Document:

Exhibit
4.1

 

DESCRIPTION OF COMMON STOCK

 

Our class of common stock is registered under Section
12(g) of the Securities Exchange Act of 1934, as amended.

 

We have 750,000,000 authorized shares of common stock
with a par value of $0.0001 per share.

 

Holders of our common stock have no preemptive rights
to purchase additional shares of common stock or other subscription rights. The common stock carries no conversion rights and is not subject
to redemption or to any sinking fund provisions. All of our issued common stock is entitled to share equally in dividends from sources
legally available, when, as and if declared by our Board of Directors, and upon our liquidation or dissolution, whether voluntary or involuntary,
to share equally in our assets available for distribution to holders of common stock.

 

Our Board of Directors is authorized to issue additional
shares of common stock not to exceed the amount authorized by our Articles of Incorporation on such terms and conditions and for such
consideration as the Board may deem appropriate without further stockholder action.

 

Each holder of our common stock is entitled to one
vote per share on all matters on which such stockholders are entitled to vote.

 

Dividends on our common stock may be declared by our
Board of Directors in accordance with applicable laws and may be paid in cash, property, or shares of stock, subject to the provisions
of our Articles of Incorporation. Our Board has no present intention of declaring any dividends.

 

Our class of Series A convertible preferred stock
ranks on a parity, in all respects, with our common stock, except that each preferred share is entitled to 10 votes and holders of Series
A convertible preferred stock are not entitled to receive dividends.Exhibit 10.1

 

NOTICE AND ACCEPTANCE OF PERFORMANCE SHARE UNIT AWARD

 

 

Participant

 

[                      ]

 

Target Number of Performance Share Units: [          ]

 

1.       Grant of Performance
Units. Effective September 20, 2022 (the “Date of Grant”), [          ] (the “Participant”) has been awarded
[          ] Performance Units (“Performance Share Units” or the “Award”) in accordance with and subject to the
provisions of the Shenandoah Telecommunications Company 2014 Equity Incentive Plan (the “Plan”). All terms used in this Notice
and Acceptance of Performance Share Unit Award (this “Agreement”) that are defined in the Plan have the same meaning given
them in the Plan.

 

2.       Vesting of Performance
Units. The Participant will earn Performance Share Units and the Participant’s interest in the earned Performance Share Units
shall become vested to the extent provided in paragraph 2(a), 2(b), or 2(c), as applicable, and in accordance with the other terms and
conditions of this Agreement and the Plan.

 

(a)              
Fiber-To-The-Home (FTTH) Passings Performance Units. [          ] of the Performance Share Units are denominated as the “FTTH
Passings Performance Units”. Subject to the terms and conditions of this Agreement, the Participant shall earn up to [          ] of the
Performance Share Units based on the Company’s reported Fiber-To-The-Homes Passings (“FTTH Passings”) as of December
31, 2024, in accordance with the following table:

 

	Fiber-To-The-Home Passings Performance Share Units
	FTTH Passings, greater than or equal to:	% of Units
	[            ]	50%
	[            ]	75%
	[            ]	100%

 

(b)              
Cost To Pass Performance Units. [          ] of the Performance Share Units are denominated as the “Cost To Pass RGU Performance
Units”. Subject to the terms and conditions of this Agreement, the Participant shall earn up to [          ] of the Performance Share Units
based on the Company’s Cost To Pass as of December 31, 2024, in accordance with the following table:

 

	Cost To Pass Performance Share Units
	Cost To Pass, less than or equal to:	% of Units
	$[            ]	50%
	$[            ]	75%
	$[            ]	100%

 

 

     

    
	Performance Share Unit Award

	September 20, 2022

	Page 2

 

    

(c)              
Consolidated Net Adjusted (“NET ADJ”) EBITDA Performance Units. [          ] of the Performance Share Units are denominated
as the “NET ADJ EBITDA Performance Units”. Subject to the terms and conditions of this Agreement, the Participant shall earn
up to [          ] of the Performance Share Units based on the Company’s Consolidated Net Adjusted Earnings Before Interest Taxes Depreciation
and Amortization (EBITDA) for the fiscal year ending December 31, 2024, as reflected in the Company’s audited financial statements,
in accordance with the following table:

