Document:

Forms of Stock Option Agrmnts under the Company's 2006 Long Term Incentives Plan

 Exhibit 10-u-5 
 Clayton M. Jones 
 Chairman, President and 
 Chief Executive Officer 
 400 Collins Road NE 
 Cedar Rapids, IA 52498-0001 USA 
 

 
 [Date] 
 «Full_Name» 
 Dear «First_Name»: 
 I am pleased to inform you that you have been awarded a long-term incentive grant. This
grant is made up of stock options and a performance award (comprised of cash and shares). We have made significant progress toward achieving our goals of profitable growth and building shareowner value and we will continue to focus our energy on
these key drivers of success. This long-term incentive grant is designed to reward us if we meet or exceed our goals in these two important areas of success. 
 Total direct compensation for executive positions is typically made up of three components—base salary, annual incentive (ICP) and long-term incentives. Your total compensation statement includes the value of each of these elements of
your compensation package. Your new long-term incentive award is outlined below: 
  

	 	•	 	Half of your target long-term incentive compensation is awarded to you in the form of stock options and you have been granted «Total_Stock_Options» Rockwell Collins
stock options («ISO_Stock_Options» Incentive Stock Options (ISOs) and «NQ_Stock_Options» non-qualified stock options) on [date] at an exercise price of
$[            ] per share. 

  

	 	•	 	You have also been granted a performance award of «Performance_Award_Value» for the achievement of our three year goals for Cumulative Sales and Return on Sales. The
target award is made up of «Cash_LTIP_Target» cash and «Target_Performance_Shares» performance shares. The goals have been set to reflect the strategic importance of profitable growth on our business. You will have the
opportunity to earn from 0 to 200% of the target award based on the company’s performance against these pre-established goals shown on the enclosed performance matrix. Additionally, the performance share component will reflect the changes in
the value of Rockwell Collins stock. A further adjustment of plus or minus 20% of the final award amount will potentially be made for our relative performance on Total Shareowner Return when compared to ten peer companies. 

 

	 	•	 	The stock options and performance awards are subject to the provisions of the 2006 Long-Term Incentives Plan, as amended, and to the attached terms and conditions. The stock options
and performance award are also subject to other requirements covered in the enclosed letter from Gary Chadick, Senior Vice President, General Counsel and Secretary, dated [    ]. Please read these documents and your copy of the
Plan and Prospectus carefully and retain them for future reference. 

 As a key member of the Rockwell Collins leadership team, you play a
significant role in attainment of our performance goals. The potential value of these awards is related directly to our achievements and our pay-for-performance philosophy. When we provide superior value to our shareowners and customers, our company
will be successful and we will share in that success. 
 Congratulations on your receipt of this long-term incentive grant. As we strive to achieve our
Vision goals, I am confident that we will continue working together to fulfill the high expectations that we have for Rockwell Collins. 
 Sincerely, 

 Standard Terms & Conditions 
 ROCKWELL COLLINS, INC. 
 2006 LONG-TERM INCENTIVES PLAN 
 STOCK OPTION AGREEMENT 
 STOCK OPTION TERMS AND
CONDITIONS 
 1. Definitions 
 As used in these Stock Option Terms and Conditions, the following words and phrases shall have the respective meanings ascribed to them below unless the context in which any of them is used clearly indicates a
contrary meaning: 
  

	 	(a)	Cashless Exercise: Cashless Exercise shall have the meaning set forth in Section 3(a)(iv) herein. 

  

	 	(b)	Change of Control: Change of Control shall have the same meaning as such term has in Section 10(a) of the Plan. 

  

	 	(c)	Charles Schwab: Charles Schwab & Co., Inc., the Stock Option Administrator whom the Corporation has engaged to administer and process all Option exercises.

  

	 	(d)	Committee: The Compensation Committee of the Board of Directors of the Corporation. 

  

	 	(e)	Corporation: Rockwell Collins, Inc., a Delaware corporation, and any successor thereto. 

 (e) Customer Service Center: Charles Schwab’s Customer Service Center that is used to facilitate Option transactions. Contact Charles Schwab
at (800) 654-2593. 
  

	 	(f)	Employee: Employee shall have the same meaning as such term has in Section 2(j) of the Plan. 

  

	 	(g)	Exercise Request and Attestation Form: The form attached as Exhibit 1 or any other form accepted by Charles Schwab in connection with the use of already-owned Stock to
pay all or part of the exercise price for the Option Stock to be purchased on exercise of any of the Options. 

  

	 	(h)	Options: The stock options listed in the first paragraph of the letter dated [    ], to which these Stock Option Terms and Conditions are attached and
which together with these Stock Option Terms and Conditions constitute the Stock Option Agreement. 

  

	 	(i)	Option Stock: The Stock issuable or transferable on exercise of the Options. 

	 	(j)	Plan: Rockwell Collins 2006 Long-Term Incentives Plan, as such Plan may be amended and in effect at the relevant time. 

  

	 	(k)	Schwab OptionCenter®: Charles Schwab’s stock option management website which you can use to access your stock option account and to facilitate stock option transactions securely on the web at
www.schwab.com/optioncenter. 

  

	 	(l)	Stock: Stock shall have the same meaning as such term has in Section 2(dd) of the Plan. 

  

	 	(m)	Stock Option Agreement: These Stock Option Terms and Conditions together with the letter dated [    ], to which they are attached.

  

	 	(n)	Subsidiary: Subsidiary shall have the same meaning as such term has in Section 2(ee) of the Plan. 

 2. When Options May be Exercised 
 The Options may be exercised, in whole or in part (but only for a whole number of shares) and at one time or from time to time, as to one-third (rounded to the nearest whole number) of the Option Stock during the
period beginning on [    ] and ending on [    ], as to an additional one-third (rounded to the nearest whole number) of the Option Stock during the period beginning on [    ] and ending on
[    ] and as to the balance of the Option Stock during the period beginning on [    ] and ending on [    ], and only during those periods, and provided that: 
  

	 	(a)	if you die while an Employee, any person who holds the Options as permitted by Section 4 herein may exercise all the Options not theretofore exercised within (and only within)
the period beginning on your date of death (even if you die before you have become entitled to exercise all or any part of the Options) and ending three years thereafter; and 

  

	 	(b)	if your employment by the Corporation or a Subsidiary terminates other than by death, then: 

  

	 	(i)	if your retirement or other termination date is before [    ], the Options shall lapse on your retirement or other termination and may not be exercised at any
time; 

  

	 	(ii)	if your employment by the Corporation or a Subsidiary is terminated for cause, as determined by the Committee, the Options shall expire forthwith upon your termination and may not
be exercised thereafter; 

  

	 	(iii)	 if your employment by the Corporation or a Subsidiary terminates on or after [    ] by reason of your retirement under a retirement plan of the
Corporation, or under a retirement plan of a Subsidiary, you (or any person who holds the Options as permitted by Section 4 herein) may thereafter exercise Options which are exercisable prior to the date of your retirement or that will become
exercisable within (and only within) the period between the date of your retirement and ending on 

  

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the fifth anniversary of your retirement date; or if you retire prior to age 62, the earlier of (x) the fifth anniversary of your retirement date or
(y) such earlier date as the Committee shall determine by action taken not later than 60 days after your retirement date; and 

  

	 	(iv)	if your employment by the Corporation or a Subsidiary terminates on or after [    ] for any reason not specified in subparagraph (a) or in clauses
(ii) or (iii) of this subparagraph (b), you (or any person who holds the Options as permitted by Section 4 herein) may thereafter exercise the Options within (and only within) the period ending three months after your termination date
but only to the extent such Options were exercisable on your termination date. 

 In no event shall the provisions of the
foregoing subparagraphs (a) and (b) extend to a date after [    ], the period during which the Options may be exercised. 
 Notwithstanding any other provision of this Agreement, if a Change of Control shall occur, then all Options then outstanding pursuant to this Agreement shall forthwith become fully exercisable whether or not then
otherwise exercisable in accordance with their terms. 
 3. Exercise Procedure 
  

	 	(a)	To exercise all or any part of the Options, you (or any person who holds the Options as permitted by Section 4 herein) must contact the Stock Option Administrator, Charles
Schwab, by using the Customer Service Center or Schwab OptionCenter®, as follows: 

  

	 	(i)	contact the Customer Service Center by calling (800) 654-2593 Monday through Friday, 9:00 a.m. to 9:00 p.m. Eastern Time and follow the instructions provided, or exercise via
the Web through the Schwab OptionCenter® at
www.schwab.com/ optioncenter; 

  

	 	(ii)	confirm the Option transaction through the Customer Service Center or Schwab OptionCenter®; 

  

	 	(iii)	at any time you may speak to a Customer Service Representative for assistance by calling (800) 654-2593; 

  

	 	(iv)	full payment of the exercise price for the Option Stock to be purchased on exercise of the Options may be made by: 

  

	 	•	 	check (wire) to your Charles Schwab account; or 

  

	 	•	 	in already-owned Stock; or 

  

	 	•	 	by authorizing Charles Schwab or a third party approved by the Corporation to sell the Stock (or a sufficient portion of the Stock) acquired upon exercise of the Option
(“Cashless Exercise”); or 

  

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	 	•	 	in a combination of check (wire) to your Charles Schwab account and Stock (whether already-owned Stock or Stock issued and subsequently sold in connection with a Cashless Exercise);
and 

  

	 	(v)	in the case of an exercise of the Options by any person other than you seeking to exercise the Options, such documents as Charles Schwab or the Secretary of the Corporation shall
require to establish to their satisfaction that the person seeking to exercise the Options is entitled to do so. 

  

	 	(b)	An exercise of the whole or any part of the Options shall be effective: 

  

	 	(i)	if you elect (or any person who holds the Options as permitted by Section 4 herein elects) to pay the exercise price for the Option Stock entirely by check (wire), upon
(A) completion of your transaction by using the Customer Service Center or Schwab OptionCenter® and full payment of the exercise price and withholding taxes (if applicable) are received by Charles Schwab within three business days following the exercise; and (B) receipt of any
documents required pursuant to Section 3(a)(v) herein; and 

  

	 	(ii)	if you elect (or any person who holds the Options as permitted by Section 4 herein elects) to pay the exercise price of the Option Stock in Stock (whether already-owned Stock
or Stock issued and subsequently sold in connection with a Cashless Exercise) or in a combination of Stock (whether already-owned Stock or Stock issued and subsequently sold in connection with a Cashless Exercise) and check, upon (A) completion
of your transaction by using the Customer Service Center or Schwab OptionCenter® and full payment of the exercise price (as described in Section 3(d)(i) herein) and withholding taxes (if applicable) are received by Charles Schwab within three business days following the exercise; and
(B) receipt of any documents required pursuant to Section 3(a)(v) herein. 

  

	 	(c)	If you choose (or any person who holds the Options as permitted by Section 4 herein chooses) to pay the exercise price for the Option Stock to be purchased on exercise of any
of the Options entirely by check, payment must be made by: 

  

	 	•	 	delivering to Charles Schwab a check (wire) in the full amount of the exercise price for those Option Stock; or 

  

	 	•	 	arranging with a stockbroker, bank or other financial institution to deliver to Charles Schwab full payment, by check or (if prior arrangements are made with Charles Schwab) by wire
transfer, of the exercise price of those Option Stock. 

 In either event, in accordance with Section 3(e) herein, full
payment of the exercise price for the Option Stock purchased must be made within three business days after the exercise has been completed through the Customer Service Center or Schwab OptionCenter®. 
  

