General
	Name:	 		 		 		 		 	Counsel
					
		 		 	ss	 	By:	 	/S/ EMILY ALEXANDER        
	/S/ KRISTA WARE        	 		 		 		 	Emily Alexander
	Name:	 		 		 		 		 	Senior Vice President, Legal

  

			
		  	 Signature page to Amended
 and Restated Limited
 Partnership Agreement
 OCM European Principal
 Opportunities Fund GP, L.P.

  
 26Employment Agreement

 Exhibit 10.1 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (the
“Agreement”), dated as of July 29, 2011 between Michael B. Moneymaker (the “Executive”) and NTELOS Wireline One Inc., a Delaware corporation (the “Company”), recites and provides as follows:

 WHEREAS, the board of directors of NTELOS Holdings Corp. (“NTELOS”) has approved the proposed spin-off of the
Company together with NTELOS’s wireline business (the “Spin-Off”); and 
 WHEREAS, the Executive currently
serves as the Executive Vice President, Chief Financial Officer, Treasurer and Secretary of NTELOS for an employment term (the “NTELOS Employment Term”) set forth in the related employment agreement dated as of December 7,
2010, between the Company, NTELOS Inc. and the Executive (the “NTELOS Employment Agreement”); and 
 WHEREAS,
the boards of directors of NTELOS and the Company (the “Board”) expect that the Executive will make substantial contributions to the growth and prospects of the Company; and 

WHEREAS, the boards of directors of NTELOS and of the Company desire that upon the effective date of the Spin-Off (the “Spin-Off
Effective Date”), the Executive shall become the President and Chief Financial Officer of the Company, at which time the NTELOS Employment Term will expire with no further NTELOS obligation to the Executive; and 

WHEREAS, the Company desires to enter into this Agreement with the Executive on the terms set forth herein to establish the terms and
conditions of the Executive’s future services on behalf of the Company and the Executive desires to do the same, each with the understanding that this Agreement shall terminate on the earlier of (i) the date of termination of the NTELOS
Employment Term if such termination occurs prior to the Spin-Off Effective Date and (ii) March 31, 2012 if the Spin-Off Effective Date has not occurred by such date; and 

WHEREAS, the Executive will serve the Company in reliance upon the undertakings of the Company contained herein. 

NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants herein, the receipt and sufficiency of which are
hereby acknowledged by each of the parties, the Company and the Executive agree as follows: 
 1.
Employment. 
 (a) Position. 

(i) On the terms and subject to the conditions set forth herein, the Company agrees to employ the Executive as President and Chief
Financial Officer throughout the Employment Term (as defined below). At the request of the Board and without additional compensation, the Executive shall also serve as an officer and/or director of any or all of the subsidiaries of the Company.

 (ii) Additionally, the Board has selected the Executive to serve as its President and Chief
Financial Officer with the intention that Executive shall be the successor to the Company’s current Chief Executive Officer which succession is expected to occur not later than six (6) months after the Spin-Off Effective Date; provided
that both whether such succession occurs and the timing of any such succession shall be subject to the Board’s sole discretion and to the Executive’s acceptance of the Chief Executive Officer position if such position were to be so offered
to him. 
 (b) Duties and Responsibilities. The Executive shall have such duties and responsibilities that are consistent
with the Executive’s position as the Board determines and shall perform such duties and carry out such responsibilities to the best of the Executive’s ability for the purpose of advancing the business of the Company and its subsidiaries.
Subject to the provisions of Section 1(c) below, during the Employment Term the Executive shall devote the Executive’s full business time, skill and attention to the business of the Company and its subsidiaries, and, except as specifically
approved by the Board, shall not engage in any other business activity or have any other business affiliation. 
 (c) Other
Activities. Anything in this Agreement to the contrary notwithstanding, as part of the Executive’s business efforts and duties on behalf of the Company, the Executive may participate fully in social, charitable and civic activities, and, if
specifically approved by the Board, the Executive may serve on the boards of directors of other companies, provided that such activities do not unreasonably interfere with the performance of and do not involve a conflict of interest with the
Executive’s duties or responsibilities hereunder. 
 (d) Company Board of Directors. It is the current intention of
the Board that the Executive will serve on the Board of Directors of the Company, commencing on the Spin-Off Effective Date. 

2. Employment Term. The “Employment Term” hereunder shall commence (the “Effective Time”) on the
Spin-Off Effective Date and continue in full force and effect until December 31, 2013 unless terminated earlier pursuant to the terms and conditions of this Agreement. Thereafter, the Employment Term will renew hereunder automatically for
successive one-year periods unless either party gives written notice to the other not less than six (6) months prior to the end of Employment Term hereof (or any subsequent anniversary, as the case may be) that such party does not wish the
Employment Term to be so extended, and under such circumstances, the Employment Term and this Agreement will terminate by its terms, and without liability to either party, on December 31, 2013 (or such subsequent anniversary, as the case may
be). Notwithstanding the foregoing, upon the occurrence of a “Change in Control” (as such term is defined in Section 4(e)(iv)), the Employment Term shall be automatically extended so that the Employment Term shall continue in full
force and effect until the date which is twenty-four (24) months from the date of a Change in Control and thereafter will renew automatically as of such date and successive one-year periods thereafter, unless prior notice is given, as provided
above. In the event of the termination of the NTELOS Employment Term prior to the Spin-Off Effective Date or if the Spin-Off Effective Date has not occurred by March 31, 2012, this Agreement shall be null and void and no rights or obligations
shall have accrued thereunder. 

  
 2 

 3. Compensation. During the Employment Term, the Company will pay and/or
otherwise provide the Executive with compensation and related benefits as follows: 
 (a) Base Salary. The Company agrees
to pay the Executive, for services rendered hereunder, a base salary at the annual rate of $412,500 (the “Base Salary”). The Executive’s Base Salary will be reviewed annually throughout the Employment Term by the Compensation
Committee of the Board. Notwithstanding anything in this Agreement to the contrary, the Company may reduce the Executive’s Base Salary by up to ten percent (10%) during the Employment Term, but only as part of a salary reduction program
pursuant to which the Base Salaries of the Chief Executive Officer, all Executive Vice Presidents and all Senior Vice Presidents who have been designated as “executive officers” by the Board are reduced by the same percentage at the same
time and for the same period of time. The Base Salary shall be payable in equal periodic installments, not less frequently than monthly, less any sums which may be required to be deducted or withheld under applicable provisions of law. The Base
Salary for any partial year shall be prorated based upon the number of days elapsed in such year. 
 (b) Stock-Based
Incentive Compensation. 
 (i) Eligibility for Stock-Based Incentive Compensation. The Executive shall be
eligible to participate in the Company’s stock-based incentive compensation plan pursuant to its terms (“Stock-Based Incentive Payment”). 

