Document:

EX-10.1

2006 Company Bonus Plan

For Eligible

Eclipsys Employees

Version 1.0

*****

This Company Bonus Plan is subject to change without notice.

*****

For period January 1, 2006

Through December 31, 2006

Approved by Compensation Committee July 12, 2006

Eclipsys Confidential

1

The bonus plan is one component of Eclipsys’s overall compensation structure.

THE PLAN OBJECTIVE:

This document outlines the 2006 Eclipsys Bonus Plan. This plan incorporates performance
against an employee’s Most Important Tasks (MIT’s) and other goals and requirements, as well as
performance against overall company objectives. The plan is designed to achieve the following
objectives:

	•	 	Attract and retain the top talent

	•	 	Incorporate the Core Values into all business processes

	•	 	Optimize the team’s capability

	•	 	Compensate competitively within the industry

	•	 	Link individual performance to Company objectives

	•	 	Reward employees for their contributions to achieving Company objectives

	•	 	Provide an attractive return to the shareholders

PLAN FUNDING AND ALLOCATION:

Bonuses are payable only from the bonus pool. Administration of the bonus plan involves two
basic steps: funding of the bonus pool and allocation of the bonus pool.

Funding of the Bonus Pool

The target bonus pool consists of the total of all the target bonuses for all the participants
in the bonus plan. For 2006, the target bonus pool is approximately $8 million, and may vary
somewhat based upon any changes in the base of participants.

The bonus pool will be funded based upon actual performance against company objectives for
bookings, revenue and earnings per share. For each of these company objectives, there is a minimum
threshold, a target, a maximum threshold, and a weighting, as follows:

2

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Maximum	 	 
	Company Objective	 	Minimum Threshold	 	Target	 	Threshold	 	Weighting
	Bookings1
	 	$485 million	 	$539 million	 	$619 million	 	 	25	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Revenue2
	 	$418 million	 	$440 million	 	$473 million	 	 	25	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Earnings Per Share
(EPS)3
	 	$	0.57	 	 	$	0.63	 	 	$	0.74	 	 	 	50	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

1 Total expected revenue over contract term from new sales, and from renewals in
excess of existing terms.

2 As reported pursuant to GAAP.

3 Before charges associated with board-approved 2006 restructuring activities and
implementation of FASB 123®.

If actual performance does not meet the minimum threshold for each company objective, the bonus
pool will not be funded and bonus payments, if any, will be at the discretion of the Board of
Directors.

If actual performance is at or above the minimum threshold for each company objective, then,
subject to the EPS requirement described below, funding of the bonus pool may be from a minimum of
50% of the target bonus pool, if actual performance against each company objective is at the
minimum threshold for that objective, to a maximum of 130% of the target bonus pool, if actual
performance against each company objective is at or above the maximum threshold for that objective.

The actual bonus pool funding will be the sum of the bonus pool contribution for each company
objective, but subject to the EPS requirement described below. The bonus pool contribution for
each company objective will be calculated as follows:

Target bonus pool X company objective weighting X company objective performance factor.

The performance factor for each company objective will be determined as follows:

	 	 	 	 	 
	 	 	Actual Results
	 	 	Between Minimum	 	 
	 	 	Threshold and	 	Between Target and
	Company Objective	 	Target	 	Maximum Threshold
	Bookings

	 	Performance factor

is .50 plus

        .0009259 for each

full $100,000 by

which Bookings are

greater than the

Minimum Threshold,

to a maximum factor

of 1.0 for Bookings

equal to Target

	 	Performance factor

is 1.0 plus .000375

for each full

$100,000 by which

Bookings are

greater than the

Target, to a

maximum factor of

1.3 for Bookings

equal to the

Maximum Threshold
	
 
	 	 	 	 
	 
	 	 	 	 
	Revenue

	 	Performance factor

is .50 plus

        .0022727 for each

full $100,000 by

which Revenue is

greater than the

Minimum Threshold,

to a maximum factor

of 1.0 for Revenue

equal to Target
	 	Performance factor

is 1.0 plus .000909

for each full

$100,000 by which

Revenue is greater

than the Target, to

a maximum factor of

1.3 for Revenue

equal to Maximum

Threshold
	 

	 	 
	 	 
	 
	 	 	 	 
	Earnings Per Share

(EPS)

	 	Performance factor

is .50 plus .083333

for each full $0.01

by which EPS are

greater than the

Minimum Threshold,

to a maximum factor

of 1.0 for EPS

equal to Target
	 	Performance factor

is 1.0 plus

        .0272727 for each

full $0.01 by which

EPS are greater

than the Target, to

a maximum factor of

1.3 for EPS equal

to Maximum

Threshold
	 

	 	 
	 	 

The foregoing calculations are subject to the requirement that the EPS level used in calculating
the bonus pool is net of accrual for that bonus pool, so that payment of bonuses does not reduce
EPS below the level of EPS used in calculating the bonus pool. If a bonus pool as calculated above
would not meet this requirement, then the bonus pool will be reduced to the maximum amount that
meets this requirement.

