Document:

Unassociated Document

    Exhibit
      10.1(c)

    

    FOURTH
      AMENDMENT TO THE

    CENTURYTEL,
      INC. RETIREMENT PLAN

    

    As
      Amended and Restated February 28, 2002

    

    WHEREAS,
      the
      CenturyTel, Inc. Retirement Plan ("Plan") was amended and restated effective
      January 1, 2002; and 

    

    WHEREAS,
      Section
      12.2 permits the Board to amend the Plan; and

    

    WHEREAS,
      at its
      meeting on November 17, 2005, the Board approved a recommendation from the
      Compensation Committee that the Plan be amended to increase benefits consistent
      with the rules of Internal Revenue Code §401(a)(4) and the Treasury Department
      Regulations promulgated with respect thereto, including, without limitation
      the
      provision of a minimum $650 annual benefit obligation to each Participant in
      the
      Plan; and

    

    WHEREAS,
      the
      executive officers of the Company were authorized and directed by the Board
      to
      prepare and execute the Amendments to the various Plans and Trusts and to take
      all such other actions as they deemed necessary and proper to carry out the
      recommendations approved in the resolutions.

    

    NOW,
      THEREFORE,
      effective November 17, 2005, the Plan is amended as follows:

    

    I.

    

    Add
      the
      following at the end of Section 5.7(b):

    

    However,
      in the event of a reduction of benefit from this Plan, reduction should be
      in
      the following sequence: 6.1(a)(i), 6.1(a)(ii), 6.1(a)(iii), 6.1(a)(iv) and
      6.1(a)(v).

    

    II.

    

    Add
      Section 5.8 to read as follows:

    

    5.8
       Death
      Benefit. A Participant’s Beneficiary or a terminated vested Participant's
      Beneficiary shall be entitled to a benefit calculated in accordance with Section
      6.9 if the Participant or the terminated vested Participant dies before his
      Annuity Starting Date.

    

    III.

    

    Add
      the
      following after Section 6.1(a)(ii):

    

    (iii)
       For
      a
      Participant listed in Appendix I, the amount specified in Appendix I with
      respect to such Participant. 

    

    (iv)
       For
      a
      Participant listed in Appendix II, the amount specified in Appendix II with
      respect to such Participant. 

    

    (v)
       For
      a
      Participant listed in Appendix III, the amount specified in Appendix III with
      respect to such Participant.

    

    IV.

    

    Add
      Section 6.9 to read as follows:

    

    6.9
       Death
      Benefit. The one-time benefit amount payable to a Participant’s Beneficiary who
      qualifies for a death benefit under Section 5.8 shall be $500.

    

    V.

    

    
      Add
        the
        following after Section 7.7(d):

       

    

    (e)
       Lump
      Sum
      Option for Qualifying Participants.

    

    (i) Right
      to
      Lump Sum. Each Qualifying Participant or, in the event of the Qualifying
      Participant’s death prior to the Qualifying Participant’s Annuity Starting Date,
      such Qualifying Participant’s surviving Spouse, may elect to have his or her
      Qualifying Benefit paid as a lump sum as of any Qualifying Distribution Date.
      Such election shall be made in writing on a form provided by the Committee
      and
      must be consented to in writing by the Qualifying Participant’s Spouse, if any.
      If the Qualifying Participant dies prior to the Qualifying Participant’s Annuity
      Starting Date without a surviving Spouse, the Qualifying Benefit shall be paid
      as a lump sum as of the earliest Qualifying Distribution Date to the
      Participant’s Beneficiary.

    

    (ii) Qualifying
      Distribution Date. “Qualifying Distribution Date” means the first day of any
      month beginning after the date the Qualifying Participant attains his Early
      Retirement Date.

    

    (iii) Qualifying
      Participant. “Qualifying Participant” means each Participant who is entitled to
      an Enhanced Annuity as specified in Appendix III. 

    

    (iv) Qualifying
      Benefit. “Qualifying Benefit” means the Participant’s Enhanced Annuity, as
      described in Appendix III.