(ii) Initial Equity Grant. In addition, upon the date, if ever, the Executive becomes the
Company’s Chief Executive Officer (the “Promotion Date”), the Company will award the Executive the following equity grants, which shall have the terms set forth in the award letters for such equity grants (collectively, the
“Initial Equity Grant”): An equity grant of (A) $206,250 in value of restricted stock (with the number of shares of restricted stock included in the Initial Equity Grant to be based on the valuation of the Company’s Common Stock
as of the Promotion Date using NTELOS’s standard methodology for valuing restricted stock), which shares shall vest thirty-three and one-third percent (33
 1/3%) for each full year of the Executive’s
continued employment with the Company commencing on the second anniversary of the Effective Time, and (B) $206,250 in value of stock options (with the number of options included in the Initial Equity Grant to be based on the valuation of the
Company’s Common Stock as of the Promotion Date using NTELOS’s standard methodology for valuing stock options), which options shall vest twenty-five percent (25%) for each full year of the Executive’s continued employment with
the Company commencing on the first anniversary of the Effective Time. 
 (iii) Discretionary Spin-Off Incentive
Restricted Stock Award. The Company and the Executive acknowledge that the Discretionary Spin-Off Incentive Equity Grant provided for in the NTELOS Employment Agreement is amended to provide that, if awarded, it will convert in the Spin-Off
entirely into shares of Company restricted stock. 

  
 3 

 (c) Supplemental Retirement Plan. During the Employment Term (and thereafter to the
extent expressly provided herein), the Executive shall be entitled to participate in the Company’s Executive Supplemental Retirement Plan according to the terms thereof, and the Executive’s designation as a participant in such plan shall
not be revoked or rescinded prior to the termination of the Executive’s employment with the Company. 
 (d) Team
Incentive Plan. The Executive shall be eligible to participate in the Company’s team incentive plan with an annual incentive target of one hundred percent (100%) of Base Salary (“Incentive Payment”), subject to
achievement of such program’s objectives and final approval of the Board. Notwithstanding the foregoing or the terms of the team incentive plan, the full Incentive Payment the Executive is eligible to receive under the team incentive plan based
on objective performance factors must be paid and cannot be reduced or eliminated as a result of individual performance factors other than as a result of a good faith determination by the Board. The Incentive Payment, if any, shall be payable on or
before the March 15 immediately following the end of the year in which the Incentive Payment vests and is no longer subject to a substantial risk of forfeiture within the meaning of Section 409A of the Internal Revenue Code of 1986, as
amended (the “Code”). 
 (e) Benefits. During the Employment Term (and thereafter to the extent
expressly provided herein), the Executive shall be entitled to participate in all of the Company’s employee benefit plans applicable to the Company’s comparable senior executives according to the terms of those plans. In addition to the
foregoing compensation, the Company agrees that during the Employment Term it shall provide to the Executive a monthly automobile allowance pursuant to Company policy payable in equal periodic installments, not less frequently than monthly, less any
sums which may be required to be deducted or withheld under applicable provisions of law. 
 (f) Vacation. The Executive
shall be entitled to a minimum of five (5) weeks of vacation annually, during which time the Executive shall receive compensation in accordance with the terms of this Agreement. 

(g) Term Life Insurance. During the Employment Term, and in addition to any other benefits to which Executive shall be entitled,
the Company agrees to pay the premiums on a term life insurance contract covering the Executive that pays a death benefit of at least $1,000,000. The Company in its discretion shall select the term life insurance contract on which it will pay the
premiums; but the Executive shall be the owner of such contract and will be or will designate the beneficiary of such contract. The Company (i) will include and report such premium payments in the Executive’s taxable income to the extent
required under applicable law and (ii) also will pay to the Executive an additional payment in an amount such that after payment by the Executive of all taxes imposed on the additional payment, the Executive retains an amount of the additional
payment equal to the taxes imposed upon the Executive with respect to the Company’s payment of the premiums on the term life insurance contract. The amount of the additional payment shall be determined based on the Executive’s likely
effective rates of federal, state and local income taxation for the calendar year in which the additional payment is to be made, net of the likely reduction in federal income taxes that is obtained from any deduction of state and local taxes. Such
premium payments and additional payments for taxes shall be paid on or before the March 15 immediately following the end of the year in which the 

  
 4 

 
premiums on such term life insurance contract accrued (provided the Executive was employed at such time). Executive agrees, for purposes of calculating the amount of the additional payment, to
provide the Company such information as the Company may reasonably request to determine the amount of the additional payment and to cooperate with the Company in good faith in order to effectively make such determination. The Company shall hold all
such information secret and confidential and shall not, without the prior written consent of the Executive or as otherwise may be required by law or legal process, communicate or divulge such information to anyone other than the Company and those in
need of such information for purposes of determining the amount of the additional payment. Notwithstanding any other provision of this Agreement, in the event the term life insurance contract described herein extends beyond the termination of
Executive’s employment with the Company, the Executive, and not the Company, shall be obligated to pay the premiums on such term life insurance contract accruing after the Executive’s termination of employment with the Company.
Notwithstanding any other provision of this Agreement, if the Company’s preferred insurance providers, for whatever reason, are unwilling to insure the Executive on commercially reasonable terms, the Company will pay to the Executive an annual
amount equal to the average life insurance premium paid to insure other Executives on a prorated cost per thousand basis (grossed up as described above) in lieu of the term life insurance described in this paragraph. Such annual amount (prorated if
the Executive is not employed for the full year) shall be paid on or before the March 15 immediately following the end of the year in which such term life insurance contract otherwise would have been provided. 

4. Termination of Employment. 
 (a) By the Company For Cause. The Company may terminate the Executive’s employment under this Agreement at any time for Cause (as defined in Section 4(e)) and shall provide written notice
of termination to the Executive (which notice shall specify in reasonable detail the basis upon which such termination is made). Notwithstanding the foregoing, in no event, shall any termination of employment be deemed for Cause unless the
Executive’s employment is terminated within one hundred eighty (180) days of when the Company learns of the act or conduct that constitutes Cause and the Chief Executive Officer of the Company or the Board of Directors concludes that the
situation warrants a determination that the Executive’s employment terminated for Cause. In the event the Executive’s employment is terminated for Cause, all provisions of this Agreement (other than Sections 5 through 15 hereof) and the
Employment Term shall be terminated; provided, however, that such termination shall not divest the Executive of any previously vested benefit or right unless the terms of such vested benefit or right specifically require such divestiture
where the Executive’s employment is terminated for Cause. In addition, the Executive shall be entitled to payment of the Executive’s earned and unpaid Base Salary to the date of termination payable as described above. The Executive also
shall be entitled to unreimbursed business and entertainment expenses in accordance with, and payable at the same time set forth in, the Company’s policy (but no later than thirty (30) days after the date of termination), and unreimbursed
medical, dental and other employee benefit expenses payable in accordance with the Company’s applicable employee benefit plans (the payments and benefits described in this subsection (a) herein after referred to as the “Standard
Termination Payments”). 
 (b) Upon Death or Disability. If the Executive dies, all provisions of Section 3
of this Agreement (other than rights or benefits arising as a result of such death) and 