Allocation of the Bonus Pool

For purposes of allocating the available bonus pool, participants are placed into one of three
classifications: Executive Team, Second Level Management, and Other Participants. The Executive
Team consists of the Company’s executive officers as designated by the board of directors. Second
Level Management will be individually identified. Other Participants consists of all participants
who are not part of the Executive Team or Second Level Management.

Company performance is a component of bonus for all participants. For Executive Team members, 100%
of the payout will be based on achieving company objectives. For participants other than members
of the Executive Team, individual objectives will also enter into the payout determination. These
individual objectives will include MIT’s, as well as other performance objectives and criteria, as
determined by management. Each participant is expected to make the Company’s objectives a top
priority and to understand how to achieve them. Therefore, early in each year, key company and
individual goals will be established and communicated to eligible employees. Additional individual
goals may be formulated during the year. Performance against those goals then determines the
amount that individual participants receive.

The details of bonus pool allocation are as follows:

Each of the three classifications of bonus plan participant will receive an allocation of a portion
of the available total bonus pool equal to the product of the available total bonus pool and the
allocation factor for that classification. The allocation factor for each classification is the
quotient obtained by dividing the sum of the total target bonuses for all participants in that
classification by the total target bonus pool.

The portion of the total bonus pool allocated to each classification will be divided among the
participants in that classification as follows:

Executive Team: Each participant receives a portion of the Executive Team allocation equal to the
quotient obtained by dividing that participant’s target bonus by the sum of the total target
bonuses for all participants in that classification.

Second Level Management: 60% of portion of the total bonus pool allocated to Second Level
Management will be divided among the participants on the same basis as allocations are made among
members of the Executive Team. 40% of the portion of the total bonus pool allocated to Second
Level Management will be divided among the participants on the same basis as allocations are made
among Other Participants.

Other Participants: The portion of the total bonus pool allocated to the Other Participants will
be divided among them based upon their individual performance against their MITs and other
performance objectives and criteria, in the discretion of management.

If there are participants with guaranteed bonuses, the following rules apply in addition to the
other elements of this plan. For each participant with a guaranteed bonus (a “Guaranteed
Participant”), (i) the Guaranteed Participant’s guaranteed bonus is paid from the bonus pool before
allocation of bonus amounts to any other participant; (ii) any amounts remaining in the bonus pool
after payment of all guaranteed bonuses are allocated as described in this plan, excluding the
Guaranteed Participant from the calculations and allocations, until the bonus pool is funded at a
percentage of the target bonus pool equal to the percentage of the Guaranteed Participant’s target
bonus that was guaranteed (the “Guaranteed Percentage”); and (iii) any additional available bonus
pool amounts will then be further allocated as described in this plan, with the Guaranteed
Participant and all other participants included in the calculations as though the percentage of
their respective target bonuses in excess of the Guaranteed Percentage were their total target
bonuses. Successive iterations of this allocation methodology will be performed if there are
different Guaranteed Percentages for different Guaranteed Participants. Any funding for the bonus
pool in excess of the total target bonus pool (including guaranteed bonuses) will be allocated as
described in this plan, with all Guaranteed Participants and other participants included in the
calculations and allocations based upon their actual total target bonuses.

PLAN YEAR:

The plan year will be the calendar year of 2006.

ELIGIBILITY CRITERIA:

For 2006, bonus plan participants will be selected and placed into the one of the participant
classifications by the company’s senior management in consultation with the compensation committee
of the board of directors.

New hires are eligible beginning the first day of the month following the month of their hire date,
and their bonuses will be prorated accordingly.

Employees hired on or after October 1, 2006 will not be eligible for a 2006 bonus.

Eligible employees on a leave of absence during the plan year will receive a pro-rated bonus for
the time they were on active status in the plan year.

