Document:

Unassociated Document

    Exhibit
10.3(d)

    

    

    
      	
               
      

            	
              CENTURYTEL,
      INC.

            

    

    
      	
               
      

            	
              SUPPLEMENTAL
      DEFINED BENEFIT PLAN

            

    

    
      	
               
      

            	
              2008
      RESTATEMENT

            

    

    
      	
               
      

            	
              EFFECTIVE
      JANUARY 1, 2008

            

    

    

    I.           Purpose of the
Plan

    

    1.01        This
Supplemental Defined Benefit Plan was established by CenturyTel, Inc. (the
"Company") and its subsidiaries to provide a method for attracting and retaining
key employees; to provide a method for recognizing the contributions of such
personnel; and to promote executive and managerial flexibility, thereby
advancing the interests of the Company and its stockholders. In addition, the
Plan is intended to provide to a select group of management and highly
compensated employees a more adequate level of retirement benefits in
combination with the Company's general retirement program. The Plan is not
intended to constitute a qualified plan under Code Section 401(a) and is
designed to be exempt from the participation, vesting, funding and fiduciary
responsibility rules of ERISA.  The Plan is intended to comply with
Code §409A.  The Plan was amended and restated effective January 1,
2005.  This document again restates the Plan to comply with the Final
Treasury Regulations under Code §409A and to make certain other changes,
effective January 1, 2008.

    

    II.           Definitions

    

    As used
in this Plan, the following terms shall have the meanings indicated, unless the
context otherwise specifies or requires:

    

    2.01        "ACTUARIAL EQUIVALENT" shall mean the amount of
pension of a different type or payable at a different age that has the same
value as computed by the actuary on the same basis as that prescribed in Section
2.2 of the Retirement Plan.

    

    2.02        "BENEFIT YEARS" shall mean Years of
Credited Service for benefit accrual purposes as determined under Section 2.51
of the Retirement Plan.

    

    2.03        "CHANGE IN CONTROL" shall mean
the occurrence of any of the following, each of which shall constitute a "Change
in Control": (i) the acquisition by any person of beneficial ownership of 30% or
more of the outstanding shares of the common stock, $1.00 par value per share
(the "Common Stock"), of CenturyTel, Inc., or 30% or more of the combined voting
power of CenturyTel, Inc.'s then outstanding securities entitled to vote
generally in the election of directors; provided, however, that for
purposes of this sub-item (i), the following acquisitions shall not constitute a
Change of Control: (a) any acquisition (other than a Business Combination (as
defined below) which constitutes a Change of Control under sub-item (iii)
hereof) of Common Stock directly from CenturyTel, Inc., (b) any acquisition of
Common Stock by CenturyTel, Inc. or its subsidiaries, (c) any acquisition of
Common Stock by any employee benefit plan (or related trust) sponsored or
maintained by CenturyTel, Inc. or any corporation controlled by CenturyTel,
Inc., or (d) any acquisition of Common Stock by any corporation pursuant to a
Business Combination that does not constitute a Change of Control under sub-item
(iii) hereof; or (ii) individuals who, as of January 1, 2006, constitute the
Board of Directors of CenturyTel, Inc. (the "Incumbent Board") cease for any
reason to constitute at least a majority of the Board of Directors; provided, however, that any
individual becoming a director subsequent to such date whose election, or
nomination for election by CenturyTel, Inc.'s shareholders, was approved by a
vote of at least two-thirds of the directors then comprising the Incumbent Board
shall be considered a member of the Incumbent Board, unless such individual's
initial assumption of office occurs as a result of an actual or threatened
election contest with respect to the election or removal of directors or other
actual or threatened solicitation of proxies or consents by or on behalf of a
person other than the incumbent Board; or (iii) consummation of a
reorganization, share exchange, merger or consolidation (including any such
transaction involving any direct or indirect subsidiary of CenturyTel, Inc., or
sale or other disposition of all or substantially all assets of CenturyTel, Inc.
(a "Business Combination"); provided, however, that in no
such case shall any such transaction constitute a Change of Control if
immediately following such Business Combination: (a) the individuals and
entities who were the beneficial owners of CenturyTel, Inc.'s outstanding Common
Stock and CenturyTel, Inc.'s voting securities entitled to vote generally in the
election of directors immediately prior to such Business Combination have direct
or indirect beneficial ownership, respectively, of more than 50% of the then
outstanding shares of common stock, and more than 50% of the combined voting
power of the then outstanding voting securities entitled to vote generally in
the election of directors of the surviving or successor corporation, or, if
applicable, the ultimate parent company thereof (the "Post-Transaction
Corporation"), and (b) except to the extent that such ownership existed prior to
the Business Combination, no person (excluding the Post-Transaction Corporation
and any employee benefit plan or related trust of either CenturyTel, Inc., the
Post-Transaction Corporation or any subsidiary of either corporation)
beneficially owns, directly or indirectly, 20% or more of the then outstanding
shares of common stock of the corporation resulting from such Business
Combination or 20% or more of the combined voting power of the then outstanding
voting securities of such corporation, and (c) at least a majority of the
members of the board of directors of the Post-Transaction Corporation were
members of the Incumbent Board at the time of the execution of the initial
agreement, or of the action of the Board of Directors, providing for such
Business Combination; or (iv) approval by the shareholders of CenturyTel, Inc.
of a complete liquidation or dissolution of CenturyTel, Inc.  For
purposes of this Section 2.03, the term "person" shall mean a natural person or
entity, and shall also mean the group or syndicate created when two or more
persons act as a syndicate or other group (including, without limitation, a
partnership or limited partnership) for the purpose of acquiring, holding, or
disposing of a security, except that "person" shall not include an underwriter
temporarily holding a security pursuant to an offering of the
security.

     

    2.04        "CODE" shall mean the Internal
Revenue Code of 1986, as amended.

     

    2.05        "COMMITTEE" shall mean the
CenturyTel Retirement Committee.

    

    2.06        "COMPENSATION COMMITTEE" shall
mean the Compensation Committee of the Board of Directors of the
Company.

    

    2.07        "COMPANY" shall mean CenturyTel,
Inc.

    

    2.08        "DISABLED" OR "DISABILITY" shall have the meaning
set forth in Treasury Regulations §1.409A-3(i)(4). Specifically, "Disabled" or
"Disability" shall mean that, by reason of any medically determinable physical
or mental impairment which can be expected to result in death or can be expected
to last for a continuous period of not less than 12 months, a Participant is (i)
unable to engage in any substantial gainful activity or (ii) receiving income
replacement benefits for a period of not less than 3 months under an accident
and health plan covering employees of the Participant’s Employer.  A
Participant will be deemed disabled if determined to be disabled in accordance
with the Employer’s disability program, provided that the definition of
disability under such disability insurance program complies with the definition
in the preceding sentence.  Also, a Participant will be deemed
disabled if determined to be totally disabled by the Social Security
Administration.

    

    2.09        "EFFECTIVE DATE" of the original Plan was
January 1, 1999 and the Effective Date of this Amended and Restated Plan shall
be January 1, 2008.

    

    2.10        "ERISA" shall mean the Employee
Retirement Income Security Act of 1974.

    

    2.11        "EMPLOYER" shall mean the Company,
any Subsidiary thereof, and any affiliate designated by the Company as a
participating employer under this Plan.

    

    2.12        "FINAL AVERAGE PAY" shall mean a
participant's Final Average Compensation as determined under Section 2.25 of the
Retirement Plan, without taking into account the limitations contained in
Sections 2.14(d) and (e) and 5.7 thereof.

    

    2.13        "NORMAL RETIREMENT DATE" shall mean the first day
of the month coincident with or next following a Participant's 65th
birthday.

    

    2.14        "PARTICIPANT" shall mean any officer
of the Employer who is granted participation in the Plan in accordance with the
provisions of Article III.

    

    2.15        "PLAN" shall mean the
CenturyTel, Inc. Supplemental Defined Benefit Plan.

    

    2.16        "RETIREMENT
PLAN"  shall mean the CenturyTel Retirement Plan (as amended
and restated effective December 31, 2006).

    

    2.17        "SOCIAL SECURITY COVERED
COMPENSATION" shall mean the amount
determined pursuant to Section 2.46 of the Retirement Plan.

    

    2.18        "SPECIFIED EMPLOYEE" shall mean
a Participant who is a key employee of the Employer under Treasury Regulations
§1.409A-1(i) because of final and binding action taken by the Board of Directors
of the Company or its Compensation Committee, or by operation of law or such
regulation.

    

    2.19        "SUBSIDIARY" shall mean any
corporation in which CenturyTel, Inc. owns, directly or indirectly through
subsidiaries, at least fifty percent (50%) of the combined voting power of all
classes of stock.

    

    III.           Participation

    

    3.01        Any
employee who is either one of the officers of an Employer in a position to
contribute materially to the continued growth and future financial success of an
Employer, or one who has made a significant contribution to the Employer's
operations, thereby meriting special recognition, shall be eligible to
participate provided the following requirements are met:

    

    (a)      The
officer is employed on a full-time basis by the Employer and is compensated by a
regular salary; and

    

    (b)       The
coverage of the officer is duly approved by the Compensation
Committee.

    

    3.02        If
a Participant who retired or otherwise terminated employment is rehired, he
shall not again become a Participant in the Plan unless the coverage of the
officer is again duly approved by the Compensation Committee.

    

    3.03        It
is intended that participation in this Plan shall be extended only to those
officers who are members of a select group of management or highly compensated
employees, as determined by the Compensation Committee.

    

    IV.           Normal
Retirement

    

    4.01        Subject
to the provisions of Articles XII and XIII, the monthly retirement benefit
payable to a Participant shall commence on his Normal Retirement Date and shall
be the excess, if any, of the sum of the amounts determined pursuant to Sections
6.1(a)(1) and (a)(2) of the Retirement Plan computed without taking into account
the limitations contained in Sections 2.14(d) and (e) and 5.7 thereof over the
amount so determined taking into account such limitations; the resulting benefit
shall be further reduced by the amount determined pursuant to Section 6.1(a)(3)
of the CenturyTel Retirement Plan, if any.

     

    V.         Late
Retirement

    

    5.01        If
a Participant remains employed beyond his Normal Retirement Date, his late
retirement benefit shall commence on the first day of the month coincident with
or next following his actual date of separation from service, subject to the
provisions of Articles XII and XIII.

    

    5.02        A
Participant's late retirement benefit shall be the excess, if any, of the sum of
the amounts determined pursuant to Sections 6.1(a)(1) and (2) and 6.3 of the
Retirement Plan, computed without taking into account the limitations contained
in Section 2.14(d) and (e) and 5.7 thereof, over the amount so determined taking
into account such limitations; the resulting benefit shall be further reduced by
the amount determined pursuant to Sections 6.1(a)(3) of the Retirement Plan, if
any.

    

    VI.           Early
Retirement

    

    6.01        A
Participant who has attained age 55, and who has completed 5 or more Years of
Service, is eligible for early retirement. An eligible Participant's early
retirement benefit shall commence on the first day of the month coincident with
or next following the date he terminates employment, subject to the provisions
of Articles XII and XIII.

    

    6.02        A
Participant's early retirement benefit shall be the excess, if any, of the sum
of the amounts determined pursuant to Sections 6.1(a)(1) and (2) and 6.2 of the
Retirement Plan, computed without taking into account the limitations contained
in Sections 2.14(d) and (e) and 5.7 thereof, over the amount so determined
taking into account such limitations; the resulting benefit shall be further
reduced by the amount determined pursuant to Sections 6.1(a)(3) of the
Retirement Plan, if any.

