Document:

Amendment to Agreement dated October 14, 2011

 Exhibit 10.1 
 SECOND AMENDMENT TO AGREEMENT 
 This SECOND AMENDMENT TO
AGREEMENT (this “Agreement”) is entered into as of October 14, 2011, by and between Great Lakes Aviation, Ltd., an Iowa corporation, with its principal place of business at 1022 Airport Parkway, Cheyenne, Wyoming 82001
(“Great Lakes”) and Raytheon Aircraft Credit Corporation, a Kansas corporation, with its principal place of business at 8300 E. Thorn Drive, Suite 100, Wichita, Kansas 67226 (“RACC”). 

WHEREAS, Great Lakes and RACC are parties to twenty-five (25) separate Amended and Restated Promissory Notes or Second Amended and
Restated Promissory Notes, each of which is dated March 23, 2007, and as amended on June 10, 2011 and August 31, 2011 (each a “Promissory Note” and collectively, the “Promissory Notes”) and
twenty-five (25) separate Security Agreements or Amended and Restated Security Agreements, each of which is dated as of December 31, 2002, as each of which was amended by a First Amendment dated as of March 23, 2007, the supplement to
which is dated May 1, 2008, and each of which was amended by a Second Amendment dated June 10, 2011, and each of which was further amended by a Third Amendment dated August 31, 2011 (each originally executed and as amended, restated
or supplemented and currently in effect, a “Security Agreement” and collectively, the “Security Agreements”), and pursuant to which RACC is currently financing Great Lakes’ purchase of twenty-five
(25) used Beech 1900D Airliners that have the following manufacturer’s serial numbers: UE-100, UE-122, UE-153, LIE-154, UE-169, UE-170, UE-184, UE-192, UE-195, UE-201, UE-202, UE-208, UE-210, UE-211, UE-219, UE-220, UE-240, UE-245, UE-247,
UE-251, UE-253, UE-254, UE-255, UE-257 and UE-261 (the Promissory Notes and Security Agreements are hereinafter sometimes referred to collectively, but as further modified in the next recital, as the “Finance Documents”);

 WHEREAS, by an Agreement dated as of June 10, 2011, as amended by an Amendment to Agreement dated as of August 31,
2011 (collectively, as so amended and together with the amendments and other documents executed in connection with such Agreement and such Amendment, the “Original Agreement”) Great Lakes and RACC agreed, in some specific respects,
to modify certain of the “Finance Documents” (which term, as used hereinafter, shall mean the Finance Documents as amended and modified by, or in connection with, the Original Agreement); 

WHEREAS, the Promissory Notes, as modified by the Original Agreement, require Great Lakes to pay in full the entire remaining balance of
principal and interest due under each Promissory Note (the “Balloon Payments”) on or before October 17, 2011 (the “Amended Balloon Payment Date”) and, as of the date of this Agreement, Great Lakes has disclosed
and acknowledges that it is unable to timely and fully pay the Balloon Payments to RACC as required under the Promissory Notes; 

WHEREAS, Great Lakes has requested that RACC agree to extend the Amended Balloon Payment Date from October 17, 2011 to
November 17, 2011; and 

 WHEREAS, on and subject to the terms and conditions provided in this Agreement, RACC is
willing to agree to so extend the Amended Balloon Payment Date, 
 NOW, THEREFORE, in consideration of the foregoing premises,
and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and fully intending to be legally bound by this Agreement, the parties hereto agree as follows: 

1. Extension of Balloon Payment Date; Extension Fee. 

(a) On the terms and conditions provided in this Agreement, the parties hereto hereby agree that Amended Balloon Payment Date is extended
from October 17, 2011 to November 17, 2011. Great Lakes irrevocably and unconditionally agrees (i) to make payments of $27,600 on each Promissory Note on or before October 30, 2011, and (ii) to pay any and all amounts
outstanding and unpaid, including, without limitation, all principal and accrued interest, on each Promissory Note on or before November 17, 2011. The modification to each of the Promissory Notes agreed to under this Agreement shall be
reflected in a Third Amendment to Amended and Restated Promissory Note or a Third Amendment to Second Amended and Restated Promissory Note (as the case may be) to each Promissory Note dated the date hereof and shall be in the form attached to this
Agreement as Exhibit A. For the avoidance of any possible doubt, the payment and performance by Great Lakes of each and all of its obligations under and in connection with, among other things, the Promissory Notes, as amended by the Third
Amendment to Amended and Restated Promissory Note or Third Amendment to Second Amended and Restated Promissory Note (as the case may be) provided for under this Agreement, are, and continue to be, secured by each Security Agreement, and each
Promissory Note, as so amended, is and constitutes a “Transaction Document”, as that term is defined in the Amended and Restated Restructuring Agreement dated as of March 9, 2007 by and between Great Lakes and RACC. To memorialize
that understanding, the parties hereto on the date hereof are entering into a Fourth Amendment to the Security Agreements, which shall be in the form attached to this Agreement as Exhibit B. 

(b) Great Lakes agrees to pay to RACC, on the date hereof, an extension fee in the amount of One Hundred Twenty-Five Thousand Dollars
($125,000), which shall be fully earned when paid and not refundable, and which is in addition to paying RACC’s reasonable costs and expenses as hereinafter provided. 
 2. Continued Effectiveness of Finance Documents; No Waiver; Etc. 

(a) Except as expressly modified by this Agreement, the parties hereby confirm and ratify each of the other terms and conditions of the
Finance Documents, and agree that all of the provisions of each Finance Document remain in full force and effect and Great Lakes hereby confirms and ratifies each of its obligations under the Finance Documents. The parties also agree that, in
addition to any other Event of Default (as defined in the relevant document), any breach of any provision of this Agreement shall constitute an immediate Event of Default under each of the Finance Documents, the Leases (as hereinafter defined) and
the Senior Note Documents (as hereinafter defined, and, collectively with the Finance Documents and the Leases, the “GLUX/RACC Documents”). 

 (b) Great Lakes hereby acknowledges and agrees that except as expressly provided herein,
the GLUX/RACC Documents remain in full force and effect and that, if it defaults in any of its obligations to RACC, RACC is fully entitled to exercise any or all of its rights and remedies as provided in, and in accordance with the provisions of,
the GLUX/RACC Documents. 
 (c) Great Lakes hereby acknowledges and agrees that RACC’s agreement to extend the Balloon
Payment Date in this Agreement does not constitute a waiver or forgiveness of any obligation and that, in granting the extension under the Original Agreement and the extension provided herein, RACC is not agreeing to, or suggesting in any way, that
there will or might be any further extension, accommodation or any waiver of any right or remedy in any of the GLUX/RACC Documents and Great Lakes acknowledges and agrees that it will not assume or rely upon the possibility or prospect of any
possible future extension or accommodation by RACC. 
 3. No Impact on Other Agreements. The parties hereto hereby
agree as follows: 
 (a) Leases. Great Lakes currently is leasing three (3) used Beech 1900D Airliners under three
(3) separate Operating Leases (the “Leases”), each of which is identified on Exhibit C, which is attached to this Agreement. As contemplated by the Leases, on or about May 4, 2011 RACC gave Great Lakes a Notice of
Termination for each Lease, each of which was modified by a letter dated August 19, 2011, agreed to by Great Lakes and RACC, which provides the date of termination for each Lease. Great Lakes acknowledges its receipt of, and the correctness in
all respects and effectiveness of, such amended Notices of Terminations and hereby confirms and ratifies each of its obligations under the Leases. Except for such confirmation and ratification and the provisions of Sections 2 and 4 of this
Agreement, this Agreement does not affect the Leases in any way, all of which shall remain in full force and effect, subject, however, to the above-described amended Notices of Termination. 

(b) Senior Note. Great Lakes currently is obligated to RACC under a Senior Note dated March 23, 2007 (the “Senior
Note”) that is secured by four (4) Aircraft Security Agreements, (the “Embraer Security Agreements” and, collectively with the Senior Note, the “Senior Note Documents”), each of which relates to an
Embraer Model EMB-120ER aircraft. Great Lakes acknowledges its obligations under the Senior Note Documents and hereby confirms and ratifies each of its obligations under the Senior Note Documents. Except for such confirmation and ratification and
the provisions of Sections 2 and 4 of this Agreement, this Agreement does not affect the Senior Note Documents in any way, each of which shall remain in full force and effect. 
 4. Other Agreements and General Provisions. 
 4.1 Information
To Be Provided; Co-operation; Etc. Great Lakes agrees to continue to make business and financial information available to RACC on a timely basis, consistent with the reports and information provided previously by Great Lakes to RACC. Great
Lakes also agrees to advise RACC as soon as practicable regarding any business or financial development that Great Lakes reasonably believes is material to its operations or its refinancing efforts. In addition, Great Lakes agrees to reasonably
co-operate with any actual or potential transferee of any or all of RACC’s rights or interests in Great Lakes, including, without limitation, under or in connection with the GLUX/RACC Documents. 