    

    (v) Spousal
      Consent. Spousal consent to a lump sum distribution under this Section 7.7(e)
      must be provided on a form prescribed by the Committee, acknowledging the effect
      of the Qualifying Participant’s election of a single sum distribution, signed by
      the Qualifying Participant and the Qualifying Participant’s Spouse and witnessed
      by a notary public. Spousal consent will be effective only with respect to
      the
      Spouse who signs the consent. The election made by the Qualifying Participant
      with Spousal consent may be revoked by the Qualifying Participant without
      Spousal consent at any time prior to the date benefit payments begin. Such
      revocation shall be effected by written notification to the
      Committee.

    

    VI.

    

    Add
      Appendix I to read as follows:

    

    APPENDIX
      I

    

    SUPPLEMENTAL
      BENEFIT

    

    The
      basic
      benefit of each Participant listed below shall be increased by the amount of
      the
      Supplemental Benefit specified below. Each Participant’s Supplemental Benefit is
      expressed in terms of a monthly benefit at Normal Retirement Age and shall
      be
      adjusted for timing and form in the same manner as the benefit under Section
      6.1(a) (using the Excess Benefit Percentages in Section 6.2 as
      applicable).

    

    
      	Personnel
              
              
                Number

              

            	 

              Name

            	
              Supplemental
                

              Benefit

            
	
               

            	 	 
	
              2870

            	
              D.
                Cole

            	
              1,409.03
                

            
	
              4494

            	
              C.
                Davis

            	
              43.70
                

            
	
              3277

            	
              R.
                Ewing

            	
              1,946.66
                

            
	
              5284

            	
              S.
                Goff

            	
              112.90
                

            
	
              10370

            	
              I.
                Hughes

            	
              365.46
                

            
	
              10111

            	
              M.
                Maslowski

            	
              847.35
                

            
	
              2859

            	
              G.
                Post

            	
              5,493.04
                

            
	
              52726

            	
              K.
                Puckett

            	
              1,373.74
                

            
	
              54861

            	
              K.
                Victory

            	
              137.39
                

            

    

    

    VII.

    

    Add
      Appendix II to read as follows:

    

    APPENDIX
      II

    

    SUPPLEMENTAL
      BENEFIT

    

    The
      basic
      benefit of each Participant listed below shall be increased by the amount of
      the
      Supplemental Benefit specified below. Each Participant’s Supplemental Benefit is
      expressed in terms of a monthly benefit at Normal Retirement Age and shall
      be
      adjusted for timing and form in the same manner as the benefit under Section
      6.1(a) (using the Excess Benefit Percentages in Section 6.2 as
      applicable).

     

    
      	
              Personnel
                

              Number

            	

              Name

            	
              Supplemental

               Benefit

            
	 	 	 
	
              3095

            	
              G.
                Bailey

            	
              860.98
                

            
	
              2870

            	
              D.
                Cole

            	
              6,169.16
                

            
	
              4494

            	
              C.
                Davis

            	
              534.92
                

            
	
              3277

            	
              R.
                Ewing

            	
              5,635.05
                

            
	
              5284

            	
              S.
                Goff

            	
              1,751.26
                

            
	
              10370

            	
              I.
                Hughes

            	
              3,894.92
                

            
	
              10111

            	
              M.
                Maslowski

            	
              5,740.44
                

            
	
              2859

            	
              G.
                Post

            	
              2,654.32
                

            
	
              52726

            	
              K.
                Puckett

            	
              3,413.60
                

            
	
              3189

            	
              N.
                Sweasy

            	
              4,881.03
                

            

    

     

    VIII.

    

    Add
      Appendix III to read as follows:

    

    APPENDIX
      III

    

    ENHANCED
      ANNUITY

    

    1. Enhanced
      Annuity. The basic benefit of each Designated Participant shall be increased
      by
      the amount of such Participant’s Enhanced Annuity, which shall equal, as of a
      Determination Date, the product of (a) the Participant’s Initial Annuity, and
      (b) the Participant’s Adjustment Factor. Each Participant’s Enhanced Annuity
      shall be subject to the Participant’s lump sum distribution election as
      determined under Section 7.7(e). For Enhanced Annuity payments commencing prior
      to Normal Retirement Age, the amount payable to the Participant shall be
      adjusted using an early retirement factor equal to the ratio of the
      Participant’s Determination Annuity Factor to the Participant’s Early Annuity
      Factor.