    

    VII.           Disability

    

     7.01       A
Participant who becomes Disabled prior to retirement or termination of service
will be entitled to a disability benefit equal to the excess, if any, of the sum
of the amounts determined pursuant to Sections 6.1(a)(1) and (2) and 6.4 of the
Retirement Plan, computed without taking into account the limitations contained
in Sections 2.14(d) and (e) and 5.7 thereof, over the amount so determined
taking into account such limitations; the resulting benefit shall be further
reduced by the amount determined pursuant to Sections 6.1(a)(3) of the
Retirement Plan, if any.

    

    7.02        A
Participant's disability benefit shall commence on his Normal Retirement Date,
provided that if the Participant's Disability was caused by or contributed to by
mental disorders or medical or surgical treatment of mental disorders, his
disability benefit shall commence on the later of his 55th
birthday or 2 years after he became mentally Disabled, subject to the provision
of Articles XII and XIII.

    

    VIII.         Death Benefit for
Spouse

     

     8.01       A
spouse of a Participant shall be entitled to a benefit computed in accordance
with Section 8.02 if the Participant dies before the Annuity Starting Date as
defined in the Retirement Plan and if the requirements of (a) and (b) below are
satisfied:

    

    (a)      the
Participant had earned a nonforfeitable right to benefits under the Retirement
Plan, and

    

    (b)       the
Participant was legally married to the surviving spouse at death and was so
married for the year preceding death.

    

    8.02        The
monthly death benefit payable to the spouse of a Participant shall be the excess
of an amount determined pursuant to Section 6.1(a)(1) and (2) of the Retirement
Plan, computed without taking into account the limitations contained in Section
2.14(d) and (e) and 5.7 thereof, over the amount so determined taking into
account such limitations; the resulting benefit shall be further reduced by the
amount determined pursuant to Section 6.1(a)(3) of the Retirement Plan, if
any.  The benefit payable to a spouse who qualifies for a spouse’s
benefit under Section 8.01 shall be further reduced as follows:

    

    (a)      If
at death the Participant is age 55 or over, or actively employed by the Company
with 30 or more Years of Service under the Retirement Plan, the benefit of the
spouse shall be the amount payable to the spouse as beneficiary of the survivor
annuity portion of the joint and survivor annuity under Section 11.01 with
respect to the Participant, determined as though the Participant had retired on
the first day of the month in which death occurs.  On the death of a
Participant with 30 or more Years of Service under the Retirement Plan before
age 55, the Participant shall be assumed to be age 55 for purposes of this
subparagraph (a).

    

    (b)      If
the Participant does not meet the requirements of (a) above, at death, the
benefit of the spouse shall be the amount payable to the spouse as beneficiary
under the survivor annuity portion of the joint and survivor annuity under
Section 11.01 with respect to the Participant, determined as though the
Participant had separated from service on the date of death, if not already
separated, and had survived until age 55.

    

    8.03        Subject
to the provisions of Articles XII and XIII, benefits for a spouse under Section
8.02(a) shall commence as of the last day of the month following the first day
of the month coinciding with or following the date of death of the Participant,
and benefits under Section 8.02(b) shall commence on the last day of the month
following the first day of the month coinciding with or following the later of
the date of death of the Participant or the date on which the Participant would
have attained age 55, subject to the provisions of Articles XII and
XIII.

    

    8.04        If
a Participant has no surviving spouse at the date of his or her death, no death
benefit shall be paid under this Plan.

    

    IX.        Reemployment

    

     9.01       If
a Participant who retired or otherwise terminated employment for any reason and
commenced receiving benefits under the Plan is later rehired by the Company,
benefit payments shall continue as if the Participant had not been
rehired.  If the Participant is again approved for coverage by the
Compensation Committee under Section 3.02, the Participant’s benefits upon his
subsequent retirement or termination of employment for any reason shall be
determined as follows:

    

    (a)      If
a Participant retires on his Normal Retirement Date, the monthly retirement
benefit shall be determined pursuant to Article IV, reduced by the Actuarial
Equivalent of the benefit payments the Participant previously
received.

    

    (b)      If
a Participant remains employed beyond his Normal Retirement Date, the late
retirement benefit payable to a Participant upon his late retirement shall be
determined pursuant to Article V, reduced by the Actuarial Equivalent of the
benefit payments the Participant previously received.

    

    (c)      If
a Participant retires prior to his Normal Retirement Date and is eligible for
early retirement according to Section 6.01, the early retirement benefit payable
to a Participant shall be determined pursuant to Section 6.02, reduced by the
Actuarial Equivalent of the benefit payments the Participant previously
received.

    

    (d)      The
benefit payable under paragraphs (a) through (c) above shall not be less than
the amount he received from his previous retirement or from his previous
termination of employment for any reason.

    

    (e)      The
benefit payable under paragraphs (a) through (c) shall be in the same form as
the Participant was receiving.

    

    X.           Termination of Service;
Change in Control

    

     10.01   
If a Participant voluntarily or involuntarily terminates employment prior to
death, disability or retirement, he shall be entitled only to his vested accrued
benefits at the time of termination and shall be vested in such accrued benefits
in accordance with the following schedule:

    

    
      	
              Years of Service

            	 
      	
              Vested

            
	
              less
      than 5

            	 
      	
              0%

            
	
              5
      or more

            	 
      	
              100%

            

    

    

     

    10.02       A
Participant's vested accrued benefit shall be equal to the excess of an amount
determined pursuant to Sections 6.1(a)(1) and (2) and 6.6 of the Retirement
Plan, computed without taking into account the limitations contained in Sections
2.14(d) and (e) and
5.7 thereof, over the amount so determined taking into account such limitations;
the resulting benefit shall be further reduced by the amount determined pursuant
to Sections 6.1(a)(3) and 6.6 of the Retirement Plan, if any.  Payment
of the amount so determined shall commence on the first day of the month
following the Participant's 55th
birthday, subject to the provisions of Articles XII and
XIII.  Nonvested accrued benefits shall be forfeited.

    

    10.03      (a)      Notwithstanding
anything to the contrary in this Plan or in any applicable law or regulation,
upon the earlier of (i) the occurrence of a Change in Control, (ii) the date
that any person or entity submits an offer or proposal to the Company that
results in or leads to a Change in Control (whether by such person or any other
person) or (iii) the date of the public announcement of a Change in Control or
an offer, proposal or proxy solicitation that results in or leads to a Change in
Control (whether by the person or entity making such announcement or any other
person) (the earliest of such dates being hereinafter referred to as the
"Effective Date"), the Accrued Benefit of each Participant (other than any
Participant whose service as an employee was terminated prior to full vesting of
his Accrued Benefit under Section 10.01) and the benefits conferred under this
Section shall automatically vest and thereafter may not be adversely affected in
any matter without the prior written consent of the Participant. Notwithstanding
anything to the contrary in this Plan, upon the occurrence of a Change in
Control any Participant who is then employed by the Company or its subsidiaries
("Active Participants") shall have an irrevocable right to receive, and the
Company shall be irrevocably obligated to pay, a lump sum cash payment in an
amount determined pursuant to this Section if during a period commencing upon
the Effective Date and ending on the third anniversary of the occurrence of the
Change in Control, the Active Participant voluntarily or involuntarily separates
from service ("Termination"). The lump sum cash payment payable to Active
Participants under this Section (the "Lump Sum Payment") shall be paid on the
first day of the month following the date of Termination, subject to the
provisions of Articles XII and XIII.

    

               
(b)       The amount of each Lump Sum
Payment shall be determined as follows:

     

    (i)         With
respect to any Active Participant who, after giving effect to the terms of
subsection (b)(iv) below, is eligible as of the date of Termination to receive
benefits under Articles IV or V of this Plan, the Lump Sum Payment shall equal
the Present Value (as defined below) of the stream of payments to which such
participant would have otherwise been entitled to receive immediately upon
Termination in accordance with Articles IV or V of this Plan (assuming such
benefits are paid in the form of a lifetime annuity), based upon such
participant's Final Average Pay, Social Security Covered Compensation and
Benefit Years as of the date of Termination, after giving effect to the terms of
subsection (b)(iv) below.

    

    (ii)         With
respect to any Active Participant who, after giving effect to the terms of
subsection (b)(iv) below, is not eligible as of the date of Termination to
receive benefits under Articles IV, V or VI of this Plan, the Lump Sum Payment
shall equal the product of (A) the Present Value, calculated as of age 65, of
the stream of payments to which such Participant would have otherwise been
entitled to receive at age 65 in accordance with the terms of this Plan based on
the same assumptions and terms set forth in subsection (b)(i) above, multiplied
times (B) such discount factor as is necessary to reduce the amount determined
under subsection (b)(ii)(A) above to its Present Value, it being understood that
in calculating such discount factor, no discount shall be applied to reflect the
possibility that such Participant may die prior to attaining age
65.

    

    (iii)        With
respect to any Active Participant who, after giving effect to the terms of
subsection (b)(iv) below, is eligible as of the date of Termination to receive
benefits under Article VI of the Plan, the Lump Sum Payment shall equal the
greater of (A) the Present Value of the stream of payments to which such
participant would have otherwise been entitled to receive immediately upon
Termination in accordance with Article VI of this Plan, based upon the
assumptions and terms set forth in subsection (b)(i) above, or (B) the Present
Value, calculated as of age 65, of the stream of payments to which such
Participant would otherwise be entitled to receive at age 65 in accordance with
this Plan, determined in the same manner and subject to the same assumptions and
terms set forth in subsection (b)(ii) above.

    

       
(iv)         In calculating
the Lump Sum Payment due to any Active Participant under this Section, the
number of years of Benefit Years of the Active Participant shall be deemed to
equal the number of years determinable under the other Sections of this Plan
plus three years and the Active Participant's age shall be deemed to equal his
actual age plus three years; provided, however, that in no event shall the
provisions of this subsection be applicable if the application thereof will
reduce the Active Participant's Lump Sum Payment from the amount that would
otherwise be payable with the addition of less than three years of service, age
or both.

    

       
(v)           As
used in this Section with respect to any amount, the "Present Value" of such
amount shall mean the discounted value of such amount that is determined by
making customary present value calculations in accordance with generally
accepted actuarial principles, provided that (A) the discount interest rate
applied in connection therewith shall equal the interest rate quoted by the
Bloomberg Municipal AAA General Obligation 5-Year Index (as of the close of
business on the first business day of the calendar quarter in which such present
value calculations are made) or, in the event such index is no longer published,
any similar index for comparable municipal securities and (B) the mortality
table applied in connection therewith shall be the mortality table prescribed by
the Commissioner of Internal Revenue under §417(e)(3)(A)(ii)(I) of the Code or
any successor table prescribed by such organization.

    

    (c)       Notwithstanding
anything to the contrary in this Plan, upon the occurrence of a Change in
Control Event as defined in Reg. §1.409A-3(i)(5), each Participant who has
already begun to receive periodic payments under this Plan ("Retired
Participants") shall have an irrevocable and unconditional right to receive, and
the Company shall be irrevocably and unconditionally obligated to pay, a lump
sum payment in an amount equal to the present value of the Participant's future
stream of payments which would otherwise be payable under this Plan. Such lump
sum payment shall be paid on the first day of the month following the date of
the Change of Control Event. The Company shall offer to assist such Participant
in purchasing at such Participant's cost an annuity for the benefit of such
Participant.

    

    (d)       Notwithstanding
anything to the contrary in this Plan, upon the occurrence of Change in Control
Event as defined in Reg. §1.409A-3(i)(5), any Participant (other than a Retired
Participant) who is then a former employee of the Company or its subsidiaries
whose accrued benefit is vested under Section 10.01 ("Inactive Participants")
shall have an irrevocable and unconditional right to receive, and the Company
shall be irrevocably and unconditionally obligated to pay, a lump sum payment in
an amount determined in the manner provided in subsection (b)(ii) or (iii), as
applicable; provided, however, that no Inactive Participant will be entitled to
the benefits of subsection (b)(iv). Such lump sum payment shall be paid on the
first day of the month following the date of the Change of Control
Event.