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	 	(d)	(i) If you choose (or any person who holds the Options as permitted by Section 4 herein chooses) to use already-owned Stock to pay all or part of the exercise price for
the Option Stock to be purchased on exercise of any of the Options, you (or any person who holds the Options as permitted by Section 4 herein) must deliver to Charles Schwab an Exercise Request and Attestation Form and cash to cover the
purchase of Option Stock as specified in such form. To perform such a transaction, the Exercise Request and Attestation Form must be submitted via fax (720) 785-8874 by 4:00 p.m. Eastern Time on the date of exercise and any questions concerning
this type of transaction should be referred to (877) 636-7551 (Stock Option Administration Group Hotline). The Exercise Request and Attestation Form must attest to your ownership of Stock representing: 

  

	 	•	 	at least the number of shares of Stock whose value, based on the closing price of the Stock on the New York Stock Exchange — Composite Transactions on the day you have
exercised your Options through the Customer Service Center or Schwab OptionCenter®, equals the exercise price for the Option Stock; or 

  

	 	•	 	any lesser number of shares of Stock you desire (or any person who holds the Options as permitted by Section 4 herein desires) to use to pay the exercise price for such Option
Stock and a check in the amount of such exercise price less the value of the Stock delivered, based on the closing price of the Stock on the New York Stock Exchange — Composite Transactions on the day you have exercised your Options through the
Customer Service Center or Schwab OptionCenter®.

  

	 	(ii)	If you choose (or any person who holds the Options as permitted by Section 4 herein chooses) to use Option Stock obtained by Cashless Exercise to pay all or part of the
exercise price for the remaining Option Stock to be purchased on exercise of any of the Options, you (or any person who holds the Options as permitted by Section 4 herein) must contact the Customer Service Center at (800) 654-2593 or
Schwab OptionCenter®. 

  

	 	(iii)	Charles Schwab will advise you (or any other person who, being entitled to do so, exercises the Options) of the exact number of shares of Stock, valued at the closing price on the
New York Stock Exchange — Composite Transactions on the effective date of exercise under Section 3(b)(ii) herein, and any funds required to pay in full the exercise price for the Option Stock purchased. In accordance with Section 3(e)
herein, you (or such other person) must pay, by check, in Stock or in a combination of check and Stock, any balance required to pay in full the exercise price of the Option Stock purchased within three business days following the effective date of
such exercise of the Options under Section 3(b)(ii) herein. 

  

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	 	(iv)	Notwithstanding any other provision of this Stock Option Agreement, the Secretary of the Corporation may limit the number, frequency or volume of successive exercises of any of the
Options in which payment is made, in whole or in part, by delivery of Stock pursuant to this subparagraph (d) to prevent unreasonable pyramiding of such exercises. 

  

	 	(e)	An exercise completed through the Customer Service Center or Schwab OptionCenter®, whether or not full payment of the exercise price for the Option Stock is received by Charles Schwab, shall constitute a binding contractual
obligation by you (or the other person entitled to exercise the Options) to proceed with and complete that exercise of the Options (but only so long as you continue, or the other person entitled to exercise the Options continues, to be entitled to
exercise the Options on that date). By your acceptance of this Stock Option Agreement, you agree (for yourself and on behalf of any other person who becomes entitled to exercise the Options) to pay to Charles Schwab in full the exercise price for
that Option Stock, that payment being by check, wire transfer, in Stock or in a combination of check and Stock, on or before the third business day after the date on which you complete the transaction through the Customer Service Center. If such
payment is not made, you (for yourself and on behalf of any other person who becomes entitled to exercise the Options) authorize the Corporation and your employer, in their discretion, to set off against salary payments or other amounts due to due
you (or the other person entitled to exercise the Options) any balance of the exercise price for such Option Stock remaining unpaid thereafter. 

  

	 	(f)	An Exercise Confirmation representing the amount of Option Stock purchased will be issued the third business day (trade date plus three business days) (i) after Charles Schwab
has received full payment therefor or (ii) at the Corporation’s or Charles Schwab’s election in their sole discretion, after the Corporation or Charles Schwab has received (x) full payment of the exercise price of that Option
Stock and (y) any reimbursement in respect of withholding taxes due pursuant to Section 5 herein. 

 4. Transferability; Nonassignability 
 You are not entitled to transfer the Options except by will or by the laws of descent
and distribution. 
 5. Withholding 
 The Corporation, your employer or Charles Schwab shall have the right, in connection with the exercise of the Options, in whole or in part, to deduct from any payment to be made by the Corporation, your employer or
Charles Schwab an amount equal to the taxes required to be withheld by law with respect to such exercise or to require you (or any other person entitled to exercise the Options) to 

  

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pay to it an amount sufficient to provide for any such taxes so required to be withheld. By your acceptance of this Stock Option Agreement, you agree (for
yourself and on behalf of any other person who becomes entitled to exercise the Options) that if the Corporation, your employer or Charles Schwab elects to require you (or such other person) to remit an amount sufficient to pay such withholding
taxes, you (or such other person) must remit that amount within three business days after the completion of the Option exercise as provided in Section 3(a)(ii) herein. If such payment is not made, the Corporation and your employer, in their
discretion, shall have the same right of set-off as provided under Section 3(e) herein with respect to payment of the exercise price for Option Stock. 
 6. Headings 
 The
section headings contained in these Stock Option Terms and Conditions are solely for the purpose of reference, are not part of the agreement of the parties and shall in no way affect the meaning or interpretation of this Stock Option Agreement.

 7. References 
 All references in these Stock Option Terms and Conditions to Sections, paragraphs, subparagraphs or clauses shall be deemed to be references to Sections, paragraphs, subparagraphs and clauses of these Stock Option Terms and Conditions
unless otherwise specifically provided. 
 8. Entire Agreement 
 This Stock Option Agreement and the other terms applicable to Stock Options granted under the Plan embody the entire agreement and understanding between
the Corporation and you with respect to the Options, and there are no representations, promises, covenants, agreements or understandings with respect to the Options other than those expressly set forth in this Stock Option Agreement and the Plan.

 9. Applicable Laws and Regulations 
 This Stock Option Agreement and the Corporation obligation to issue Option Stock hereunder are subject to applicable laws and regulations. 
  

			
	Exhibit 1	 	Exercise Request and Attestation Form (For Use With Already-Owned Stock)

  

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 Executives Terms & Conditions 
 ROCKWELL COLLINS, INC. 
 2006 LONG-TERM INCENTIVES PLAN 
 STOCK OPTION AGREEMENT 
 STOCK OPTION TERMS AND
CONDITIONS 
 1. Definitions 
 As used in these Stock Option Terms and Conditions, the following words and phrases shall have the respective meanings ascribed to them below unless the context in which any of them is used clearly indicates a
contrary meaning: 
  

	 	(a)	Cashless Exercise: Cashless Exercise shall have the meaning set forth in Section 3(a)(ii) herein. 

  

	 	(b)	Change of Control: Change of Control shall have the same meaning as such term has in Section 10(a) of the Plan. 

  

	 	(c)	Charles Schwab: Charles Schwab & Co., Inc., the Stock Option Administrator whom the Corporation has engaged to administer and process all Option exercises.

  

	 	(d)	Committee: The Compensation Committee of the Board of Directors of the Corporation. 

  

	 	(e)	Corporation: Rockwell Collins, Inc., a Delaware corporation, and any successor thereto. 

 (f) Customer Service Center: Charles Schwab’s Customer Service Center that is used to facilitate Option transactions. Contact Charles Schwab
at (888) 852-2135. 
  

	 	(g)	Employee: Employee shall have the same meaning as such term has in Section 2(j) of the Plan. 

  

	 	(h)	Exercise Request and Attestation Form: The form attached as Exhibit 1 or any other form accepted by Charles Schwab in connection with the use of already-owned
Stock to pay all or part of the exercise price for the Option Stock to be purchased on exercise of any of the Options. 

  

	 	(i)	Notice of Exercise Form: The form attached as Exhibit 2 or any other form accepted by the Secretary of Rockwell Collins in his sole discretion.

  

	 	(j)	Options: The stock options listed in the letter dated [    ], to which these Stock Option Terms and Conditions are attached and which together with these
Stock Option Terms and Conditions constitute the Stock Option Agreement. 

  

	 	(k)	Option Stock: The Stock issuable or transferable on exercise of the Options. 

	 	(l)	Plan: Rockwell Collins 2006 Long-Term Incentives Plan, as such Plan may be amended and in effect at the relevant time. 

  

	 	(m)	Stock: Stock shall have the same meaning as such term has in Section 2(dd) of the Plan. 

  

	 	(n)	Stock Option Agreement: These Stock Option Terms and Conditions together with the letter dated [ ], to which they are attached. 

  

	 	(o)	Subsidiary: Subsidiary shall have the same meaning as such term has in Section 2(ee) of the Plan. 

 2. When Options May be Exercised 
 The Options may be exercised, in whole or in part (but only for a whole number of shares) and at one time or from time to time, as to one-third (rounded to the nearest whole number) of the Option Stock granted
pursuant to nonqualified stock options (NQs) and incentive stock options (ISOs) during the period beginning on [    ] and ending on [    ], as to an additional one-third (rounded to the nearest whole number)
of the Option Stock granted pursuant to NQs and ISOs during the period beginning on [    ] and ending on [    ] and as to the balance of the Option Stock granted pursuant to NQs and ISOs during the period
beginning on [    ] and ending on [    ], and only during those periods, and provided that: 
  

	 	(a)	if you die while an Employee, any person who holds the Options as permitted by Section 4 herein may exercise all the Options not theretofore exercised within (and only within)
the period beginning on your date of death (even if you die before you have become entitled to exercise all or any part of the Options) and ending three years thereafter; and 

  

	 	(b)	if your employment by the Corporation or a Subsidiary terminates other than by death, then: 

  

	 	(i)	if your retirement or other termination date is before [    ], the Options shall lapse on your retirement or other termination and may not be exercised at any
time; 

  

	 	(ii)	if your employment by the Corporation or a Subsidiary is terminated for cause, as determined by the Committee, the Options shall expire forthwith upon your termination and may not
be exercised thereafter; 

  

	 	(iii)	if your employment by the Corporation or a Subsidiary terminates on or after [    ] by reason of your retirement under a retirement plan of the Corporation, or
under a retirement plan of a Subsidiary, you (or any person who holds the Options as permitted by Section 4 herein) may thereafter exercise Options which are exercisable prior to the date of your retirement or that will become exercisable
within (and only within) the period between the date of your retirement and ending on the fifth anniversary of your retirement date; or if you retire prior to age 62, the earlier of (x) the fifth anniversary of your retirement date or
(y) such earlier date as the Committee shall determine by action taken not later than 60 days after your retirement date; and 

  

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	 	(iv)	if your employment by the Corporation or a Subsidiary terminates on or after [    ] for any reason not specified in subparagraph (a) or in clauses
(ii) or (iii) of this subparagraph (b), you (or any person who holds the Options as permitted by Section 4 herein) may thereafter exercise the Options within (and only within) the period ending three months after your termination date
but only to the extent such Options were exercisable on your termination date. 

 In no event shall the provisions of the
foregoing subparagraphs (a) and (b) extend to a date after [    ], the period during which the Options may be exercised. 
 Notwithstanding any other provision of this Agreement, if a Change of Control shall occur, then all Options then outstanding pursuant to this Agreement shall forthwith become fully exercisable whether or not then
otherwise exercisable in accordance with their terms. 
 3. Exercise Procedure 
  

	 	(a)	To exercise all or any part of the Options, you (or any person who holds the Options as permitted by Section 4 herein) must first obtain authorization from Rockwell
Collins’ Office of the Secretary by submitting a Notice of Exercise Form to Rockwell Collins’ Office of the Secretary (Attention: Stock Option Administration; facsimile number (319) 295-3599) or by other means acceptable to the
Secretary of Rockwell Collins and then contact the Stock Option Administrator, Charles Schwab, by using the Customer Service Center, as follows: 

  

	 	(i)	contact the Customer Service Center by calling (888) 852-2135 Monday through Friday, 9:00 a.m. to 9:00 p.m. Eastern Time and follow the instructions provided;

  

	 	(ii)	full payment of the exercise price for the Option Stock to be purchased on exercise of the Options may be made by: 

  

	 	•	 	check (wire) to your Charles Schwab account; or 

  

	 	•	 	in already-owned Stock; or 

  

	 	•	 	by authorizing Charles Schwab or a third party approved by the Corporation to sell the Stock (or a sufficient portion of the Stock) acquired upon exercise of the Option
(“Cashless Exercise”); or 

  

	 	•	 	in a combination of check (wire) to your Charles Schwab account and Stock (whether already-owned Stock or Stock issued and subsequently sold in connection with a Cashless Exercise);
and 

  

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	 	(iii)	in the case of an exercise of the Options by any person other than you seeking to exercise the Options, such documents as Charles Schwab or the Secretary of the Corporation shall
require to establish to their satisfaction that the person seeking to exercise the Options is entitled to do so. 