 

	NET ADJ EBITDA Performance Share Units
	NET ADJ EBITDA, greater than or equal to:	% of Units
	$[            ]million	50%
	$[            ] million	75%
	$[            ]million	100%

 

(d)       The Performance Unit goals
set forth in Paragraphs 2(a), 2(b), 2(c) may be adjusted by the Compensation Committee (the “Committee”) as it deems equitable
in recognition of the impact of any acquisitions, dispositions, mergers or similar business transactions that are completed during the
performance period.

 

(e)       If the Consolidated Net
Adjusted EBITDA, Fiber-To-The-Home Passings or Cost to Pass performance measured under this Section 2 falls between two Performance Share
Unit goals shown in the applicable table in paragraph 2(a), 2(b) or 2(c), then the number of Performance Share Units earned under paragraphs
2(a), 2(b) and 2(c) shall be calculated using linear interpolation.

 

(f)       As soon as practicable
after December 31, 2024, but in all events no later than March 15, 2025, the Committee shall determine and certify the number of Performance
Share Units that have been earned under paragraphs 2(a), 2(b) and 2(c).

 

(g)       If the Participant remains
in the continuous employ of the Company or an Affiliate from the Date of Grant until December 31, 2024, then as of December 31, 2024 the
Participant will vest in the number of Performance Share Units that the Committee determines and certifies have been earned under paragraphs
2(a), 2(b) and 2(c).

 

3.       Death or Disability.
If the Participant remains in the continuous employ of the Company or an Affiliate from the Date of Grant until the date that the Participant’s
employment with the Company and its Affiliates ends on account of the Participant’s death or Disability before any of the Performance
Share Units have vested, then the Participant will vest in a prorated number of the Performance Share Units on the date that such employment
terminates. The term “Disability” shall have the same meaning as the term is defined in accordance with the Company’s
then current long term disability program based on the Participant’s medical condition and without regard to any waiting or elimination
period and without regard to whether the Participant is covered by the program. Proration will be calculated by multiplying the number
of outstanding Performance Share Units by a fraction, the numerator of which is the number of days of continuous employment with the Company
or an Affiliate (without duplication) on and after the Date of Grant and the denominator of which is the number of days between the Date
of Grant and December 31, 2024.

     

    
	Performance Share Unit Award

	September 20, 2022

	Page 3

 

    

4.        Change in Control.
This Section 4 applies to the Participant if the Participant remains in the continuous employ of the Company or an Affiliate from the
Date of Grant until a Control Change Date that occurs after the Date of Grant.

 

(a)       Upon a Change in Control,
the Performance Share Units may be assumed by, or a substitute award granted by, the surviving entity
in the Change in Control, in accordance with Section 14.02 of the Plan. In the event of such assumption or substitution, subject
to adjustment per the Plan to reflect the Change in Control transaction, the number of Performance Share Units to be so assumed or substituted
shall be calculated as follows: (i) if the Change in Control Date occurs during the first two years of the three-year performance period
applicable to this Award, then 100% of the target number of Performance Share Units shall be converted to time-based restricted stock
units (“RSUs”); or (ii) if the Change in Control Date occurs during the third year of the performance period, then the Performance
Share Units shall be converted to RSUs based on actual performance-to-date, as determined by the Committee in its discretion and in accordance
with the Award, provided, however, that if actual performance is deemed not determinable, then 100% of the target number of Performance
Share Units shall be converted to RSUs.

 

(b)       Any Performance Share
Units that are converted to RSUs pursuant to Section 4(a) above shall be eligible to vest in accordance with the original vesting date
and terms of this Award (except the performance-based vesting goals shall no longer apply). In addition, the RSUs shall automatically
vest in full in the event of a Participant’s involuntary termination without “cause” or upon a termination for “good
reason” (each such term as defined in the Severance Agreement between the Participant and Shentel Management Company dated as of
January 1, 2020).