 4.2 Documentation and Filings; Costs; Etc. To the extent
that RACC, in its sole discretion, determines that this Agreement or any provision hereof or for any other reason, or in connection with any transfer of any of RACC’s rights or interests in Great Lakes, including, without limitation, under or
in connection with the GLUX/RACC Documents, requires or makes appropriate additional documentation or filings with any state, federal or international authority or registry, including, without limitation, the Cape Town International Registry, RACC
is authorized to do so on its own behalf and, as may be reasonably necessary in RACC’s sole discretion, on behalf of Great Lakes and Great Lakes hereby consents to any and all such filings. Notwithstanding the right of RACC to effect any or all
such filings without Great Lakes’ participation, Great Lakes agrees to cooperate with RACC in preparing and effecting any filings. In addition, by not later than the fifth (5th) business day after the date hereof, Great Lakes shall file with the Securities and Exchange Commission any
necessary amendment to its registration statement on Form S-1 (File No. 333159256), as may be necessary to continue the ability of RACC to sell under the registration statement. All of RACC’s reasonable costs and expenses for preparing
this Agreement, any filings or other matters involving this Agreement shall be paid by Great Lakes on the date hereof or, if later invoiced, not later than five (5) days after Great Lakes’ initial receipt thereof 

4.3 [Intentionally omitted.] 
 4.4 Governing Law, Jurisdiction and Venue and Informed Choice. THIS AGREEMENT WAS MADE AND ENTERED INTO IN THE STATE OF KANSAS AND THE LAW GOVERNING THIS TRANSACTION SHALL BE THAT OF THE STATE
OF KANSAS AS IT MAY FROM TIME TO TIME EXIST. THE LAWS OF THE STATE OF KANSAS SHALL APPLY TO ANY AND ALL MATTERS ARISING FROM OR RELATED TO THIS AGREEMENT. THE PARTIES AGREE THAT ANY LEGAL PROCEEDING BASED UPON THE PROVISIONS OF THIS AGREEMENT SHALL
BE BROUGHT EXCLUSIVELY IN EITHER THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF KANSAS AT WICHITA, KANSAS OR IN THE EIGHTEENTH JUDICIAL DISTRICT COURT OF SEDGWICK COUNTY, KANSAS TO THE EXCLUSION OF ALL OTHER COURTS AND TRIBUNALS.
NOTWITHSTANDING THE ABOVE, RACC, AT ITS SOLE OPTION, MAY INSTITUTE A LEGAL PROCEEDING IN ANY JURISDICTION AS MAY BE APPROPRIATE IN ORDER FOR RACC TO OBTAIN POSSESSION OF ANY PROPERTY OR ASSETS IN WHICH RACC HAS, OR MAY CLAIM, ANY RIGHT OR INTEREST
INVOLVING OR RELATED TO GREAT LAKES. THE PARTIES CONSENT AND AGREE TO BE SUBJECT TO THE JURISDICTION OF THE AFORESAID COURTS IN SUCH PROCEEDING. EACH PARTY IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON
THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF THIS AGREEMENT, THE FINANCE DOCUMENTS, THE LEASES, THE SENIOR LOAN DOCUMENTS OR ANY OTHER DOCUMENT
RELATED THERETO. EACH PARTY WAIVES PERSONAL SERVICE OF ANY SUMMONS, COMPLAINT OR OTHER PROCESS, WHICH MAY BE MADE BY ANY OTHER MEANS PERMITTED BY THE LAW OF SUCH APPLICABLE STATE. 

 4.5 WAIVER OF JURY TRIAL. EACH PARTY TO THIS AGREEMENT WAIVES TRIAL BY JURY IN
ANY ACTION ARISING OUT OF, CONCERNING OR OTHERWISE INVOLVING THIS AGREEMENT. 
 4.6 Successors and Assigns.
This Agreement shall be binding upon and inure to the benefit of Great Lakes and RACC and their respective successors and assigns, provided that RACC, but not Great Lakes, may transfer or assign any or all of its rights, interests, duties or
obligations hereunder or under any of the GLUX/RACC Documents and, in connection with any such transfer or assignment, Great Lakes hereby consents to such transfers and memorializing such transfers by filings as contemplated by Section 4.2 of
this Agreement 
 4.7 Counterparts; Execution. This Agreement may be executed in any number of counterparts, but
all such counterparts shall together constitute but one and the same agreement. In making proof of this Agreement, it shall not be necessary to produce or account for more than one counterpart thereof signed by each of the parties hereto. Delivery
of an executed signature page to this Agreement by emailed PDF file or facsimile transmission shall be as effective as delivery of a manually executed counterpart of this Agreement. 

4.8 Amendment; Integration. No provision or term of this Agreement may be amended, modified, revoked, supplemented, waived
or otherwise changed except by a written instrument duly executed by Great Lakes and RACC and expressly designated as an amendment, supplement or waiver. This Agreement, and the GLUX/RACC Documents, constitute the entire agreement and understanding
between Great Lakes and RACC and supersedes any and all prior agreements and understandings, both written and oral, between the parties, with respect to the subject matter hereof, the GLUX/RACC Documents and the arrangements between Great Lakes and
RACC. 
 4.9 Severability. If any provision in this Agreement shall be held invalid, illegal or unenforceable in
any jurisdiction, the validity, legality and enforceability of the remaining provisions of this Agreement shall not be impaired thereby, nor shall the validity, legality or enforceability of any such defective provision be in any way affected or
impaired in any other jurisdiction. 
 4.10 Waiver and Release of Claims and Defenses. 

(a) Great Lakes hereby acknowledges, agrees and affirms that neither it nor any affiliate possesses any claims, defenses, offsets,
recoupment, or counterclaims of any kind or nature against RACC or its affiliates or with respect to any of the GLUX/RACC Documents or this Agreement or the enforcement thereof (collectively, the “Claims”), nor do Great Lakes
or its affiliates now have knowledge of any facts that would or might give rise to any Claims. If facts now exist that would or could give rise to any Claim against RACC or any of its affiliates or with respect to any of the GLUX/RACC Documents or
this Agreement, or the enforcement thereof, Great Lakes, on its own behalf and on behalf of its affiliates, hereby unconditionally, 

 
irrevocably, and unequivocally waives and fully releases any and all such Claims as if such Claims were the subject of a lawsuit, adjudicated to final judgment from which no appeal could be
taken, and therein dismissed with prejudice. In no event shall RACC or its affiliates be liable to Great Lakes or its affiliates, and Great Lakes, on its own behalf and on behalf of its affiliates, hereby waives, releases and agrees not to sue for
any special, indirect, punitive, exemplary, or consequential damages suffered by Great Lakes or its affiliates in connection with, or arising out of, or in any way related to any of the GLUX/RACC Documents or this Agreement, including without
limitation lost profits, whatever the nature of a breach by RACC or its affiliates of any of their obligations under any of the GLUX/RACC Documents or this Agreement, and Great Lakes and RACC, each on its own behalf and on behalf of its affiliates,
hereby waives all claims for special, indirect, punitive, exemplary, or consequential damages. 
 (b) Great Lakes, on its own
behalf and on behalf of its affiliates hereby agrees, represents and warrants to RACC and its affiliates that Great Lakes for its own behalf and on behalf of its affiliates realizes and acknowledges that factual matters now unknown may have given or
may hereafter give rise to causes of action, claims, demands, debts, controversies, damages, costs, losses and expenses which are presently unknown, unanticipated and unsuspected, and Great Lakes, on its own behalf and on behalf of its affiliates,
further agrees, represents and warrants that the release provided hereunder has been negotiated and agreed upon in light of that realization and that Great Lakes, on its own behalf and on behalf of its affiliates, nevertheless hereby intends to, and
does, release, discharge and acquit RACC and its affiliates from any such unknown causes of action, claims, demands, debts, controversies, damages, costs, losses and expenses which are in any manner set forth in or related to any of the GLUXIRACC
Documents or this Agreement and all dealings in connection therewith. 
 4.11 Acknowledgment. By its execution of
this Agreement, Great Lakes hereby ratifies and confirms in all respects all of its obligations to RACC under or in connection with each of the GLUXIRACC Documents and agrees that they remain in full force and effect (subject to the terms hereof)
and no defenses exist to RACC’s enforcement thereof. Great Lakes acknowledges and agrees that nothing contained herein shall constitute a waiver of any default or Event of Default (as defined in any of the GLUXIRACC Documents) that exists or
might occur under any of the GLUXIRACC Documents or the payment of any amount or the satisfaction of any obligation except as, and to the extent, expressly so provided herein. 
 4.12 Time of the Essence. The parties hereto agree that for all purposes under any of the GLUX/RACC Documents or this Agreement that time is of the essence for the performance and the
accomplishment of each obligation under any of the foregoing. 
 4.13 Disclosure of this Agreement. Each party
agrees that the other party and/or its respective affiliates may disclose this Agreement as may be required under applicable securities laws and as the disclosing party may otherwise, in the exercise of its commercially reasonable judgment,
determine to be necessary or appropriate for proper commercial purposes. 
 [SIGNATURE PAGE TO FOLLOW] 

							
	GREAT LAKES:	 		 	GREAT LAKES AVIATION, LTD.
				