Eligible employees must be actively employed and in good standing on the date of payment to be
eligible for a bonus. Employees who voluntarily terminate employment, or give notice of their
intent to terminate employment, before the date of payment are not eligible to receive a bonus. An
employee whose employment is terminated with or without cause before the date of payment will not
be entitled to a bonus.

Employees on a Performance Improvement Plan (PIP) on the day of the bonus payout will not be
eligible for a bonus.

This plan supersedes all prior bonus plans for eligible employees but does not supersede separate
written agreements. In general, participants in this bonus plan will not be entitled to
participate in any other bonus or incentive compensation plan, e.g. the company’s sales incentive
compensation plan is a different plan and employees may not participate in both. Exceptions are on
a case-by-case basis and are documented in writing signed by an executive officer of the company.

TARGETS AND PAYMENTS:

Individual bonus targets depend on various factors including the position within Eclipsys. These
targets are generally communicated at time of hire or eligibility to participate in this plan, and
are subject to change periodically thereafter by written notice to the employee. No bonus payments
are guaranteed regardless of target, and actual payments will depend on individual performance
results against MIT’s, other personal objectives, and company performance, as described in this
plan.

THE TIMING OF THE BONUS:

This is an annual plan. Payments under this plan are expected to be made no later than March 30,
2007. Interim payments, if any, are discretionary and will be deducted from final amounts
otherwise payable.

INTREPRETATION OF THE PLAN

Eclipsys retains all rights and privileges to alter, amend, modify, interpret, and terminate the
program or bonuses at any time, with, or without notice.

3EX-10.1

STOCK REPURCHASE AGREEMENT

This Stock Repurchase Agreement (this “Agreement”) is made as of the 13th day of July, 2006,
by and among Consolidated Communications Holdings, Inc., a Delaware corporation (the “Company”),
Providence Equity Partners IV L.P., a Delaware limited partnership (“Providence Equity IV”), and
Providence Equity Operating Partners IV L.P., a Delaware limited partnership (“Providence Equity
Operating IV” and, together with Providence Equity IV, the “Sellers”).

WHEREAS, each of the Sellers owns the number of shares of common stock, $0.01 par value, of
the Company (the “Common Stock”) set forth opposite such Seller’s name on Schedule I hereto; and

WHEREAS, each Seller wishes to sell, assign and transfer to the Company, and the Company
wishes to repurchase from each Seller the number of shares of Common Stock (the “Shares”) set forth
opposite such Seller’s name on Schedule I hereto, on the terms and subject to the conditions set
forth in this Agreement.

NOW, THEREFORE, in consideration of the mutual covenants and agreements herein set forth, and
for good and valuable consideration, the parties hereto agree as follows:

	 	 	 	Section 1. Purchase and Sale of Shares.

(a) At the Closing, and subject to the terms and conditions hereof, the Sellers will sell and
transfer to the Company, and the Company will repurchase from the Sellers, all of the Shares. In
connection with such sale and transfer, each Seller will deliver the stock certificates evidencing
the Shares to be sold by such Seller to the Transfer Agent (as provided in Section 2(a), below).
In exchange for such sale and transfer, the Company will pay each Seller the amount set forth
opposite such Seller’s name on Schedule II hereto (the “Repurchase Consideration”), representing a
per Share price of $15.00.

(b) The closing of the purchase and sale of the Shares (the “Closing”) shall take place at
10:00 a.m. New York City time on July 28, 2006 at the offices of King & Spalding LLP, 1185 Avenue
of the Americas, New York, NY 10036, or on such other date, or at such other time or place as the
parties shall mutually agree; provided, however, that the date of the Closing shall be
automatically extended from time to time for so long as any of the conditions set forth in Section
5 hereof shall not be satisfied or waived by the party entitled to the benefit of such condition,
subject, however, to the provisions of Section 6.

	 	 	 	Section 2. Deliveries at Closing.

On the date of the Closing:

(a) Each Seller shall transfer or cause to be transferred to Computershare Trust Company,
N.A., (the “Transfer Agent”) on behalf of the Company, the stock certificates representing the
Shares, duly endorsed in blank for transfer (or together with a stock power duly endorsed in blank
for such stock certificate) and accompanied by a medallion signature guarantee.

(b) The Company shall deliver or cause to be delivered to each Seller: (i) the Repurchase
Consideration by wire transfer in immediately available funds to an account designated by such
Seller and (ii) a copy, certified by the corporate secretary of the Company, of the Board
resolution of the Company approving this Agreement and the repurchase of the Shares.