 

(c)       If
such surviving entity does not assume or substitute the Performance Share Units, provided that the Participant complies with the
Restrictive Covenants in Section 9 below, any outstanding Performance Share Units that are not vested on or before the Control Change
Date shall be vested on the Control Change Date based on 100% of the target performance. As to each such Performance Share Unit, an equal
number of shares of nonforfeitable Common Stock will be issued to the Participant as provided in Section 6 if issued on or before the
closing of the Change in Control, or the Participant will receive the same consideration as other shareholders for an equal number of
shares in the Change in Control transaction if issued after the closing of the Change in Control; provided that in lieu of the issuance
of shares of Common Stock the Committee, in its discretion and without the need of the Participant’s consent, may provide that a
single cash payment will be made in exchange for the cancellation of the Performance Share Units that become vested under this Section
4, in accordance with Section 14.03 of the Plan. The payment for each such Performance Share Unit shall be paid on the Control Change
Date and shall be an amount that is equal to the value per share of Common Stock received by shareholders in the Change in Control transaction.

 

     

    
	Performance Share Unit Award

	September 20, 2022

	Page 4

 

    

5.       Forfeiture and Cancellation.
Any Performance Share Units that have not vested under Sections 2, 3 or 4 shall be forfeited and cancelled on the earlier of January
1, 2025 or the date that the Participant is no longer employed by the Company or an Affiliate.

 

6.       Settlement. As soon
as practicable after the Participant vests in any of the Performance Share Units, but in all events no later than March 15 of the year
following the date of vesting, the Committee shall direct the transfer agent to issue shares of Common Stock to the Participant (or the
estate of the Participant in the case of the Participant’s death on or before such date); provided, however, that any shares of
Common Stock issuable shall be issued on the Control Change Date if the Performance Share Units vest under Section 4(c). The number of
shares of Common Stock issued to or on behalf of the Participant will equal the number of Performance Share Units that have vested; provided,
however, that only whole shares of Common Stock will be issued and a cash payment will be made in settlement of any fractional share of
Common Stock that otherwise would be issued to the Participant.

 

7.       Transferability.
The Performance Share Units evidenced by this Agreement cannot be transferred.

 

8.       Certain Definitions.
For purposes of this Agreement, the terms Consolidated Net Adjusted EBITDA, Fiber-To-The-Home Passings, and Cost to Pass shall have the
following meanings:

 

(a)       Fiber-To-The-Home Passings
or FTTH Passings means the homes and businesses passed by the Company’s fiber network and released to sales as of the end of
the measurement period as publicly reported in the Company’s Annual Report on Form 10-K.

 

(b)       Cost to Pass means
FTTH Capital Expenditures less the FTTH Cost To Connect Capital Expenditures divided by the Incremental FTTH Passings. FTTH Capital Expenditures
are the cumulative capital expenditures for the measurement period as publicly reported in the Company’s quarterly earnings call
deck and/or earnings call script. FTTH Cost To Connect Capital Expenditures are the cumulative capital expenditures for the measurement
period to connect a customer to the Company’s fiber network including labor, consumer premise equipment and materials as reported
in the Company’s monthly Capital Steering Committee report. Incremental FTTH Passings is FTTH Passings as of the end of the measurement
period less the FTTH Passings as of the beginning of the measurement period.

 

(c)       Consolidated Net Adjusted
EBITDA or NET ADJ EBITDA means the difference between the Consolidated Adjusted EBITDA and the Tower Segment Adjusted EBITDA as publicly
reported in the Company’s public disclosures for the year ending December 31, 2024. The Consolidated Adjusted EBITDA is the consolidated
net income (loss) from continuing operations less depreciation, amortization, interest expense, income tax expense (benefit), stock-based
compensation expense, impairment expense, restructuring expense, merger and acquisition transaction related expenses and other expense
(income). The Tower Segment Adjusted EBITDA is Tower segment net income (loss) from continuing operations less depreciation, amortization,
interest expense, income tax expense (benefit), stock-based compensation expense, impairment expense, restructuring expense, merger and
acquisition transaction related expenses and other expense (income).