  

	 	(b)	An exercise of the whole or any part of the Options shall be effective: 

  

	 	(i)	if you elect (or any person who holds the Options as permitted by Section 4 herein elects) to pay the exercise price for the Option Stock entirely by check (wire), upon
(A) completion of your transaction by using the Customer Service Center and full payment of the exercise price and withholding taxes (if applicable) are received by Charles Schwab within three business days following the exercise; and
(B) receipt of any documents required pursuant to Section 3(a)(iii) herein; and 

  

	 	(iii)	if you elect (or any person who holds the Options as permitted by Section 4 herein elects) to pay the exercise price of the Option Stock in Stock (whether already-owned Stock
or Stock issued and subsequently sold in connection with a Cashless Exercise) or in a combination of Stock (whether already-owned Stock or Stock issued and subsequently sold in connection with a Cashless Exercise) and check, upon (A) completion
of your transaction by using the Customer Service Center and full payment of the exercise price (as described in Section 3(d)(i) herein) and withholding taxes (if applicable) are received by Charles Schwab within three business days following
the exercise; and (B) receipt of any documents required pursuant to Section 3(a)(iii) herein. 

  

	 	(c)	If you choose (or any person who holds the Options as permitted by Section 4 herein chooses) to pay the exercise price for the Option Stock to be purchased on exercise of any
of the Options entirely by check, payment must be made by: 

  

	 	•	 	delivering to Charles Schwab a check (wire) in the full amount of the exercise price for those Option Stock; or 

  

	 	•	 	arranging with a stockbroker, bank or other financial institution to deliver to Charles Schwab full payment, by check or (if prior arrangements are made with Charles Schwab) by wire
transfer, of the exercise price of those Option Stock. 

 In either event, in accordance with Section 3(e) herein, full
payment of the exercise price for the Option Stock purchased must be made within three business days after the exercise has been completed through the Customer Service Center. 
  

	 	(d)	 (i) If you choose (or any person who holds the Options as permitted by Section 4 herein chooses) to use already-owned Stock to pay all or part of the
exercise price for the Option Stock to be 

  

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purchased on exercise of any of the Options, you (or any person who holds the Options as permitted by Section 4 herein) must deliver to Charles Schwab
an Exercise Request and Attestation Form and cash to cover the purchase of Option Stock as specified in such form. To perform such a transaction, the Exercise Request and Attestation Form must be submitted via fax (720) 785-8874 by 4:00 p.m.
Eastern Time on the date of exercise and any questions concerning this type of transaction should be referred to (877) 636-7551 (Stock Option Administration Group Hotline). The Exercise Request and Attestation Form must attest to your ownership
of Stock representing: 

  

	 	•	 	at least the number of shares of Stock whose value, based on the closing price of the Stock on the New York Stock Exchange — Composite Transactions on the day you have
exercised your Options through the Customer Service Center, equals the exercise price for the Option Stock; or 

  

	 	•	 	any lesser number of shares of Stock you desire (or any person who holds the Options as permitted by Section 4 herein desires) to use to pay the exercise price for such Option
Stock and a check in the amount of such exercise price less the value of the Stock delivered, based on the closing price of the Stock on the New York Stock Exchange — Composite Transactions on the day you have exercised your Options
through the Customer Service Center. 

  

	 	(ii)	If you choose (or any person who holds the Options as permitted by Section 4 herein chooses) to use Option Stock obtained by Cashless Exercise to pay all or part of the
exercise price for the remaining Option Stock to be purchased on exercise of any of the Options, you (or any person who holds the Options as permitted by Section 4 herein) must contact the Customer Service Center at (888) 852-2135.

  

	 	(iii)	Charles Schwab will advise you (or any other person who, being entitled to do so, exercises the Options) of the exact number of shares of Stock, valued at the closing price on the
New York Stock Exchange — Composite Transactions on the effective date of exercise under Section 3(b)(ii) herein, and any funds required to pay in full the exercise price for the Option Stock purchased. In accordance with Section 3(e)
herein, you (or such other person) must pay, by check, in Stock or in a combination of check and Stock, any balance required to pay in full the exercise price of the Option Stock purchased within three business days following the effective date of
such exercise of the Options under Section 3(b)(ii) herein. 

  

	 	(iv)	Notwithstanding any other provision of this Stock Option Agreement, the Secretary of the Corporation may limit the number, frequency or volume of successive exercises of any of the
Options in which payment is made, in whole or in part, by delivery of Stock pursuant to this subparagraph (d) to prevent unreasonable pyramiding of such exercises. 

  

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	 	(e)	An exercise completed through the Customer Service Center, whether or not full payment of the exercise price for the Option Stock is received by Charles Schwab, shall constitute a
binding contractual obligation by you (or the other person entitled to exercise the Options) to proceed with and complete that exercise of the Options (but only so long as you continue, or the other person entitled to exercise the Options continues,
to be entitled to exercise the Options on that date). By your acceptance of this Stock Option Agreement, you agree (for yourself and on behalf of any other person who becomes entitled to exercise the Options) to pay to Charles Schwab in full the
exercise price for that Option Stock, that payment being by check, wire transfer, in Stock or in a combination of check and Stock, on or before the third business day after the date on which you complete the transaction through the Customer Service
Center. If such payment is not made, you (for yourself and on behalf of any other person who becomes entitled to exercise the Options) authorize the Corporation and your employer, in their discretion, to set off against salary payments or other
amounts due to you (or the other person entitled to exercise the Options) any balance of the exercise price for such Option Stock remaining unpaid thereafter. 

  

	 	(f)	An Exercise Confirmation representing the amount of Option Stock purchased will be issued the third business day (trade date plus three business days) (i) after Charles Schwab
has received full payment therefor or (ii) at the Corporation’s or Charles Schwab’s election in their sole discretion, after the Corporation or Charles Schwab has received (x) full payment of the exercise price of that Option
Stock and (y) any reimbursement in respect of withholding taxes due pursuant to Section 5 herein. 

 4. Transferability; Nonassignability 
 You are not entitled to transfer the Options except by will or by the laws of descent
and distribution. 
 5. Withholding 
 The Corporation, your employer or Charles Schwab shall have the right, in connection with the exercise of the Options, in whole or in part, to deduct from any payment to be made by the Corporation, your employer or
Charles Schwab an amount equal to the taxes required to be withheld by law with respect to such exercise or to require you (or any other person entitled to exercise the Options) to pay to it an amount sufficient to provide for any such taxes so
required to be withheld. By your acceptance of this Stock Option Agreement, you agree (for yourself and on behalf of any other person who becomes entitled to exercise the Options) that if the Corporation, your employer or Charles Schwab elects to
require you (or such other person) to remit an amount sufficient to pay such withholding taxes, you (or such other person) must remit that amount within three business days after the completion of the Option exercise as provided in
Section 3(a)(ii) herein. If such payment is not made, the Corporation and your employer, in their discretion, shall have the same right of set-off as provided under Section 3(e) herein with respect to payment of the exercise price for
Option Stock. 
  

 - 6 - 

 6. Headings 
 The section headings contained in these Stock Option Terms and Conditions are solely for the purpose of reference, are not part of the agreement of the
parties and shall in no way affect the meaning or interpretation of this Stock Option Agreement. 
 7. References

 All references in these Stock Option Terms and Conditions to Sections, paragraphs, subparagraphs or clauses shall be deemed to be
references to Sections, paragraphs, subparagraphs and clauses of these Stock Option Terms and Conditions unless otherwise specifically provided. 
 8. Entire Agreement 
 This Stock Option Agreement and the other terms applicable to Stock Options
granted under the Plan embody the entire agreement and understanding between the Corporation and you with respect to the Options, and there are no representations, promises, covenants, agreements or understandings with respect to the Options other
than those expressly set forth in this Stock Option Agreement and the Plan. 
 9. Applicable Laws and Regulations

 This Stock Option Agreement and the Corporation’s obligation to issue Option Stock hereunder are subject to applicable laws and
regulations. 
  

			
	Exhibit 1	 	Exercise Request and Attestation Form (For Use With Already- Owned Stock)
		
	Exhibit 2	 	Notice of Exercise Form

  

 - 7 - 

 Non-Executive Officer VP NQ Only Terms & Conditions 
 ROCKWELL COLLINS, INC. 
 2006 LONG-TERM
INCENTIVES PLAN 
 STOCK OPTION AGREEMENT 
 STOCK OPTION TERMS AND CONDITIONS 
 1. Definitions 
 As used in these Stock Option Terms and Conditions, the following words and phrases shall have the respective meanings ascribed to them below unless the
context in which any of them is used clearly indicates a contrary meaning: 
  

	 	(a)	Cashless Exercise: Cashless Exercise shall have the meaning set forth in Section 3(a)(iv) herein. 

  

	 	(b)	Change of Control: Change of Control shall have the same meaning as such term has in Section 10(a) of the Plan. 

  

	 	(c)	Charles Schwab: Charles Schwab & Co., Inc., the Stock Option Administrator whom the Corporation has engaged to administer and process all Option exercises.

  

	 	(d)	Committee: The Compensation Committee of the Board of Directors of the Corporation. 

  

	 	(e)	Corporation: Rockwell Collins, Inc., a Delaware corporation, and any successor thereto. 

 (f) Customer Service Center: Charles Schwab’s Customer Service Center that is used to facilitate Option transactions. Contact Charles Schwab
at (888) 852-2135. 
  

	 	(g)	Employee: Employee shall have the same meaning as such term has in Section 2(j) of the Plan. 

  

	 	(h)	Exercise Request and Attestation Form: The form attached as Exhibit 1 or any other form accepted by Charles Schwab in connection with the use of already-owned Stock to
pay all or part of the exercise price for the Option Stock to be purchased on exercise of any of the Options. 

  

	 	(i)	Options: The stock options listed in the letter dated [    ], to which these Stock Option Terms and Conditions are attached and which together with these
Stock Option Terms and Conditions constitute the Stock Option Agreement. 

  

	 	(j)	Option Stock: The Stock issuable or transferable on exercise of the Options. 

  

	 	(k)	Plan: Rockwell Collins 2006 Long-Term Incentives Plan, as such Plan may be amended and in effect at the relevant time. 

	 	(l)	Schwab OptionCenter® : Charles Schwab’s stock option management website which you can use to access your stock option account and to facilitate stock option transactions securely on the web at
www.schwab.com/optioncenter. 

  

	 	(m)	Stock: Stock shall have the same meaning as such term has in Section 2(dd) of the Plan. 

  

	 	(n)	Stock Option Agreement: These Stock Option Terms and Conditions together with the letter dated [    ], to which they are attached.

  

	 	(o)	Subsidiary: Subsidiary shall have the same meaning as such term has in Section 2(ee) of the Plan. 