  
 5 

 
the Employment Term shall be automatically terminated; provided, however, that an amount equal to the earned and unpaid Incentive Payments to the date of death and the Standard Termination
Payments shall be paid, as described above, to the Executive’s surviving spouse or, if none, the Executive’s estate (as set forth above), and the death benefits under the Company’s employee benefit plans shall be paid to the
Executive’s beneficiary or beneficiaries as properly designated in writing by the Executive, in accordance with the Company’s applicable employee benefit plans. If the Executive is unable to perform the essential functions of the
Executive’s job under this Agreement, with or without reasonable accommodation, by reason of physical or mental disability or incapacity (“Disability”) and such disability or incapacity shall have continued for any period
aggregating six (6) months within any twelve (12) consecutive months, the Company may terminate the Executive’s employment, this Agreement and the Employment Term at any time thereafter. In such event, the Executive shall be entitled
to receive the Executive’s normal compensation hereunder during said time of disability or incapacity, and shall thereafter be entitled to receive the “Disability Incentive Payment” (as described in the penultimate sentence of this
subsection (b)), payable no later than two and a half (2  1/2) months after the Company terminates the Executive’s employment, and the earned and unpaid Incentive Payments to the date of termination of the Executive’s employment and the Standard
Termination Payments, payable as described above. The portion of the payment representing the Disability Incentive Payment shall be paid in a lump sum determined on a net present value basis, using a reasonable discount rate determined by the Board.
The Disability Incentive Payment shall be equal to the target Incentive Payment that the Executive would have been eligible to receive for the year in which the Employment Term is terminated multiplied by a fraction, the numerator of which is the
number of days in such year before and including the day of termination of the Employment Term and the denominator of which is the total number of days in such year. 
 (c) By the Company Without Cause. 
 (i) The Company may terminate the
Executive’s employment under this Agreement at any time without Cause (for purposes of clarity, it is acknowledged that expiration of the Employment Term (including notice of non-renewal) shall not be considered a termination without Cause),
and other than by reason of the Executive’s death or disability. The Company shall provide written notice of termination to the Executive, which notice shall specify the effective date of such termination and that the termination is without
Cause (the “Termination Date”). If the Termination Date is later than the date of the notice, then from the date of the notice through the Termination Date, the Executive shall continue to perform the normal duties of the
Executive’s employment hereunder, and shall be entitled to receive when due all compensation and benefits applicable to the Executive hereunder, payable as described above. Thereafter, conditioned upon the Executive executing and not revoking
an effective general release in favor of the Company, the Board and their affiliates, in a form mutually acceptable to both parties hereto, within sixty (60) days after termination of the Executive’s employment, the Company shall pay the
Executive the amounts set forth in this subsection (c) (except for the amounts set forth in subsection (c)(iii) which shall be paid as set forth below regardless of whether the Executive executes such release). Under such circumstances, subject
to subsection (c)(v) and Section 19 below, the Company shall pay the Executive an amount equal to fifty percent (50%) of the Executive’s Base Salary for a period of twenty-four (24) months beginning immediately after the
Termination Date (the “Termination Period”), in such periodic 

  
 6 

 
installments as were being paid immediately prior to the Termination Date, no less frequently than monthly, less any sums which may be required to be deducted or withheld under applicable
provisions of law. 
 (ii) Subject to subsection (c)(v) and Section 19 below, the Company shall pay
the Executive a lump sum, determined on a net present value basis, using a reasonable discount rate determined by the Board, equal to the full target Incentive Payment for the year that includes the Termination Date multiplied by a fraction, the
numerator of which is the number of weeks in the Termination Period and the denominator of which is fifty-two (52), no later than two and a half (2
 1/2) months after the Termination Date.

 (iii) The Company shall also be obligated to pay to the Executive the earned and unpaid Incentive Payments to the
Termination Date and the Standard Termination Payments (as described above). 
 (iv) During the Termination Period, subject to
subsection (c)(v) and Section 19 below, the Executive and the Executive’s dependents will be entitled to continued participation in the “employee welfare benefit plans” (as defined in Section 3(1) of the Employee Retirement
Income Security Act of 1974) in which the Executive and the Executive’s dependents participated on the Executive’s Termination Date with respect to any such plans for which such continued participation is allowed pursuant to applicable law
and the terms of the plan on the same terms as active employees (with the Company to pay or reimburse the Executive for such continued participation on a monthly basis). In lieu of coverage for which such continued participation is not allowed,
subject to subsection (c)(v) and Section 19 below, the Executive will be reimbursed, on a net after-tax basis, on a monthly basis, for the cost of individual insurance coverage for the Executive and the Executive’s dependents under a
policy or policies that provide benefits (other than disability coverage) not less favorable than the benefits (other than disability coverage) provided under such employee welfare benefit plans. Notwithstanding the foregoing, the coverage or
reimbursements for coverage provided under this subsection (iv) shall cease if the Executive and/or the Executive’s dependents become covered under an employee welfare benefit plan of another employer of the Executive that provides the
same or similar type of benefits. 
 (v) Notwithstanding any of the foregoing provisions, any payments to
be made, or benefits to be delivered, under this subsection (c) (except for the amounts set forth in subsection (c)(iii) above) within the sixty (60) days after the Termination Date shall be accumulated and paid in a lump sum on the first
payroll date occurring more than sixty (60) days, and less than two and a half (2  1/2) months, after the Termination Date, provided the Executive executes the release described above and the applicable revocation period thereunder expires within the time described above without the
Executive having elected to revoke the release. Any benefits to be provided to the Executive during such time may be provided at the Executive’s expense with the Executive having the right to reimbursement of such amounts at the time described
above. 
 (vi) In addition, Executive and the Executive’s dependents will be entitled to receive from the Company,
and the Company shall provide to the Executive and the Executive’s dependents, medical benefits not less favorable than and on the same terms and for 