 

     

    
	Performance Share Unit Award

	September 20, 2022

	Page 5

 

    

9.       Restrictive Covenants.

 

(a)              
Non-Competition. The Participant agrees that (i) during the period that any unvested Performance Share Units are outstanding
and (ii) during the Participant’s employment with the Company or an Affiliate, the Participant will not, without the Board’s
prior written consent, directly or indirectly engage in, have any equity interest in, or assist, manage or participate in (whether as
a director, officer, employee, agent, representative security holder, consultant or otherwise) any Competitive Business; provided, however,
that: (i) the Participant shall be permitted to acquire a passive stock or equity interest in such a Competitive Business provided the
stock or other equity interest acquired is not more than 5% of the outstanding interest in such a Competitive Business; and (ii) the Participant
shall be permitted to acquire any investment through a mutual fund, private equity fund or other pooled account that is not controlled
by the Participant and in which he has less than a 5% interest. For purposes of this provision, the term “Competitive Business”
shall mean a business that provides telecommunication services to customers in a location in which the Company or an Affiliate provides
the same or similar telecommunications services to customers.

 

(b)              
Non-Solicitation. The Participant agrees that (i) during the period that any unvested Performance Share Units are outstanding,
(ii) during the Participant’s employment with the Company or an Affiliate, and (iii) during the one (1) year period immediately
following the termination of the Participant’s employment with the Company and its Affiliates by either party for any reason, the
Participant will not, directly or indirectly, recruit or otherwise solicit or induce any employee, director, consultant, customer, vendor
or supplier of the Company to terminate his, her or its employment or arrangement with the Company or otherwise change his, her or its
relationship with the Company.

 

(c)              
Confidentiality. The Participant agrees that, both during and after the Participant’s employment with the Company
and its Affiliates, the Participant will maintain in confidence and shall not directly, indirectly or otherwise, use, disseminate, disclose
or publish, or use for the Participant’s benefit or the benefit of any person, firm, corporation or other entity, any confidential
or proprietary information or trade secrets of or relating to the Company without the prior written authorization of the Company. Notwithstanding
anything herein to the contrary, nothing in this provision shall prohibit the Participant from disclosing any information that is generally
known by the public, and this provision will not preclude the Participant from giving testimony in response to a lawful subpoena or preclude
any conduct protected under 18 U.S.C. §1514A(a) or any similar state or federal law providing “whistleblower” protection
to the Participant.

 

(d)              
Non-Disparagement. The Participant agrees that, both during and after the Participant’s employment with the Company
and its Affiliates, the Participant will not criticize, defame, be derogatory toward or otherwise disparage the Company (or the Company’s
past, present and future officers, directors, stockholders, attorneys, agents, representatives, employees or affiliates), or its or their
business plans or actions, to any third party, either orally or in writing; provided, however, that this provision will not preclude the
Participant from giving testimony in response to a lawful subpoena or preclude any conduct protected under 18 U.S.C. §1514A(a) or
any similar state or federal law providing “whistleblower” protection to the Participant.

     

    
	Performance Share Unit Award

	September 20, 2022

	Page 6

 

    

(e)              
Remedies. In the event the Participant breaches any of the Restrictive Covenants in paragraph 8(a), (b), (c) or (d), in
addition to any other remedy available to the Company at law or in equity, any Performance Units not vested in accordance with the provisions
of this Agreement will be immediately cancelled, and the Company shall also be entitled to obtain equitable relief in the form of specific
performance, temporary restraining order, temporary or permanent injunction, an accounting of any profits obtained by the Participant
on account of such breach, or any other equitable remedy which may then be available. Nothing in this paragraph 8(e) shall be construed
as prohibiting the Company from pursuing any other additional remedy available to it for such breach.