 2. When Options May be Exercised 
 The Options may be exercised, in whole or in part (but only for a whole number of shares) and at one time or from time to time, as to one-third (rounded to the nearest whole number) of the Option Stock during the
period beginning on [    ] and ending on [    ], as to an additional one-third (rounded to the nearest whole number) of the Option Stock during the period beginning on [ ] and ending on
[    ] and as to the balance of the Option Stock during the period beginning on [    ] and ending on [    ], and only during those periods, and provided that: 
  

	 	(a)	if you die while an Employee, any person who holds the Options as permitted by Section 4 herein may exercise all the Options not theretofore exercised within (and only within)
the period beginning on your date of death (even if you die before you have become entitled to exercise all or any part of the Options) and ending three years thereafter; and 

  

	 	(b)	if your employment by the Corporation or a Subsidiary terminates other than by death, then: 

  

	 	(i)	if your retirement or other termination date is before [    ], the Options shall lapse on your retirement or other termination and may not be exercised at any
time; 

  

	 	(ii)	if your employment by the Corporation or a Subsidiary is terminated for cause, as determined by the Committee, the Options shall expire forthwith upon your termination and may not
be exercised thereafter; 

  

	 	(iii)	if your employment by the Corporation or a Subsidiary terminates on or after [    ] by reason of your retirement under a retirement plan of the Corporation, or
under a retirement plan of a Subsidiary, you (or any person who holds the Options as permitted by Section 4 herein) may thereafter exercise Options which are exercisable prior to the date of your retirement or that will become exercisable
within (and only within) the period between the date of your retirement and ending on the fifth anniversary of your retirement date; or if you retire prior to age 62, the earlier of (x) the fifth anniversary of your retirement date or
(y) such earlier date as the Committee shall determine by action taken not later than 60 days after your retirement date; and 

  

 - 2 - 

	 	(iv)	if your employment by the Corporation or a Subsidiary terminates on or after [    ] for any reason not specified in subparagraph (a) or in clauses
(ii) or (iii) of this subparagraph (b), you (or any person who holds the Options as permitted by Section 4 herein) may thereafter exercise the Options within (and only within) the period ending three months after your termination date
but only to the extent such Options were exercisable on your termination date. 

 In no event shall the provisions of the
foregoing subparagraphs (a) and (b) extend to a date after [    ], the period during which the Options may be exercised. 
 Notwithstanding any other provision of this Agreement, if a Change of Control shall occur, then all Options then outstanding pursuant to this Agreement shall forthwith become fully exercisable whether or not then
otherwise exercisable in accordance with their terms. 
 3. Exercise Procedure 
  

	 	(a)	To exercise all or any part of the Options, you (or any person who holds the Options as permitted by Section 4 herein) must contact the Stock Option Administrator, Charles
Schwab, by using the Customer Service Center or Schwab OptionCenter®, as follows: 

  

	 	(i)	contact the Customer Service Center by calling (888) 852-2135 Monday through Friday, 9:00 a.m. to 9:00 p.m. Eastern Time and follow the instructions provided, or exercise via
the Web through the Schwab OptionCenter® at
www.schwab.com/ optioncenter; 

  

	 	(ii)	confirm the Option transaction through the Customer Service Center or Schwab OptionCenter®; 

  

	 	(iii)	at any time you may speak to a Customer Service Representative for assistance by calling 888-852-2135; 

  

	 	(iv)	full payment of the exercise price for the Option Stock to be purchased on exercise of the Options may be made by: 

  

	 	•	 	check (wire) to your Charles Schwab account; or 

  

	 	•	 	in already-owned Stock; or 

  

	 	•	 	by authorizing Charles Schwab or a third party approved by the Corporation to sell the Stock (or a sufficient portion of the Stock) acquired upon exercise of the Option
(“Cashless Exercise”); or 

  

	 	•	 	in a combination of check (wire) to your Charles Schwab account and Stock (whether already-owned Stock or Stock issued and subsequently sold in connection with a Cashless Exercise);
and 

  

 - 3 - 

	 	(v)	in the case of an exercise of the Options by any person other than you seeking to exercise the Options, such documents as Charles Schwab or the Secretary of the Corporation shall
require to establish to their satisfaction that the person seeking to exercise the Options is entitled to do so. 

  

	 	(b)	An exercise of the whole or any part of the Options shall be effective: 

  

	 	(i)	if you elect (or any person who holds the Options as permitted by Section 4 herein elects) to pay the exercise price for the Option Stock entirely by check (wire), upon
(A) completion of your transaction by using the Customer Service Center or Schwab OptionCenter® and full payment of the exercise price and withholding taxes (if applicable) are received by Charles Schwab within three business days following the exercise; and (B) receipt of any
documents required pursuant to Section 3(a)(v) herein; and 

  

	 	(ii)	if you elect (or any person who holds the Options as permitted by Section 4 herein elects) to pay the exercise price of the Option Stock in Stock (whether already-owned Stock
or Stock issued and subsequently sold in connection with a Cashless Exercise) or in a combination of Stock (whether already-owned Stock or Stock issued and subsequently sold in connection with a Cashless Exercise) and check, upon (A) completion
of your transaction by using the Customer Service Center or Schwab OptionCenter® and full payment of the exercise price (as described in Section 3(d)(i) herein) and withholding taxes (if applicable) are received by Charles Schwab within three business days following the exercise; and
(B) receipt of any documents required pursuant to Section 3(a)(v) herein. 

  

	 	(c)	If you choose (or any person who holds the Options as permitted by Section 4 herein chooses) to pay the exercise price for the Option Stock to be purchased on exercise of any
of the Options entirely by check, payment must be made by: 

  

	 	•	 	delivering to Charles Schwab a check (wire) in the full amount of the exercise price for those Option Stock; or 

  

	 	•	 	arranging with a stockbroker, bank or other financial institution to deliver to Charles Schwab full payment, by check or (if prior arrangements are made with Charles Schwab) by wire
transfer, of the exercise price of those Option Stock. 

 In either event, in accordance with Section 3(e) herein, full
payment of the exercise price for the Option Stock purchased must be made within three business days after the exercise has been completed through the Customer Service Center or Schwab OptionCenter®. 
  

 - 4 - 

	 	(d)	(i) If you choose (or any person who holds the Options as permitted by Section 4 herein chooses) to use already-owned Stock to pay all or part of the exercise price for
the Option Stock to be purchased on exercise of any of the Options, you (or any person who holds the Options as permitted by Section 4 herein) must deliver to Charles Schwab an Exercise Request and Attestation Form and cash to cover the
purchase of Option Stock as specified in such form. To perform such a transaction, the Exercise Request and Attestation Form must be submitted via fax (720) 785-8874 by 4:00 p.m. Eastern Time on the date of exercise and any questions concerning
this type of transaction should be referred to (877) 636-7551 (Stock Option Administration Group Hotline). The Exercise Request and Attestation Form must attest to your ownership of Stock representing: 

  

	 	•	 	at least the number of shares of Stock whose value, based on the closing price of the Stock on the New York Stock Exchange — Composite Transactions on the day you have
exercised your Options through the Customer Service Center or Schwab OptionCenter®, equals the exercise price for the Option Stock; or 

  

	 	•	 	any lesser number of shares of Stock you desire (or any person who holds the Options as permitted by Section 4 herein desires) to use to pay the exercise price for such Option
Stock and a check in the amount of such exercise price less the value of the Stock delivered, based on the closing price of the Stock on the New York Stock Exchange — Composite Transactions on the day you have exercised your Options through the
Customer Service Center or Schwab OptionCenter®.

  

	 	(ii)	If you choose (or any person who holds the Options as permitted by Section 4 herein chooses) to use Option Stock obtained by Cashless Exercise to pay all or part of the
exercise price for the remaining Option Stock to be purchased on exercise of any of the Options, you (or any person who holds the Options as permitted by Section 4 herein) must contact the Customer Service Center at (888) 852-2135 or
Schwab OptionCenter®. 

  

	 	(iii)	Charles Schwab will advise you (or any other person who, being entitled to do so, exercises the Options) of the exact number of shares of Stock, valued at the closing price on the
New York Stock Exchange — Composite Transactions on the effective date of exercise under Section 3(b)(ii) herein, and any funds required to pay in full the exercise price for the Option Stock purchased. In accordance with Section 3(e)
herein, you (or such other person) must pay, by check, in Stock or in a combination of check and Stock, any balance required to pay in full the exercise price of the Option Stock purchased within three business days following the effective date of
such exercise of the Options under Section 3(b)(ii) herein. 

  

 - 5 - 

	 	(iv)	Notwithstanding any other provision of this Stock Option Agreement, the Secretary of the Corporation may limit the number, frequency or volume of successive exercises of any of the
Options in which payment is made, in whole or in part, by delivery of Stock pursuant to this subparagraph (d) to prevent unreasonable pyramiding of such exercises. 

  

	 	(e)	An exercise completed through the Customer Service Center or Schwab OptionCenter®, whether or not full payment of the exercise price for the Option Stock is received by Charles Schwab, shall constitute a binding contractual
obligation by you (or the other person entitled to exercise the Options) to proceed with and complete that exercise of the Options (but only so long as you continue, or the other person entitled to exercise the Options continues, to be entitled to
exercise the Options on that date). By your acceptance of this Stock Option Agreement, you agree (for yourself and on behalf of any other person who becomes entitled to exercise the Options) to pay to Charles Schwab in full the exercise price for
that Option Stock, that payment being by check, wire transfer, in Stock or in a combination of check and Stock, on or before the third business day after the date on which you complete the transaction through the Customer Service Center. If such
payment is not made, you (for yourself and on behalf of any other person who becomes entitled to exercise the Options) authorize the Corporation and your employer, in their discretion, to set off against salary payments or other amounts due to you
(or the other person entitled to exercise the Options) any balance of the exercise price for such Option Stock remaining unpaid thereafter. 

  

	 	(f)	An Exercise Confirmation representing the amount of Option Stock purchased will be issued the third business day (trade date plus three business days) (i) after Charles Schwab
has received full payment therefor or (ii) at the Corporation’s or Charles Schwab’s election in their sole discretion, after the Corporation or Charles Schwab has received (x) full payment of the exercise price of that Option
Stock and (y) any reimbursement in respect of withholding taxes due pursuant to Section 5 herein. 

 4. Transferability; Nonassignability 
 You are not entitled to transfer the Options except by will or by the laws of descent
and distribution. 
 5. Withholding 
 The Corporation, your employer or Charles Schwab shall have the right, in connection with the exercise of the Options, in whole or in part, to deduct from any payment to be made by the Corporation, your employer or
Charles Schwab an amount equal to the taxes required to be withheld by law with respect to such exercise or to require you (or any other person entitled to exercise the Options) to pay to it an amount sufficient to provide for any such taxes so
required to be withheld. By your acceptance of this Stock Option Agreement, you agree (for yourself and on behalf of any other person who becomes entitled to exercise the 

  

 - 6 - 

 
Options) that if the Corporation, your employer or Charles Schwab elects to require you (or such other person) to remit an amount sufficient to pay such
withholding taxes, you (or such other person) must remit that amount within three business days after the completion of the Option exercise as provided in Section 3(a)(ii) herein. If such payment is not made, the Corporation and your employer,
in their discretion, shall have the same right of set-off as provided under Section 3(e) herein with respect to payment of the exercise price for Option Stock. 
 6. Headings 
 The
section headings contained in these Stock Option Terms and Conditions are solely for the purpose of reference, are not part of the agreement of the parties and shall in no way affect the meaning or interpretation of this Stock Option Agreement.

 7. References 
 All references in these Stock Option Terms and Conditions to Sections, paragraphs, subparagraphs or clauses shall be deemed to be references to Sections, paragraphs, subparagraphs and clauses of these Stock Option Terms and Conditions
unless otherwise specifically provided. 
 8. Entire Agreement 
 This Stock Option Agreement and the other terms applicable to Stock Options granted under the Plan embody the entire agreement and understanding between
the Corporation and you with respect to the Options, and there are no representations, promises, covenants, agreements or understandings with respect to the Options other than those expressly set forth in this Stock Option Agreement and the Plan.

 9. Applicable Laws and Regulations 
 This Stock Option Agreement and the Corporation’s obligation to issue Option Stock hereunder are subject to applicable laws and regulations. 
  

			
	Exhibit 1	 	Exercise Request and Attestation Form (For Use With Already- Owned Stock)

  

 - 7 - 

 Non-Executive Officer VP NQ & ISOs Terms & Conditions 
 ROCKWELL COLLINS, INC. 
 2006 LONG-TERM
INCENTIVES PLAN 
 STOCK OPTION AGREEMENT 
 STOCK OPTION TERMS AND CONDITIONS 
 1. Definitions 
 As used in these Stock Option Terms and Conditions, the following words and phrases shall have the respective meanings ascribed to them below unless the
context in which any of them is used clearly indicates a contrary meaning: 
  

	 	(a)	Cashless Exercise: Cashless Exercise shall have the meaning set forth in Section 3(a)(iv) herein. 

  

	 	(b)	Change of Control: Change of Control shall have the same meaning as such term has in Section 10(a) of the Plan. 