    

    2. Definitions.
      For purposes of this Appendix III (and, unless explicitly made applicable to
      another Plan Section, only for such purposes), the following terms shall have
      the stated meanings:

    

    (a) "Adjustment
      Factor" means the Initial Annuity Factor multiplied by the Interest Adjustment
      Factor and divided by the Determination Annuity Factor.

    

    (b) “Applicable
      Mortality Table” means the mortality table prescribed by the Commissioner of
      Internal Revenue under Section 417(e)(3)(A)(ii)(I) of the Internal Revenue
      Code.

    

    (c) "Computation
      Period" means any month during the period after January 2006 and prior to the
      month in which the Participant’s Distribution Date occurs.

    

    (d) "Determination
      Age" means the Participant’s attained age, in years and completed months, as of
      the last day of the Determination Period.

    

    (e) "Determination
      Annuity Factor" means the deferred annuity factor from Determination Age to
      Normal Retirement Age (or Determination Age, if greater) calculated based on
      the
      Applicable Mortality Table and using the GATT Rate for the Determination
      Period.

    

    (f) "Determination
      Date" means the date as of which a Participant’s Enhanced Annuity is being
      calculated.

    

    (g) "Determination
      Period" means the Computation Period in which the Determination Date
      occurs.

    

    (h) "Designated
      Participant" means a Participant listed in section 3 of this Appendix
      III.

    

    (i) "Distribution
      Date" means the date as of which the Participant’s Enhanced Annuity is
      distributed or commences to be distributed.

    

    (j) "Early
      Annuity Factor" means the immediate annuity factor applicable at the
      Participant’s age on his Distribution Date calculated based on the Applicable
      Mortality Table and using the GATT Rate for the Computation Period that includes
      the Participant’s Distribution Date.

    

    (k) "Enhanced
      Annuity Interest Rate" or 'EAIR' means, with respect to each Computation Period,
      the average monthly yield on 30-year Treasury securities. EAIRn will represent
      the EAIR for the Computation Period n months after the initial Computation
      Period (which is denoted as EAIR0).

    

    (l) "GATT
      Rate" means, with respect to a Computation Period, the average annual yield
      on
      30-year Treasury securities for the September proceeding the first month of
      the
      Plan Year in which such Computation Period begins.

    

    (m) "Initial
      Age" means the Participant’s attained age, in years and completed month, as of
      the first day of the Initial Computation Period.

    

    (n) "Initial
      Annuity" means the amount specified next to the Designated Participant’s Social
      Security number in Section 3 of this Appendix III. 

    

    (o) "Initial
      Annuity Factor" means the deferred annuity factor from Initial Age to Normal
      Retirement Age (or Initial Age, if greater) calculated based on the Applicable
      Mortality Table and using the GATT Rate for the Initial Computation
      Period.

    

    (p) "Initial
      Computation Period" means the Computation Period beginning January 1, 2006.
      

    

    (q) "Interest
      Adjustment Factor" means the following product:

    [(1+
      EAIR0)*(1+
      EAIR1)*...*(1+
      EAIRx)]

    

    where
      EAIRx
      is EAIR
      for the Determination Period (x months after the Initial Computation
      Period).

    

    (r) “Lump
      Sum
      Benefit” means an amount equal to the Initial Annuity multiplied by the
      Adjustment Factor, multiplied by the Determination Annuity Factor.

    

    3. Designated
      Participant/Initial Annuity: 

    

    
      	
              Personnel

               Number

            	 Name	
              Initial

              Annuity

            
	
               

            	
               

            	
               

            
	
              5284

            	
              S.
                Goff

            	
              4,572.41
                

            
	
              6289

            	
              T.
                Grigar

            	
              874.63
                

            
	
              3977

            	
              C.
                Heath

            	
              829.20
                

            
	
              10370

            	
              I.
                Hughes

            	
              2,641.80
                

            
	
              3402

            	
              N.
                Moulle'

            	
              146.58
                

            
	
              7373

            	
              J.
                Osa

            	
              143.34
                

            
	
              2732

            	
              O.
                Riley

            	
              2,185.80
                

            
	
              6699

            	
              M.
                Scott

            	
              1,503.57
                

            
	
              3189

            	
              N.
                Sweasy

            	
              636.41
                

            
	
              2710

            	
              T.
                Walden

            	
              207.96
                

            

    

    

    IN
      WITNESS WHEREOF,
      CenturyTel has executed this Amendment on this 29th day of December,
      2005.