		 		 	By:  	 	/s/    Michael O. Matthews        
		 		 		 	Name: Michael O. Matthews
		 		 		 	Title: Chief Financial Officer
			
	RACC:	 		 	RAYTHEON AIRCRAFT CREDIT CORPORATION
				
		 		 	By:	 	/s/    David A. Williams
		 		 		 	David A. Williams,
		 		 		 	Vice President — General Counsel

 Exhibit A 
 To Second Amendment to Agreement 
 Model: Beechcraft 1900D Airliner 

Manufacturer’s Serial No.:
            -             
 Aircraft Registration No.: N             
 THIRD AMENDMENT TO 
 [SECOND] AMENDED AND RESTATED PROMISSORY
NOTE 
 Effective this 14th day of October, 2011, this Third Amendment to the [Second] Amended and Restated Promissory
Note (this “Amendment”) is made and entered into by and between RAYTHEON AIRCRAFT CREDIT CORPORATION (hereinafter, together with its successors and assigns, “RACC”) and GREAT LAKES AVIATION, LTD.
(hereinafter “Debtor”). 
 WHEREAS, on or about March 23, 2007, the parties entered into that certain
[Second] Amended and Restated Promissory Note pertaining to the above-identified Aircraft (as amended and currently in effect, the “Promissory Note”), to which was attached a Schedule 1, Aircraft Note Payment and Amortization
Schedule, containing a payment schedule as provided in Section 3 of the Promissory Note; 
 WHEREAS, the parties have
reached an agreement to further amend Section_ 3 of the Promissory Note and, in some respects, the related Payment Schedule and to extend from October 17, 2011 to November 17, 2011 the date by which Debtor agrees to pay in full all amounts
due under the Promissory Note; and 
 WHEREAS, the parties desire to enter into this Amendment in order to memorialize their
agreement, 
 NOW, THEREFORE, for and in consideration of the mutual promises, covenants and agreements set forth herein and in
the Promissory Note, the sufficiency and receipt of which are hereby acknowledged, the parties agree as follows: 
  

	 	1.	Capitalized Terms: Unless otherwise defined herein, the capitalized terms as used in this Amendment shall have the meanings ascribed to them in the Promissory
Note. 

  

	 	2.	Amendment to Section 3: Section 3 of the Promissory Note is hereby amended to read as follows: 

Payment Schedule: Payment of the principal balance together with accrued interest shall be made in monthly
installments payable in arrears, until November 17, 2011, when Debtor shall pay all unpaid amounts in full. The first installment payment shall be due and payable to RACC on March 30, 2007. Each subsequent installment payment shall be due
and payable to RACC on the 30th day of each month
thereafter, until November 17, 2011, on which date the entire remaining balance of principal, accrued interest and any and all other amounts outstanding and unpaid under or in respect of the Promissory Note shall be due and payable in full to
RACC. The amount of each 

	 	
installment payment will be as set forth on Schedule 1 hereto. Notwithstanding the foregoing, in the event of loss, theft, confiscation or substantial damage to the Aircraft, Debtor shall
pay all amounts owing under this Promissory Note upon the earlier of (i) thirty (30) days following demand by RACC or (ii) the date on which all amounts first become due and payable under the Promissory Note, whether at maturity,
after acceleration or otherwise. 

  

	 	3.	Amendment to Schedule 1 to Promissory Note: Schedule 1 to the Promissory Note, entitled Aircraft Note Payment and Amortization Schedule, is hereby amended by
deleting the last three (3) payments, that is, the payments designated as Payment # “55”, “56” and “Balloon” thereon, and inserting in lieu thereof the three (3) payments contained on Exhibit A,
which is attached to this Amendment. 

  

	 	4.	Ratification: Except as specifically provided herein, each party hereby ratifies the other terms and conditions of the Promissory Note, including all prior
amendments thereto, and Debtor hereby confirms and ratifies each of its obligations under the Promissory Note as modified by this Amendment. 

  

	 	5.	Miscellaneous: This Amendment, the Promissory Note and related security, collateral and other executed agreements between RACC and Debtor contain the entire
agreement of the parties with respect to the subject matter hereof. There are no oral understandings, agreements, representations or warranties between the parties that are not expressly set forth in this Amendment and the Promissory Note or the
other documents executed by and between RACC and Debtor. This Amendment may be executed in counterparts, each of which shall constitute an original, but all of which when taken together shall constitute a single document. Delivery of an executed
signature page to this Amendment by emailed PDF file or facsimile transmission shall be as effective as delivery of a manually executed counterpart of this Amendment. RACC, but not the Debtor, may transfer or assign any or all of its rights under
the Promissory Note and this Amendment. Time is of the essence for all purposes of the Promissory Note and this Amendment, including, without limitation, for the performance and the accomplishment of each of Debtor’s obligations.

 IN WITNESS OF THE FOREGOING, the parties have caused their duly authorized officers to execute and deliver this
Amendment under seal effective as of the date first written above. 
  

									
	 RAYTHEON AIRCRAFT CREDIT
 CORPORATION
	 		 	GREAT LAKES AVIATION, LTD.
					
	By:  	 	 	 		 	By:  	 	 
		 	 David A. Williams
 Vice
President — General Counsel
	 		 		 	 Michael Matthews
 Chief
Financial Officer

					
		 	                “RACC”	 		 		 	                “Debtor”

  

 Exhibit A, Amending Schedule 1 

 

											
	 Payment #
	 	 Date
	 	 Payment
	 	 Interest
	 	 Principal
	 	 Loan Balance

	55	 	9/30/2011	 	27,600.00	 	9,262.56	 	18,337.44	 	1,251,957.19
	56	 	10/30/2011	 	27,600.00	 	9,685.06	 	17,914.94	 	1,234,042.25
	Balloon	 	11/17/2011	 	1,239,741.13	 	5,698.88	 	1,234,042.25	 	0.00

 Exhibit B 
 To Second Amendment to Agreement 
 FOURTH AMENDMENT TO SECURITY
AGREEMENTS 
 This FOURTH AMENDMENT TO SECURITY AGREEMENTS is made and entered into this 14th day of October, 2011 (this
“Fourth Amendment”), by and between Raytheon Aircraft Credit Corporation (the “Secured Party”) and Great Lakes Aviation, Ltd. (the “Debtor”). 

W1TNESSETH: 
 WHEREAS, Debtor and Secured Party have entered into a Second Amendment To Agreement dated as of the date hereof (the “Second Amendment”), which is an amendment to an Agreement
dated as of June 10, 2011, as amended by an Amendment To Agreement dated as of August 31, 2011 (collectively, the “2011 Agreement”), to further extend the final payment date of each of the twenty-five
(25) separate Amended and Restated Promissory Notes or Second Amended and Restated Promissory Notes, each of which is dated March 23, 2007, issued by Debtor to Secured Party (each, as originally executed, as amended and currently in
effect, a “Promissory Note” and collectively, the “Promissory Notes”) in connection with that certain Amended and Restated Restructuring Agreement dated as of March 9, 2007 (the “2007
Restructuring Agreement”); 
 WHEREAS, in connection with the 2007 Restructuring Agreement and to further secure
the Promissory Notes, Debtor provided Secured Party with twenty-five (25) separate First Amendments, dated as of March 23, 2007, a Second Amendment to Security Agreements, dated June 10, 2011, and a Third Amendment to Security
Agreements dated August 31, 2011, to twenty-five (25) Security Agreements or Amended and Restated Security Agreements, each of which is dated as of December 31, 2002, all as further described in Exhibit A attached hereto
(collectively the “Original Security Agreements”); 
 WHEREAS, in addition to the Original Security
Agreements, Debtor and Secured Party entered into that Security Agreement dated as of May 1, 2008, as recorded by the Federal Aviation Administration (“FAA”) on June 12, 2008 as Conveyance No. LA000196; and as
supplemented by that certain Security Agreement Supplement No. I dated May 27, 2009, between Debtor and Secured Party, recorded by the FAA on June 10, 2009 as Conveyance No. SF002448, and supplemented by that certain Security Agreement
Supplement No. 2 dated January 27, 2010, between Debtor and Secured Party, recorded by the FAA on February 23, 2010 as Conveyance No. MS003073, and supplemented by that certain Security Agreement Supplement No. 3 dated
April 15, 2010, between Debtor and Secured Party, recorded by the FAA on May 4, 2010 as Conveyance No. MC006524, and supplemented by that certain Security Agreement Supplement No. 4 dated October 27, 2010, between Debtor and
Secured Party, recorded by the FAA on November 22, 2010 as Conveyance No. WH002898, and further supplemented by that certain Security Agreement Supplement No. 5 dated April 25, 2011, between Debtor and Secured Party, recorded by the
FAA on May 25, 2011 as Conveyance No. DV010100, and further supplemented by that certain Security Agreement Supplement No. 6 dated August 25, 2011, between Debtor and Secured Party, recorded by the FAA on September

 
26, 2011 as Conveyance No. DP002952 (collectively, the “2008 Security Agreement” and, the 2008 Security Agreement and the Original Security Agreements, as they are being
amended hereby and as they are amended from time to time. are hereinafter referred to as the “Security Agreements”); 
 WHEREAS, Debtor previously has amended the Promissory Notes and on or about the date hereof is further amending the Promissory Notes by executing twenty-five (25) separate Third Amendments to the
Amended and Restated Promissory Notes or Third Amendments to Second Amended and Restated Promissory Notes, each of which is dated on the date hereof, to further amend the Promissory Notes (as so amended, the “Amended Promissory
Notes”) to reflect new installment payments and a modified final due date, all as provided in the Second Amendment; and 
 WHEREAS, Debtor and Secured Party wish to execute this Fourth Amendment to reflect that (i) the references in the Security Agreements to the “Restructuring Agreement” are to the 2007
Restructuring Agreement, the 2011 Agreement and the Second Amendment, (ii) the references in the Security Agreements to the “Promissory Note” are to the Amended Promissory Notes, and (iii) the Original Security Agreements and the
2008 Security Agreement continue to secure all of the obligations of Debtor to Secured Party. 
 NOW THEREFORE, in consideration
of the premises and other good and valuable consideration, receipt of which is hereby acknowledged, Debtor and Secured Party hereby agree as follows: 
  

	 	1.	Unless otherwise defined herein, the capitalized terms as used in this Fourth Amendment shall have the meaning assigned to them in the Security Agreements.