  

	 	(c)	Charles Schwab: Charles Schwab & Co., Inc., the Stock Option Administrator whom the Corporation has engaged to administer and process all Option exercises.

  

	 	(d)	Committee: The Compensation Committee of the Board of Directors of the Corporation. 

  

	 	(e)	Corporation: Rockwell Collins, Inc., a Delaware corporation, and any successor thereto. 

  

	 	(f)	Customer Service Center: Charles Schwab’s Customer Service Center that is used to facilitate Option transactions. Contact Charles Schwab at (888) 852-2135.

  

	 	(g)	Employee: Employee shall have the same meaning as such term has in Section 2(j) of the Plan. 

  

	 	(h)	Exercise Request and Attestation Form: The form attached as Exhibit 1 or any other form accepted by Charles Schwab in connection with the use of already-owned Stock to
pay all or part of the exercise price for the Option Stock to be purchased on exercise of any of the Options. 

  

	 	(i)	Options: The stock options listed in the letter dated [ ], to which these Stock Option Terms and Conditions are attached and which together with these Stock Option Terms and
Conditions constitute the Stock Option Agreement. 

  

	 	(j)	Option Stock: The Stock issuable or transferable on exercise of the Options. 

  

	 	(k)	Plan: Rockwell Collins 2006 Long-Term Incentives Plan, as such Plan may be amended and in effect at the relevant time. 

	 	(l)	Schwab OptionCenter®: Charles Schwab’s stock option management website which you can use to access your stock option account and to facilitate stock option transactions securely on the web at
www.schwab.com/optioncenter. 

  

	 	(m)	Stock: Stock shall have the same meaning as such term has in Section 2(dd) of the Plan. 

  

	 	(n)	Stock Option Agreement: These Stock Option Terms and Conditions together with the letter dated [ ], to which they are attached. 

  

	 	(o)	Subsidiary: Subsidiary shall have the same meaning as such term has in Section 2(ee) of the Plan. 

 2. When Options May be Exercised 
 The Options may be exercised, in whole or in part (but only for a whole number of shares) and at one time or from time to time, as to one-third (rounded to the nearest whole number) of the Option Stock granted
pursuant to nonqualified stock options (NQs) and incentive stock options (ISOs) during the period beginning on [    ] and ending on [    ], as to an additional one-third (rounded to the nearest whole number)
of the Option Stock granted pursuant to NQs and ISOs during the period beginning on [    ] and ending on [    ] and as to the balance of the Option Stock granted pursuant to NQs and ISOs during the period
beginning on [    ] and ending on [    ], and only during those periods, and provided that: 
  

	 	(a)	if you die while an Employee, any person who holds the Options as permitted by Section 4 herein may exercise all the Options not theretofore exercised within (and only within)
the period beginning on your date of death (even if you die before you have become entitled to exercise all or any part of the Options) and ending three years thereafter; and 

  

	 	(b)	if your employment by the Corporation or a Subsidiary terminates other than by death, then: 

  

	 	(i)	if your retirement or other termination date is before [    ], the Options shall lapse on your retirement or other termination and may not be exercised at any
time; 

  

	 	(ii)	if your employment by the Corporation or a Subsidiary is terminated for cause, as determined by the Committee, the Options shall expire forthwith upon your termination and may not
be exercised thereafter; 

  

	 	(iii)	 if your employment by the Corporation or a Subsidiary terminates on or after [    ] by reason of your retirement under a retirement plan of the
Corporation, or under a retirement plan of a Subsidiary, you (or any person who holds the Options as permitted by Section 4 herein) may thereafter exercise Options which are exercisable prior to the date of your retirement or that will become
exercisable within (and only within) the period between the date of your retirement and ending on the fifth anniversary of your retirement date; or if you retire prior to 

  

 - 2 - 

	 	 
age 62, the earlier of (x) the fifth anniversary of your retirement date or (y) such earlier date as the Committee shall determine by action taken
not later than 60 days after your retirement date; and 

  

	 	(iv)	if your employment by the Corporation or a Subsidiary terminates on or after [ ] for any reason not specified in subparagraph (a) or in clauses (ii) or (iii) of this
subparagraph (b), you (or any person who holds the Options as permitted by Section 4 herein) may thereafter exercise the Options within (and only within) the period ending three months after your termination date but only to the extent such
Options were exercisable on your termination date. 

 In no event shall the provisions of the foregoing subparagraphs
(a) and (b) extend to a date after [    ], the period during which the Options may be exercised. 
 Notwithstanding any other provision of this Agreement, if a Change of Control shall occur, then all Options then outstanding pursuant to this Agreement shall forthwith become fully exercisable whether or not then otherwise exercisable in
accordance with their terms. 
 3. Exercise Procedure 
  

	 	(a)	To exercise all or any part of the Options, you (or any person who holds the Options as permitted by Section 4 herein) must contact the Stock Option Administrator, Charles
Schwab, by using the Customer Service Center or Schwab OptionCenter®, as follows: 

  

	 	(i)	contact the Customer Service Center by calling (888) 852-2135 Monday through Friday, 9:00 a.m. to 9:00 p.m. Eastern Time and follow the instructions provided, or exercise via
the Web through the Schwab OptionCenter® at
www.schwab.com/ optioncenter; 

  

	 	(ii)	confirm the Option transaction through the Customer Service Center or Schwab OptionCenter®; 

  

	 	(iii)	at any time you may speak to a Customer Service Representative for assistance by calling 888-852-2135; 

  

	 	(iv)	full payment of the exercise price for the Option Stock to be purchased on exercise of the Options may be made by: 

  

	 	•	 	check (wire) to your Charles Schwab account; or 

  

	 	•	 	in already-owned Stock; or 

  

	 	•	 	by authorizing Charles Schwab or a third party approved by the Corporation to sell the Stock (or a sufficient portion of the Stock) acquired upon exercise of the Option
(“Cashless Exercise”); or 

  

 - 3 - 

	 	•	 	in a combination of check (wire) to your Charles Schwab account and Stock (whether already-owned Stock or Stock issued and subsequently sold in connection with a Cashless Exercise);
and 

  

	 	(v)	in the case of an exercise of the Options by any person other than you seeking to exercise the Options, such documents as Charles Schwab or the Secretary of the Corporation shall
require to establish to their satisfaction that the person seeking to exercise the Options is entitled to do so. 

  

	 	(b)	An exercise of the whole or any part of the Options shall be effective: 

  

	 	(i)	if you elect (or any person who holds the Options as permitted by Section 4 herein elects) to pay the exercise price for the Option Stock entirely by check (wire), upon
(A) completion of your transaction by using the Customer Service Center or Schwab OptionCenter® and full payment of the exercise price and withholding taxes (if applicable) are received by Charles Schwab within three business days following the exercise; and (B) receipt of any
documents required pursuant to Section 3(a)(v) herein; and 

  

	 	(ii)	if you elect (or any person who holds the Options as permitted by Section 4 herein elects) to pay the exercise price of the Option Stock in Stock (whether already-owned Stock
or Stock issued and subsequently sold in connection with a Cashless Exercise) or in a combination of Stock (whether already-owned Stock or Stock issued and subsequently sold in connection with a Cashless Exercise) and check, upon (A) completion
of your transaction by using the Customer Service Center or Schwab OptionCenter® and full payment of the exercise price (as described in Section 3(d)(i) herein) and withholding taxes (if applicable) are received by Charles Schwab within three business days following the exercise; and
(B) receipt of any documents required pursuant to Section 3(a)(v) herein. 

  

	 	(c)	If you choose (or any person who holds the Options as permitted by Section 4 herein chooses) to pay the exercise price for the Option Stock to be purchased on exercise of any
of the Options entirely by check, payment must be made by: 

  

	 	•	 	delivering to Charles Schwab a check (wire) in the full amount of the exercise price for those Option Stock; or 

  

	 	•	 	arranging with a stockbroker, bank or other financial institution to deliver to Charles Schwab full payment, by check or (if prior arrangements are made with Charles Schwab) by wire
transfer, of the exercise price of those Option Stock. 

 In either event, in accordance with Section 3(e) herein, full
payment of the exercise price for the Option Stock purchased must be made within three business days after the exercise has been completed through the Customer Service Center or Schwab OptionCenter®. 
  

 - 4 - 

	 	(d)	(i) If you choose (or any person who holds the Options as permitted by Section 4 herein chooses) to use already-owned Stock to pay all or part of the exercise price for
the Option Stock to be purchased on exercise of any of the Options, you (or any person who holds the Options as permitted by Section 4 herein) must deliver to Charles Schwab an Exercise Request and Attestation Form and cash to cover the
purchase of Option Stock as specified in such form. To perform such a transaction, the Exercise Request and Attestation Form must be submitted via fax (720) 785-8874 by 4:00 p.m. Eastern Time on the date of exercise and any questions concerning
this type of transaction should be referred to (877) 636-7551 (Stock Option Administration Group Hotline). The Exercise Request and Attestation Form must attest to your ownership of Stock representing: 

  

	 	•	 	at least the number of shares of Stock whose value, based on the closing price of the Stock on the New York Stock Exchange — Composite Transactions on the day you have
exercised your Options through the Customer Service Center or Schwab OptionCenter®, equals the exercise price for the Option Stock; or 

  

	 	•	 	any lesser number of shares of Stock you desire (or any person who holds the Options as permitted by Section 4 herein desires) to use to pay the exercise price for such Option
Stock and a check in the amount of such exercise price less the value of the Stock delivered, based on the closing price of the Stock on the New York Stock Exchange — Composite Transactions on the day you have exercised your Options through the
Customer Service Center or Schwab OptionCenter®.

  

	 	(ii)	If you choose (or any person who holds the Options as permitted by Section 4 herein chooses) to use Option Stock obtained by Cashless Exercise to pay all or part of the
exercise price for the remaining Option Stock to be purchased on exercise of any of the Options, you (or any person who holds the Options as permitted by Section 4 herein) must contact the Customer Service Center at (888) 852-2135 or
Schwab OptionCenter®. 

  

	 	(iii)	Charles Schwab will advise you (or any other person who, being entitled to do so, exercises the Options) of the exact number of shares of Stock, valued at the closing price on the
New York Stock Exchange — Composite Transactions on the effective date of exercise under Section 3(b)(ii) herein, and any funds required to pay in full the exercise price for the Option Stock purchased. In accordance with Section 3(e)
herein, you (or such other person) must pay, by check, in Stock or in a combination of check and Stock, any balance required to pay in full the exercise price of the Option Stock purchased within three business days following the effective date of
such exercise of the Options under Section 3(b)(ii) herein. 

  

 - 5 - 

	 	(iv)	Notwithstanding any other provision of this Stock Option Agreement, the Secretary of the Corporation may limit the number, frequency or volume of successive exercises of any of the
Options in which payment is made, in whole or in part, by delivery of Stock pursuant to this subparagraph (d) to prevent unreasonable pyramiding of such exercises. 

  

	 	(e)	An exercise completed through the Customer Service Center or Schwab OptionCenter®, whether or not full payment of the exercise price for the Option Stock is received by Charles Schwab, shall constitute a binding contractual
obligation by you (or the other person entitled to exercise the Options) to proceed with and complete that exercise of the Options (but only so long as you continue, or the other person entitled to exercise the Options continues, to be entitled to
exercise the Options on that date). By your acceptance of this Stock Option Agreement, you agree (for yourself and on behalf of any other person who becomes entitled to exercise the Options) to pay to Charles Schwab in full the exercise price for
that Option Stock, that payment being by check, wire transfer, in Stock or in a combination of check and Stock, on or before the third business day after the date on which you complete the transaction through the Customer Service Center. If such
payment is not made, you (for yourself and on behalf of any other person who becomes entitled to exercise the Options) authorize the Corporation and your employer, in their discretion, to set off against salary payments or other amounts due to you
(or the other person entitled to exercise the Options) any balance of the exercise price for such Option Stock remaining unpaid thereafter. 