    

    XI.           Form of Benefit
Payment

    

    11.01      The
normal form of benefit payment for a Participant who is not married on his
benefit commencement date is an annuity payable monthly for the lifetime of the
Participant or in the case of a Participant who is married on his benefit
commencement date, the normal form of benefit payment is an Actuarially
Equivalent annuity payable monthly for the lifetime of the Participant and a
survivor annuity payable monthly to the spouse (if living) upon the
Participant's death which is 50% of the amount of the amount of the annuity
payable during the lifetime of the Participant, in each case payable in
accordance with the Company's standard payroll practices with payments
commencing as of the first day of the month following the Participant's benefit
commencement date.

     

    11.02      A
Participant may, before any annuity payment has been made, elect the optional
form of payment which is the Actuarial Equivalent of a Participant's basic
monthly pension, which shall begin on his benefit commencement
date.  The optional form of payment is as follows:

     

    Alternative
Joint and Survivor Annuity.

     

                  
(a)           Under
an Alternative Joint and Survivor Annuity, a reduced amount shall be payable to
the Participant for his lifetime.  The beneficiary, whether or not the
Participant's spouse, if surviving at the Participant's death, shall be entitled
to receive thereafter a lifetime survivor benefit in an amount equal to 100% of
the reduced amount that had been payable to the Participant.  If the
beneficiary is not the Participant's spouse who is entitled to a 50% survivor
annuity under Section 11.01, the Participant may elect that the survivor annuity
be 50% of the reduced amount payable to the Participant.

     

                  
(b)           The
reduced amount payable to the retired Participant shall be the Actuarial
Equivalent of the amount determined under Articles IV, V, VI, VII, VIII or X, as
the case may be.  The appropriate actuarial factor shall be determined
for any Participant and his beneficiary as of the commencement date of the
Participant's benefit.

     

                  
(c)           If
the Participant designates any individual other than his spouse as his
beneficiary, the annual amount of the Participant's annuity under the
Alternative Joint and Survivor Annuity shall not be less than 50% of the annual
benefit calculated as a single life annuity, and the beneficiary's survivor
annuity under the Alternative Joint and Survivor Annuity shall be reduced to the
extent necessary to reflect any adjustment required by this paragraph (c) in the
amount of the Participant's annuity under the Alternative Joint and Survivor
Annuity.

    

    XII.           Acceleration of
Payments.

     

    12.01      Notwithstanding
any other provision of this Plan, if the single sum value of the Participant’s,
Beneficiary’s or Spouse’s benefit under the Plan and all other plans that would
be treated as a single plan with this Plan pursuant to Treasury Regulations
§1.409A-1(c)(2) does not exceed the applicable dollar amount under Code
§402(g)(1)(B) ($15,500 in 2008), then such amount shall be paid in one lump sum
to the person entitled to payment on the date the first annuity payment would
otherwise be paid under this Plan.  Such payment is mandatory but
shall only occur if the Participant’s interest under the Plan (as determined in
accordance with Treasury Regulations §1.409A-1(c)(2)) is terminated and
liquidated in its entirety in conjunction with the payment.

     

    12.02      If
at any time the Plan fails to meet the requirements of Code §409A, an amount
equal to the amount required to be included in the Participant's income as a
result of the failure to comply with the requirements of Code §409A shall be
paid to the Participant in one lump sum on the first day of the month following
the Company's determination that the failure has occurred.

     

    12.03      If
the Plan receives a domestic relations order as defined in Code §414(p)(1)(B)
and ERISA §206(d)(3)(B)(ii), the Committee shall accelerate the time or schedule
of a payment to an individual other than the Participant in order to fulfill
such order, provided that the provisions of ERISA §206(d)(3)(C) through (F)
shall apply as if this Plan were governed by Part 2 of Title I of
ERISA.

     

    12.04      The
Committee shall accelerate the time or schedule of a payment under the Plan as
may be necessary: (1) to comply with an ethics agreement between the Participant
and the Federal government, or (2) to comply with applicable Federal, state,
local or foreign ethics laws or conflict of interest laws; each as described in
Treasury Regulations §1.409A-3(j)(4)(iii).

     

    XIII.         Delay of
Payments

     

    13.01      A
payment otherwise due hereunder shall be delayed to a date after the designated
payment date under the following circumstances:

    

    (a)           Notwithstanding
any other provision hereof, payments which constitute deferred compensation
under Code §409A and the Treasury Regulations thereunder and which are not
exempt from coverage by Code §409A and the Treasury Regulations thereunder shall
commence upon termination of employment of a Participant who is a Specified
Employee on the first day of the seventh month following the date of the
Specified Employee's termination of employment, or, if earlier, the date of
death of the Specified Employee.  On the first day of such seventh
month or on the first day of the month following the earlier death of the
Specified Employee, the Specified Employee or his estate or spouse, as the case
may be, shall be paid the amount to which the Specified Employee normally would
be entitled hereunder on such date plus the amounts which would have been
previously paid to the Specified Employee but for the fact that he was a
Specified Employee.  Nevertheless, for all other purposes of this
Agreement, the payments shall be deemed to have commenced on the date they would
have had the Employee not been a Specified Employee.

    

    (b)           Notwithstanding
any other provision hereof, a Participant shall not have separated from service
with the Employer on account of termination of employment for reasons other than
death if he would not be deemed to have experienced a termination of employment
under the default rules of Treasury Regulations §1.409A-1(h).

    

    (c)           Payments
that would violate loan covenants or other contractual terms to which the
Employer is a party, where such a violation would result in material harm to the
Employer (in such case, payment will be made at the earliest date at which the
Employer reasonably anticipates that the making of the payment will not cause
such violation, or such violation will not cause material harm to the
Employer).

    

    (d)           Payment
where the Employer reasonably anticipates that the making of the payment will
violate Federal securities laws or other applicable law, provided that the
payment shall be made at the earliest date at which the Employer reasonably
anticipates that the making of the payment will not cause such
violation.  (The making of a payment that would cause inclusion in
gross income or the application of any penalty provision or other provision of
the Code is not treated as a violation of applicable law).

    

    (e)           Payments
the deduction for which the Employer reasonably anticipates would be limited by
the application of Code §162(m) (in such case, payment will be made at either
the earliest date at which the Employer reasonably anticipates that the
deduction of the payment will not be so limited or the calendar year in which
the Participant separates from service).

    

    (f)           Payment
may also be delayed upon such other events and conditions as the Commissioner of
Internal Revenue may prescribe in generally applicable guidance published in the
Internal Revenue Bulletin.

     

    XIV.          Additional Restrictions on
Benefit Payments

    

     14.01     In
no event will there be a duplication of benefits payable under the Plan because
of employment by more than one participating Employer.

    

    XV.           Administration and
Interpretation

    

     15.01     The
Plan shall be administered by the Committee.  The Committee shall have
full power and authority to interpret and administer the Plan and, subject to
the provisions herein set forth, to prescribe, amend and rescind rules and
regulations and make all other determinations necessary or desirable for the
administration of the Plan.

    

     15.02     The
decision of the Committee relating to any question concerning or involving the
interpretation or administration of the Plan shall be final and
conclusive.

    

    XVI.         Nature of the
Plan

    

     16.01       Benefits
under the Plan shall generally be payable by the Employer from its own funds,
and such benefits shall not (i) impose any obligation upon the trust(s) of the
other employee benefit programs of the Employer; (ii) be paid from such
trust(s); nor (iii) have any effect whatsoever upon the amount or payment of
benefits under the other employee benefit programs of the Employer. Participants
have only an unsecured right to receive benefits under the Plan from the
Employer as general creditors of the Employer. The Employer may deposit amounts
in a trust established by the Employer for the purpose of funding the Employer's
obligations under the Plan. Participants and their beneficiaries, however, have
no secured interest or special claim to the assets of such trust, and the assets
of the trust shall be subject to the payment of claims of general creditors of
the Employer upon the insolvency or bankruptcy of the Employer, as provided in
the trust.

     

    XVII.         Employment
Relationship

    

     17.01       An
employee shall be considered to be in the employment of the Company and its
subsidiaries as long as he remains an employee of either the Company, any
Subsidiary of the Company, or any corporation to which substantially all of the
assets and business of the Company are transferred. Nothing in the adoption of
this Plan nor the designation of any Participant shall confer on any employee
the right to continued employment by the Company or a Subsidiary of the Company,
or affect in any way the right of the Company or such Subsidiary to terminate
his employment at any time. Any question as to whether and when there has been a
termination of an employee's employment, and the cause, notice or other
circumstances of such termination, shall be determined by the Committee, and its
determination shall be final.

     

    XVIII.       Amendment and Termination of
Plan

    

    18.01       The
Company may terminate the Plan and accelerate any payments due (or that may
become due) under the Plan:

    

    (a)           Within
12 months of a corporate dissolution of the Company taxed under Code §331, or
with the approval of a bankruptcy court pursuant to 11 U.S.C. §503(b)(1)(A),
provided that the amounts deferred under the Plan are included in the
Participant's gross income in the latest of (i) the calendar year in which the
termination occurs, (ii) the calendar year in which the amount is no longer
subject to a substantial risk of forfeiture or (iii) the first calendar year in
which the payment is administratively practicable.

    

    (b)           Within
the 30 days preceding or the 12 months following a Change in Control Event (as
defined in Treasury Regulations §1.409A-3(i)(5)) provided that Treasury
Regulations §1.409A-3(j)(4)(ix)(B) is complied with.

    

    (c)           In
the Company’s discretion, provided that Treasury Regulations
§1.409A-3(j)(4)(ix)(C) is complied with.

    

    (d)           Due
to such other events and conditions as the Commissioner of the IRS may prescribe
in generally applicable guidance published in the Internal Revenue
Bulletin.

    

    18.02      The
Company, acting through the Compensation Committee, its Board of Directors, or
any person or entity designated by the Compensation Committee or the Board of
Directors, may amend this Plan.  The Retirement Committee cannot amend
the Plan for any reason, unless authorized to do so by the Compensation
Committee or the Company's Board of Directors.  Notwithstanding any
other provision of this Plan, it is the intention of the Company that no payment
or entitlement pursuant to this Plan will give rise to any adverse tax
consequences to any Participant under Code §409A and Treasury Regulations and
other interpretive guidance issued thereunder, including that issued after the
date hereof (collectively, "Section 409A"). This Plan and any amendments hereto
shall be interpreted to that end and (1) to the maximum extent permitted by law,
no effect shall be given to any provision herein, any amendment hereto or any
action taken hereunder in a manner that reasonably could be expected to give
rise to adverse tax consequences under Section 409A and (2) the Company shall
take any corrective action reasonably within its control that is necessary to
avoid such adverse tax consequences.  No amendments shall divest
otherwise vested rights of Participants, their Beneficiaries or
Spouses.

    

    XIX.        Binding
Effect

    

    19.01      This
Plan shall be binding on the Company, each Subsidiary and any designated
affiliate, the successors and assigns thereof, and any entity to which
substantially all of the assets or business of the Company, a Subsidiary, or a
designated affiliate are transferred.

    

    XX.           Construction

    

    20.01      The
masculine gender, where appearing in the Plan, shall be deemed to include the
feminine gender, and the singular may indicate the plural, unless the context
clearly indicates the contrary. The words "hereof", "herein", "hereunder" and
other similar compounds of the word "here" shall, unless otherwise specifically
stated, mean and refer to the entire Plan, not to any particular provision or
Section. Article and Section headings are included for convenience of reference
and are not intended to add to, or subtract from, the terms of the
Plan.