  

	 	2.	The definition of the Promissory Note in the Security Agreements is hereby amended to mean the Amended Promissory Notes, as they may be further amended, modified,
extended or amended and restated and in effect from time to time. 

  

	 	3.	The definition of the “Restructuring Agreement” in the Security Agreements is hereby amended to mean the 2007 Restructuring Agreement, the 2011 Agreement and
the Second Amendment, as they may be amended, modified, extended or amended and restated and in effect from time to time. 

  

	 	4.	Regarding the Cape Town Treaty, (a) Debtor shall establish a valid and existing account with the International Registry, appoint an Administrator and/or a
Professional User acceptable to Secured Party to make registration in regards to the Collateral and Additional Collateral identified in the Security Agreements as may be requested by Secured Party, and (b) Secured Party and Debtor shall
register a first priority Prospective International Interest in connection with the Collateral and Additional Collateral identified in each of the Security Agreements as may be requested by Secured Party which shall be perfected and searchable in
the International Registry to the satisfaction of Secured Party. 

  

	 	5.	 Secured Party may transfer or assign all or any part of its interest in the Security Agreements, as amended and further supplemented, without the
consent of Debtor or any 

	 	
other party. Debtor hereby consents to any and all assignments or sales of, or the granting of participations in this Fourth Amendment by Secured Party or any assignee of an interest in the
Security Agreements. Debtor shall not assign, transfer, encumber or convey any of its interests in the Collateral, Additional Collateral or in the Security Agreements without the prior written consent of Secured Party. 

 

	 	6.	Unless amended by the terms and conditions of this Fourth Amendment, the parties hereby (i) ratify all remaining terms and conditions of the Security Agreements as
if the same were restated herein (and without limitation as a precautionary matter, the Debtor hereby re-grants to Secured Party a security interest in the Collateral and Additional Collateral subject to the Security Agreements and under the terms
of the Security Agreements), and (ii) confirm that the Security Agreements otherwise remain in full force and effect as to any and all collateral subject thereto. 

 

	 	7.	GOVERNING LAW AND FORUM SELECTION. THIS FOURTH AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF KANSAS. ANY LEGAL
PROCEEDINGS RELATING TO THIS FOURTH AMENDMENT SHALL BE BROUGHT IN THE EIGHTEENTH JUDICIAL DISTRICT AT WICHITA, KANSAS, OR THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF KANSAS AT WICHITA, KANSAS, TO THE EXCLUSION OF ALL OTHER COURTS AND
TRIBUNALS. NOTWITHSTANDING THE ABOVE, SECURED PARTY (AT ITS SOLE OPTION) MAY INSTITUTE A LEGAL PROCEEDING IN ANY JURISDICTION AS MAY BE APPROPRIATE IN ORDER FOR SECURED PARTY TO EXERCISE ITS RIGHTS AND REMEDIES UNDER THIS FOURTH AMENDMENT. THE
PARTIES HEREBY IRREVOCABLY CONSENT AND AGREE TO BE SUBJECT TO THE JURISDICTION OF THE AFORESAID COURTS IN SUCH PROCEEDINGS. 

  

	 	8.	This Fourth Amendment and the other written agreements entered into by the parties hereto constitute the entire agreement by and between the parties with respect to the
subject matter hereof. There are no oral understandings, agreements, representations or warranties not expressly set forth in this Fourth Amendment or the other written agreements between the parties hereto. Neither this Fourth Amendment nor the
Security Agreements shall be changed orally, but only by writing signed by the parties. This Fourth Amendment may be executed in any number of counterparts, but all such counterparts shall together constitute but one and the same agreement. In
making proof of this Fourth Amendment, it shall not be necessary to produce or account for more than one counterpart thereof signed by each of the parties hereto. Delivery of an executed signature page to this Fourth Amendment by emailed PDF file or
facsimile transmission shall be as effective as delivery of a manually executed counterpart of this Fourth Amendment. 

 IN WITNESS WHEREOF, the undersigned have duly executed and delivered this Fourth Amendment
under seal as of the date first set forth above. 

			
	GREAT LAKES AVIATION, LTD., Debtor
		
	By:	 	 
	Name:	 	 
	Title:	 	 
	
	RAYTHEON AIRCRAFT CREDIT CORPORATION,
Secured Party
		
	By:	 	 
	Name:	 	David A. Williams
	Title:	 	Vice President — General Counsel

 EXHIBIT “A” 

To Fourth Amendment to Security Agreements 
 Security Agreement UE-100 
 Amended and Restated Security Agreement dated as of
December 31, 2002, between Great Lakes, (“Great Lakes”) as debtor, and Raytheon Aircraft Credit Corporation (“RACC”), as secured party, recorded by the Federal Aviation Administration (the
“FAA”) on March 10, 2003, as Conveyance Number T071645, and amended by the First Amendment to Amended and Restated Security Agreement dated as of March 23, 2007, between Great Lakes, as debtor, and RACC, as secured party,
recorded by the FAA on September 19, 2007, as Conveyance Number Q079643, as further amended by the Second Amendment to the Security Agreements dated as of June 10, 2011 (the “Second Amendment”), between Great Lakes, as
debtor, and RACC, as secured party, recorded by the FAA on September 19, 2011, as Conveyance Number AB003879, and as further amended by the Third Amendment to the Security Agreements dated as of August 31, 2011 (the “Third
Amendment”), between Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on September 19, 2011, as Conveyance No. AB003881. 
 Security Agreement UE-122 
 Amended and Restated Security Agreement dated as of
December 31, 2002, between Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on February 20, 2003, as Conveyance Number JJ000799, as amended by the First Amendment to Amended and Restated Security Agreement dated as
of March 23, 2007 between Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on September 19, 2007, as Conveyance Number PP036045, as further amended by the Second Amendment, and as further amended by the Third
Amendment. 
 Security Agreement UE-153 
 Amended and Restated Security Agreement dated as of December 31, 2002, between Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on March 10, 2003, as Conveyance Number
T071657, as amended by the First Amendment to Amended and Restated Security Agreement dated as of March 23, 2007, between Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on September 12, 2007, as Conveyance Number
FF008509, as further amended by the Second Amendment, and as further amended by the Third Amendment. 
 Security Agreement
UE-154 
 Amended and Restated Security Agreement dated as of December 31, 2002, between Great Lakes, as debtor, and RACC, as secured
party, recorded by the FAA on February 20, 2003, as Conveyance Number JJ000800, as amended by the First Amendment to Amended and Restated Security Agreement dated as of March 23, 2007, between Great Lakes, as debtor, and RACC, as secured
party, recorded by the FAA on September 19, 2007, as Conveyance Number PP036046, as further amended by the Second Amendment, and as further amended by the Third Amendment. 
 Security Agreement UE-169 
 Security Agreement dated as of December 31, 2002, between
Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on February 20, 2003, as Conveyance Number JJ000807, as amended by the First Amendment to Security Agreement dated as of March 23, 2007, between

 
Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on September 19, 2007, as Conveyance Number PP036047, as further amended by the Second Amendment, and as further
amended by the Third Amendment. 
 Security Agreement UE-170 
 Security Agreement dated as of December 31, 2002, between Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on February 24, 2003, as Conveyance Number QQ026578, as amended
by the First Amendment to Security Agreement dated as of March 23, 2007, by Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on September 18, 2007, as Conveyance Number K043465, as further amended by the Second
Amendment, and as further amended by the Third Amendment. 
 Security Agreement UE-184 

Amended and Restated Security Agreement dated December 31, 2002 with Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on
February 21, 2003, as Conveyance Number QQ026561, as amended by the First Amendment to Amended and Restated Security Agreement dated as of March 23, 2007, between Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on
September 26, 2007, as Conveyance Number HH045092, as further amended by the Second Amendment, and as further amended by the Third Amendment. 
 Security Agreement UE-192 
 Amended and Restated Security Agreement dated as of
December 31, 2002, between Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on February 27, 2003, as Conveyance Number T071584, as amended by the First Amendment to Amended and Restated and Restated Security
Agreement dated as of March 23, 2007, between Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on September 21, 2007, as Conveyance Number W008675, as further amended by the Second Amendment, and as further amended
by the Third Amendment. 
 Security Agreement UE-195 
 Amended and Restated Security Agreement dated as of December 31, 2002, between Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on February 20, 2003, as Conveyance Number
QQ026557, as amended by the First Amendment to Amended and Restated Security Agreement dated as of March 23, 2007, between Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on September 21, 2007, as Conveyance Number
W008675, as further amended by the Second Amendment, and as further amended by the Third Amendment. 
 Security Agreement
UE-201 
 Security Agreement dated as of December 31, 2002, between Great Lakes, as debtor, and RACC, as secured party, recorded by the
FAA on March 10, 2003, as Conveyance Number T071656, as amended by the First Amendment to Security Agreement dated as of March 23, 2007, between Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on September 19,
2007, as Conveyance Number PP036048, as further amended by the Second Amendment, and as further amended by the Third Amendment. 