  

	 	(f)	An Exercise Confirmation representing the amount of Option Stock purchased will be issued the third business day (trade date plus three business days) (i) after Charles Schwab
has received full payment therefor or (ii) at the Corporation’s or Charles Schwab’s election in their sole discretion, after the Corporation or Charles Schwab has received (x) full payment of the exercise price of that Option
Stock and (y) any reimbursement in respect of withholding taxes due pursuant to Section 5 herein. 

 4. Transferability; Nonassignability 
 You are not entitled to transfer the Options except by will or by the laws of descent
and distribution. 
 5. Withholding 
 The Corporation, your employer or Charles Schwab shall have the right, in connection with the exercise of the Options, in whole or in part, to deduct from any payment to be made by the Corporation, your employer or
Charles Schwab an amount equal to the taxes required to be withheld by law with respect to such exercise or to require you (or any other person entitled to exercise the Options) to 

  

 - 6 - 

 
pay to it an amount sufficient to provide for any such taxes so required to be withheld. By your acceptance of this Stock Option Agreement, you agree (for
yourself and on behalf of any other person who becomes entitled to exercise the Options) that if the Corporation, your employer or Charles Schwab elects to require you (or such other person) to remit an amount sufficient to pay such withholding
taxes, you (or such other person) must remit that amount within three business days after the completion of the Option exercise as provided in Section 3(a)(ii) herein. If such payment is not made, the Corporation and your employer, in their
discretion, shall have the same right of set-off as provided under Section 3(e) herein with respect to payment of the exercise price for Option Stock. 
 6. Headings 
 The
section headings contained in these Stock Option Terms and Conditions are solely for the purpose of reference, are not part of the agreement of the parties and shall in no way affect the meaning or interpretation of this Stock Option Agreement.

 7. References 
 All references in these Stock Option Terms and Conditions to Sections, paragraphs, subparagraphs or clauses shall be deemed to be references to Sections, paragraphs, subparagraphs and clauses of these Stock Option Terms and Conditions
unless otherwise specifically provided. 
 8. Entire Agreement 
 This Stock Option Agreement and the other terms applicable to Stock Options granted under the Plan embody the entire agreement and understanding between
the Corporation and you with respect to the Options, and there are no representations, promises, covenants, agreements or understandings with respect to the Options other than those expressly set forth in this Stock Option Agreement and the Plan.

 9. Applicable Laws and Regulations 
 This Stock Option Agreement and the Corporation’s obligation to issue Option Stock hereunder are subject to applicable laws and regulations. 
  

			
	Exhibit 1	 	Exercise Request and Attestation Form (For Use With Already- Owned Stock)

  

 - 7 -Amended and Restated Shareholders Agreement

 Exhibit 4.3 
 AMENDED AND RESTATED 
 SHAREHOLDERS AGREEMENT 
 dated as of 
 February 13, 2006

 among 
 NTELOS HOLDINGS
CORP., 
 QUADRANGLE CAPITAL PARTNERS LP, 
 QUADRANGLE SELECT PARTNERS LP, 
 QUADRANGLE CAPITAL PARTNERS-A LP, 
 CITIGROUP VENTURE CAPITAL EQUITY PARTNERS, L.P., 
 CVC/SSB EMPLOYEE FUND, L.P., 
 CVC EXECUTIVE FUND LLC 
 and 
 THE MANAGEMENT SHAREHOLDERS NAMED
HEREIN 

 AMENDED AND RESTATED 
 SHAREHOLDERS AGREEMENT 
 AMENDED AND RESTATED SHAREHOLDERS AGREEMENT (this
“Agreement”) dated as of February 13, 2006 among (i) NTELOS Holdings Corp., a Delaware corporation (the “Company”), (ii) Quadrangle Capital Partners LP, a Delaware limited partnership, Quadrangle
Select Partners LP, a Delaware limited partnership, and Quadrangle Capital Partners-A LP, a Delaware limited partnership (collectively, the “Quadrangle Entities”), (iii) Citigroup Venture Capital Equity Partners, L.P., a
Delaware limited partnership (“CVC Equity”), CVC/SSB Employee Fund, L.P., a Delaware limited partnership, CVC Executive Fund LLC, a Delaware limited liability company and the other Persons listed on the signature pages hereof under
“CVC Entities” (collectively, the “CVC Entities” and, together with the Quadrangle Entities, the “Institutional Shareholders”) and (iv) the Persons listed on the signature pages hereof under
“Management Shareholders” (the “Management Shareholders”). 
 W I T N E S S E T H : 
 WHEREAS, pursuant to the Transaction Agreement (as defined below) certain parties hereto own or will be acquiring Company Securities (as defined below);

 WHEREAS, the parties listed on the signature pages hereof entered into the Shareholder Agreement dated May 2, 2005 (the
“Original Agreement”) to govern certain of their rights, duties and obligations after consummation of the transactions contemplated by the Transaction Agreement; 
 WHEREAS, in connection with the consummation of the First Public Offering (as defined herein), in accordance with Section 7.04 of the Original
Agreement the parties executing the signature pages to this Agreement wish to amend and restate the Original Agreement in its entirety; 
 NOW, THEREFORE, the parties hereto agree as follows: 
 ARTICLE 1 
 DEFINITIONS 
 Section 1.01. Definitions. (a) The following terms,
as used herein, have the following meanings: 
 “Adjusted Cost Price” means, with respect to each of the Unvested Incentive
Shares, the original purchase price paid by the applicable Management 

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

  

 2 

 
agreement entered into by such Management Shareholder and the Company or any Subsidiary of the Company (other than a confidentiality, non-compete,
non-solicitation or business opportunity covenant) after written notice and an opportunity to cure (not to exceed 30 days) (it being understood that conduct pursuant to a Management Shareholder’s exercise of good faith business judgment should
not constitute “Cause”). 
 “Change-of-Control” means, with respect to the Company, (i) the acquisition by
any Person or any such “group” (other than the Institutional Shareholders and their Permitted Transferees) of securities of the Company representing more than 51% of the combined voting power of the Company’s then outstanding voting
securities with respect to matters submitted to a vote of the stockholders generally or (ii) a sale or transfer by the Company of substantially all of the consolidated assets of the Company and its Subsidiaries to a Person that is not an
Affiliate of the Company prior to such sale or transfer. 
 “Charter” means the Amended and Restated Certificate of
Incorporation of the Company, as the same may be amended from time to time. 
 “Class B Common Stock” means the Class B
Common Stock, par value $.01 per share, of the Company having the rights described in the Charter and any stock into which such Class B Common Stock may thereafter be converted or changed. “Class B Common Shares” means shares of
Class B Common Stock. 
 “Closing Date” means May 2, 2005. 
 “Code” means the Internal Revenue Code of 1986. 
 “Common Stock” means the Common Stock, par value $.01 per share, of the Company having the rights, including voting rights, described in the Charter and any stock into which such Common Stock may
thereafter be converted or changed. “Common Shares” means shares of Common Stock. 
 “Company Common Stock”
means the Common Stock and the Class B Common Stock. “Company Common Shares” means shares of Company Common Stock. 
 “Company Securities” means (i) the Company Common Stock, (ii) securities convertible into or exchangeable for Company Common Stock, and (iii) options, warrants or other rights to acquire Company Common Stock
or any other equity or equity-linked security issued by the Company. 
 “Exchange Act” means the Securities Exchange Act of
1934. 
  

 3 

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

 4 

 “Joint Venture” means any joint venture, partnership or other similar arrangement of
which the Company or any Subsidiary is a member. 
 “NASD” means the National Association of Securities Dealers, Inc.

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

  

 5 

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

  

 6 

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

  

 7 

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

  

 8 

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

			
	 Term
	  	 Section

	 Agreement
	  	Preamble
	 Board Representatives
	  	2.10
	 Company
	  	Preamble
	 Competing Activity
	  	6.04

  

 9 

			
	 Term
	  	 Section

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

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

  

 10 

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

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

 11 

 Prior to the first anniversary of the First Public Offering (or earlier if requested by CVC Equity), the
Board shall be expanded to eight members to include an additional Independent Director designated jointly by the Quadrangle Entities and the CVC Entities. 
 (b) Each Shareholder entitled to vote for the election of directors to the Board agrees that it will vote its Company Common Shares or execute written consents, as the case may be, and take all other necessary action
(including causing the Company to call a special meeting of Shareholders) in order to ensure that the composition of the Board is as set forth in this Section 2.01. 
 (c) The Company agrees to cause each individual designated pursuant to Section 2.01(a) or 2.03 to be nominated to serve as a director on the Board, and to take all other necessary actions (including calling a
special meeting of the Board and/or shareholders) to ensure that the composition of the Board is as set forth in this Section 2.01. 
 Section 2.02. Removal. Each Shareholder agrees that if, at any time, it is then entitled to vote for the removal of directors of the Company, it will not vote any of its Company Common Shares in favor of the removal of any director
who shall have been designated or nominated in accordance with Section 2.01, unless the Person or Persons entitled to designate or nominate such director shall have consented to such removal in writing, provided that if the Person or
Persons entitled to designate or nominate any director pursuant to Section 2.01 shall request in writing the removal, with or without cause, of such director, each Shareholder shall vote its Company Common Shares in favor of such removal.

 Section 2.03. Vacancies. If, as a result of death, permanent disability, retirement, resignation, removal (with or without Cause)
or otherwise, there shall exist or occur any vacancy on the Board: 
 (a) the Person or Persons entitled under Section 2.01 to designate
or nominate such director whose death, permanent disability, retirement, resignation or removal resulted in such vacancy may, subject to the provisions of Section 2.01, designate another individual (the “Replacement Nominee”)
to fill such vacancy and serve as a director of the Company; and 
 (b) subject to Section 2.01, each Shareholder then entitled to vote
for the election of the Replacement Nominee as a director of the Company agrees that it will vote its Company Common Shares, or execute a proxy or written consent, as the case may be, in order to ensure that the Replacement Nominee be elected to the
Board. 
  

 12 

 Any vacancies resulting from an increase in the number of directors may only be filled by the directors
then in office. 
 Section 2.04. Meetings. The Board shall hold a regularly scheduled meeting at least once every calendar quarter.

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

  

 13 

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

  

 14 

 
annual capital expenditure budget approved by the Board in compliance with this Section 2.05(d); 
 (vi) any entering into, amending or modifying in any material respect any agreement of the Company, any Subsidiary or any Joint Venture,
which is made outside the ordinary course of business and is material to the Company and its Subsidiaries as a whole; 
 (vii)
any entering into of any agreement, indenture or other instrument that contains any provision that would restrict either the payment of dividends on the Company Common Stock or the repurchase of Company Common Stock in accordance with
Section 4.04; 
 (viii) any determination of compensation, benefits, perquisites or other incentives for executive
officers of the Company, any Subsidiary or any Joint Venture or the approval or amendment of any plans or contracts in connection therewith, any approval of or amendment to any equity or other compensation or benefit plans for employees of the
Company, Subsidiary or any Joint Venture or the grant of any stock option or other equity compensation to any employee of the Company, any Subsidiary or any Joint Venture, other than any such determinations, amendments or grants (i) required by
law, (ii) to satisfy agreements currently in place or deliver the benefits intended thereunder or (iii) to renew insurance or administrative service contracts relating to benefits plans if such renewals come due in the ordinary course;

 (ix) any appointment or dismissal of any of the Chief Executive Officer, President, Chief Financial Officer, Chief
Operating Officer, any division head or any other executive officer in any similar capacity of the Company, any Subsidiary or any Joint Venture; 
 (x) any appointment or removal of the regular legal counsel, financial advisors, underwriters, investment bankers or, other than in connection with renewals of coverage at comparable levels in the ordinary course,
company-wide insurance providers of the Company, any Subsidiary or any Joint Venture; 
 (xi) any exercise or waiver of the
Company’s rights under this Agreement, any amendment to the Charter or Bylaws or any adoption of or amendment to the certificate of incorporation, bylaws or other organizational documents of any Subsidiary or Joint Venture; 
  

 15 

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

 16 

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

  