 

10.       Shareholder Rights.
The Participant will not have any rights as a shareholder of the Company on account of the grant of the Performance Units until, and then
only to the extent that, the Performance Units are earned and vested and settled by the issuance of Common Stock in accordance with this
Agreement.

 

11.       Tax Withholding.
No shares of Common Stock shall be issued in settlement of the Performance Units until the Participant has made arrangements, acceptable
to the Company, for the satisfaction of any income and employment taxes that must be withheld on account of the issuance of Common Stock
under paragraph 6. The Company, in its discretion, shall have the right (but not the obligation) to satisfy any income and employment
tax withholding obligations by reducing the number of shares of Common Stock otherwise issuable to the Participant.

 

12.       No Employment Rights.
This Award does not give the Participant any rights to continued employment by the Company or an Affiliate and does not interfere with
the rights of the Company or an Affiliate to terminate the Participant’s employment.

 

13.       Additional Conditions
to Delivery of Shares. The Company will not be required to issue any certificate or certificates for shares of Common Stock prior
to the fulfillment of all of the following conditions: (a) the admission of such shares to listing on all stock exchanges on which such
class of stock is then listed; (b) the completion of any registration or other qualification of such shares under any state or federal
law or under the rulings or regulations of the Securities and Exchange Commission or any other governmental regulatory body, which the
Company will, in its absolute discretion, deem necessary or advisable; (c) the obtaining of any approval or other clearance from any state
or federal governmental agency, which the Company will, in its absolute discretion, determine to be necessary or advisable; and (d) the
lapse of such reasonable period of time following the date of grant of the shares as the Company may establish from time to time for reasons
of administrative convenience.

 

14.       Governing Plan Document.
The Participant acknowledges that a copy of the Plan has been made available to the Participant. The Participant agrees that the Award
is subject to all of the provisions of the Plan and all interpretations, amendments, rules and regulations which may be promulgated or
adopted from time to time. In the event of any conflict between the provisions of the Plan and this Agreement, the Participant agrees
that the terms of the Plan will control.

 

     

    
	Performance Share Unit Award

	September 20, 2022

	Page 7

 

    

15.       Recoupment. The
Performance Units covered by this Award and any shares of Common Stock issued in settlement of this Award (and any additional shares of
Common Stock issued on account of a stock split, stock dividend, etc.) are subject to cancellation, adjustment or forfeiture in accordance
with the Executive Compensation Recovery Policy as such policy may be in effect from time to time.

 

16.       Change in Capital Structure.
The terms of this Award may be adjusted as provided in paragraph 2(d) and shall be adjusted as the Committee determines is required under
the Plan in the event that the Company effects one or more stock dividends, stock splits, subdivisions or consolidations of shares, extraordinary
cash dividends or other similar changes in capitalization described in the Plan.

 

17.       Section 409A. This
Award is intended to be exempt from the requirements of Section 409A of the Code. Notwithstanding any contrary provision in the Plan or
this Agreement, the Company reserves the right to take such actions as may be necessary or desirable to assure that this Award is exempt
from, or in compliance with, the requirements of Section 409A of the Code.

 

18.       Governing Law.
This Award and this Agreement shall be governed by the laws of the Commonwealth of Virginia without reference to principles of conflict
of laws.

 

19.       Binding Effect.
Subject to the limitations stated above and in the Plan, this Agreement shall be binding on the Participant and the Participant’s
successors in interest and the Company and any successors of the Company.

 

 

 

IN WITNESS WHEREOF, the Company has caused this Agreement to be signed
by a duly authorized officer and the Participant has executed this Agreement.

 

	SHENANDOAH TELECOMMUNICATIONS	 	 
	COMPANY	 	 	PARTICIPANT
	 	 	 	 
	 	 	 	 
	By	 	 	 
	 	Christopher E. French	 	[          ]
	 	President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00348-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00348-of-00352.parquet"}]]