  
 B-2

 Security Agreement UE-202 
 Security Agreement with. dated as of December 31, 2002, between Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on March 3, 2003, as Conveyance Number T071592, as amended
by the First Amendment to Security Agreement dated as of March 23, 2007, between Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on September 19, 2007, as Conveyance Number PP036058, as further amended by the Second
Amendment, and as further amended by the Third Amendment. 
 Security Agreement UE-208 

Security Agreement dated as of December 31, 2002, between Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on March 4,
2003, as Conveyance Number T071604; as amended by the First Amendment to Security Agreement dated as of March 23, 2007, between Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on September 21, 2007, as Conveyance
Number PP036059, as further amended by the Second Amendment, and as further amended by the Third Amendment. 
 Security
Agreement UE-210 
 Security Agreement dated as of December 31, 2002 between Great Lakes, as debtor, and RACC, as secured party,
recorded by the FAA on March 3, 2003, as Conveyance Number T071598, as amended by the First Amendment to Security Agreement dated as of March 23, 2007, between Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on
September 19, 2007, as Conveyance Number PP036061, as further amended by the Second Amendment, and as further amended by the Third Amendment. 
 Security Agreement UE-211 
 Security Agreement dated as of December 31, 2002 between
Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on February 21, 2003, as Conveyance Number JJ000830, as amended by the First Amendment to Security Agreement dated as of March 23, 2007 between Great Lakes, as debtor,
and RACC, as secured party, recorded by the FAA on September 21, 2007, as Conveyance Number PP036062, as further amended by the Second Amendment, and as further amended by the Third Amendment. 

Security Agreement UE-219 

Amended and Restated Security Agreement dated as of December 31, 2002, between Great Lakes, as debtor, and RACC, as secured party, recorded by the
FAA on February 25, 2003, and assigned Conveyance Number JJ000836, as amended by the First Amendment to Amended and Restated Security Agreement dated as of March 23, 2007, between Great Lakes, as debtor, and RACC, as secured party,
recorded by the FAA on September 19, 2007, as Conveyance Number K043466, as further amended by the Second Amendment, and as further amended by the Third Amendment. 
 Security Agreement UE-220 
 Amended and Restated Security Agreement dated as of
December 31, 2002, between Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on February 25, 2003, as Conveyance Number T071538, as amended by the First Amendment to Amended and Restated Security

  
 B-3

 
Agreement dated as of March 23, 2007, between Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on September 21, 2007, as Conveyance Number PP036060, as further
amended by the Second Amendment, and as further amended by the Third Amendment. 
 Security Agreement UE-240 

Amended and Restated Security Agreement dated as of December 31, 2002, between Great Lakes, as debtor, and RACC, as secured party, recorded by the
FAA on February 25, 2003, as Conveyance Number T071540, as amended by the First Amendment to Amended and Restated Security Agreement dated as of March 23, 2007, between Great Lakes, as debtor, and RACC, as secured party, recorded by the
FAA on September 21, 2007, as Conveyance Number K043471, as further amended by the Second Amendment, and as further amended by the Third Amendment. 
 Security Agreement UE-245 
 Amended and Restated Security Agreement dated as of
December 31, 2002, between Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on February 26, 2003, as Conveyance Number T071578, as amended by the First Amendment to Amended and Restated Security Agreement dated as of
March 23, 2007, between Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on September 19, 2007, as Conveyance Number K043468, as further amended by the Second Amendment, and as further amended by the Third Amendment.

 Security Agreement UE-247 
 Amended and Restated Security Agreement dated as of December 31, 2002, between Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on February 21, 2003, as Conveyance Number
QQ026565, as amended by the First Amendment to Amended and Restated Security Agreement dated as of March 23, 2007, between Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on September 19, 2007, as Conveyance Number
K043469, as further amended by the Second Amendment, and as further amended by the Third Amendment. 
 Security Agreement
UE-251 
 Amended and Restated Security Agreement dated as of December 31, 2002, between Great Lakes, as debtor, and RACC, as secured
party, recorded by the FAA on February 27, 2003, as Conveyance Number T071580, as amended by the First Amendment to Amended and Restated Security Agreement dated as of March 23, 2007, between Great Lakes, as debtor, and RACC, as secured
party, recorded by the FAA on September 19, 2007, as Conveyance Number K043470, as further amended by the Second Amendment, and as further amended by the Third Amendment. 
 Security Agreement UE-253 
 Amended and Restated Security Agreement dated as of
December 31, 2002, between Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on February 27, 2003, as Conveyance Number T071582, as amended by the First Amendment to Amended and Restated Security Agreement dated as of
March 23, 2007, between Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on September 19, 2007, as Conveyance Number K043467, as further amended by the Second Amendment, and as further amended by the Third Amendment.

  
 B-4

 Security Agreement UE-254 
 Security Agreement dated as of December 31, 2002, between Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on February 20, 2003, as Conveyance Number JJ000815, as amended
by the First Amendment to Security Agreement dated as of March 23, 2007, between Great Lakes Aviation, Ltd. as debtor, and RACC, as secured party, recorded by the FAA on September 21, 2007, as Conveyance Number K043473, as further amended
by the Second Amendment, and as further amended by the Third Amendment. 
 Security Agreement UE-255 

Security Agreement dated as of December 31, 2002, between Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on
February 20, 2003, as Conveyance Number JJ000823, as amended by the First Amendment to Security Agreement dated as of March 23, 2007, between Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on September 21,
2007, as Conveyance Number K043472as further amended by the Second Amendment, and as further amended by the Third Amendment. 

Security Agreement UE-257 

Amended and Restated Security Agreement dated as of December 31, 2002, between Great Lakes, as debtor, and RACC, as secured party, recorded by the
FAA on February 24, 2003, as Conveyance Number JJ000832, as amended by the First Amendment to Amended and Restated Security Agreement dated as of March 23, 2007, between Great Lakes, as debtor, and RACC, as secured party, recorded by the
FAA on September 19, 2007, as Conveyance Number PP036044, as further amended by the Second Amendment, and as further amended by the Third Amendment. 
 Security Agreement UE-261 
 Amended and Restated Security Agreement dated as of
December 31, 2002, between Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on February 25, 2003, as Conveyance Number JJ000838, as amended by the First Amendment to Amended and Restated Security Agreement dated as
of March 23, 2007, between Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on September 21, 2007, as Conveyance Number K043474, as further amended by the Second Amendment, and as further amended by the Third
Amendment. 

  
 B-5

 Exhibit C 
 To Second Amendment to Agreement 
 Identification of Operating Leases

  

	 	1.	Used Beech 1900D Airliner Operating Lease Agreement Pertaining to Aircraft Serial No. UE-231 Dated December 17, 2008 

 

	 	2.	Used Beech 1900D Airliner Operating Lease Agreement Pertaining to Aircraft Serial No. UE-182 Dated February 2, 2009 

 

	 	3.	Used Beech 1900D Airliner Operating Lease Agreement Pertaining to Aircraft Serial No. UE-165 Dated April 9, 2009 

  
 B-6Exhibit 10.12

 Exhibit 10.12 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (the
“Agreement”), dated as of September 19, 2011 (the “Effective Time”) between Harold L. Covert (the “Executive”) and Lumos Networks Operating Company, a Delaware corporation, and Lumos Networks
Corp., a Delaware corporation (“Holdings”) (and collectively with Lumos Networks Operating Company, the “Company”), recites and provides as follows: 

WHEREAS, the Company considers it essential to the best interests of its shareholders to foster the continuing employment of its key
management personnel; 
 WHEREAS, the Board of Directors of the Company (the “Board”) expects that the
Executive will make substantial contributions to the growth and prospects of the Company; and 
 WHEREAS, the Executive will
serve the Company in reliance upon the undertakings of the Company contained herein. 
 NOW, THEREFORE, in consideration of the
foregoing premises and the mutual covenants herein, the receipt and sufficiency of which are hereby acknowledged by each of the parties, the Company and the Executive agree as follows: 

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

(b) Duties and Responsibilities. The Executive shall have such duties and responsibilities that are consistent with the
Executive’s position as the Board determines and shall perform such duties and carry out such responsibilities to the best of the Executive’s ability for the purpose of advancing the business of the Company and its subsidiaries. Subject to
the provisions of Section 1(c) below, during the Employment Term the Executive shall devote the Executive’s full business time, skill and attention to the business of the Company and its subsidiaries, and, except as specifically approved
by the Board, shall not engage in any other business activity or have any other business affiliation. 
 (c) Other
Activities. Anything in this Agreement to the contrary notwithstanding, as part of the Executive’s business efforts and duties on behalf of the Company, the Executive may participate fully in social, charitable and civic activities, and, if
specifically approved by the Board, the Executive may serve on the boards of directors of other companies, provided that such activities do not unreasonably interfere with the performance of and do not involve a conflict of interest with the
Executive’s duties or responsibilities hereunder; further provided that the Executive acknowledges and agrees that the Board may determine in its sole discretion in the future that Executive’s service on any or all of such boards of
directors does so 

 
interfere with the performance of his duties or responsibilities, in which event the Executive shall resign from any of such boards of directors as are designated by the Board. 