  
 7 

 
the same periods as those provided under the Company’s Postretirement Medical And Life Insurance Benefits Plan, as in effect on the date hereof or the Termination Date, whichever is more
favorable to the Executive, regardless of whether the Executive or the Executive’s dependents are otherwise eligible to participate in such plan. The Company, if it chooses, may provide such medical coverage under such Postretirement Medical
and Life Insurance Benefits Plan, if the Executive otherwise is eligible thereunder, or in lieu of medical coverage under such plan, subject to subsection (c)(v) above and Section 19 below, the Company may pay for or may procure, no less
frequently than monthly, individual insurance coverage for the Executive and the Executive’s dependents under a policy or policies that provide medical benefits and terms not less favorable than the medical benefits and terms provided under
such Post Retirement Medical And Life Insurance Benefits Plan, as in effect on the date hereof or the Termination Date, whichever is more favorable to the Executive. 
 (d) By the Executive. The Executive may terminate the Executive’s employment, and any further obligations which the Executive may have to perform services on behalf of the Company hereunder at
any time after the date hereof; by sending written notice of termination to the Company not less than sixty (60) days prior to the effective date of such termination. During such sixty (60) day period, the Executive shall continue to
perform the normal duties of the Executive’s employment hereunder and shall be entitled to receive when due all compensation and benefits applicable to the Executive hereunder, payable as described above. Except as provided below, if the
Executive shall elect to terminate the Executive’s employment hereunder (other than as a result of the Executive’s death or disability), then the Executive shall remain vested in all vested benefits provided for hereunder or under any
benefit plan of the Company in which the Executive is a participant and shall be entitled to receive the earned and unpaid Incentive Payments to the date of termination of the Executive’s employment and the Standard Termination Payments (as set
forth above), but the Company shall have no further obligation to make payments or provide benefits to the Executive under Section 3 hereof. Anything in this Agreement to the contrary notwithstanding, the termination of the Executive’s
employment by the Executive for Good Reason (as defined in Section 4(e)), shall be deemed to be a termination of the Executive’s employment without Cause by the Company for purposes of this Agreement, and the Executive shall be entitled to
the payments and benefits set forth in Section 4(c) above, payable as described above, subject to the Executive executing and not revoking a general release in favor of the Company, the Board and their affiliates, in a form mutually acceptable
to both parties hereto, within sixty (60) days after the termination of Executive’s employment. Notwithstanding the foregoing, in no event shall any termination of employment by the Executive be deemed for Good Reason unless the Executive
terminates employment within one hundred eighty (180) days of when the Executive learns of the act or conduct that constitutes Good Reason. 
 (e) Definitions. For purposes of this Agreement, the following definitions will apply: 
 (i) Cause. The term “Cause” means: (i) gross or willful misconduct; (ii) willful and repeated failure to comply with the lawful directives of the Board or any supervisory
personnel; (iii) any criminal act or act of dishonesty or willful misconduct that has a material adverse impact on the property, operations, business or reputation of the Company or its subsidiaries or any act of fraud, dishonesty or
misappropriation involving the Company or its 

  
 8 

 
subsidiaries; (iv) any conviction or plea of guilty or nolo contendere to a felony or a crime involving dishonesty; (v) the material breach of the terms of any
confidentiality, non-competition, non-solicitation or employment agreement the employee has with the Company or its subsidiaries; (vi) acts of malfeasance or negligence in a matter of material importance to the Company or its subsidiaries;
(vii) the material failure to perform the duties and responsibilities of employee’s position after written notice and a reasonable opportunity to cure (not to exceed ninety (90) days); (viii) grossly negligent conduct; or
(ix) activities materially damaging to the property, operations, business or reputation of the Company or its subsidiaries (it being understood that conduct or activities pursuant to employee’s exercise of good faith business judgment
shall not be in violation of this Section 4(e)(i). 
 (ii) Good Reason. “Good Reason” means, after
written notice by the Executive to the Board, and a reasonable opportunity for the Company to cure (not to exceed forty-five (45) days), that (i) the Executive’s Base Salary is not paid or is reduced by more than ten percent
(10%) in the aggregate or other than as part of a salary reduction program pursuant to which the Base Salaries of the Chief Executive Officer, all Executive Vice Presidents and all Senior Vice Presidents are reduced by the same percentage at
the same time and for the same period of time, (ii) the Executive’s target Incentive Payment is reduced, (iii) the Executive’s job duties and responsibilities are diminished, (iv) the Executive is required to relocate to a
facility more than 50 miles from Waynesboro, Virginia, (v) the Executive is not provided benefits (e.g., health insurance) that are comparable in all material respects to those previously provided to the Executive, (vi) the
Executive is directed by the Board or an officer of the Company or an affiliate (or the Company’s successor or an affiliate thereof) to engage in conduct that Company counsel, or mutually agreed upon counsel if requested by the Executive, has
advised is likely to be illegal and that such counsel states with specificity why such direction is likely to be illegal (including a proposal for modification of such direction which in counsel’s opinion would not be likely to be illegal), or
(vii) the Executive is directed by the Board or an officer of the Company or an affiliate (or the Company’s successor or an affiliate thereof) to refrain from acting and Company counsel, or mutually agreed upon counsel if requested by the
Executive, has advised that such failure to act is likely to be illegal and that such counsel states with specificity why such direction is likely to be illegal (including a proposal for modification of such direction which in counsel’s opinion
would not be likely to be illegal). If the Executive is directed to engage in conduct that he reasonably believes is likely to be illegal or to refrain from acting and the Executive reasonably believes that such failure to act is likely to be
illegal, the Executive can express such reservations to the Board or directing officer, and the Company shall, at its expense, engage Company counsel, or mutually agreed upon counsel if requested by the Executive, to advise as to whether such
conduct or failure to act is likely to be illegal. Subject to the last sentence of Section 4(d) hereof, if any of the events occur that would entitle the Executive to terminate the Executive’s employment for Good Reason hereunder and the
Executive does not exercise such right to terminate the Executive’s employment, any such failure shall not operate to waive the Executive’s right to terminate the Executive’s employment for that or any subsequent action or actions,
whether similar or dissimilar, that would constitute Good Reason. For purposes of clarity, it is acknowledged that expiration of the Employment Term (including notice of non-renewal) shall not be considered “Good Reason” hereunder.