(c) The Sellers shall deliver to the Company, and the Company shall deliver to the Sellers,
the certificates set forth in Sections 5(a)(iv) and 5(b)(iii) hereof, respectively.

Section 3. Company Representations. In repurchasing the Shares, the Company represents and
warrants to the Sellers that:

(a) The Company is a corporation duly incorporated, validly existing and in good standing
under the laws of the State of Delaware. The Company has the requisite corporate power and
authority to enter into, execute, deliver and perform this Agreement.

(b) This Agreement has been duly authorized, executed and delivered by the Company and
constitutes the legal, valid and binding obligation of the Company, enforceable against the Company
in accordance with its terms, except to the extent that enforcement may be limited by laws relating
to bankruptcy, reorganization, insolvency or similar laws in effect that affect the enforcement of
creditors’ rights generally and by the availability of injunctive relief, specific performance and
other equitable remedies.

(c) The Company has not engaged any investment banker, broker, or finder in connection with
the repurchase of the Shares hereunder and no broker’s or similar fee is payable by the Company or
any of its affiliates in connection with the repurchase of the Shares hereunder for which the
Sellers or any of their affiliates may become responsible.

(d) Subject to the fulfillment of the condition set forth in Section 5(a)(i) below, the
repurchase of the Shares by the Company will not conflict with, result in a breach or violation of,
or constitute a default under, any law applicable to the Company or the certificate of
incorporation or bylaws of the Company or the terms of any indenture or other agreement or
instrument to which the Company is a party or bound, or any judgment, order or decree applicable to
the Company of any court, regulatory body, administrative agency, governmental body or arbitrator
having jurisdiction over the Company.

(e) No consent, approval, authorization or order of any court or governmental agency or body
is required for the consummation by the Company of the repurchase of the Shares hereunder.

(f) Except for the express representations and warranties contained in this Agreement, none of
the Sellers, nor any of their respective affiliates, attorneys, accountants and financial and other
advisors, has made any representations or warranties to the Company.

Section 4. Seller Representations. Each Seller represents and warrants to the Company,
severally as to itself and not as to any other Seller, that:

(a) Such Seller is a limited partnership validly existing under the laws of the State of
Delaware. Such Seller has the requisite partnership power and authority to enter into, execute,
deliver and perform this Agreement.

(b) This Agreement has been duly authorized, executed and delivered by such Seller and
constitutes the legal, valid and binding obligation of such Seller, enforceable against such Seller
in accordance with its terms, except to the extent that enforcement may be limited by laws relating
to bankruptcy, reorganization, insolvency or similar laws in effect that affect the enforcement of
creditors’ rights generally and by the availability of injunctive relief, specific performance and
other equitable remedies.

(c) Such Seller is the record and beneficial owner of the shares of the Company’s Common Stock
set forth opposite such Seller’s name on Schedule I, and upon the Closing will transfer to the
Company, good and valid title to all of the Shares owned by such Seller, free and clear of any
liens, claims, security interests, restrictions, options or other encumbrances of any kind. Such
Seller has not granted or otherwise permitted to exist any option of any sort with respect to the
Shares owned by such Seller or any right to acquire the Shares owned by such Seller or any interest
therein or encumbrance thereon other than to the Company under this Agreement.

(d) The transfer of the Shares owned by such Seller will not conflict with, result in a breach
or violation of, or constitute a default under, any law applicable to such Seller or the limited
partnership agreement or other organizational documents, as applicable, of such Seller or the terms
of any indenture or other agreement or instrument to which such Seller is a party or bound, or any
judgment, order or decree applicable to such Seller of any court, regulatory body, administrative
agency, governmental body or arbitrator having jurisdiction over such Seller.

(e) No consent, approval, authorization or order of any court or governmental agency or body
is required for the consummation by such Seller of the sale of the Shares owned by such Seller
hereunder.

(f) The Seller has independently investigated and evaluated the value of the Shares owned by
such Seller and the financial condition and affairs of the Company without reliance upon any
information from the Company or its affiliates other than what is available publicly. Based upon
its independent analysis, together with information obtained from sources other than the Company
and its affiliates, such Seller has reached its own business decision to effect the sale of Shares
owned by such Seller contemplated hereby. Such Seller acknowledges that the Company may be in
possession of material non-public information that has not been disclosed to such Seller and is
making its investment decision at its own risk.