2. Employment Term. The “Employment Term” hereunder shall continue in full force and effect until
December 31, 2013 unless terminated earlier pursuant to the terms and conditions of this Agreement. Thereafter, the Employment Term will renew hereunder automatically for successive one-year periods unless either party gives written notice to
the other not less than six (6) months prior to the end of Employment Term hereof (or any subsequent anniversary, as the case may be) that such party does not wish the Employment Term to be so extended, and under such circumstances, the
Employment Term and this Agreement will terminate by its terms, and without liability to either party, on December 31, 2013 (or such subsequent anniversary, as the case may be). Notwithstanding the foregoing, upon the occurrence of a
“Change in Control” (as such term is defined in Section 4(e)(iv)), the Employment Term shall be automatically extended so that the Employment Term shall continue in full force and effect until the date which is twenty-four
(24) months from the date of a Change in Control and thereafter will renew automatically as of such date and successive one-year periods thereafter, unless prior notice is given, as provided above. 

3. Compensation. During the Employment Term, the Company will pay and/or otherwise provide the Executive with compensation
and related benefits as follows: 
 (a) Base Salary. The Company agrees to pay the Executive, for services rendered
hereunder, a base salary at the annual rate of $285,000 (the “Base Salary”). The Executive’s Base Salary will be reviewed annually throughout the Employment Term by the Compensation Committee of the Board. Notwithstanding
anything in this Agreement to the contrary, the Company may reduce the Executive’s Base Salary by up to ten percent (10%) during the Employment Term, but only as part of a salary reduction program pursuant to which the Base Salaries of the
Chief Executive Officer, all Executive Vice Presidents and all Senior Vice Presidents who have been designated as ‘Executive Officers’ by the Board are reduced by the same percentage at the same time and for the same period of time. The
Base Salary shall be payable in equal periodic installments, not less frequently than monthly, less any sums which may be required to be deducted or withheld under applicable provisions of law. The Base Salary for any partial year shall be prorated
based upon the number of days elapsed in such year. 
 (b) Stock-Based Incentive Compensation. 

 

	 	(i)	General. The Executive shall be eligible to participate in the Company’s stock-based incentive compensation plan pursuant to its terms (“Stock-Based
Incentive Payment”). 

  

	 	(ii)	 Initial Equity Grant. In addition, upon the Effective Time, NTELOS Holdings Corp. (“NTELOS”), the parent of the Company, will award
the Executive the following equity grants, which shall have the terms set forth in the award letters for such equity grants (collectively, the “Initial Equity Grant”): An equity grant of (A) $360,000 in value of restricted stock (with
the number of shares of restricted stock included in the Initial Equity Grant to 

  
 2 

 
be based on the valuation of NTELOS’s Common Stock as of the Effective Time using the NTELOS’s standard methodology for valuing restricted stock), which shares shall vest thirty three
and one-third percent (33 1/3%) for each full year of the Executive’s continued employment with the Company commencing on the first anniversary of the Effective Time; and (B) $240,000 in value of stock options (with the number of options
included in the Initial Equity Grant to be based on the valuation of NTELOS’s Common Stock as of the Effective Time using NTELOS’s standard methodology for valuing stock options), which options shall vest twenty-five percent (25%) for
each full year of the Executive’s continued employment with the Company commencing on the first anniversary of the Effective Time. 
 (c) Team Incentive Plan. The Executive shall be eligible to participate in the Company’s team incentive plan with an annual incentive target of sixty percent (60%) of Base Salary
(“Incentive Payment”), subject to achievement of such program’s objectives and final approval of the Board. Notwithstanding the foregoing or the terms of the team incentive plan, the full Incentive Payment the Executive is
eligible to receive under the team incentive plan based on objective performance factors must be paid and cannot be reduced or eliminated as a result of individual performance factors other than as a result of a good faith determination by the
Board. The Incentive Payment, if any, shall be payable on or before the March 15 immediately following the end of the year in which the Incentive Payment vests and is no longer subject to a substantial risk of forfeiture within the meaning of
Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). 
 (d) Benefits. During
the Employment Term (and thereafter to the extent expressly provided herein), the Executive shall be entitled to participate in all of the Company’s employee benefit plans applicable to the Company’s comparable senior executives according
to the terms of those plans. In addition to the foregoing compensation, the Company agrees that during the Employment Term it shall provide to the Executive a monthly automobile allowance pursuant to Company policy payable in equal periodic
installments, not less frequently than monthly, less any sums which may be required to be deducted or withheld under applicable provisions of law. 
 (e) Vacation. The Executive shall be entitled to a minimum of four (4) weeks of vacation annually, during which time the Executive shall receive compensation in accordance with the terms of
this Agreement. 
 (f) Term Life Insurance. During the Employment Term, and in addition to any other benefits to which
Executive shall be entitled, the Company agrees to pay the premiums on a term life insurance contract covering the Executive that pays a death benefit of at least $565,000. The Company in its discretion shall select the term life insurance contract
on which it will pay the premiums; but the Executive shall be the owner of such contract and will be or will designate the beneficiary of such contract. The Company (i) will include and report such premium payments in the Executive’s
taxable income to the extent required under applicable law and (ii) also will pay to the Executive an additional payment in an amount such that after 

  
 3 

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

4. Termination of Employment. 
 (a) By the Company For Cause. The Company may terminate the Executive’s employment under this Agreement at any time for Cause (as defined in Section 4(e)) and shall provide written notice
of termination to the Executive (which notice shall specify in reasonable detail the basis upon which such termination is made). Notwithstanding the foregoing, in no event, shall any termination of employment be deemed for Cause unless the
Executive’s employment is terminated within one hundred eighty (180) days of when the Company learns of the act or conduct that constitutes Cause and the Board of Directors concludes that the situation warrants a determination that the
Executive’s employment terminated for Cause. In the event the Executive’s employment is terminated for Cause, all provisions of this Agreement (other than Sections 5 through 15 hereof) and the Employment Term shall be terminated;
provided, however, that such termination shall not divest the Executive of any previously vested benefit or right unless the terms of such vested benefit or right specifically require such divestiture where the Executive’s employment is
terminated for Cause. In addition, the Executive shall be entitled to payment of the Executive’s earned and unpaid Base Salary to the date of termination payable as described above. The Executive also shall be entitled to unreimbursed business
and entertainment expenses in accordance with, and payable at the same time set forth in, the 

  
 4 

 
Company’s policy (but no later than thirty (30) days after the date of termination), and unreimbursed medical, dental and other employee benefit expenses payable in accordance with the
Company’s applicable employee benefit plans (the payments and benefits described in this subsection (a) herein after referred to as the “Standard Termination Payments”). 

(b) Upon Death or Disability. If the Executive dies, all provisions of Section 3 of this Agreement (other
than rights or benefits arising as a result of such death) and the Employment Term shall be automatically terminated; provided, however, that an amount equal to the earned and unpaid Incentive Payments to the date of death and the Standard
Termination Payments shall be paid, as described above, to the Executive’s surviving spouse or, if none, the Executive’s estate (as set forth above), and the death benefits under the Company’s employee benefit plans shall be paid to
the Executive’s beneficiary or beneficiaries as properly designated in writing by the Executive, in accordance with the Company’s applicable employee benefit plans. If the Executive is unable to perform the essential functions of the
Executive’s job under this Agreement, with or without reasonable accommodation, by reason of physical or mental disability or incapacity (“Disability”) and such disability or incapacity shall have continued for any period
aggregating six (6) months within any twelve (12) consecutive months, the Company may terminate the Executive’s employment, this Agreement and the Employment Term at any time thereafter. In such event, the Executive shall be entitled
to receive the Executive’s normal compensation hereunder during said time of disability or incapacity, and shall thereafter be entitled to receive the “Disability Incentive Payment” (as described in the penultimate sentence of this
subsection (b)), payable no later than two and a half (2  1/2) months after the Company terminates the Executive’s employment, and the earned and unpaid Incentive Payments to the date of termination of the Executive’s employment and the Standard
Termination Payments, payable as described above. The portion of the payment representing the Disability Incentive Payment shall be paid in a lump sum determined on a net present value basis, using a reasonable discount rate determined by the Board.
The Disability Incentive Payment shall be equal to the target Incentive Payment that the Executive would have been eligible to receive for the year in which the Employment Term is terminated multiplied by a fraction, the numerator of which is the
number of days in such year before and including the day of termination of the Employment Term and the denominator of which is the total number of days in such year. 
 (c) By the Company Without Cause. 
 (i) The Company may terminate the
Executive’s employment under this Agreement at any time without Cause (for purposes of clarity, it is acknowledged that expiration of the Employment Term (including notice of non-renewal) shall not be considered a termination without Cause),
and other than by reason of the Executive’s death or disability. The Company shall provide written notice of termination to the Executive, which notice shall specify the effective date of such termination and that the termination is without
Cause (the “Termination Date”). If the Termination Date is later than the date of the notice, then from the date of the notice through the Termination Date, the Executive shall continue to perform the normal duties of the
Executive’s employment hereunder, and shall be entitled to receive when due all compensation and benefits applicable to the Executive hereunder, payable as described above. Thereafter, conditioned upon the Executive executing and not revoking
an effective general release in favor of the Company, the Board and their affiliates, in a form mutually 