    

    20.02  The Plan
shall be interpreted in a manner that does not give rise to any adverse tax
consequences to any Participant under Code §409A and the Treasury Regulations
and other interpretive guidance issued thereunder. Any provision of the Plan
that would cause a violation of Code §409A, if followed, shall be
disregarded.

     

    20.03  Any
reference to any section of the Code or the Treasury Regulations shall be deemed
to also refer to any successor provisions thereto.

    

    XXI.        Demand For
Benefits

    

    21.01       (a)          Filing of
Claims for Benefits.  Benefits shall
ordinarily be paid to a Participant without the need for demand, and to a
beneficiary upon receipt of the beneficiary's address and Social Security Number
(and evidence of death of the Participant, if needed).  Nevertheless,
a Participant or a person claiming to be a beneficiary who claims entitlement to
a benefit can file a claim for benefits in writing with the
Committee.

    

     (b)          Notification to Claimant of
Decision.

    

    If a
claim is wholly or partially denied, a notice of the decision rendered in
accordance with the rules set forth below will be furnished to the claimant not
later than 90 days after receipt of the claim by the Committee.

    

    If
special circumstances require an extension of time for processing the claim, the
Committee will give the claimant a written notice of the extension prior to the
end of the initial 90 day period.  In no event will the extension
exceed an additional 90 days.  The extension notice will indicate the
special circumstances requiring an extension of time and the date by which the
Committee expects to render its final decision.

    

     (c)          Content of
Notice.

    

    The
Committee will provide to every claimant who is denied a claim for benefits
written or electronic notice setting forth in a clear and simple
manner:

    

    
      	
               
      

            	
              (1)

            	
              The
      specific reason or reasons for
denial;

            

    

    

    
      	
               
      

            	
              (2)

            	
              Specific
      reference to pertinent plan provisions on which denial is
      based;

            

    

    

    
      	
               
      

            	
              (3)

            	
              A
      description of any additional material or information necessary for the
      claimant to perfect the claim and an explanation of why such materials or
      information are necessary; and

            

    

    

    
      	
               
      

            	
              (4)

            	
              Appropriate
      information as to the steps to be taken if the claimant wishes to submit
      his or her claim for review, including a statement of the claimant's right
      to bring a civil action under ERISA Section 502(a) following an adverse
      determination on review.

            

    

    

    (d)           Review
Procedure.

    

    After the
claimant has received written notification of an adverse benefit determination,
the claimant or a duly authorized representative will have 60 days within which
to appeal, in writing, such determination.  The claimant may submit
written comments, documents, records, and any other information relevant to the
claim for benefits.  The Committee will provide the claimant, upon
request and free of charge, reasonable access to and copies of all documents,
records, and other information relevant to the claimant's claim for
benefits.

    

    The
review will take into account all items submitted by the claimant, regardless of
whether such information was submitted or considered in the initial benefit
determination.

    

    (e)           Decision on
Review.

    

    The
decision on review by the Committee will be rendered as promptly as is feasible,
but not later than 60 days after the receipt of a request for review, unless the
Committee in its sole discretion determines that special circumstances require
an extension of time for processing, in which case a decision will be rendered
as promptly as is feasible, but not later than 120 days after receipt of a
request for review.

    

    If an
extension of time for review is required because of special circumstances,
written notice of the extension will be furnished to the claimant before
termination of the initial 60-day review period and shall indicate the special
circumstances requiring an extension of time and the date by which the Committee
expects to render the determination on review.

    

    The
decision on review will be in written or electronic form.  In the
event of an adverse benefit determination, the decision shall
contain:  (1) specific reasons for the adverse determination,
written in a clear and simple manner; (2)  specific references to the
pertinent plan provisions on which the determination is based; (3) a
statement that the claimant may request, free of charge, reasonable access to
and copies of all documents, records and other information relevant to the claim
for benefits; and (4) the claimant’s right to bring an action under ERISA
Section 502(a).

    

    (f)           Failure to Establish and
Follow Reasonable Claims Procedure.

    

    In the
case of the failure of the Committee to establish or follow claims procedures
consistent with the requirements of Labor Department Regulations Section
2560.503-1, the claimant shall be deemed to have exhausted the administrative
remedies available under the Plan and shall be entitled to pursue any available
remedies under section 502(a) of ERISA on the basis that the Plan has failed to
provide a reasonable claims procedure that would yield a decision on the merits
of the claim.

    

    IN WITNESS WHEREOF, CenturyTel,
Inc. has executed this Plan this 10th day
of December, 2007.

    

    
      	 
      	
              CENTURYTEL,
      INC

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

            
	 
      	
              R.
      Stewart Ewing, Jr.

            
	 
      	
              Executive
      Vice-President and

            
	 
      	
              Chief
      Financial OfficerUnassociated Document

    Exhibit
10.4(a)

    

    AMENDED
AND RESTATED

    CHANGE OF CONTROL
AGREEMENT

    

    

    AMENDED AND RESTATED CHANGE OF
CONTROL AGREEMENT (this “Agreement”), dated effective January 1, 2008
(the “Restatement Date”), between CenturyTel, Inc., a Louisiana corporation (the
“Company”), and Glen F. Post, III (the “Employee”).

    

    W
I T N E S S E T H:

    

    WHEREAS, the Company and
Employee entered into a change of control agreement (the “Original Agreement”)
dated effective as of February 22, 2000 (the “Agreement Date”);

    

    WHEREAS, in connection with
entering into the Original Agreement, the Board of Directors of the Company (the
“Board”) determined that (i) it was in the best interests of the Company and its
shareholders to take steps designed to retain the services of the Employee and
to assure the full dedication of the Employee, free from personal distraction,
in the event of an actual or pending change of control of the Company, and (ii)
the Original Agreement accomplished these and other related objectives;
and

    

    WHEREAS, in order to ensure
that the Original Agreement complies with Section 409A of the Internal Revenue
Code of 1986 and the regulations promulgated thereunder by the U.S. Department
of the Treasury (the “Treasury Regulations”), the Board has determined that it
is necessary and appropriate to amend and restate (i) various provisions in
Article III of the Original Agreement relating to the payment of benefits
thereunder and (ii) certain other related provisions and
definitions;

    

    NOW, THEREFORE, the parties agree
to amend and restate the Original Agreement so that it reads in its entirety as
follows:

    

    

    ARTICLE I

    CERTAIN
DEFINITIONS

    

    1.1           Affiliate.  “Affiliate”
(and variants thereof) shall mean a Person that controls, or is controlled by,
or is under common control with, another specified Person, either directly or
indirectly.

    

    1.2           Beneficial
Owner.  “Beneficial Owner” (and variants thereof), with respect
to a security, shall mean a Person who, directly or indirectly (through any
contract, understanding, relationship or otherwise), has or shares (i) the power
to vote, or direct the voting of, the security, or (ii) the power to dispose of,
or direct the disposition of, the security.

     

                   
1.3           Cause. 
 (a)   “Cause” shall mean:

    

    (i)           conviction
of a felony;

    

    (ii)           habitual
intoxication during working hours;

    

    (iii)          habitual
abuse of or addiction to a controlled dangerous substance; or

    

    (iv)          the
willful and continued failure of the Employee to perform substantially the
Employee’s duties with the Company or its Affiliates (other than any such
failure resulting from incapacity due to physical or mental illness or the
Employee’s termination of employment for Good Reason) for a period of 15 days
after a written demand for substantial performance is delivered to the Employee
by the Board which specifically identifies the manner in which the Board
believes that the Employee has not substantially performed the Employee’s
duties.

    

    (b)           For
purposes of this Section 1.3, no act or failure to act on the part of the
Employee shall be considered “willful” unless it is done, or omitted to be done,
by the Employee in bad faith and without reasonable belief that the Employee’s
action or omission was in the best interests of the Company or its
Affiliates.  Any act, or failure to act, based upon authority given
pursuant to a resolution duly adopted by the Board or upon the instructions of a
senior officer of the Company or based upon the advice of counsel for the
Company or its Affiliates shall be conclusively presumed to be done, or omitted
to be done, by the Employee in good faith and in the best interests of the
Company or its Affiliates.  Any termination by the Company or any of
its Affiliates of the Employee’s employment during the Employment Term (as
defined in Section 1.8) shall not be deemed to be for Cause unless the
Employee’s action or inaction meets the foregoing standard and until there shall
have been delivered to the Employee a copy of a resolution duly adopted by the
affirmative vote of not less than three-quarters of the entire membership of the
Board at a meeting of the Board called and held for such purpose (after
reasonable notice is provided to the Employee and the Employee is given an
opportunity, together with counsel, to be heard before the Board), finding that,
in the good faith opinion of the Board, the Employee is guilty of the conduct
described in subparagraph (a) above, and specifying the particulars thereof in
detail.

    

    (c)          No
action or inaction shall be deemed the basis for Cause unless the Employee is
terminated therefor within 120 days after such action or omission is known to
the Chairman of any committee of the Board.

     

    
      (d)           In
the event that the existence of Cause shall become an issue in any action or
proceeding between the Company and the Employee, the Company shall,
notwithstanding the finding of the Board referenced above, have the burden of
establishing that the actions or inactions deemed the basis for Cause did in
fact occur and do constitute Cause and that the Company has satisfied the
procedural requirements of this provision.  The satisfaction of the
Company’s burden shall require clear and convincing evidence.  Any
purported termination of employment of the Employee by the Company which does
not meet each and every substantive and procedural requirement of this provision
shall be treated for all purposes under this Agreement as a termination of
employment without Cause.

    

    

      

    
      1.4           Change of
Control.  “Change of Control” shall mean:

      

      (a)           the
acquisition by any Person of Beneficial Ownership of 30% or more of the
outstanding shares of the Company’s Common Stock, $1.00 par value per share (the
“Common Stock”), or 30% or more of the combined voting power of the Company’s
then outstanding securities entitled to vote generally in the election of
directors; provided,
however, that for purposes of this subsection (a), the following
acquisitions shall not constitute a Change of Control:

      

      (i)           any
acquisition (other than a Business Combination which constitutes a Change of
Control under Section 1.4(c) hereof) of Common Stock directly from the
Company,

      

      (ii)          any
acquisition of Common Stock by the Company or its subsidiaries,

      

      (iii)         any
acquisition of Common Stock by any employee benefit plan (or related trust)
sponsored or maintained by the Company or any corporation controlled by the
Company, or

      

      (iv)         any
acquisition of Common Stock by any corporation pursuant to a Business
Combination that does not constitute a Change of Control under Section 1.4(c)
hereof; or

      

      (b)           individuals
who, as of the Restatement Date, constitute the Board (the “Incumbent Board”)
cease for any reason to constitute at least a majority of the Board; provided, however, that any
individual becoming a director subsequent to the Restatement Date whose
election, or nomination for election by the Company’s shareholders, was approved
by a vote of at least two-thirds of the directors then comprising the Incumbent
Board shall be considered a member of the Incumbent Board, unless such
individual’s initial assumption of office occurs as a result of an actual or
threatened election contest with respect to the election or removal of directors
or other actual or threatened solicitation of proxies or consents by or on
behalf of a Person other than the Incumbent Board; or

      

      (c)           consummation
of a reorganization, share exchange, merger or consolidation (including any such
transaction involving any direct or indirect subsidiary of the Company), or sale
or other disposition of all or substantially all of the assets of the Company (a
“Business Combination”); provided, however, that in no
such case shall any such transaction constitute a Change of Control if
immediately following such Business Combination,

      

      (i)           the
individuals and entities who were the Beneficial Owners of the Company’s
outstanding common stock and the Company’s voting securities entitled to vote
generally in the election of directors immediately prior to such Business
Combination have direct or indirect Beneficial Ownership, respectively, of more
than 50% of the then outstanding shares of common stock, and more than 50% of
the combined voting power of the then outstanding voting securities entitled to
vote generally in the election of directors, of the Post-Transaction Corporation
(as defined in Section 1.11 hereof), and

      

      (ii)           except
to the extent that such ownership existed prior to the Business Combination, no
Person (excluding the Post-Transaction Corporation and any employee benefit plan
or related trust of either the Company, the Post-Transaction Corporation or any
subsidiary of either corporation) Beneficially Owns, directly or indirectly, 20%
or more of the then outstanding shares of common stock of the corporation
resulting from such Business Combination or 20% or more of the combined voting
power of the then outstanding voting securities of such corporation,
and

      

      (iii)          at
least a majority of the members of the board of directors of the
Post-Transaction Corporation were members of the Incumbent Board at the time of
the execution of the initial agreement, or of the action of the Board, providing
for such Business Combination; or

      

      (d)           approval
by the shareholders of the Company of a complete liquidation or dissolution of
the Company.