 (iii) Change in Control. “Change in Control” means any of the following described in clauses
(I) through (V) below, provided that a “Change in Control” shall 

  
 9 

 
not mean any event listed in clauses (I) through (V) that occurs directly or indirectly as a result of or in connection with Quadrangle Capital Partners LP, a Delaware limited
partnership, Quadrangle Select Partners LP, a Delaware limited partnership, Quadrangle Capital Partners – A LP, a Delaware limited partnership, and Quadrangle NTELOS Holdings II LP, a Delaware limited partnership (collectively the
“Quadrangle Entities”) and/or their Affiliates, related funds and co-investors becoming the owner or “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of Holdings
representing more than fifty-one percent (51%) of the combined voting power of the then outstanding securities, or the shareholders of Holdings approve a merger, consolidation or reorganization of Holdings with any other company and such
merger, consolidation or reorganization is consummated, and after such merger, consolidation or reorganization any of the Quadrangle Entities or their respective Affiliates, related funds and co-investors acquire more than fifty-one percent
(51%) of the combined voting power of Holdings’ then outstanding securities: 
  

	 	(I)	any Person is or becomes the owner or “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of Holdings
representing more than fifty-one percent (51%) of the combined voting power of the then outstanding securities; 

  

	 	(II)	consummation of a merger, consolidation or reorganization of Holdings with any other company, or a sale of all or substantially all the assets of Holdings (a
“Transaction”), other than (i) a Transaction that would result in the voting securities of Holdings outstanding immediately prior thereto continuing to represent either directly or indirectly more than fifty-one percent (51%) of
the combined voting power of the then outstanding securities of Holdings or such surviving or purchasing entity; 

  

	 	(III)	the shareholders of Holdings approve a plan of complete liquidation of Holdings and such liquidation is consummated; or 

 

	 	(IV)	During any period of twelve (12) consecutive months commencing on the Effective Time, (i) the individuals who constituted the Board of Directors of Holdings
on the Effective Time, and (ii) any new director who either (A) was elected by the Board of Directors of Holdings or nominated for election by Holdings’ stockholders and whose election or nomination was approved by a vote of more than
fifty percent (50%) of the directors then still in office who either were directors on the Effective Time, or whose election or nomination for election was previously so approved or (B) was appointed to the Board of Directors of Holdings
pursuant to the designation of Quadrangle Entities, cease for any reason to constitute a majority of the Board. 

  
 10 

 For purposes of the foregoing, “Person” means an individual, corporation, limited
liability company, partnership, association, trust or other entity or organization, including a government or political subdivision or an agency or instrumentality thereof. 
 For purposes of the foregoing, “Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such
specified Person. 
 5. Confidential Information. The Executive understands and acknowledges that during the
Executive’s employment with the Company, the Executive has been and will be making use of, acquiring or adding to the Company’s Confidential Information (as defined below). In order to protect the Confidential Information, the Executive
will not, during the Executive’s employment with the Company or at any time thereafter, in any way utilize any of the Confidential Information except in connection with the Executive’s employment by the Company. The Executive will not at
any time use any Confidential Information for the Executive’s own benefit or the benefit of any person except the Company. At the end of the Executive’s employment with the Company, the Executive will surrender and return to the Company
any and all Confidential Information in the Executive’s possession or control, as well as any other Company property that is in the Executive’s possession or control. The Executive acknowledges and agrees that any breach of this
Section 5 would be a material breach of this Agreement. The term “Confidential Information” shall mean any information that is confidential and proprietary to the Company, including but not limited to the following general categories:

 (i) trade secrets; 
 (ii) lists and other information about current and prospective customers; 
 (iii)
plans or strategies for sales, marketing, business development, or system build-out; 
 (iv) sales and account records;

 (v) prices or pricing strategy or information; 
 (vi) current and proposed advertising and promotional programs; 
 (vii)
engineering and technical data; 
 (viii) the Company’s methods, systems, techniques, procedures, designs, formulae,
inventions and know-how; personnel information; 
 (ix) legal advice and strategies; and 

  
 11 

 (x) other information of a similar nature not known or made available to the public or the
Company’s Competitors (as defined in Section 8). 
 Confidential Information includes any such information that the
Executive may prepare or create during the Executive’s employment with the Company, as well as such information that has been or may be created or prepared by others. This promise of confidentiality is in addition to any common law or statutory
rights of the Company to prevent disclosure of its Trade Secrets and/or Confidential Information. 
 6. Return of
Documents. All writings, records and other documents and things containing any Confidential Information in the Executive’s custody or possession shall be the exclusive property of the Company, shall not be copied and/or removed from the
premises of the Company, except in pursuit of the business of the Company, and shall be delivered to the Company, without retaining any copies, upon the termination of the Executive’s employment or at any time as requested by the Company.

 7. Reaffirm Obligations. Upon termination of the Executive’s employment with the Company, the Executive
shall, if requested by the Company, reaffirm in writing Employee’s recognition of the importance of maintaining the confidentiality of the Company’s proprietary information and trade secrets and reaffirm all of the obligations set forth in
Section 5 of this Agreement. 
 8. Non-Compete; Non-Solicitation. The Executive agrees that: 

(a) While the Executive is employed by the Company, the Executive will not, directly or indirectly, compete with the business conducted
by the Company, and the Executive will not, directly or indirectly, provide any services to a Competitor. 
 (b) For a period of
twenty-four (24) months (the “Non-Competition Period”) after the Executive’s employment with the Company ends for any reason, the Executive will not compete with the Company by performing or causing to be performed the
same or similar types of duties or services that the Executive performed for the Company for a Competitor of the Company in any capacity whatsoever, directly or indirectly, within any city or county of the continental United States in which, at the
time the Executive’s employment with the Company ends, the Company provides services or products, offers to provide services or products, or has documented plans to provide or offer to provide services or products within the Non-Competition
Period provided that the Executive has knowledge of those plans at the time the Executive’s employment with the Company ends (the “Service Area”). Additionally, the Executive agrees that during the Non-Competition Period, the
Executive will not, directly or indirectly, sell, attempt to sell, provide or attempt to provide, any wireless or wireline telecommunication services, including but not limited to internet services, to any person or entity who was a customer or an
actively sought prospective customer of the Company, at any time during the Executive’s employment with the Company. The restrictions set forth above shall immediately terminate and shall be of no further force or effect in the event of a
default by the Company in the payment of any consideration, if any, to which the Executive is entitled under Section 8(i) below, which default is not cured within thirty (30) days after written notice thereof. The Executive acknowledges
and agrees that because of the nature of the Company’s business, 

  
 12 

 
the nature of the Executive’s job responsibilities, and the nature of the Confidential Information and Trade Secrets of the Company which the Company will give the Executive access to, any
breach of this provision by the Executive would result in the inevitable disclosure of the Company’s Trade Secrets and Confidential Information to its direct competitors. 
 (c) While the Executive is employed by the Company and during the Non-Competition Period, the Executive will not, directly or indirectly, solicit or encourage any employee of the Company to terminate
employment with the Company; hire, or cause to be hired, for any employment by a Competitor, any person who within the preceding twelve (12) month period has been employed by the Company, or assist any other person, firm, or corporation to do
any of the acts described in this subsection (c). 
 (d) The Executive acknowledges and agrees that the Company has a legitimate
business interest in preventing him from engaging in activities competitive with it as described in this Section 8 and that any breach of this Section 8 would constitute a material breach of this Section 8 and this Agreement.