  
 5 

 
acceptable to both parties hereto, within sixty (60) days after termination of the Executive’s employment, the Company shall pay the Executive the amounts set forth in this subsection
(c) (except for the amounts set forth in subsection (c)(iii) which shall be paid as set forth below regardless of whether the Executive executes such release). Under such circumstances, subject to subsection (c)(v) and Section 19 below,
the Company shall pay the Executive an amount equal to fifty percent (50%) of the Executive’s Base Salary for a period of twenty-four (24) months beginning immediately after the Termination Date (the “Termination
Period”), in such periodic installments as were being paid immediately prior to the Termination Date, no less frequently than monthly, less any sums which may be required to be deducted or withheld under applicable provisions of law.

 (ii) Subject to subsection (c)(v) and Section 19 below, the Company shall pay the Executive a lump
sum, determined on a net present value basis, using a reasonable discount rate determined by the Board, equal to the full target Incentive Payment for the year that includes the Termination Date multiplied by a fraction, the numerator of which is
the number of weeks in the Termination Period and the denominator of which is fifty-two (52), no later than two and a half (2
 1/2) months after the Termination Date.

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

  
 6 

 
release. Any benefits to be provided to the Executive during such time may be provided at the Executive’s expense with the Executive having the right to reimbursement of such amounts at the
time described above. 
 (vi) In addition, Executive and the Executive’s dependents will be entitled to receive from the
Company, and the Company shall provide to the Executive and the Executive’s dependents, medical benefits not less favorable than and on the same terms and for the same periods as those provided under the Company’s Postretirement Medical
And Life Insurance Benefits Plan, as in effect on the date hereof or the Termination Date, whichever is more favorable to the Executive, regardless of whether the Executive or the Executive’s dependents are otherwise eligible to participate in
such plan. The Company, if it chooses, may provide such medical coverage under such Postretirement Medical and Life Insurance Benefits Plan, if the Executive otherwise is eligible thereunder, or in lieu of medical coverage under such plan, subject
to subsection (c)(v) above and Section 19 below, the Company may pay for or may procure, no less frequently than monthly, individual insurance coverage for the Executive and the Executive’s dependents under a policy or policies that
provide medical benefits and terms not less favorable than the medical benefits and terms provided under such Post Retirement Medical And Life Insurance Benefits Plan, as in effect on the date hereof or the Termination Date, whichever is more
favorable to the Executive. 
 (d) By the Executive. The Executive may terminate the Executive’s employment, and any
further obligations which the Executive may have to perform services on behalf of the Company hereunder at any time after the date hereof; by sending written notice of termination to the Company not less than sixty (60) days prior to the
effective date of such termination. During such sixty (60) day period, the Executive shall continue to perform the normal duties of the Executive’s employment hereunder and shall be entitled to receive when due all compensation and
benefits applicable to the Executive hereunder, payable as described above. Except as provided below, if the Executive shall elect to terminate the Executive’s employment hereunder (other than as a result of the Executive’s death or
disability), then the Executive shall remain vested in all vested benefits provided for hereunder or under any benefit plan of the Company in which the Executive is a participant and shall be entitled to receive the earned and unpaid Incentive
Payments to the date of termination of the Executive’s employment and the Standard Termination Payments (as set forth above), but the Company shall have no further obligation to make payments or provide benefits to the Executive under
Section 3 hereof. Anything in this Agreement to the contrary notwithstanding, the termination of the Executive’s employment by the Executive for Good Reason (as defined in Section 4(e)), shall be deemed to be a termination of the
Executive’s employment without Cause by the Company for purposes of this Agreement, and the Executive shall be entitled to the payments and benefits set forth in Section 4(c) above, payable as described above, subject to the Executive
executing and not revoking a general release in favor of the Company, the Board and their affiliates, in a form mutually acceptable to both parties hereto, within sixty (60) days after the termination of Executive’s employment.
Notwithstanding the foregoing, in no event shall any termination of employment by the Executive be deemed for Good Reason unless the Executive terminates employment within one hundred eighty (180) days of when the Executive learns of the act or
conduct that constitutes Good Reason. 

  
 7 

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

  
 8 

 
terminate the Executive’s employment for Good Reason hereunder and the Executive does not exercise such right to terminate the Executive’s employment, any such failure shall not operate
to waive the Executive’s right to terminate the Executive’s employment for that or any subsequent action or actions, whether similar or dissimilar, that would constitute Good Reason. For purposes of clarity, it is acknowledged that
expiration of the Employment Term (including notice of non-renewal) shall not be considered “Good Reason” hereunder. 

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

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

  

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

  

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

 

	 	(IV)	 During any period of twelve (12) consecutive months commencing on the Effective Time, (i) the individuals who constituted the Board of
Directors of Holdings on the Effective Time, and (ii) any new director who either (A)

  
 9 

 
was elected by the Board of Directors of Holdings or nominated for election by Holdings’ stockholders and whose election or nomination was approved by a vote of more than fifty percent
(50%) of the directors then still in office who either were directors on the Effective Time, or whose election or nomination for election was previously so approved or (B) was appointed to the Board of Directors of Holdings pursuant to the
designation of Quadrangle Entities, cease for any reason to constitute a majority of the Board. 
 For purposes of the
foregoing, “Person” means an individual, corporation, limited liability company, partnership, association, trust or other entity or organization, including a government or political subdivision or an agency or instrumentality thereof.

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

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

 (v) prices or pricing strategy or information; 

  
 10 

 (vi) current and proposed advertising and promotional programs; 

(vii) engineering and technical data; 
 (viii) the Company’s methods, systems, techniques, procedures, designs, formulae, inventions and know-how; personnel information; 

(ix) legal advice and strategies; and 
 (x) other information of a similar nature not known or made available to the public or the Company’s Competitors (as defined in Section 8). 

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

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

(a) While the Executive is employed by the Company, the Executive will not, directly or indirectly, compete with the business conducted by
the Company, and the Executive will not, directly or indirectly, provide any services to a Competitor. 
 (b) For a period of
twenty-four (24) months (the “Non-Competition Period”) after the Executive’s employment with the Company ends for any reason, the Executive will not compete with the Company by performing or causing to be performed the
same or similar types of duties or services that the Executive performed for the Company for a Competitor of the Company in any capacity whatsoever, directly or indirectly, within any city or county of the continental United States in which, at the
time the Executive’s employment with the Company ends, the Company provides services or products, offers to provide services or products, or has documented plans to provide or offer to provide services or products within the Non-Competition
Period provided that the Executive has knowledge of those plans at the time the Executive’s employment with the Company ends (the “Service Area”). Additionally, the Executive agrees that during the Non-Competition Period, the
Executive will not, directly or 

  
 11 

 
indirectly, sell, attempt to sell, provide or attempt to provide, any wireline telecommunications services, including but not limited to internet services, to any person or entity who was a
customer or an actively sought prospective customer of the Company, at any time during the Executive’s employment with the Company. The restrictions set forth above shall immediately terminate and shall be of no further force or effect in the
event of a default by the Company in the payment of any consideration, if any, to which the Executive is entitled under Section 8(i) below, which default is not cured within thirty (30) days after written notice thereof. The Executive
acknowledges and agrees that because of the nature of the Company’s business, the nature of the Executive’s job responsibilities, and the nature of the Confidential Information and Trade Secrets of the Company which the Company will give
the Executive access to, any breach of this provision by the Executive would result in the inevitable disclosure of the Company’s Trade Secrets and Confidential Information to its direct competitors. 

(c) While the Executive is employed by the Company and during the Non-Competition Period, the Executive will not, directly or indirectly,
solicit or encourage any employee of the Company to terminate employment with the Company; hire, or cause to be hired, for any employment by a Competitor, any person who within the preceding twelve (12) month period has been employed by the
Company, or assist any other person, firm, or corporation to do any of the acts described in this subsection (c). 
 (d) The
Executive acknowledges and agrees that the Company has a legitimate business interest in preventing him from engaging in activities competitive with it as described in this Section 8 and that any breach of this Section 8 would constitute a
material breach of this Section 8 and this Agreement. 
 (e) The Company may notify anyone employing the Executive or
evidencing an intention to employ the Executive during the Non-Competition Period as to the existence and provisions of this Agreement and may provide such person or organization a copy of this Agreement. The Executive agrees that the Executive will
provide the Company with a notice containing the identity of any employer the Executive plans to go to work for during the Non-Competition Period along with the Executive’s anticipated job title, anticipated job duties with any such employer,
and anticipated start date. The Company will analyze the proposed employment and make a determination as to whether it would violate this Section 8. The Company will notify the Executive in writing within ten (10) business days following
the receipt of the Executive’s notice as to whether or not the Company objects to the proposed employment. The Executive further agrees to provide a copy of this Agreement to anyone who employs the Executive during the Non-Competition Period.