       

      
        1.5           Code.  “Code” shall
mean the Internal Revenue Code of 1986, as amended from time to
time.

        

        1.6           Company.  “Company”
shall mean CenturyTel, Inc. and shall include any successor to or assignee of
(whether direct or indirect, by purchase, share exchange, merger, consolidation
or otherwise) all or substantially all of the assets or business of the Company
that assumes and agrees to perform this Agreement by operation of law or
otherwise.

        

        1.7           Disability.  “Disability”
shall mean a condition that would entitle the Employee to receive benefits under
the long-term disability insurance policy applicable to the Company’s officers
at the time either because the Employee is totally disabled or partially
disabled, as such terms are defined in the policy then in effect.  If
the Company has no long-term disability plan in effect, “Disability” shall occur
if (a) the Employee is rendered incapable because of physical or mental illness
of satisfactorily discharging his duties and responsibilities to the Company for
a period of 90 consecutive days, (b) a duly qualified physician chosen by the
Company and acceptable to the Employee or his legal representatives so certifies
in writing, and (c) the Board determines that the Employee has become
disabled.

        

        1.8           Employment
Term.  “Employment Term” shall mean the period commencing on
the date of a Change of Control and ending on the third anniversary of such
date.

        

        1.9           Good
Reason.  (a)  Any act or failure to act by the
Company or its Affiliates specified in this Section 1.9 shall constitute “Good Reason” unless the
Employee shall otherwise expressly agree in a writing that specifically refers
to this Section 1.9:

      

       

      
        (i)           Any
failure of the Company or its Affiliates to provide the Employee with a
position, authority, duties and responsibilities at least commensurate in all
material respects with the most significant of those held, exercised and
assigned at any time during the 180­-day period immediately preceding the
Change of Control.  The Employee’s position, authority, duties and
responsibilities after a Change of Control shall not be considered commensurate
in all material respects with the Employee’s position, authority, duties and
responsibilities prior to a Change of Control unless after the Change of Control
the Employee holds an equivalent position with, and exercises substantially
equivalent authority, duties and responsibilities on behalf of, the
Post-Transaction Corporation;

        

        (ii)           The
assignment to the Employee of any duties inconsistent in any material respect
with the Employee’s position (including status, offices, titles and reporting
requirements), authority, duties or responsibilities as contemplated by Section
3.1(b) of this Agreement, or any other action that results in a diminution in
such position, authority, duties or responsibilities, excluding for this purpose
an isolated, insubstantial and inadvertent action not taken in bad faith that
the Company remedies within 10 days after its receipt of written notice thereof
from the Employee;

        

        (iii)           A
material increase in the Employee’s responsibilities or duties without a
commensurate increase in total compensation;

        

        (iv)           Any
failure by the Company to comply with and satisfy Sections 4.1 (c) or (d) of
this Agreement;

        

        (v)           Any
failure by the Company or its Affiliates to comply with any of the other
provisions of this Agreement, other than an isolated, insubstantial and
inadvertent failure not occurring in bad faith that the Company remedies within
10 days after its receipt of written notice thereof from the
Employee;

        

        (vi)           Any
directive requiring the Employee to be based at any office or location other
than as provided in Section 3.1(b)(ii) hereof or requiring the Employee to
travel on business to a substantially greater extent than required immediately
prior to the Change of Control; or

        

        (vii)           Any
purported termination of the Employee’s employment otherwise than as expressly
permitted by this Agreement.

        

        (b)           For
purposes of this Section 1.9, any good faith determination of “Good Reason” made
by the Employee shall be conclusive and binding for all purposes, unless the
Company establishes by clear and convincing evidence that the Employee did not
have any reasonable basis for such determination.

        

        (c)           No
action or inaction by the Company shall be deemed the basis for Good Reason
unless the Employee asserts his right hereunder to terminate employment with
Good Reason prior to the first anniversary of the date on which the Employee
obtained actual knowledge of such act or omission.  Except as
otherwise provided in the prior sentence, neither the Employee’s continued
employment with the Company or its Affiliates nor any delay in the Employee’s
assertion of his rights to terminate employment with Good Reason shall be deemed
to constitute a waiver of any of the Employee’s rights hereunder.

        

        (d)           Anything
in this Agreement to the contrary notwithstanding, a resignation by the Employee
for any reason during the 30-day period immediately following the first
anniversary of the Change of Control shall be deemed to be a termination for
Good Reason and the Employee shall be entitled to receive all payments and
benefits hereunder associated therewith.

      

       

      
        1.10           Person.  “Person”
shall mean a natural person or entity, and shall also mean the group or
syndicate created when two or more Persons act as a syndicate or other group
(including, without limitation, a partnership or limited partnership) for the
purpose of acquiring, holding, or disposing of a security, except that “Person”
shall not include an underwriter temporarily holding a security pursuant to an
offering of the security.

        

        1.11           Post-Transaction
Corporation.  Unless a Change of Control results from a
Business Combination (as defined in Section 1.4(c) hereof), “Post-Transaction
Corporation” shall mean the Company after the Change of Control.  If a
Change of Control results from a Business Combination, “Post-Transaction
Corporation” shall mean the corporation or other entity resulting from the
Business Combination unless, as a result of such Business Combination, an
ultimate parent corporation controls such resulting entity, the Company or all
or substantially all of the Company’s assets either directly or indirectly, in
which case “Post-Transaction Corporation” shall mean such ultimate parent
corporation.

        

        1.12           Specified
Employee.  “Specified Employee” shall mean the Employee if the
Employee is a key employee under Treasury Regulations Section 1.409A-1(i)
because of final and binding action taken by the Board or its Compensation
Committee, or by operation of law or such regulation.

         

         

        
          ARTICLE
II

          STATUS
OF CHANGE OF CONTROL AGREEMENTS

          

          Notwithstanding
any provisions thereof, as of the Restatement Date, this Agreement amends and
restates the Original Agreement and supersedes any and all prior agreements
between the Company and the Employee that provide for severance benefits in the
event of a Change of Control of the Company, as defined therein.

          

          ARTICLE
III

          CHANGE
OF CONTROL BENEFITS

          

          3.1           Employment Term and Capacity after
Change of Control.  (a)  This Agreement was
originally effective as of the Agreement Date and has been in effect
continuously thereafter. Commencing on January 1, 2002 and each January 1
thereafter, the term of this Agreement has been and shall automatically be
extended for one additional year unless, not later than June 30 of the preceding
year, the Company shall have given written notice that it does not wish to
extend this Agreement; provided, further, that,
notwithstanding any such non-extension notice by the Company, if a Change of
Control of the Company shall have occurred during the original or extended term
of this Agreement, this Agreement shall continue in effect through the third
anniversary of the Change of Control, subject to any earlier termination of the
Employee’s status as an employee pursuant to this Agreement; provided, further, that in no event
shall any termination of this Agreement result in any forfeiture of rights that
accrued prior to the date of termination.

          

          (b)           During
the Employment Term, the Company hereby agrees to continue the Employee in its
employ, subject to the terms and conditions of this Agreement.  During
the Employment Term, (i) the Employee’s position (including status, offices,
titles and reporting requirements), authority, duties and responsibilities shall
be at least commensurate in all material respects with the most significant of
those held, exercised and assigned at any time during the 180-day period
immediately preceding the Change of Control and (ii) the Employee’s services
shall be performed during normal business hours at the location of the Company’s
principal executive office at the time of the Change of Control, or the office
or location where the Employee was employed immediately preceding the Change of
Control or any relocation of any such site to a location that is not more than
35 miles from its location at the time of the Change of Control.  The
Employee’s position, authority, duties and responsibilities after a Change of
Control shall not be considered commensurate in all material respects with the
Employee’s position, authority, duties and responsibilities prior to a Change of
Control unless after the Change of Control the Employee holds an equivalent
position with, and exercises substantially equivalent authority, duties and
responsibilities on behalf of, the Post-Transaction Corporation.

          

          3.2           Compensation and
Benefits.  During the Employment Term, the Employee shall be
entitled to the following compensation and benefits:

          

          (a)           Base
Salary.  The Employee shall receive an annual base salary
(“Base Salary”), which shall be paid in at least monthly
installments.  The Base Salary shall initially be equal to 12 times
the highest monthly base salary that was paid or is payable to the Employee,
including any base salary which has been earned but deferred by the Employee, by
the Company and its Affiliates with respect to any month in the 12-month period
ending with the month that immediately precedes the month in which the Change of
Control occurs.  During the Employment Term, the Employee’s Base
Salary shall be reviewed at such time as the Company undertakes a salary review
of his peer employees (but at least annually), and, to the extent that salary
increases are granted to his peer employees of the Company (or have been granted
during the immediately preceding 12-month period to his peer employees of any
Affiliate of the Company), the Employee shall be granted a salary increase
commensurate with any increase granted to his peer employees of the Company and
its Affiliates.  Any increase in Base Salary shall not serve to limit
or reduce any other obligation to the Employee under this
Agreement.  Base Salary shall not be reduced during the Employment
Term (whether or not any increase in Base Salary occurs) and, if any increase in
Base Salary occurs, the term Base Salary as utilized in this Agreement shall
refer to Base Salary as so increased from time to time.

          

          (b)           Annual
Bonus.  In addition to Base Salary, the Employee shall be
awarded, for each fiscal year ending during the Employment Term, an annual cash
bonus (the “Bonus”) in an amount at least equal to the average of the annual
bonuses paid to the Employee with respect to the three fiscal years that
immediately precede the year in which the Change of Control occurs under the
Company’s annual bonus plan, or any comparable bonus under a successor plan;
provided, however, that
if the Company has never paid an annual bonus for a full year to the Employee,
the Employee shall be awarded a Bonus in an amount at least equal to the target
bonus for which the Employee is eligible for the fiscal year in which the Change
of Control occurs, assuming achievement at the target level of the objective
performance goals established with respect to such bonus and achievement of 100%
of any subjective performance goals or criteria otherwise applicable with
respect to such bonus.  Each such Bonus shall be paid after the end of
the fiscal year and no later than the 15th day of
the third month of the fiscal year next following the fiscal year for which the
Bonus is awarded, unless the Employee shall timely elect to defer the receipt of
such Bonus pursuant to the CenturyTel, Inc. Supplemental Dollars & Sense
Plan.  For purposes of determining the value of any annual bonuses
paid to the Employee in any year preceding the year in which the Change of
Control occurs, all cash and stock bonuses earned by the Employee shall be
valued as of the date of the grant.