 (e) The Company may notify anyone employing the Executive or evidencing an intention to employ the Executive during the
Non-Competition Period as to the existence and provisions of this Agreement and may provide such person or organization a copy of this Agreement. The Executive agrees that the Executive will provide the Company the identity of any employer the
Executive plans to go to work for during the Non-Competition Period along with the Executive’s anticipated job title, anticipated job duties with any such employer, and anticipated start date. The Company will analyze the proposed employment
and make a determination as to whether it would violate this Section 8. If the Company determines that the proposed employment would not pose an unacceptable threat to the Company’s interests, the Company will notify the Executive in
writing that it does not object to the employment. The Executive further agrees to provide a copy of this Agreement to anyone who employs the Executive during the Non-Competition Period. 

(f) The Executive acknowledges and agrees that this Section 8 is intended to limit the Executive’s right to compete only to the
extent necessary to protect the Company’s legitimate business interest. The Executive acknowledges and agrees that the Executive will be reasonably able to earn a livelihood without violating the terms of this Section 8. If any of the
provisions of this Section 8 should ever be deemed to exceed the time, geographic area, or activity limitations permitted by applicable law, the Executive agrees that such provisions may be reformed to the maximum time, geographic area and
activity limitations permitted by applicable law, and the Executive authorizes a court or other trier of fact having jurisdiction to so reform such provisions. In the event the Executive breaches any of the restrictions or provisions set forth in
this Section 8, the Executive waives and forfeits any and all rights to any further benefits under this Agreement, including but not limited to the consideration set forth in subsection (i) below as well as any additional payments,
compensation, benefits or severance pay he may otherwise be entitled to receive under this Agreement. Additionally, in the event the Executive breaches any of the restrictions or provisions set forth in this Section 8, the Executive agrees to
repay the Company for any of the consideration set forth in subsection (i) below that the Executive received prior to the breach as well as any additional payments, compensation, benefits or severance pay the Executive might otherwise have
previously received under Section 4(c) of this Agreement. 

  
 13 

 (g) For purposes of this Section 8, the following definitions will apply: 

(i) “Directly or indirectly” as used in this Agreement includes an interest in or participation in a business as an
individual, partner, shareholder, owner, director, officer, principal, agent, employee, consultant, trustee, lender of money, or in any other capacity or relation whatsoever. The term includes actions taken on behalf of the Executive or on behalf of
any other person. “Directly or indirectly” does not include the ownership of less than five percent (5%) of the outstanding shares of any corporation, if such shares are publicly traded in the over-the-counter market or listed on a
national securities exchange. 
 (ii) “Competitor” as used in this Agreement means any person, firm, association,
partnership, corporation or other entity that competes or attempts to compete with the Company by providing or offering to provide wireless or wireline telecommunication services, including but not limited to internet services, within any city or
county in which the Company provides or offers those services or products. 
 (h) Notwithstanding any other provision of this
Section 8, the Executive will not be considered to have violated any prohibition against competing with the Company for engaging in any of the following activities: (1) being employed or retained by (i) any parent, subsidiary or
affiliate organization of any Competitor where that parent, subsidiary or affiliate organization does not itself, and the Executive’s employment will not cause the Executive to, compete or attempt to compete with the Company by providing or
offering to provide wireless or wireline telecommunications services, including but not limited to internet services, within the Service Area or (ii) any Competitor, directly or indirectly, so long as Executive’s employment or service does
not relate to working principally within the Service Area or activities that would benefit the Competitor principally within the Service Area; or (2) working or providing services within the Service Area so long as the Executive’s
employment or service does not relate to the type of services provided or offered by the Company within that Service Area or to services for which the Company has documented plans to provide, offer or supply within that Service Area at the time of
Executive’s termination of employment; or (3) selling or attempting to sell wireless or wireline telecommunications services, including but not limited to internet services, so long as the services or products, which the Executive is
selling or attempting to sell to a customer, do not relate to the type of services or products provided or offered by the Company to such customer or for which the Company has documented plans to provide, offer or supply to such customer at the time
of Executive’s termination of employment; provided, however, that the Executive is nevertheless prohibited from: (i) selling, attempting to sell, and providing or attempting to provide, to any person who was a customer, or
who was actively sought as a customer, of the Company at the time of Executive’s termination of employment any wireless or wireline telecommunications services, including but not limited to internet services, that are the type of services or
products that the Company sold, attempted to sell or provided or attempted to provide to such customer as described in (b) above and (ii) soliciting or encouraging any employee of the Company to terminate employment or taking any other of
the prohibited actions as described in (c) above. 

  
 14 

 (i) In consideration of the Executive’s undertakings set forth in
this Section 8 with respect to periods after termination of employment, but only in the event that the Executive is entitled to the benefits and payments under Section 4(c) above, subject to subsection 4(c)(v) and Section 19 below,
the Company will pay the Executive an amount equal to fifty percent (50%) of his Base Salary during the Non-Competition Period, in such periodic installments, not less frequently than monthly, as his Base Salary was being paid immediately prior
to termination of employment, with a lump sum payment on the sixtieth (60th) day
after termination of the Executive’s employment equal to the payments the Executive would have received had the payments commenced immediately following termination of the Executive’s employment and subsequent installments in equal
periodic installments thereafter, no less frequently than monthly, less any sums which may be required to be deducted or withheld under applicable provisions of law. In the event the Executive is not entitled to the benefits and payments under
Section 4(c) above, the Company will not pay Executive any of the consideration set forth in this Section 8(i). 
 (j)
In the event the Executive breaches any of the restrictions or provisions set forth in this Section 8, the Executive waives and forfeits any and all rights to any further payments under subsection (i) or otherwise under this Agreement and
agrees to return to the Company the gross amount of any amounts previously paid, and the value of any benefits previously provided under this Agreement. This waiver and forfeiture shall be effective even in the event a court refuses to enforce the
restrictions set forth in this Section 8. 
 9. Representations. The Executive represents and warrants to the
Company that the execution, delivery and performance of this Agreement by the Executive does not conflict with, or result in the breach by the Executive or violation by the Executive of, any other agreement to which the Executive is a party or by
which the Executive is bound. The Executive hereby agrees to indemnify the Company, its officers, directors and shareholders and hold them harmless from and against any liability (including, without limitation, reasonable attorneys’ fees and
expenses) which they may at any time suffer or incur arising out of or relating to any breach of an agreement, representation or warranty made by the Executive herein. The Company represents and warrants that this Agreement and the transactions
contemplated hereby have been duly authorized by the Company by all necessary corporate and shareholder action, and that the execution, delivery and performance of this Agreement by the Company does not conflict with, or result in the breach or
violation by the Company of, its Certificate of Incorporation, Articles of Incorporation or Bylaws or any other agreement to which the Company is a party or by which it is bound. The Company hereby agrees to indemnify the Executive and hold the
Executive harmless from and against any liability (including, without limitation, reasonable attorneys’ fees and expenses) which the Executive may at any time suffer or incur arising out of or relating to any breach of an agreement,
representation or warranty made by the Company herein. Any indemnity to be paid hereunder shall be payable within thirty (30) days after the Company and the Executive agree that such amounts are owed or there is a final settlement or resolution
of the claim or dispute for which the payments are required. 
 10. Remedies. The parties hereto agree that the
Company would suffer irreparable harm from a breach by the Executive of any of the covenants or agreements contained herein. Therefore, in the event of the actual or threatened breach by the Executive of any of the provisions of this Agreement, the
Company may, in addition and supplementary to other rights 