 17 

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

 18 

 (b) Any attempt to Transfer any Company Securities not in compliance with this Agreement shall be null
and void and the Company shall not, and shall cause any transfer agent not to, give any effect in the Company’s stock records to such attempted Transfer. 
 Section 3.02. Legends. (a) In addition to any other legend that may be required, each certificate for Company Securities that is issued to any Shareholder shall bear a legend in substantially the following
form: 
 “THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY FOREIGN OR STATE SECURITIES LAWS
AND MAY NOT BE OFFERED OR SOLD EXCEPT IN COMPLIANCE THEREWITH. THIS SECURITY IS ALSO SUBJECT TO ADDITIONAL RESTRICTIONS ON TRANSFER AS SET FORTH IN THE AMENDED AND RESTATED SHAREHOLDERS AGREEMENT DATED AS OF FEBRUARY 13, 2006, COPIES OF WHICH MAY BE
OBTAINED UPON REQUEST FROM NTELOS HOLDINGS CORP. OR ANY SUCCESSOR THERETO.” 
 (b) If any Company Securities shall be either
(i) disposed of pursuant to a registration statement that has been declared effective by the SEC or (ii) sold under circumstances in which all of the applicable conditions of Rule 144 are met, the Company, upon the written request of the
holder thereof, shall issue to such holder a new certificate evidencing such shares without the first sentence of the legend required by Section 3.02(a) endorsed thereon. If any Company Securities cease to be subject to any and all restrictions
on Transfer set forth in this Agreement, the Company, upon the written request of the holder thereof, shall issue to such holder a new certificate evidencing such Company Securities without the second sentence of the legend required by
Section 3.02(a) endorsed thereon. 
 Section 3.03. Permitted Transferees. (a) Notwithstanding anything in this Agreement to the
contrary, any Shareholder may at any time Transfer any or all of its Company Securities to one or more of its Permitted Transferees without the consent of the Board or any Management Shareholder or group of Shareholders and without compliance with
Sections 3.04 and 3.05 so long as (a) such Permitted Transferee shall have agreed in writing to be bound by the terms of this Agreement in the form of Exhibit A attached hereto and (b) the Transfer to such Permitted Transferee is not in
violation of applicable federal or state securities laws. 
 (b) If any Permitted Transferee of any Shareholder to which Company Common
Shares have been transferred ceases to be a Permitted Transferee of 

  

 19 

 
such Shareholder, such Permitted Transferee shall, and such Shareholder shall cause such Permitted Transferee to, transfer back to such Shareholder (or to
another Permitted Transferee of such Shareholder) any Company Common Shares it owns on or prior to the date that such Permitted Transferee ceases to be a Permitted Transferee of such Shareholder. 
 Section 3.04. Restrictions on Transfers by the Institutional Shareholders. Except as provided in Section 3.03 hereof, each Institutional
Shareholder may transfer its Company Securities only as follows: 
 (a) in a Transfer to which CVC Equity (in the case of a Transfer by any
of the Quadrangle Entities) consents or the Quadrangle Entities (in the case of a Transfer by any of the CVC Entities) consent; 
 (b) in a
Transfer pursuant to Article 5 hereof; or 
 (c) in a Transfer made at least 18 months following the date of the First Public Offering that
complies with Rule 144 under the Securities Act (including Rule 144(k) to the extent available to all CVC Entities and their Permitted Transferees on the one hand or all Quadrangle Entities and their Permitted Transferees on the other hand);
provided that the amount of Company Securities to be Transferred pursuant to Rule 144 by the CVC Entities and their Permitted Transferees, on the one hand, and the Quadrangle Entities and their Permitted Transferees, on the other hand, shall
be aggregated for purposes of determining compliance with the volume limitations set forth in paragraph (e) of Rule 144. 
 Section
3.05. Restrictions on Transfers by the Management Shareholders. Except as provided in Section 3.03, each Management Shareholder may transfer its Company Securities only as follows: 
 (a) in a Transfer pursuant to Section 4.04; 
 (b) in a Transfer pursuant to Article 5 hereof; or 
 (c) in a Transfer of Company Securities which are not Unvested Incentive
Shares made following the consummation of the First Public Offering. 
 ARTICLE 4 
 PURCHASE OPTION 
 Section 4.01. Intentionally
Omitted. 
 Section 4.02. Intentionally Omitted. 
  

 20 

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

  

 21 

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

			
	 Type of Employment Cessation
	  	 Unvested Incentive Shares Option
 Purchase Price

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

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

  

 22 

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

  

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 (d) A Demand Registration shall not be deemed to have occurred: 
 (i) unless the registration statement relating thereto (A) has become effective under the Securities Act and (B) has remained effective
for a period of at least 180 days (or such shorter period in which all Registrable Securities of the Registering Shareholders included in such registration have actually been sold thereunder), provided that such registration statement shall
not be considered a Demand Registration if, after such registration statement becomes effective, (1) such registration statement is interfered with by any stop order, injunction or other order or requirement of the SEC or other governmental agency
or court and (2) less than 75% of the Registrable Securities included in such registration statement have been sold thereunder; or 
 (ii) if the Maximum Offering Size is reduced in accordance with Section 5.01(e) such that less than 662/3% of the Registrable Securities of the Requesting Shareholders sought to be included in such registration are included.

 (e) If a Demand Registration involves an underwritten Public Offering and the managing underwriter advises the Company and the Requesting
Shareholders that, in its view, the number of shares of Registrable Securities requested to be included in such registration (including any securities that the Company proposes to be included that are not Registrable Securities) exceeds the largest
number of shares that can be sold without having an adverse effect on such offering, including the price at which such shares can be sold (the “Maximum Offering Size”), the Company shall include in such registration, in the priority
listed below, up to the Maximum Offering Size: 
 (i) first, all Registrable Securities requested to be registered by the
Institutional Shareholders (allocated, if necessary for the offering not to exceed the Maximum Offering Size, pro rata among such entities on the basis of the relative number of Registrable Securities so requested to be included in such
registration by each), 
 (ii) second, all Registrable Securities requested to be included in such registration by any other
Registering Shareholder (allocated, if necessary for the offering not to exceed the Maximum Offering Size, pro rata among such Management Shareholders on the basis of the relative number of Registrable Securities so requested to be included
in such registration by each such Shareholder), and 
 (iii) third, any securities proposed to be registered for the account
of any other Persons (including the Company), with such priorities among them as the Company shall determine. 
  

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 (f) Upon notice to each Requesting Shareholder, the Company may postpone effecting a registration
pursuant to this Section 5.01 on one occasion during any period of twelve consecutive months for a reasonable time specified in the notice but not exceeding 90 days (which period may not be extended or renewed), if (i) an investment banking
firm of recognized national standing shall advise the Company and the Requesting Shareholders in writing that effecting the registration would materially and adversely affect an offering of securities of the Company the preparation of which had then
been commenced or (ii) the Company is in possession of material non-public information the disclosure of which during the period specified in such notice the Company reasonably believes would not be in the best interests of the Company. 

Section 5.02. Piggyback Registration. (a) If at any time after the First Public Offering the Company proposes to register any Company
Securities under the Securities Act (other than a registration on Form S-8 or S-4, or any successor forms, relating to Company Common Shares issuable upon exercise of employee stock options or in connection with any employee benefit or similar plan
of the Company or in connection with a direct or indirect acquisition by the Company of another Person), whether or not for sale for its own account, the Company shall each such time give prompt notice at least 30 Business Days prior to the
anticipated filing date of the registration statement relating to such registration to each Shareholder, which notice shall set forth such Shareholder’s rights under this Section 5.02 and shall offer such Shareholder the opportunity to
include in such registration statement the number of Registrable Securities of the same class or series as those proposed to be registered as each such Shareholder may request (a “Piggyback Registration”), subject to the provisions
of Section 5.02(b). Upon the request of any such Shareholder made within 15 Business Days after the receipt of notice from the Company (which request shall specify the number of Registrable Securities intended to be registered by such
Shareholder), the Company shall use its reasonable best efforts to effect the registration under the Securities Act of all Registrable Securities that the Company has been so requested to register by all such Shareholders, to the extent requisite to
permit the disposition of the Registrable Securities so to be registered, provided that (i) if such registration involves an underwritten Public Offering, all such Shareholders requesting to be included in the Company’s registration must
sell their Registrable Securities to the underwriters selected as provided in Section 5.04(f)(i) on the same terms and conditions as apply to the Company or the Requesting Shareholders, as applicable, and (ii) if, at any time after giving
notice of its intention to register any Company Securities pursuant to this Section 5.02(a) and prior to the effective date of the registration statement filed in connection with such registration, the Company shall determine for any reason not
to register such securities, the Company shall give notice to all such Shareholders and, thereupon, shall be relieved of its obligation to register any Registrable Securities in 

  

 25 

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

  

 26 

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

  

 27 

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

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

 28 

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

  

 29 

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

  

 30 

 
rating agencies, as the case may be, (ii) take other actions to obtain ratings for any Registrable Securities and (iii) otherwise use their reasonable best
efforts to cooperate as reasonably requested by the underwriters in the offering, marketing or selling of the Registrable Securities. 
 (n)
The Company will provide and cause to be maintained a transfer agent and registrar for all Registrable Securities covered by a registration statement from and after a date not later than the effective date of such registration statement. 

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

  

 31 

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

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

  

 32 

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

  

 33 

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

  

 34 

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

  

 35 

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

  

 36 

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

  

 37 

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

 38 

 provided that, with respect to each Competing Activity in which an Institutional Shareholder engages, such
Institutional Shareholder shall, and shall cause its Affiliates to, use its reasonable best efforts to (A) avoid taking any actions that would be reasonably likely to have a significant adverse regulatory impact on the Company and the
Subsidiaries, taken as a whole, and (B) implement appropriate internal controls to protect Confidential Information in a manner consistent with the obligations of such Institutional Shareholder pursuant to Section 6.01. 
 Section 6.05. Intentionally Omitted. 
 Section 6.06. Appointment of CVC Shareholder Representative. (a) Each CVC Entity hereby covenants and agrees that CVC Equity (the “CVC Representative”) is fully and exclusively authorized, empowered and
appointed to serve as its sole representative and agent, to take any and all action, including the execution and delivery of any documents, and make any and all decisions and determinations that may be required or permitted to be taken or made
hereunder by such CVC Entity, to perform all of the obligations of such CVC Entity required or permitted to be performed hereunder, and to execute, deliver and perform on behalf of such CVC Entity any and all amendments hereto. Any such action,
decision or determination taken or made by the CVC Representative, and any such amendment, shall be absolutely and irrevocably binding on such CVC Entity as if such CVC Entity had personally taken such action or made such decision or determination
in its, his or her individual (or, as applicable, fiduciary) capacity. 
 (b) Notwithstanding any other provision of this Agreement,
(i) each CVC Entity hereby irrevocably relinquishes its, his or her right to act independently and other than through the CVC Representative, and (ii) no CVC Entity shall have any right by virtue of any provision in this Agreement or
otherwise to institute any suit, action or proceeding in equity or at law upon or under or with respect to any matter hereunder, any such rights being irrevocably and exclusively delegated to the CVC Representative, who, acting in accordance with
the terms hereof, shall be the sole party entitled to enforce any rights of such CVC Entity with respect to any matter hereunder. 
 (c) The
CVC Representative hereby acknowledges the foregoing authorization and appointment, agrees to serve as such and covenants and agrees with each other party hereto that it will fulfill all its obligations hereunder. All actions taken, notices given or
received and documents executed by the CVC Representative pursuant to the authority granted hereunder may be relied upon by the Company and the Shareholders, and neither the Company nor any Shareholder shall be required to make any inquiry regarding
such actions, notices or documents. 
  