(g) Such Seller is sophisticated and capable of understanding and appreciating, and does
understand and appreciate, that future events may occur that will increase the price of the Shares
owned by such Seller, and that such Seller would be deprived of the opportunity to participate in
any gain that might have resulted if such Seller had not transferred the Shares owned by such
Seller to the Company hereunder.

(h) Such Seller has not engaged any investment banker, broker, or finder in connection with
the repurchase of Shares hereunder and no broker’s or similar fee is payable by such Seller or any
of its affiliates in connection with the transfer of the Shares owned by such Seller hereunder for
which the Company or any of its affiliates may become responsible.

(i) Such Seller has not taken, directly or indirectly, any action designed to or that would
constitute or that might reasonably be expected to cause or result in, under the Securities
Exchange Act of 1934, or otherwise, stabilization or manipulation of the price of any security of
the Company in connection with the transfer of the Shares owned by such Seller hereunder.

(j) Except for the express representations and warranties contained in this Agreement, neither
the Company, nor any of its affiliates, attorneys, accountants and financial and other advisors,
has made any representations or warranties to such Seller.

	 	 	 	Section 5. Conditions to Closing.

(a) The obligation of the Company to close the transactions contemplated hereby is subject to
the fulfillment or waiver of the following conditions on or prior to the Closing:

	 	(i)	 	The amendment to the Company’s Second Amended and Restated
Credit Agreement, dated February 23, 2005, as amended, among the Company,
Consolidated Communications, Inc., Consolidated Communications Acquisition
Texas, Inc., the lenders referred to therein and Citicorp North America, Inc.
attached hereto as Exhibit A shall have become effective in accordance
with its terms and the conditions to the funding of the additional Term D Loans
(as defined therein) shall have been satisfied such that the proceeds of such
additional Term D Loans shall be available to pay the Repurchase Consideration
provided for herein.

	 	(ii)	 	The representations and warranties made by each Seller shall be
true and correct in all material respects on and as of the Closing as if
originally made on and as of the Closing.

	 	(iii)	 	The Sellers shall have performed and complied in all material
respects with all agreements and covenants required to be performed and
complied with by Sellers under this Agreement at or prior to the Closing.

	 	(iv)	 	The Company shall have received a certificate signed by an
authorized officer of each Seller to the effect that the conditions set forth
in Sections 5(a)(ii) and 5(a)(iii) have been satisfied.

(b) The obligation of the Seller to close the transactions contemplated hereby is subject to
the fulfillment or waiver of the following conditions on or prior to the Closing:

	 	(i)	 	The representations and warranties made by the Company shall be
true and correct in all material respects on and as of the Closing as if
originally made on and as of the Closing.

	 	(ii)	 	The Company shall have performed and complied in all material
respects with all agreements and covenants required to be performed and
complied with by the Company under this Agreement at or prior to the Closing.

	 	(iii)	 	Each Seller shall have received a certificate signed by an
authorized officer of the Company to the effect that the conditions set forth
in Sections 5(b)(i) and 5(b)(ii) have been satisfied.

(c) The obligations of each party to this Agreement to close the transactions contemplated
hereby are subject to the fulfillment of the condition that, on or prior to the Closing, no order,
state, rule, regulation, executive order, injunction, stay, decree or restraining order shall have
been enacted, entered, promulgated or enforced by any court or governmental authority indicating an
intent to restrain, prevent or delay or restructure the transactions contemplated by this
Agreement.

(d) Each of the parties to this Agreement shall use their reasonable best efforts to take or
cause to be performed and fulfilled all conditions precedent to its obligations to consummate the
transactions contemplated by this Agreement and to otherwise comply with the terms of this
Agreement.

Section 6. Termination. This Agreement and the transactions contemplated hereby may
be terminated at any time prior to the Closing:

(a) by the mutual written consent of the Company and the Sellers; or

(b) by the Company or the Sellers if the Closing shall not have occurred on or before August
15, 2006.

	 	 	 	Section 7. Miscellaneous.

(a) The Company will furnish the Sellers with a copy of the press release announcing, and the
Form 8-K disclosing, this Agreement a reasonable amount of time prior to the publication or filing
thereof and shall not make such publication or filing without the consent of the Sellers (not to be
unreasonably withheld or delayed).