     

    
      
        	 	
                CENTURYTEL,
                  INC.

              
	 	 
	 	
                By:
                  /s/ R. Stewart Ewing, Jr.,

                R.
                  Stewart Ewing, Jr.,

              
	 	
                Executive
                  Vice-President and

                Chief
                  Financial Officerexhibit 10.2(d)(iii)

    

    Exhibit
      10.2(d)(iii)

    [CenturyTel
      Letterhead]

    

    

    THIS
      DOCUMENT CONSTITUTES PART OF A PROSPECTUS COVERING SECURITIES

    THAT
      HAVE
      BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933.

    May
      7,
      2004

    

    

    FORM
      OF

    STOCK
      OPTION AGREEMENT

    UNDER
      THE CENTURYTEL, INC.

    2002
      DIRECTORS STOCK OPTION PLAN

    

    

    [Name
      and Address of Recipient]

    

    

    
      	 	
              Re:

            	
              Option
                to purchase 6,000 shares of Common Stock of CenturyTel, Inc. at $29.70
                per
                share granted on May 7, 2004.

            

    

    

    Dear
      ________________:

    

    In
      consideration of your agreement to serve on the Board of Directors of
      CenturyTel, Inc. (the “Company”), on May 7, 2004 you were granted an option (the
“Option”) to purchase of 6,000 shares of common stock of the Company, $1.00 par
      value per share (the “Common Stock”), under the CenturyTel, Inc. 2002 Directors
      Stock Option Plan (the “Plan”), subject to all of the terms and conditions set
      forth in the Plan. You hereby acknowledge that the Company has previously
      furnished you with a copy of the Plan and the Memorandum/Prospectus for the
      Plan.

     

    The
      Option exercise price is $29.70 per share (the Fair Market Value of a share
      of
      Common Stock on the date of grant) payable in full at the time of exercise,
      either in the form of cash, check, Common Stock held for six months (unless
      otherwise permitted by the Compensation Committee) or through a broker-assisted
      exercise, as described in the Plan. Under the terms of the Plan, your Option
      becomes exercisable beginning on May 7, 2005 and expires on May 7, 2014 unless
      it terminates earlier under the circumstances described in Sections 6.5 and
      8.3
      of the Plan. Appropriate adjustments will be made to the number and class of
      shares of Common Stock subject to the Option and to the exercise price in
      certain situations described in Section 7 of the Plan. When you wish to exercise
      an Option, in whole or in part, please refer to the provisions of the Plan
      dealing with the procedures for exercise.

     

    Upon
      exercise of your Option you will receive one preference share purchase right
      for
      each share of Common Stock issued. These rights are described in more detail
      in
      the Memorandum/Prospectus for the Plan.

     

    The
      Options granted hereby are non-qualified stock options and shall not be treated
      as Incentive Stock Options under Section 422 of the Internal Revenue Code of
      1986, as amended.

     

    In
      the
      event any provision of this agreement conflicts with the provisions of the
      Plan,
      the Plan shall control.

     

    Please
      indicate your acceptance of this Option and your agreement to comply with the
      provisions of the Plan and Memorandum/Prospectus for the Plan by signing and
      returning the enclosed copy of this agreement to the Company.

     

     

     

     

    

    
      	
              Sincerely,

            
	 
	
              CENTURYTEL,
                INC.

            
	
              By:  _______________________

            
	
              Glen
                F. Post, III

            
	
              President
                and Chief Executive Officer

            

    

    
       

    

     

     

    

      
        	
                ACCEPTED
                  as of the date hereof.

              
	 
	 
	
                Optionee

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