 (f) The Executive acknowledges and agrees that this Section 8 is intended to limit the Executive’s right to compete
only to the extent necessary to protect the Company’s legitimate business interest. The Executive acknowledges and agrees that the Executive will be reasonably able to earn a livelihood without violating the terms of this Section 8. If any
of the provisions of this Section 8 should ever be deemed to exceed the time, geographic area, or activity limitations permitted by applicable law, the Executive agrees that such provisions may be reformed to the maximum time, geographic area
and activity limitations permitted by applicable law, and the Executive authorizes a court or other trier of fact having jurisdiction to so reform such provisions. In the event the Executive breaches any of the restrictions or provisions

  
 12 

 
set forth in this Section 8, the Executive waives and forfeits any and all rights to any further benefits under this Agreement, including but not limited to the consideration set forth in
subsection (i) below as well as any additional payments, compensation, benefits or severance pay he may otherwise be entitled to receive under this Agreement. Additionally, in the event the Executive breaches any of the restrictions or
provisions set forth in this Section 8, the Executive agrees to repay the Company for any of the consideration set forth in subsection (i) below that the Executive received prior to the breach as well as any additional payments,
compensation, benefits or severance pay the Executive might otherwise have previously received under Section 4(c) of this Agreement. 
 (g) For purposes of this Section 8, the following definitions will apply: 

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

  
 13 

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

  
 14 

 
the Executive agree that such amounts are owed or there is a final settlement or resolution of the claim or dispute for which the payments are required. 

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

  
 15 

 
performance shall be governed by the laws of the Commonwealth of Virginia without regard to its conflict of laws principles or rules. To the full extent lawful, each of the Company and the
Executive hereby consents irrevocably to personal jurisdiction, service and venue in connection with any claim or controversy arising out of this Agreement in the courts of the Commonwealth of Virginia located in Waynesboro, Virginia, and in the
federal courts in the Western District of Virginia. 
 14. Excise Taxes. 

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

(d) The Executive then will receive the total Parachute Payments or the total Capped Payments, whichever provides the Executive with the
higher Net After Tax Amount; however, if the reductions imposed under this Section 14 are in excess of the amount of benefits payable or provided under this Agreement, then the total Parachute Payments will be adjusted by first reducing, on a
pro rata basis, the amount of any noncash or cash benefits under this Agreement, then noncash or cash benefits under any other plan, agreement or arrangement, then any cash payments under this Agreement and finally any cash payments under any other
plan agreement or arrangement. The Accounting Firm will notify the Executive and the Company if it determines that the Parachute Payments must be reduced and will send the Executive and the Company a copy of its detailed calculations supporting that
determination. 
 (e) As a result of the uncertainty in the application of Code Sections 280G and 4999 at the time that the
Accounting Firm makes its determinations under this Section 14, it is possible that the Executive will have received Parachute Payments or Capped Payments in 

  
 16 

 
excess of the amount that should have been paid or distributed (“Overpayments”), or that additional Parachute Payments or Capped Payments should be paid or distributed to the
Executive (“Underpayments”). If the Accounting Firm determines, based on either the assertion of a deficiency by the Internal Revenue Service against the Company or the Executive, which assertion the Accounting Firm believes has a
high probability of success or controlling precedent or substantial authority, that an Overpayment has been made, that Overpayment may, at the Executive’s discretion, be treated for all purposes as a loan ab initio that the Executive must repay
to the Company immediately together with interest at the applicable Federal rate under Code Section 7872; provided, however, that no loan will be deemed to have been made and no amount will be payable by the Executive to the Company unless, and
then only to the extent that, the deemed loan and payment would either reduce the amount on which the Executive is subject to tax under Code Section 4999 or generate a refund of tax imposed under Code Section 4999 and the Executive will
receive a greater Net After Tax Amount than such Executive would otherwise receive. If the Accounting Firm determines, based upon controlling precedent or substantial authority, that an Underpayment has occurred, the Accounting Firm will notify the
Executive and the Company of that determination and the amount of that Underpayment will be paid to the Executive promptly by the Company after such determination. 
 (f) For purposes of this Section 14, the following terms shall have their respective meanings: 
 (i) “Accounting Firm” means the independent accounting firm currently engaged by the Company, or a mutually agreed upon independent accounting firm if requested by the Executive; and

 (ii) “Net After Tax Amount” means the amount of any Parachute Payments or Capped Payments, as applicable,
net of taxes imposed under Code Sections 1, 3101 (b) and 4999 and any State or local income taxes applicable to the Executive on the date of payment. The determination of the Net After Tax Amount shall be made using the highest combined
effective rate imposed by the foregoing taxes on income of the same character as the Parachute Payments or Capped Payments, as applicable, in effect on the date of payment. 
 (iii) “Parachute Payment” means a payment that is described in Code Section 280G(b)(2), determined in accordance with Code Section 280G and the regulations promulgated or
proposed thereunder. 
 (g) The fees and expenses of the Accounting Firm for its services in connection with the determinations
and calculations contemplated by the preceding subsections shall be borne by the Company. 
 (h) The Company and the Executive
shall each provide the Accounting Firm access to and copies of any books, records and documents in the possession of the Company or the Executive, as the case may be, reasonably requested by the Accounting Firm, and otherwise cooperate with the
Accounting Firm in connection with the preparation and issuance of the determinations and calculations contemplated by the preceding subsections. Any determination by the Accounting Firm shall be binding upon the Company and the Executive.

  
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 15. Severability. Whenever possible each provision and term of this Agreement
shall be interpreted in such a manner as to be effective and valid under applicable law, but if any provision or term of this Agreement shall be held to be prohibited by or invalid under such applicable law, then such provision or term shall be
ineffective only to the extent of such prohibition or invalidity, without invalidating or affecting in any manner whatsoever the remainder of such provisions or term or the remaining provisions or terms of this Agreement. If any provision contained
in Sections 5 or 8 of this Agreement shall for any reason be held to be excessively broad or unreasonable as to time, territory, or interest to be protected, a court is hereby empowered and requested to construe such provision by narrowing it so as
to make it reasonable and enforceable to the extent provided under applicable law. 
 16. Counterparts. This
Agreement may be executed in separate counterparts, each of which is deemed to be an original and all of which taken together constitute one and the same Agreement. 
 17. Headings. The headings of the Sections of this Agreement are inserted for convenience only and shall not be deemed to constitute a part hereof and shall not affect the construction or
interpretation of this Agreement. 
 18. Entire Agreement. This Agreement (together with all documents and
instruments referred to herein) constitutes the entire agreement, and supersedes all other prior agreements and undertakings, both written and oral, among the parties with respect to the subject matter hereof, including any prior employment or
management continuity agreement under which the Executive hereby agrees to waive all rights and which is hereby terminated. 

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

  
 18 

 
the Executive will have the right to reimbursement from the Company as soon as, and within thirty (30) days after, the 409A Deferral Period ends, and the balance of the benefits shall be
provided as otherwise scheduled. 
 (c) For purposes of this Agreement, all rights to payments and benefits hereunder shall be
treated as rights to receive a series of separate payments and benefits to the fullest extent allowed by Section 409A of the Code. 
 (d) For purposes of determining time of (but not entitlement to) the payment or provision of non-qualified deferred compensation under this Agreement subject to Section 409A of the Code in connection
with the termination of the Executive’s employment, termination of employment will be construed to mean a “separation from service” within the meaning of Section 409A of the Code where it is reasonably anticipated that the
Executive will not perform any further services after that date or that the level of bona fide services that the Executive will perform after that date (whether as an employee or independent contractor) will permanently decrease to no more than
twenty percent (20%) of the average level of bona fide services the Executive performed over the immediately preceding thirty-six (36) month period. 
 (e) A “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code shall be determined on the basis of the applicable twelve (12)-month period ending on the specified employee
identification date designated by the Company consistently for purposes of this Agreement and similar agreements or, if no such designation is made, based on the default rules and regulations under Section 409A(a)(2)(B)(i) of the Code.

 (f) Notwithstanding any of the provisions of this Agreement, the Company shall not be liable to the Executive if any payment
or benefit which is to be provided pursuant to this Agreement and which is non-qualified deferred compensation subject to Section 409A of the Code otherwise fails to comply with, or be exempt from, the requirements of Section 409A of the
Code. 
 [SIGNATURES APPEAR ON THE FOLLOWING PAGE] 

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

			
	Lumos Networks Corp.
		
	 By:
	 	/s/     Michael B. Moneymaker        
		 	  

		 	Michael B. Moneymaker
		 	President

  

			
	Lumos Networks Operating Company
		
	 By:
	 	/s/     Michael B. Moneymaker      
		 	  

		 	Michael B. Moneymaker
		 	President

  

			
	Executive
		
	 By:
	 	/s/     Harold L. Covert        
		 	  

		 	Harold L. Covert

  
 20

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