  
 15 

 
and remedies existing in its favor, apply to any court of law or equity of competent jurisdiction for specific performance and/or injunctive or other relief in order to enforce or prevent any
violation of the provisions hereof. The Executive agrees that if a lawsuit or other proceeding is brought to enforce the terms of this Agreement or determine the validity of its terms and the Company prevails, the Company will be entitled to recover
from the Executive its reasonable attorneys’ fees and court costs. The Executive agrees that these provisions are reasonable. 
 11. Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the Company and its affiliates and their successors and assigns, and shall be binding upon and
inure to the benefit of the Executive and the Executive’s legal representatives and assigns, provided that in no event shall the Executive’s obligations to perform services for the Company and its affiliates be delegated or
transferred by the Executive. The Company may assign or transfer its rights hereunder to a successor corporation in the event of a merger, consolidation, transfer or sale of all or substantially all of the assets of the Company’s business
(provided, however, that no such assignment or transfer shall have the effect of relieving the Company of any liability to the Executive hereunder or under any other agreement or document contemplated herein), but only if such
assignment or transfer does not result in employment terms, conditions, duties or responsibilities which are or may be materially different than the terms, conditions, duties or responsibilities of the Executive hereunder. If the Company assigns or
transfers its rights under this Agreement to a successor corporation, the Executive’s obligations under Section 8 of this Agreement will be construed and enforceable with respect to the business and geographic scope of the Company only and
will not be construed or enforceable with respect to the business and geographic scope of any successor corporation to which the Company’s rights may be assigned or transferred to the extent such business or geographic scope is greater than
that of the Company at the time of such assignment or transfer. The Executive may not transfer or assign the Executive’s rights and obligations under this Agreement 
 12. Modification or Waiver. No amendment, modification, waiver, termination or cancellation of this Agreement shall be binding or effective for any purpose unless it is made in a writing
signed by the party against whom enforcement of such amendment, modification, waiver, termination or cancellation is sought. No course of dealing between or among the parties to this Agreement shall be deemed to affect or to modify, amend or
discharge any provision or term of this Agreement. No delay on the part of the Company or the Executive in the exercise of any of their respective rights or remedies shall operate as a waiver thereof, and no single or partial exercise by the Company
or the Executive of any such right or remedy shall preclude other or further exercises thereof. A waiver of a right or remedy on any one occasion shall not be construed as a bar to or waiver of any such right or remedy on any other occasion.

 13. Governing Law; Jurisdiction. This Agreement and all rights, remedies and obligations hereunder, including,
but not limited to, matters of construction, validity and performance shall be governed by the laws of the Commonwealth of Virginia without regard to its conflict of laws principles or rules. To the full extent lawful, each of the Company and the
Executive hereby consents irrevocably to personal jurisdiction, service and venue in connection with any claim or controversy arising out of this Agreement in the courts of the Commonwealth of Virginia located in Waynesboro, Virginia, and in the
federal courts in the Western District of Virginia. 

  
 16 

 14. Excise Taxes. 

(a) If any payment or distribution by the Company or any affiliate to or for the benefit of the Executive, whether paid or payable or
distributed or distributable pursuant to the terms of this Agreement or otherwise pursuant to or by reason of any other agreement, policy, plan, program or arrangement, including without limitation any stock option, stock appreciation right or
similar right, or the lapse or termination of any restriction on or the vesting or exercisability of any of the foregoing (a “Payment”), would be subject to the excise tax imposed by Code Section 4999 or to any similar tax
imposed by state or local law, or any interest or penalties with respect to such tax (such tax or taxes, together with any such interest and penalties, being hereafter collectively referred to as the “Excise Tax”), then the benefits
payable or provided under this Agreement (or other Payments as described above) shall be reduced (but not in excess of the amount of the benefits payable or provided under this Agreement) if, and only to the extent that, such reduction will allow
the Executive to receive a greater Net After Tax Amount than such Executive would receive absent such reduction. 
 (b) The
Accounting Firm (as defined below) will first determine the amount of any Parachute Payments (as defined below) that are payable to the Executive. The Accounting Firm also will determine the Net After Tax Amount attributable to the Executive’s
total Parachute Payments. 
 (c) The Accounting Firm will next determine the largest amount of payments that may be made to the
Executive without subjecting the Executive to the Excise Tax (the “Capped Payments”). Thereafter, the Accounting Firm will determine the Net After Tax Amount attributable to the Capped Payments. 

(d) The Executive then will receive the total Parachute Payments or the total Capped Payments, whichever provides the Executive with the
higher Net After Tax Amount; however, if the reductions imposed under this Section 14 are in excess of the amount of benefits payable or provided under this Agreement, then the total Parachute Payments will be adjusted by first reducing, on a
pro rata basis, the amount of any noncash or cash benefits under this Agreement, then noncash or cash benefits under any other plan, agreement or arrangement, then any cash payments under this Agreement and finally any cash payments under any other
plan agreement or arrangement. The Accounting Firm will notify the Executive and the Company if it determines that the Parachute Payments must be reduced and will send the Executive and the Company a copy of its detailed calculations supporting that
determination. 
 (e) As a result of the uncertainty in the application of Code Sections 280G and 4999 at the time that the
Accounting Firm makes its determinations under this Section 14, it is possible that the Executive will have received Parachute Payments or Capped Payments in excess of the amount that should have been paid or distributed
(“Overpayments”), or that additional Parachute Payments or Capped Payments should be paid or distributed to the Executive (“Underpayments”). If the Accounting Firm determines, based on either the assertion of a
deficiency by the Internal Revenue Service against the Company or the Executive, which assertion the Accounting Firm believes has a high probability of success or controlling precedent or substantial authority, that an Overpayment has been made,
that Overpayment may, at the Executive’s discretion, be treated for all purposes as a loan ab initio that the Executive must 

  
 17 

 
repay to the Company immediately together with interest at the applicable Federal rate under Code Section 7872; provided, however, that no loan will be deemed to have been made and no amount
will be payable by the Executive to the Company unless, and then only to the extent that, the deemed loan and payment would either reduce the amount on which the Executive is subject to tax under Code Section 4999 or generate a refund of tax
imposed under Code Section 4999 and the Executive will receive a greater Net After Tax Amount than such Executive would otherwise receive. If the Accounting Firm determines, based upon controlling precedent or substantial authority, that an
Underpayment has occurred, the Accounting Firm will notify the Executive and the Company of that determination and the amount of that Underpayment will be paid to the Executive promptly by the Company after such determination. 