 39 

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

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

 40 

 Section 7.04. Waiver; Amendment. No provision of this Agreement may be waived except by an
instrument in writing executed by the party against whom the waiver is to be effective. No provision of this Agreement may be amended or otherwise modified except by an instrument in writing executed by the Company with approval of the Board and
each Institutional Shareholder; provided that any amendment or modification of Section 3.05, 4.04 or Article 5 that would adversely and disproportionately affect the Management Shareholders relative to the Institutional Shareholders may
be effected only with the consent of Management Shareholders holding more than 50% of the outstanding Company Common Shares held by all Management Shareholders at the time of such proposed amendment or modification. 
 Section 7.05. Notices. All notices, requests and other communications to any party shall be in writing (including facsimile transmissions) and
shall be given, 
 if to the Company to: 
 NTELOS Holdings Corp. 
 401 Spring Lane, Suite 300 
 P.O. Box 1990 
 Waynesboro, Virginia 22980 
 Attention: James S. Quarforth 
 Fax:
(540) 946-3595 
 with a copy to the Quadrangle Entities and the CVC Entities at the addresses listed below; 
 if to any of the Quadrangle Entities, to: 
 Quadrangle Capital Partners LP 
 375 Park Avenue 
 New York, NY 10152 
 Attention: Kimberley Carlson 
 Fax: (212) 418-1701 
 with a copy to:

 Davis Polk & Wardwell 
 450 Lexington Avenue 
 New York, NY 10017 
 Attention: Phillip R. Mills 
 Fax: (212) 450-3800 
  

 41 

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

 Philadelphia, PA 19103-2793 
 Attention: Geraldine A. Sinatra 
 Fax: (215) 994-2222 
 if to a Management Shareholder, to the address or facsimile number set forth on the signature pages hereto with respect to such Management Shareholder.

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

 42 

 Section 7.07. Headings. The headings contained in this Agreement are for convenience only and
shall not affect the meaning or interpretation of this Agreement. 
 Section 7.08. Counterparts. This Agreement may be executed in any
number of counterparts, each of which shall be deemed to be an original and all of which together shall be deemed to be one and the same instrument. 
 Section 7.09. Applicable Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, without regard to the conflicts of laws rules of such state. 

Section 7.10. Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL
PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 Section 7.11. Specific Enforcement.
Each party hereto acknowledges that the remedies at law of the other parties for a breach or threatened breach of this Agreement would be inadequate and, in recognition of this fact, any party to this Agreement, without posting any bond, and in
addition to all other remedies that may be available, shall be entitled to obtain equitable relief in the form of specific performance, a temporary restraining order, a temporary or permanent injunction or any other equitable remedy that may then be
available. 
 Section 7.12. Consent to Jurisdiction. The parties hereby agree that any suit, action or proceeding seeking to enforce
any provision of, or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby shall be brought in the United States District Court for the District of Delaware or any Delaware state court
sitting in Delaware, so long as one of such courts shall have subject matter jurisdiction over such suit, action or proceeding, and that any cause of action arising out of this Agreement shall be deemed to have arisen from a transaction of business
in the State of Delaware, and each of the parties hereby irrevocably consents to the nonexclusive jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such suit, action or proceeding and irrevocably waives, to the
fullest extent permitted by law, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding in any such court or that any such suit, action or proceeding which is brought in any such court has
been brought in an inconvenient form. Process in any such suit, action or proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of any such court. Without limiting the foregoing, each party agrees

  

 43 

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

 44 

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

			
	 THE COMPANY:

	
	NTELOS HOLDINGS CORP.
		
	By:	 	 /s/ Michael B. Moneymaker

		 	 Name: Michael B. Moneymaker

		 	Title: Executive Vice President, Chief Financial Officer, Secretary and Treasurer

			
	 QUADRANGLE ENTITIES:

	
	QUADRANGLE CAPITAL PARTNERS LP
		
	By:	 	Quadrangle GP Investors LP, as its General Partner
		
	By:	 	Quadrangle GP Investors LLC, as its General Partner
		
	By:	 	/s/ Michael Huber
		 	 Name: Michael Huber

		 	 Title: Managing Member

	
	QUADRANGLE SELECT PARTNERS LP
		
	By:	 	Quadrangle GP Investors LP, as its General Partner
		
	By:	 	Quadrangle GP Investors LLC, as its General Partner
		
	By:	 	/s/ Michael Huber
		 	 Name: Michael Huber

		 	 Title: Managing Member

	
	QUADRANGLE CAPITAL PARTNERS-A LP
		
	By:	 	Quadrangle GP Investors LP, as its General Partner
		
	By:	 	Quadrangle GP Investors LLC, as its General Partner
		
	By:	 	/s/ Michael Huber
		 	 Name: Michael Huber

		 	 Title: Managing Member

			
	 CVC ENTITIES:

	
	CITIGROUP VENTURE CAPITAL EQUITY PARTNERS, L.P.
		
	By:	 	 CVC Partners LLC, as its General Partner

		
	By:	 	 /s/ Michael A. Delaney

		 	 Name: Michael A. Delaney

		 	 Title:

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

		
	By:	 	 /s/ Michael A. Delaney

		 	 Name: Michael A. Delaney

		 	 Title:

	
	CVC EXECUTIVE FUND LLC
		
	By:	 	Citigroup Venture Capital GP Holdings, Ltd., as managing member
		
	By:	 	 /s/ Michael A. Delaney

		 	 Name: Michael A. Delaney

		 	 Title:

	
	
	 /s/ Clayton M. Albertson

	 Clayton M. Albertson

	
	 /s/ Christopher D. Bloise

	 Christopher D. Bloise

	
	 /s/ John P. Civantos

	 John P. Civantos

	
	
	 /s/ Michael A. Delaney

	 Michael A. Delaney

	
	 /s/ Markus Ehrler

	 Markus Ehrler

	
	 /s/ Scott F. Elkins

	 Scott F. Elkins

	
	 /s/ Andrew S. Gesell

	 Andrew S. Gesell

	
	 /s/ Michael S. Gollner

	 Michael S. Gollner

	
	 /s/ Richard A. Mayberry, Jr.

	 Richard A. Mayberry, Jr.

			
	
	ALCHEMY, L.P.
		
	By:	 	 /s/ Thomas F. McWilliams

		 	 Name: Thomas F. McWilliams

		 	 Title:   General Partner

	
	
	 /s/ Harris Newman

	 Harris Newman

			
	
	BG PARTNERS L.P.
		
	By:	 	 /s/ Paul C. Schorr IV

		 	 Name: Paul C. Schorr IV

		 	 Title:   General Partner

	
	
	 /s/ Joseph M. Silvestri

	 Joseph M. Silvestri

	
	
	 /s/ Michael D. Stephensen

	 Michael D. Stephensen

	
	 /s/ David F. Thomas

	 David F. Thomas

	
	 /s/ James A. Urry

	 James A. Urry

			
	
	SIXTY-FOUR BR PARTNERSHIP
		
	By:	 	 /s/ Stuyvie Comfort

		 	 Name: Stuyvie Comfort

		 	 Title:   Partner Sixty Four BR Partnership

	
	
	 /s/ Claus von Hermann

	 Claus von Hermann

	
	 /s/ Jeffrey F. Vogel

	 Jeffrey F. Vogel

			
	
	ABG INVESTMENT MANAGEMENT, LLC
		
	By:	 	 /s/ John Weber

		 	 Name: John Weber

		 	 Title: Partner

	
	 MANAGEMENT SHAREHOLDERS:

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

		
	By:	 	 /s/ James S. Quarforth

		 	 Name: James S. Quarforth

		 	 Title: Trustee

			
	 MANAGEMENT SHAREHOLDERS (continued):

	
	 THE QUARFORTH IRREVOCABLE
 TRUST,
dated May 1, 2005

	
	By: Bank of America Trust Company of Delaware, N.A., as its Trustee
		
	By:	 	 /s/ Deborah E. Taylor

		 	 Name: Deborah E. Taylor

		 	 Title: Vice President

	
	/s/ Alyssa B. Quarforth
	 Alyssa B. Quarforth

	
	 /s/ Scott C. Quarforth

	 Scott C. Quarforth

			
	 MANAGEMENT SHAREHOLDERS (continued):

	
	CHERYL B. ROSBERG REVOCABLE TRUST, dated November 6, 2001
		
	By:	 	 /s/ Cheryl B. Rosberg

		 	 Name: Cheryl B. Rosberg

		 	 Title: Trustee

	
	CARL A. ROSBERG REVOCABLE TRUST, dated November 6, 2001
		
	By:	 	 /s/ Carl A. Rosberg

		 	 Name: Carl A. Rosberg

		 	 Title: Trustee

	
	 /s/ Drew Alan Rosberg

	 Drew Alan Rosberg

	
	 /s/ Cameron Jordan Rosberg

	 Cameron Jordan Rosberg

			
	 MANAGEMENT SHAREHOLDERS (continued):

	
	 /s/ David R. Maccarelli

	 David R. Maccarelli

	
	THE MACCARELLI IRREVOCABLE TRUST, dated May 1, 2005
	
	 By: Bank of America Trust Company of
 Delaware, N.A., as its Trustee

		
	By:	 	 /s/ Deborah E. Taylor

		 	 Name: Deborah E. Taylor

		 	 Title: Vice President

	
	 /s/ Michael B. Moneymaker

	 Michael B. Moneymaker

			
	 /s/ Michael B. Moneymaker, as Custodian

	Michael B. Moneymaker, as Custodian for Christopher M. Moneymaker
	
	 /s/ Michael B. Moneymaker, as Custodian

	Michael B. Moneymaker, as Custodian for Ryan Edward Moneymaker
	
	 /s/ Mary McDermott

	 Mary McDermott

	
	 /s/ Frank L. Berry

	 Frank L. Berry

	
	 /s/ David J. Keller

	 David J. Keller

			
	 MANAGEMENT SHAREHOLDERS (continued):

	
	 /s/ Robert L. McAvoy Jr.

	Robert L. McAvoy Jr.
	
	 /s/ Francis C. Guido

	Francis C. Guido
	
	 /s/ Denise H. Ramey

	 Denise H. Ramey

	
	 /s/ Robbie W. Cale

	 Robbie W. Cale

	
	 /s/ David L. Coats

	 David L. Coats

			
	 MANAGEMENT SHAREHOLDERS (continued):

	
	 /s/ Duane K. Breeden

	Duane K. Breeden
	
	 /s/ Kenneth R. Boward

	Kenneth R. Boward
	
	 /s/ S. Craig Highland

	 S. Craig Highland, as Custodian for Lesleigh
 Hope Highland

	
	 /s/ S. Craig Highland

	 S. Craig Highland, as Custodian for Zachary
 Lane Highland

			
	 MANAGEMENT SHAREHOLDERS (continued):

	
	S. CRAIG HIGHLAND AND C. LYNN HIGHLAND, as Joint Tenants in Common
		
	By:	 	 /s/ S. Craig Highland

		 	 S. Craig Highland

		
	 By:
	 	 /s/ C. Lynn Highland

		 	 C. Lynn Highland

 EXHIBIT A 
 JOINDER TO SHAREHOLDERS AGREEMENT 
 This Joinder Agreement (this “Joinder
Agreement”) is made as of the date written below by the undersigned (the “Joining Party”) in accordance with the Amended and Restated Shareholders Agreement dated as of February 13, 2006 (the “Shareholders
Agreement”) among NTELOS Holdings Corp., Quadrangle Capital Partners LP, Quadrangle Select Partners LP, Quadrangle Capital Partners-A LP, Citigroup Venture Capital Equity Partners, L.P., CVC/SSB Employee Fund, L.P., CVC Executive Fund LLC
and the other parties listed on the signature pages thereof, as the same may be amended from time to time. Capitalized terms used, but not defined, herein shall have the meaning ascribed to such terms in the Shareholders Agreement. 
 The Joining Party hereby acknowledges, agrees and confirms that, by its execution of this Joinder Agreement, the Joining Party shall be deemed to be a
party to the Shareholders Agreement as of the date hereof and shall have all of the rights and obligations of a “Shareholder” thereunder as if it had executed the Shareholders Agreement. The Joining Party hereby ratifies, as of the date
hereof, and agrees to be bound by, all of the terms, provisions and conditions contained in the Shareholders Agreement. 
 IN WITNESS
WHEREOF, the undersigned has executed this Joinder Agreement as of the date written below. 
 Date:
                             ,
             
  

					
	 [NAME OF JOINING PARTY]

		
	 By:
	 	  
		 	 Name:
	 	
		 	 Title:
	 	
		
		 	 Address for Notices:

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