(b) This Agreement contains the entire agreement between the parties hereto with respect to
the subject matter of this Agreement and supercedes any and all prior agreements related to the
subject matter hereof. This Agreement is executed without reliance upon any promise, warranty or
representation by any party or any representative of any party other than those expressly contained
herein. The respective agreements, representations, warranties and other statements of the Company
and the Sellers, as set forth in this Agreement, shall remain in full force and effect, regardless
of any investigation (or any statement as to the results thereof) made by or on behalf of the
Company or any Seller or any of their respective officers, directors or affiliates, and shall
survive delivery of and payment for the Shares. This Agreement may not be assigned by a Seller
without the written consent of the Company and any such assignment without its written consent
shall be void.

(c) This Agreement may be amended only by written agreement of a subsequent date between the
parties hereto.

(d) Each party agrees to execute any additional documents and to take any further action as
may be necessary or desirable in order to implement the transactions contemplated by this
Agreement.

(e) This Agreement shall be governed by and construed under the domestic, substantive laws of
the State of New York (without giving effect to any conflict of law or other aspect of New York law
that might result in the application of any law other than that of the State of New York).

(f) This Agreement may be executed in one or more counterparts, each of which constitutes an
original and is admissible in evidence, and all of which constitute one and the same agreement.

(g) Each party shall bear its own expenses incurred in connection with this Agreement and the
consummation of the transactions contemplated hereby.

[Remainder of Page Intentionally Left Blank]

1

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first set
forth above.

CONSOLIDATED COMMUNICATIONS HOLDINGS, INC.

By: /s/ Robert J. Currey

Name: Robert J. Currey

Title: President and Chief Executive Officer

PROVIDENCE EQUITY PARTNERS IV L.P.

	 	 	 	By:
Providence Equity GP IV L.P., its general
partner

	 	 	 	By:
Providence Equity Partners IV L.L.C., its
general partner

	 	 	 	By:
/s/ Mark A. Pelson

	 	 	Name: Mark A. Pelson

Title: Managing Director

PROVIDENCE EQUITY OPERATING PARTNERS IV L.P

	 	 	 	By:
Providence Equity GP IV L.P., its general
partner

	 	 	 	By:
Providence Equity Partners IV L.L.C., its
general partner

	 	 	 	By:
/s/ Mark A. Pelson

	 	 	Name: Mark A. Pelson

Title: Managing Director

2

Schedule I

	 	 	 	 	 
	Seller	 	Shares of Common Stock owned
	Providence Equity Partners IV L.P.
	 	 	3,770,219	 
	 
	 	 	 	 
	Providence Equity Operating Partners IV L.P.
	 	 	12,160	 
	 
	 	 	 	 

3

Schedule II

	 	 	 	 	 
	Seller	 	Repurchase Consideration
	Providence Equity Partners IV L.P.
	 	$	56,553,285	 
	 
	 	 	 	 
	Providence Equity Operating Partners IV L.P.
	 	$	182,400	 
	 
	 	 	 	 

4

Exhibit A

AMENDMENT NO. 4, dated as of July [ ], 2006 (this “Amendment”), to the Second Amended
and Restated Credit Agreement dated as of February 23, 2005, as amended as of April 22, 2005, June
3, 2005 and November 25, 2005 (as further amended, supplemented, amended and restated or otherwise
modified from time to time, the “Credit Agreement”), among CONSOLIDATED COMMUNICATIONS
HOLDINGS, INC. (“Holdings”), CONSOLIDATED COMMUNICATIONS, INC., an Illinois corporation
(the “CCI Borrower”), CONSOLIDATED COMMUNICATIONS ACQUISITION TEXAS, INC., a Delaware
corporation (the “TXU Borrower” and together with the CCI Borrower, the
“Borrowers”), the Lenders from time to time party thereto (the “Lenders”), CITICORP
NORTH AMERICA, INC., as administrative agent (in such capacity, the “Administrative Agent”)
for the Lenders, COBANK, ACB, as documentation agent (in such capacity, the “Documentation
Agent”), CREDIT SUISSE FIRST BOSTON, acting through its Cayman Islands Branch (“CSFB”),
and DEUTSCHE BANK SECURITIES INC., as co-syndication agents (in such capacity, the
“Co-Syndication Agents”), and CSFB and CITIGROUP GLOBAL MARKETS INC. (“CGMI”), as
joint lead arrangers and joint bookrunners (in such capacity, the “Joint Lead Arrangers”).
Capitalized terms used and not otherwise defined herein shall have the meanings assigned to them in
the Credit Agreement (as amended hereby).