          

          (c)           Fringe
Benefits.  The Employee shall be entitled to fringe benefits
(including, but not limited to, any cash payments made in lieu thereof)
commensurate with those provided to his peer employees of the Company and its
Affiliates, but in no event shall such fringe benefits be less favorable than
the most favorable of those provided by the Company and its Affiliates for the
Employee at any time during the one-year period immediately preceding the Change
of Control or, if more favorable to the Employee, those provided generally at
any time after the Change of Control to his peer employees of the Company and
its Affiliates.

          

          (d)           Expenses.  The
Employee shall be entitled to receive prompt reimbursement for all reasonable
expenses incurred by the Employee in accordance with the most favorable
agreements, policies, practices and procedures of the Company and its Affiliates
in effect for the Employee at any time during the one-year period immediately
preceding the Change of Control or, if more favorable to the Employee, as in
effect generally at any time thereafter with respect to his peer employees of
the Company and its Affiliates.

          

          (e)           Benefit
Plans.  (i) The Employee shall be entitled to participate in
all incentive, savings and retirement plans, practices, policies and programs
applicable generally to his peer employees of the Company and its Affiliates,
but in no event shall such plans, practices, policies and programs provide the
Employee with incentive opportunities (measured with respect to both regular and
special incentive opportunities to the extent that any such distinction is
applicable), savings opportunities and retirement benefit opportunities, in each
case, less favorable than the most favorable of those provided by the Company
and its Affiliates for the Employee under any agreements, plans, practices,
policies and programs as in effect at any time during the one-year period
immediately preceding the Change of Control or, if more favorable to the
Employee, those provided generally at any time after the Change of Control to
his peer employees of the Company and its Affiliates.

           

          
            (ii)           The
Employee and his family shall be eligible for participation in and shall receive
all benefits under welfare benefit plans, practices, policies and programs
provided by the Company and its Affiliates (including, without limitation,
medical, prescription drug, dental, disability, salary continuance, employee
life, group life, accidental death and travel accident insurance plans and
programs) to the extent applicable generally to his peer employees of the
Company and its Affiliates, but in no event shall such plans, practices,
policies and programs provide the Employee and his family with benefits, in each
case, less favorable than the most favorable of those agreements, plans,
practices, policies and programs in effect for the Employee and his family at
any time during the one-year period immediately preceding the Change of Control
or, if more favorable to the Employee and his family, those provided generally
at any time after the Change of Control to his peer employees of the Company and
its Affiliates.

            

            (iii)           Without
limiting the generality of the Company’s obligations under this subsection (e),
the Company shall comply with all of its obligations under the benefit plans,
practices, policies and programs of the Company and its Affiliates that arise in
connection with a Change of Control of the Company, including without limitation
all obligations that require the Company to (A) fully vest participants under
the Company’s qualified or non-qualified retirement plans, (B) fully vest
employees meeting certain age and service requirements with post-retirement
medical, dental and life insurance, or (C) extend the benefits described in
Section 3.5.

             

            
              (f)           Office and Support
Staff.  The Employee shall be entitled to an office or offices
of a size and with furnishings and other appointments, and to secretarial and
other assistance, commensurate with those provided to his peer employees of the
Company and its Affiliates.

              

              (g)           Vacation.  The
Employee shall be entitled to paid vacation in accordance with the most
favorable agreements, plans, policies, programs and practices of the Company and
its Affiliates as in effect for the Employee at any time during the one-year
period immediately preceding the Change of Control or, if more favorable to the
Employee, as in effect generally at any time thereafter with respect to his peer
employees of the Company and its Affiliates.

              

              (h)           Indemnification.  If,
in connection with any agreement related to a transaction that will result in a
Change of Control of the Company, an undertaking is made to provide the Board
with rights to indemnification from the Company (or from any other party to such
agreement), the Employee shall, by virtue of this Agreement, be entitled to the
same rights to indemnification as are provided to the Board pursuant to such
agreement.  Otherwise, the Employee shall be entitled to
indemnification rights on terms no less favorable to the Employee than those
available under any Company indemnification agreements or the articles of
incorporation, bylaws or resolutions of the Company at any time after the Change
of Control to his peer employees of the Company.  Such indemnification
rights shall be with respect to all claims, actions, suits or proceedings to
which the Employee is or is threatened to be made a party that arise out of or
are connected to his services at any time prior to the termination of his
employment, without regard to whether such claims, actions, suits or proceedings
are made, asserted or arise during or after the Employment Term.

              

              (i)           Directors and Officers
Insurance.  If, in connection with any agreement related to a
transaction that will result in a Change of Control of the Company, an
undertaking is made to provide the Board with continued coverage following the
Change of Control under one or more directors and officers liability insurance
policies, then the Employee shall, by virtue of this Agreement, be entitled to
the same rights to continued coverage under such directors and officers
liability insurance policies as are provided to the Board, and the Company shall
take any steps necessary to give effect to this provision.  Otherwise,
the Company shall agree to cover the Employee under any directors and officers
liability insurance policies as are provided generally at any time after the
Change of Control to his peer employees of the Company.

            

             

            
              3.3        Obligations upon Termination after a
Change of Control.

              

              (a)           Termination by Company for
Reasons other than Death, Disability or Cause or by the Employee for Good
Reason.  If, after a Change of Control and during the
Employment Term, the Company or any of its Affiliates terminates the Employee’s
employment, as defined in Treasury Regulations 1.409A-1(h)(1) ("Separation from
Service"), other than for Cause, death or Disability, or the Employee terminates
employment for Good Reason, subject to Section 3.6,

              

              (i)           Subject
to the six-month delay rule in Section 3.3(d), if applicable, the Company shall
pay to the Employee in a lump sum in cash within five business days of the date
of termination an amount equal to three times the sum of (i) the amount of Base
Salary in effect pursuant to Section 3.2(a) hereof at the date of termination,
plus (ii) the greater of (x) the average of the annual bonuses paid or to be
paid to the Employee with respect to the immediately preceding three fiscal
years or (y) the target Bonus for which the Employee is eligible for the fiscal
year in which the date of termination occurs, assuming achievement at the target
level of the objective performance goals established with respect to such bonus
and achievement of 100% of any subjective performance goals or criteria
otherwise applicable with respect to such bonus; provided, however, that, if
the Employee has in effect a deferral election with respect to any percentage of
the annual bonus which would otherwise become payable with respect to the fiscal
year in which termination occurs, such lump sum payment shall be reduced by an
amount equal to such percentage times the bonus component of the lump sum
payment (which reduction amount shall be deferred in accordance with such
election);

              

              (ii)         the
Company shall pay to the Employee in a lump sum in cash within five business
days of the date of termination, but in no case later than the 15th day of the
third month following the end of the fiscal year of the Company in which the
termination occurs, an amount calculated by multiplying the annual bonus that
the Employee would have earned with respect to the entire fiscal year in which
termination occurs, assuming achievement at the target level of the objective
performance goals established with respect to such bonus and achievement of 100%
of any subjective performance goals or criteria otherwise applicable with
respect to such bonus, by the fraction obtained by dividing the number of days
in such year through the date of termination by 365; provided, however, that, if
the Employee has in effect a deferral election with respect to any percentage of
the annual bonus which would otherwise become payable with respect to the fiscal
year in which termination occurs, such lump sum payment shall be reduced by an
amount equal to such percentage times the lump sum payment (which reduction
amount shall be deferred in accordance with such election);

              

              (iii)         if,
at the date of termination, the Company shall not yet have paid to the Employee
(or deferred in accordance with any effective deferral election by the Employee)
an annual bonus with respect to a fully completed fiscal year, the Company shall
pay to the Employee in a lump sum in cash within five business days of the date
of termination but in no case after the 15th day of
the third month following the end of the fiscal year of the Company in which the
termination occurs, an amount determined as follows: (i) if the Board (acting
directly or indirectly through any committee or subcommittee) shall have already
determined the amount of such annual bonus, such amount shall be paid, and (ii)
if the Board shall not have already determined the amount of such annual bonus,
the amount to be paid shall be the greater of the amount provided under Section
3.2(b) hereof or the annual bonus that the Employee would have earned with
respect to such completed fiscal year, based solely upon the actual level of
achievement of the objective performance goals established with respect to such
bonus and assuming the achievement of 100% of any subjective performance goals
or criteria otherwise applicable with respect to such bonus; provided, however, that, if
the Employee has in effect a deferral election with respect to any percentage of
the annual bonus which would otherwise become payable with respect to such
completed fiscal year, such lump sum payment shall be reduced by an amount equal
to such percentage times the lump sum payment (which reduction amount shall be
deferred in accordance with such election); provided, further, that any
payment under this subsection (iii) (or any payment under any other provision of
this Agreement calculated by reference to prior or target bonus amounts) shall
be payable notwithstanding any provision to the contrary set forth in any bonus
plan or program of the Company;

              

              (iv)         for
a period of three years following the date of termination of employment, or such
longer period as may be provided by the terms of the appropriate plan, program,
practice or policy (the “Continuation Period”), the Company shall at its expense
continue on behalf of the Employee and his dependents and beneficiaries the life
insurance, disability, medical, dental and hospitalization benefits (including
any benefit under any individual benefit arrangement that covers medical, dental
or hospitalization expenses not otherwise covered under any general Company
plan) provided (x) to the Employee at any time during the one-year period prior
to the Change in Control or at any time thereafter or (y) to other
similarly-situated employees who continue in the employ of the Company or its
Affiliates during the Continuation Period.  If the Employee is a
Specified Employee governed by Section 3.3(d), to the extent that any benefits
provided to the Employee under this Section 3.3(a)(iv) are taxable to the
Employee, then, with the exception of medical insurance benefits, the value of
the aggregate amount of such taxable benefits provided to the Employee pursuant
to this Section 3.3(a)(iv) during the six month period following the date of
termination shall be limited to the amount specified by Code Section
402(g)(1)(B) for the year in which the termination occurred.  Employee
shall pay the cost of any benefits that exceed the amount specified in the
previous sentence during the six month period following the date of termination,
and shall be reimbursed in full by the Company during the seventh month after
the date of termination.  The coverage and benefits (including
deductibles and costs) provided in this Section 3.3(a)(iv) during the
Continuation Period shall be no less favorable to the Employee and his
dependents and beneficiaries than the most favorable of such coverages and
benefits during any of the periods referred to in clauses (x) or (y) above;
provided, however, in
the event of the disability of the Employee during the Continuation Period,
disability benefits shall, to the maximum extent possible, not be paid for the
Continuation Period but shall instead commence immediately following the end of
the Continuation Period.  For purposes of determining eligibility (but
not the time of commencement of benefits) of the Employee for retiree benefits
pursuant to such plans, practices, programs and policies, the Employee shall be
considered to have remained employed until three years after the date of
termination and to have retired on the last day of such period.  The
Company’s obligation hereunder with respect to the foregoing benefits shall be
limited to the extent that the Employee obtains any such benefits pursuant to a
subsequent employer’s benefit plans, in which case the Company may reduce the
coverage of any benefits it is required to provide the Employee hereunder as
long as the aggregate coverages and benefits of the combined benefit plans is no
less favorable to the Employee than the coverages and benefits required to be
provided hereunder.  At the end of the Continuation Period, the
Employee shall have assigned to him, at no cost and with no apportionment of
prepaid premiums, any assignable insurance owned by the Company that relates
specifically to the Employee unless such assignment is inconsistent with the
terms of any split dollar arrangement with the Employee.  The Employee
will be eligible for coverage under the Consolidated Omnibus Budget
Reconciliation Act (“COBRA”) at the end of the Continuation Period or earlier
cessation of the Company’s obligation under the foregoing provisions of this
Section 3.3(a)(iv) (or, if the Employee shall not be so eligible for any reason,
the Company will provide equivalent coverage).