(f) For purposes of this Section 14, the following terms shall have their respective meanings: 

(i) “Accounting Firm” means the independent accounting firm currently engaged by the Company, or a mutually agreed upon
independent accounting firm if requested by the Executive; and 
 (ii) “Net After Tax Amount” means the amount
of any Parachute Payments or Capped Payments, as applicable, net of taxes imposed under Code Sections 1, 3101 (b) and 4999 and any State or local income taxes applicable to the Executive on the date of payment. The determination of the Net
After Tax Amount shall be made using the highest combined effective rate imposed by the foregoing taxes on income of the same character as the Parachute Payments or Capped Payments, as applicable, in effect on the date of payment. 

(iii) “Parachute Payment” means a payment that is described in Code Section 280G(b)(2), determined in accordance
with Code Section 280G and the regulations promulgated or proposed thereunder. 
 (g) The fees and expenses of the
Accounting Firm for its services in connection with the determinations and calculations contemplated by the preceding subsections shall be borne by the Company. 
 (h) The Company and the Executive shall each provide the Accounting Firm access to and copies of any books, records and documents in the possession of the Company or the Executive, as the case may be,
reasonably requested by the Accounting Firm, and otherwise cooperate with the Accounting Firm in connection with the preparation and issuance of the determinations and calculations contemplated by the preceding subsections. Any determination by the
Accounting Firm shall be binding upon the Company and the Executive. 
 15. Severability. Whenever possible each
provision and term of this Agreement shall be interpreted in such a manner as to be effective and valid under applicable law, but if any provision or term of this Agreement shall be held to be prohibited by or invalid under such applicable law, then
such provision or term shall be ineffective only to the extent of such prohibition or invalidity, without invalidating or affecting in any manner whatsoever the remainder of such provisions or term or the remaining provisions or terms of this
Agreement. If any provision contained in Sections 5 or 8 of this Agreement shall for any reason be held to be 

  
 18 

 
excessively broad or unreasonable as to time, territory, or interest to be protected, a court is hereby empowered and requested to construe such provision by narrowing it so as to make it
reasonable and enforceable to the extent provided under applicable law. 
 16. Counterparts. This Agreement may be
executed in separate counterparts, each of which is deemed to be an original and all of which taken together constitute one and the same Agreement. 
 17. Headings. The headings of the Sections of this Agreement are inserted for convenience only and shall not be deemed to constitute a part hereof and shall not affect the construction or
interpretation of this Agreement. 
 18. Entire Agreement. This Agreement (together with all documents and
instruments referred to herein) constitutes the entire agreement, and supersedes all other prior agreements and undertakings, both written and oral, among the parties with respect to the subject matter hereof, including any prior employment or
management continuity agreement under which the Executive hereby agrees to waive all rights and which is hereby terminated. 

19. Section 409A. It is intended that any payment or benefit which the Executive is to be paid or provided in
connection with this Agreement which is considered to be non-qualified deferred compensation subject to Section 409A of the Code, shall be paid and provided in a manner, and at such time, as complies with, or is exempt from, the applicable
requirements of Section 409A of the Code. In connection with effecting such compliance with, or exemption from, Section 409A of the Code, the following shall apply: 
 (a) Neither the Executive nor the Company shall take any action to accelerate or delay the payment of any monies and/or provision of any benefits in any matter which would not be in compliance with, or
exempt from, Section 409A of the Code. 
 (b) If the Executive is a “specified employee” for purposes of
Section 409A(a)(2)(B)(i) of the Code, any payment or provision of benefits in connection with the Executive’s separation from service (as determined for purposes of Section 409A of the Code) shall not be made until six (6) months
after the Executive’s separation from service or, if earlier, the Executive’s death (the “409A Deferral Period”) as and to the extent required under Section 409A of the Code. In the event such payments are otherwise
due to be made in installments or periodically during the 409A Deferral Period, the payments which would otherwise have been made in the 409A Deferral Period shall be accumulated and paid in a lump sum as soon as, and within thirty (30) days
after, the 409A Deferral Period ends, and the balance of the payments shall be made as otherwise scheduled. In the event such benefits are required to be deferred, any such benefits may be provided during the 409A Deferral Period at the
Executive’s expense, and the Executive will have the right to reimbursement from the Company as soon as, and within thirty (30) days after, the 409A Deferral Period ends, and the balance of the benefits shall be provided as otherwise
scheduled. 
 (c) For purposes of this Agreement, all rights to payments and benefits hereunder shall be treated as rights to
receive a series of separate payments and benefits to the fullest extent allowed by Section 409A of the Code. 

  
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 (d) For purposes of determining time of (but not entitlement to) the payment or provision of
non-qualified deferred compensation under this Agreement subject to Section 409A of the Code in connection with the termination of the Executive’s employment, termination of employment will be construed to mean a “separation from
service” within the meaning of Section 409A of the Code where it is reasonably anticipated that the Executive will not perform any further services after that date or that the level of bona fide services that the Executive will perform
after that date (whether as an employee or independent contractor) will permanently decrease to no more than twenty percent (20%) of the average level of bona fide services the Executive performed over the immediately preceding thirty-six
(36) month period. 
 (e) A “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code shall
be determined on the basis of the applicable twelve (12)-month period ending on the specified employee identification date designated by the Company consistently for purposes of this Agreement and similar agreements or, if no such designation is
made, based on the default rules and regulations under Section 409A(a)(2)(B)(i) of the Code. 
 (f) Notwithstanding any of
the provisions of this Agreement, the Company shall not be liable to the Executive if any payment or benefit which is to be provided pursuant to this Agreement and which is non-qualified deferred compensation subject to Section 409A of the Code
otherwise fails to comply with, or be exempt from, the requirements of Section 409A of the Code. 
 [SIGNATURES APPEAR ON
THE FOLLOWING PAGE] 

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

			
	NTELOS Wireline One Inc.
		
	By:	 	 /s/ James A. Hyde

		 	James A. Hyde
		 	Chief Executive Officer
	
	Executive
		
	By:	 	 /s/ Michael B. Moneymaker

		 	Michael B. Moneymaker

  
 21

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