WHEREAS, Section 9.08(b) of the Credit Agreement provides that the Borrowers may, with the
consent of the Requisite Lenders, amend the Credit Agreement;

NOW, THEREFORE, in consideration of the premises contained herein and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties
hereto, intending to be legally bound hereby, agree as follows:

Section 1. Amendments. The Credit Agreement is hereby amended effective as of the
date hereof as follows:

(a) Section 1.01 of the Credit Agreement is hereby amended by adding the following definitions
in alphabetical order:

“Amendment No. 4 Effectiveness Date” means the date upon which each of
the conditions set forth in Section 3 of Amendment No. 4 is satisfied.

“New Term D Loans” means $45,000,000 aggregate principal amount of Incremental
Term Loans borrowed by the Borrowers following the Amendment No. 4 Effectiveness Date as
contemplated by Section 2.21 of the Credit Agreement.

“Providence Repurchase” means the repurchase within 60 days of the
Amendment No. 4 Effectiveness Date of common stock of Holdings for aggregate cash
consideration not to exceed $60,000,000 which shall be funded from (x) cash on hand
of up to $15,000,000 and (y) the balance by a borrowing of the New Term D Loans.

(b) Section 1.01 of the Credit Agreement is hereby amended effective as of the Amendment No. 4
Effectiveness Date by deleting the definition of “Applicable Rate” contained therein and replacing
it with the following:

“Applicable Rate” means, for any day, (i) with respect to Term D Loans, (A) in
the case of ABR Loans, 1.00% per annum, and (B) in the case of Eurodollar
Loans, 2.00% per annum, and (ii) with respect to Revolving Loans, the
applicable rate per annum set forth in the table below (x) under the caption “ABR Loans
Spread,” in the case of ABR Loans, and (y) under the caption “Eurodollar Loans Spread,” in
the case of Eurodollar Loans, in each case based upon the Total Net Leverage Ratio as of the
most recent determination date:

	 	 	 	 	 	 	 	 	 
	Total Net

Leverage

Ratio

	 	ABR

Loans

Spread
	 	Eurodollar

Loans

Spread

	 
	 	 	 	 	 	 	 	 
	>4.75 to 1.0

	 	 	1.50	%	 	 	2.50	%
	 

	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	<4.75 to 1.0

	 	

	 	

	 

	 	

	 	

	>4.0 to 1.0

	 	 	1.25	%	 	 	2.25	%
	 

	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	<4.0 to 1.0

	 	

	 	

	 

	 	

	 	

	>3.50 to 1.0

	 	 	1.00	%	 	 	2.00	%
	 

	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	<3.50 to 1.0

	 	 	0.75	%	 	 	1.75	%
	 

	 	 	 	 	 	 	 	 

For purposes of such calculation of the Applicable Rate with respect to Revolving Loans
on and after the Trigger Date, (i) the Total Net Leverage Ratio shall be determined as of
the end of each Fiscal Quarter of Holdings’ Fiscal Year based upon the consolidated
financial statements delivered pursuant to Section 5.01(a) or (b) and (ii) each change in
the Applicable Rate resulting from a change in the Total Net Leverage Ratio shall be
effective three (3) Business Days after the date on which the Administrative Agent shall
have received the applicable financial statements and a Compliance Certificate calculating
the Total Net Leverage Ratio. If at any time the Borrowers have not submitted to the
Administrative Agent the applicable information as and when required under Section 5.01(a)
or (b), the Applicable Rate shall be the highest rate set forth in the table above until
such time as the Borrowers have provided the information required under Section 5.01(a) or
(b). Within one (1) Business Day of receipt of the applicable information as and when
required under Section 5.01(a) or (b), the Administrative Agent shall give each Lender
telefacsimile or telephonic notice (confirmed in writing) of the Applicable Rate in effect
from such date.”

(c) Section 1.01 of the Credit Agreement is hereby amended by replacing the word “and” at the
end of clause (a)(v) in the definition of “Consolidated EBITDA” with “,”, inserting the word “and”
at the end of clause (a)(vi) and inserting a new subclause (vii) as follows:

(vii) fees and expenses in connection with the Providence Repurchase and the
borrowing of the New Term D Loans

(d) Section 1.01 of the Credit Agreement is hereby amended by deleting clause (g) of the
definition of “Consolidated EBITDA” and replacing it with the following:

(g) plus (x) the first $15.0 million of other expenses relating to the
integration of the Acquired Business incurred after the Effective Date, during the
2004 Fiscal Year and the 2005 Fiscal Year, (y) up to $1.0 million of billing
integration costs in connection with the 2006 Fiscal Year. up to $0.5 million of
billing integration costs in the 2007 Fiscal Year. up to $2.0 million of severance
costs in the 2006 Fiscal Year and up to $1.5 million of severance costs in the 2007
Fiscal Year and (z) up to $750,000 of one-time costs in the 2006 Fiscal Year in
connection with Sarbanes-Oxley compliance, in each case, as specified in reasonable
detail in the Compliance Certificates delivered pursuant to Section 5.01 for the
applicable periods within such Fiscal Years,

(e) Section 1.01 of the Credit Agreement is hereby amended by deleting the definition of
“Excess Subject Payment Amount” in its entirety and replacing it with the following:

“Excess Subject Payment Amount” means, for any Fiscal Quarter, the amount by
which the amount of Subject Payments in such Fiscal Quarter exceeded the sum of (x)
(A) $11,875,000 for any Fiscal Quarter ending on or prior to June 30, 2006 or (B)
$10,410,000 for any Fiscal Quarter ending after June 30, 2006 plus (y) the
amount of pro rata dividends paid on shares of Class A Common Stock of Holdings
reserved for issuance on the Restatement Effective Date under Holdings’ restricted
share plan.

(f) Section 6.07 of the Credit Agreement is hereby amended by deleting the reference to “and”
at the end of clause (xi), replacing the “.” at the end of clause (xii) with “; and” and inserting
a new clause (xiii) as follows:

(xiii) so long as no Default has occurred and is continuing or would result
therefrom, the Providence Repurchase shall be permitted.

Section 2. Consent. The Requisite Lenders hereby consent to the prepayment of
interest on the Term D Loans on the date of the Borrowing of the New Term D Loans (even if such
date is not the last day of the Interest Period applicable to the Term D Loans), together with any
amounts due pursuant to Section 2.17 of the Credit Agreement.

Section 3. Effectiveness. This Amendment will become effective upon receipt by the
Administrative Agent of:

(a) executed signature pages hereto from the Requisite Lenders under and as defined in the
Credit Agreement and each of the other parties listed on the signature pages hereto.

(b) a supplement to the Credit Agreement signed by the Administrative Agent and the other
parties to the Credit Agreement providing for the New Term D Loans and lender addendums from one or
more Lenders who have agreed to provide the New Term D Loans.

(c) an officers’ certificate of the Borrowers’ stating that on the Amendment No. 4
Effectiveness Date no Default has occurred and is continuing under the Credit Agreement and the
representations and warranties made by each Loan Party set forth in Article III of the Credit
Agreement and in the other Loan Documents are true and correct with the same effect as if then made
(unless expressly stated to relate to an earlier date, in which case such representations and
warranties are true and correct as of such earlier date).

Section 4. Counterparts. This Amendment may be executed in any number of counterparts
and by different parties hereto on separate counterparts, each of which when so executed and
delivered shall be deemed to be an original, but all of which when taken together shall constitute
a single instrument. Delivery of an executed counterpart of a signature page of this Amendment by
facsimile transmission shall be effective as delivery of a manually executed counterpart hereof.

Section 5. Applicable Law. THIS AMENDMENT SHALL BE GOVERNED BY, CONSTRUED AND
ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

Section 6. Headings. The headings of this Amendment are for purposes of reference
only and shall not limit or otherwise affect the meaning hereof.

Section 7. Effect of Amendment. Except as expressly set forth herein, this Amendment
shall not by implication or otherwise limit, impair, constitute a waiver of or otherwise affect the
rights and remedies of the Lenders or the Agents under the Credit Agreement or any other Loan
Document, and shall not alter, modify, amend or in any way affect any of the terms, conditions,
obligations, covenants or agreements contained in the Credit Agreement or any other provision of
the Credit Agreement or any other Loan Document, all of which are ratified and affirmed in all
respects and shall continue in full force and effect.  

[Remainder of Page Intentionally Blank]

5

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

CONSOLIDATED COMMUNICATIONS ACQUISITION TEXAS, INC.,

as Co-Borrower

	 	 	 	By:

Name:

Title:

CONSOLIDATED COMMUNICATIONS, INC.,

as Co-Borrower

	 	 	 	By:

Name:

Title:

CONSOLIDATED COMMUNICATIONS HOLDINGS, INC.

	 	 	 	By:

Name:

Title:

CITICORP NORTH AMERICA, INC.,

as Administrative Agent

	 	 	 	By:

Name:

Title:

6

      ,

as a Lender

	 	 	 	By:

Name:

Title:

7

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