              

              (v)         the
Company at its cost shall provide to the Employee outplacement assistance by a
reputable firm specializing in such services for the period beginning with the
termination of employment and ending upon the lapse of the Employment Term;
and

              

              (vi)        the
Company shall discharge its obligations under all other applicable sections of
this Article III, including Sections 3.4, 3.5, 3.6 and 3.7.

               

              
                To the
extent that the amounts payable under Section 3.3(a) (iv) and (v), Section
3.6(g) and Section 3.7 are deemed to be reimbursements and other separation
payments under Treasury Regulations Section 1.409A-1(b)(9)(v), they shall not be
deemed to provide for the deferral of compensation governed by Code Section
409A.  If they do constitute deferral of compensation governed by Code
Section 409A, they shall be deemed to be reimbursements or in-kind benefits
governed by Treasury Regulations Section 1.409A-3(i)(1)(iv).  If the
previous sentence applies, (i) the amount of expenses eligible for reimbursement
or in-kind benefits provided during the Employee’s taxable year shall not affect
the expenses eligible for reimbursement or in-kind benefits in any other taxable
year, (ii) the reimbursement of an eligible expense must be made on or before
the last day of the Employee's taxable year following the taxable year in which
the expense was incurred and (iii) the right to reimbursement or in-kind
benefits shall not be subject to liquidation or exchange for another
benefit.

                

                                  
The payments and benefits provided in this Section 3.3(a) and under all of the
Company’s employee benefit and compensation plans shall be without regard to any
plan amendment made after any Change of Control that adversely affects in any
manner the computation of payments and benefits due the Employee under such plan
or the time or manner of payment of such payments and benefits.  After
a Change of Control no discretionary power of the Board or any committee thereof
shall be used in a way (and no ambiguity in any such plan shall be construed in
a way) which adversely affects in any manner any right or benefit of the
Employee under any such plan.  If the Employee becomes entitled to
receive benefits under this Section 3.3(a), the Company shall not be required to
make any cash severance payment under any other severance or salary continuation
policy, plan, agreement or arrangement in favor of other officers or employees
of the Company or its Affiliates unless such other policy, plan, agreement or
arrangement expressly provides to the contrary in a provision that specifically
states that it is intended to override the limitation of this
sentence.

                 

                
                  (b)           Death; Disability;
Termination for Cause; or Voluntary Termination.  If, after a
Change of Control and during the Employment Term, the Employee’s status as an
employee is terminated (i) by reason of the Employee’s death or Disability, (ii)
by the Company for Cause or (iii) voluntarily by the Employee other than for
Good Reason, this Agreement shall terminate without further obligation to the
Employee or the Employee’s legal representatives (other than the timely payment
or provision of those already accrued to the Employee, imposed by law or imposed
pursuant to employee benefit or compensation plans, programs, practices,
policies or agreements maintained by the Company or its
Affiliates).

                  

                  (c)           Notice of
Termination.  Any termination by the Company for Cause or by
reason of the Employee’s Disability, or by the Employee for Good Reason, shall
be communicated by a Notice of Termination to the other party given in
accordance with Section 4.2 of this Agreement.  For purposes of this
Agreement, a “Notice of Termination” means a written notice which (i) indicates
the specific termination provision in this Agreement relied upon, (ii) to the
extent applicable, sets forth in reasonable detail the facts and circumstances
claimed to provide a basis for termination of the Employee’s employment under
the provision so indicated and (iii) if the effective date of the termination is
other than the date of receipt of such notice, specifies the termination date
(which date shall be not more than 30 days after the giving of such notice),
provided that the effective date for any termination by reason of the Employee’s
Disability shall be the 30th day after the giving of such notice, unless prior
to such 30th day the Employee shall have resumed the full-time performance of
his duties.  The failure by the Employee or the Company to set forth
in the Notice of Termination any fact or circumstance which contributes to a
showing of Cause, Disability or Good Reason shall not waive any right of the
Employee or the Company, respectively, hereunder or preclude the Employee or the
Company, respectively, from asserting such fact or circumstance in enforcing the
Employee’s or the Company’s rights hereunder.

                  

                                                 
(d)           Six Month Delay for
Specified Employees.  Notwithstanding any other provision
hereof, payments hereunder which constitute deferred compensation under Code
Section 409A and the Treasury Regulations thereunder and which are not exempt
from coverage by Code Section 409A and the Treasury Regulations thereunder shall
commence, if Employee is then a Specified Employee and payment is triggered by
his Separation from Service, on the first day of the seventh month following the
date of the Specified Employee’s Separation from Service, or, if earlier, the
date of death of the Specified Employee.  On the first day of such
seventh month or on the first day of the month following the earlier death of
the Specified Employee, the Specified Employee or his estate or spouse, as the
case may be, shall be paid in a lump sum the amount that the Specified Employee
would have been paid hereunder over the preceding six months (or, if earlier,
the months preceding the date of death) but for the fact that he was a Specified
Employee.  Nevertheless, for all other purposes of this Agreement, the
payments shall be deemed to have commenced on the date they would have had the
Employee not been a Specified Employee, and payment of any remaining benefits
shall be made as otherwise scheduled hereunder.

                   

                  
                    3.4           Accrued Obligations and Other
Benefits.  It is the intent of this Agreement that upon
termination of employment for any reason following a Change of Control the
Employee or his legal representatives be entitled to receive promptly, and in
addition to any other benefits specifically provided, (a) the Employee’s Base
Salary through the date of termination to the extent not theretofore paid, (b)
any accrued vacation pay, to the extent not theretofore paid, and (c) any other
amounts or benefits required to be paid or provided or which the Employee or his
legal representatives are entitled to receive under any plan, program, policy,
practice or agreement of the Company, including without limitation all payments
required to be made under the Company’s supplemental executive retirement
plan.

                    

                    3.5           Stock Options and Other
Incentives.  The foregoing benefits provided for in this
Article III are intended to be in addition to the value or benefit of any stock
options, restricted stock, performance shares or similar awards, the
exercisability, vesting or payment of which is accelerated or otherwise enhanced
upon a Change of Control pursuant to the terms of any stock option, incentive or
other similar plan or agreement heretofore or hereafter adopted by the Company
or the Post-Transaction Corporation; provided, however, that, upon
any termination of the Employee other than for Cause within three years
following a Change of Control, all of the Employee’s then-outstanding vested
stock options, whether granted before or during the Employment Term, shall
remain exercisable until the later of the 190th day after the termination date
or the end of the exercise period provided for in the applicable option
agreement or plan as then in effect, but in no event shall such exercise period
continue after the date on which such options would have expired if the Employee
had remained an employee of the Company, the Post-Transaction Corporation or one
of their respective Affiliates.

                    

                                   
3.6           Excise Tax
Provision.  (a)  Notwithstanding any other provisions
of this Agreement, if a Change of Control occurs during the original or extended
term of this Agreement, in the event that any payment or benefit received or to
be received by the Employee in connection with the Change of Control or the
termination of the Employee’s employment (whether pursuant to the terms of this
Agreement or any other plan, arrangement or agreement with the Company, any
Person whose actions result in the Change of Control or any Person Affiliated
with the Company or such Person) (all such payments and benefits, including
without limitation the payments and benefits under Sections 3.3(a), 3.4(b),
3.4(c), 3.5 and 3.7 hereof, being hereinafter called “Payments”) would be
subject (in whole or in part) to an excise tax imposed by section 4999 of the
Code or any interest or penalties are incurred by the Employee with respect to
such excise tax (such excise tax, together with any such interest and penalties,
are hereinafter collectively referred to as the “Excise Tax”), the Company shall
pay to the Employee at the time specified in paragraph (d) below an additional
amount (the “Gross-up Payment”) such that the net amount retained by the
Employee, after deduction of any Excise Tax on the Payments and all taxes
(including any interest or penalties imposed with respect to such taxes),
including without limitation any federal, state and local income or payroll tax
and any Excise Tax, imposed upon the Gross-up Payment provided for by this
paragraph (a), but before deduction of any federal, state and local income or
payroll tax on the Payments, shall be equal to the
Payments.  Notwithstanding any other provision hereof, the Gross-Up
Payments (including
any additional Gross-up Payment pursuant to Section 3.6(e)) must be paid no
later than the end of the Employee’s taxable year next following the Employee’s
taxable year in which the Employee remits the related taxes, as required by
Treasury Regulations Section 1.409A-3(i)(1)(v).

                     

                    
                      (b)           For
purposes of determining whether any of the Payments and the Gross-up Payment
(collectively, the “Total Payments”) will be subject to the Excise Tax and the
amount of such Excise Tax, (i) the Total Payments shall be treated as “parachute
payments” within the meaning of section 280G(b)(2) of the Code, and all “excess
parachute payments” within the meaning of section 280G(b)(1) shall be treated as
subject to the Excise Tax, except to the extent that in the opinion of tax
counsel selected by the Company’s independent auditors (“Auditors”) and
reasonably acceptable to the Employee (“Tax Counsel”) such Total Payments (in
whole or in part) do not constitute “parachute payments”, or such “excess
parachute payments” (in whole or in part) are not subject to the Excise Tax and
(ii) the value of any non-cash benefits or any deferred payment or benefit shall
be determined by the Auditors in accordance with the principles of sections
280G(d)(3) and (4) of the Code.  The Auditors shall perform the
calculations in conformance with the foregoing provisions and within 15 business
days of the date that any Payments are made under this Agreement shall provide
the Employee with a detailed written statement setting forth the manner in which
the Total Payments are calculated and the basis for such calculations, including
without limitation any opinions or other advice the Company has received from
Tax Counsel, the Auditors or other advisors or consultants (and any such
opinions or advice which are in writing shall be attached to the
statement).

                      

                      (c)           For
purposes of determining the amount of the Gross-up Payment, the Employee shall
be deemed to pay federal income taxes at the highest marginal rates of federal
income taxation applicable to individuals in the calendar year in which the
Gross-up Payment is to be made and state and local income taxes at the highest
marginal rates of taxation in the state and locality of the Employee’s residence
in the calendar year in which the Gross-up Payment is to be made, net of the
maximum reduction in federal income taxes which could be obtained from deduction
of such state and local taxes, taking into account any limitations applicable to
individuals subject to federal income tax at the highest marginal
rates.

                      

                      (d)           The
initial Gross-up Payment, if any, as determined pursuant to this Section 3.6,
shall be paid to the Employee within five days of the receipt of the Auditors’
determination.  If the Auditors determine that no Excise Tax is
payable by the Employee, the Company shall cause the Auditors to furnish the
Employee with an opinion that failure to report any Excise Tax on the Employee’s
applicable federal income tax return would not result in the imposition of a
negligence or similar penalty.

                      

                      (e)           If
it is established pursuant to a final determination of a court or Internal
Revenue Service proceeding or the written opinion of Tax Counsel that the Excise
Tax is less than the amount taken into account hereunder at the time the
Gross-up Payment is made, the Employee shall repay to the Company within 30 days
of the Employee’s receipt of notice of such final determination or opinion the
portion of the Gross-up Payment attributable to such reduction (plus the portion
of the Gross-up Payment attributable to the Excise Tax, federal, state and local
income tax and Excise Tax imposed on the portion of the Gross-up Payment being
repaid by the Employee if such repayment results in a reduction of Excise Tax or
federal, state and local income tax), plus interest on the amount of such
repayment at the rate provided in section 1274(b)(2)(B) of the
Code.  Notwithstanding the foregoing, in the event any portion of the
Gross-up Payment to be refunded to the Company has been paid to any federal,
state and local tax authority, the payment thereof (and related amounts) shall
not be required until actual refund or credit of such portion has been made to
the Employee, and interest payable to the Company shall not exceed the interest
received or credited to the Employee by such tax authority for the period that
it held such portion.  The Employee and the Company shall endeavor to
mutually agree upon the course of action to be pursued (and the method of
allocating the expense thereof) if the Employee’s claim for refund or credit is
denied.  If it is established pursuant to a final determination of a
court or an Internal Revenue Service proceeding or the written opinion of Tax
Counsel that the Excise Tax exceeds the amount taken into account hereunder at
the time the Gross-up Payment is made (including by reason of any payment the
existence or amount of which cannot be determined at the time of the Gross-up
Payment), the Company shall make an additional Gross-up Payment in respect of
such excess (plus any interest or penalties payable with respect to such
excess), as determined by the Auditors, within 30 days of the Company’s receipt
of notice of such final determination or opinion.

                      

                      (f)           In
the event of any controversy with the Internal Revenue Service (or other taxing
authority) with regard to the Excise Tax, the Employee shall permit the Company
to control issues relating to the Excise Tax (at its expense), provided that
such issues do not potentially materially adversely affect the Employee, but the
Employee shall control any other issues.  In the event that the issues
are interrelated, the Employee and the Company shall in good faith cooperate so
as not to jeopardize resolution of either issue, but if the parties cannot
agree, the Employee shall make the final determination with regard to the
issues.  In the event of any conference with any taxing authority as
to the Excise Tax or associated income taxes, the Employee shall permit a
representative of the Company to accompany the Employee, and the Employee and
the Employee’s representative shall cooperate with the Company and its
representative.  The Company and the Employee shall promptly deliver
to each other copies of any written communications, and summaries of any verbal
communications, with any taxing authority regarding the Excise Tax covered by
this Section 3.6.

                      

                      (g)           The
Company shall be responsible for all charges of the Tax Counsel and the
Auditors.  The timing of any payments pursuant to this subsection (g)
shall be governed by Section 3.3(a)

                      

                      (h)           Notwithstanding
any other provision in this Agreement to the contrary, if it is determined by
the Auditors that the gross-up provisions in this Section 3.6 as they relate to
the accelerated vesting of nonqualified stock options or restricted stock issued
by the Company would be the sole reason precluding the use by the Company of the
pooling of interests method of accounting, then the tax gross-up provisions of
this Section 3.6 shall not apply to such nonqualified stock options or
restricted stock as the case may be, unless the Gross-up Payment can be altered,
modified or delayed to allow it to be paid without precluding the use of the
pooling of interest method of accounting.  The Company will use its
best efforts to alter, modify, or delay the payment so that the Gross-up Payment
can be made.

                    

                     

                    
                      3.7           Legal Fees.  The
Company agrees to pay as incurred, to the full extent permitted by law, all
legal fees and other expenses (including expert witness and accounting fees)
which the Employee may reasonably incur as a result of any contest (regardless
of the outcome thereof) by the Company, the Employee or others of the validity
or enforceability of, or liability under, any provision of this Agreement
(including as a result of any contest by the Employee about the amount or timing
of any payment pursuant to this Agreement) or which the Employee may reasonably
incur in connection with any tax audit or proceeding to the extent attributable
to the application of section 4999 of the Code to any payment or benefit
provided under this Agreement.  The timing of any payments pursuant to
this Section 3.7 shall be governed by Section 3.3(a).

                      

                      3.8           Set-Off;
Mitigation.  After a Change of Control, the obligations of the
Company and its Affiliates to make the payments provided for in this Agreement
and otherwise to perform its obligations hereunder shall not be affected by any
set-off, counterclaim, recoupment, defense or other claim, right or action which
the Company or its Affiliates may have against the Employee or others other than
the Company’s right to reduce welfare benefits under the circumstances described
in Section 3.3(a)(iv).  It is the intent of this Agreement that in no
event shall the Employee be obligated to seek other employment or take any other
action to mitigate the amounts or benefits payable to the Employee under any of
the provisions of this Agreement.

                      

                      3.9           Certain Pre-Change-of-Control
Terminations.  Notwithstanding any other provision of this
Agreement, the Employee’s employment shall be deemed to have been terminated
following a Change of Control by the Company without Cause (and the Employee
shall be entitled  to receive all payments and benefits associated
therewith) if the Employee’s employment is terminated by the Company or any of
its Affiliates without Cause prior to a Change of Control (whether or not a
Change of Control actually occurs) and such termination (i) was at the request
or direction of a third party who has taken steps designed to effect a Change of
Control or otherwise arose in connection with or in anticipation of a Change of
Control or (ii) occurred after discussions with a third party regarding a
possible Change of Control transaction commenced and such discussions produced
(whether before or after such termination) either a preliminary or definitive
agreement with respect to such a transaction or a public announcement of the
pending transaction (whether or not a Change of Control actually
occurs).  If the Employee takes the position that the foregoing
sentence applies and the Company disagrees, the Company shall have the burden of
proof in any such dispute.

                       

                    

                     

                    
                      ARTICLE
IV

                      MISCELLANEOUS

                      

                      4.1           Binding Effect;
Successors.

                      

                      (a)           This
Agreement shall be binding upon and inure to the benefit of the Company and any
of its successors or assigns.

                      

                      (b)           This
Agreement is personal to the Employee and shall not be assignable by the
Employee without the consent of the Company (there being no obligation to give
such consent) other than such rights or benefits as are transferred by will or
the laws of descent and distribution, which shall inure to the benefit of the
Employee’s legal representatives.

                      

                      (c)           The
Company shall require any successor to or assignee of (whether direct or
indirect, by purchase, share exchange, merger, consolidation or otherwise) all
or substantially all of the assets or businesses of the Company (i) to assume
unconditionally and expressly this Agreement and (ii) to agree to perform or to
cause to be performed all of the obligations under this Agreement in the same
manner and to the same extent as would have been required of the Company had no
assignment or succession occurred, such assumption to be set forth in a writing
reasonably satisfactory to the Employee.

                      

                      (d)           The
Company shall also require all entities that control or that after the
transaction will control (directly or indirectly) the Company or any such
successor or assignee to agree to cause to be performed all of the obligations
under this Agreement, such agreement to be set forth in a writing reasonably
satisfactory to the Employee.

                      

                                                      (e)           The
obligations of the Company and the Employee which by their nature may require
either partial or total performance after the expiration of the term of the
Agreement shall survive such expiration.

                       

                      
                        4.2           Notices.   All
notices hereunder must be in writing and shall be deemed to have been given upon
receipt of delivery by: (a) hand (against a receipt therefor), (b) certified or
registered mail, postage prepaid, return receipt requested, (c) a nationally
recognized overnight courier service (against a receipt therefor) or (d)
telecopy transmission with confirmation of receipt.  All such notices
must be addressed as follows:

                        

                        If to the
Company, to:

                        

                        CenturyTel,
Inc.

                        100
CenturyTel Drive

                        Monroe,
Louisiana 71203

                        Attn:  General
Counsel

                        

                        If to the
Employee, to:

                        

                        Glen F.
Post, III

                        100
CenturyTel Drive

                        Monroe,
Louisiana  71203

                        (or, if
the Employee is no longer employed at such address,

                        to the
Employee’s last known principal residence reflected in

                        the
Company’s records)

                        

                        or such
other address as to which any party hereto may have notified the other in
writing.

                         

                        
                          4.3           Governing Law.  This
Agreement shall be construed and enforced in accordance with and governed by the
internal laws of the State of Louisiana without regard to principles of conflict
of laws.

                          

                          4.4           Withholding.  The
Employee agrees that the Company has the right to withhold, from the amounts
payable pursuant to this Agreement, all amounts required to be withheld under
applicable income or employment tax laws, or as otherwise stated in documents
granting rights that are affected by this Agreement.

                           

                                         
4.5            Amendment and Compliance with
Law.  No provision of this Agreement may be modified or amended
except by an instrument in writing signed by both
parties.  Notwithstanding any other provision of this Agreement, it is
the intention of the parties to this Agreement that no payment or entitlement
pursuant to this Agreement will give rise to any adverse tax consequences to the
Employee under Code Section 409A and Treasury Regulations and other interpretive
guidance issued thereunder, including that issued after the date hereof
(collectively, "Section 409A"). This Agreement and any amendments hereto shall
be interpreted to that end and (i) to the maximum extent permitted by law, no
effect shall be given to any provision herein, any amendment hereto or any
action taken hereunder in a manner that reasonably could be expected to give
rise to adverse tax consequences under Section 409A and (ii) the parties shall
take any corrective action reasonably within their control that are necessary to
avoid such adverse tax consequences.

                          

                          4.6           Severability.  If
any term or provision of this Agreement, or the application thereof to any
person or circumstance, shall at any time or to any extent be invalid, illegal
or unenforceable in any respect as written, the Employee and the Company intend
for any court construing this Agreement to modify or limit such provision so as
to render it valid and enforceable to the fullest extent allowed by
law.  Any such provision that is not susceptible of such reformation
shall be ignored so as to not affect any other term or provision hereof, and the
remainder of this Agreement, or the application of such term or provision to
persons or circumstances other than those as to which it is held invalid,
illegal or unenforceable, shall not be affected thereby and shall be valid and
enforced to the fullest extent permitted by law.

                          

                          4.7           Waiver of
Breach.  Except as expressly provided herein to the contrary,
the failure by any party to enforce any of its rights hereunder shall not be
deemed to be a waiver of such rights, unless such waiver is an express written
waiver.  The waiver by either party of a breach of any provision of
this Agreement shall not operate or be construed as a waiver of any subsequent
breach thereof.

                           

                          
                            4.8           Remedies Not
Exclusive.  No remedy specified herein shall be deemed to be
such party’s exclusive remedy, and accordingly, in addition to all of the rights
and remedies provided for in this Agreement, the parties shall have all other
rights and remedies provided to them by applicable law, rule or regulation,
including without limitation the right to claim interest with respect to any
payment not timely made hereunder.

                            

                            4.9           Company’s Reservation of
Rights.  The Employee acknowledges and understands that (i) the
Employee is employed at will by either the Company or one of its Affiliates (the
“Employer”), (ii) the Employee serves at the pleasure of the board of directors
of the Employer, and (iii) the Employer has the right at any time to terminate
the Employee’s status as an employee, or to change or diminish his status during
the Employment Term, subject to the rights of the Employee to claim the benefits
conferred by this Agreement.  Notwithstanding any other provisions of
this Agreement to the contrary, this Agreement shall not entitle the Employee or
his legal representatives to any severance or other benefits of any kind prior
to a Change of Control or to any such benefits if Employee is not employed by
the Company or one of its Affiliates on the date of a Change of Control, except
in each case for those rights afforded under Section 3.9.

                            

                            4.10           Non-exclusivity of
Rights.  Subject to Section 4.9, nothing in this Agreement
shall prevent or limit the Employee’s continuing or future participation in any
plan, program, policy or practice provided by the Company or any of its
Affiliates and for which the Employee may qualify, nor shall anything herein
limit or otherwise restrict such rights as the Employee may have under any
contract or agreement with the Company or any of its Affiliates.  The
Employee shall not be obligated to furnish a release of any rights or claims
against the Company or its Affiliates as a condition of receiving benefits
hereunder.

                            

                            4.11           Confidentiality.  Upon
receipt of the payments or benefits contemplated by Section 3.3 hereof, the
Employee agrees to refrain for a period of three years from divulging any
non-public, confidential or proprietary information concerning the Company or
its Affiliates to any Person other than the Company, its Affiliates or their
respective officers, directors or advisors, provided that this obligation shall
lapse prior to the end of such three-year period with respect to any information
that (i) is or becomes generally available to the public other than as a result
of a breach of this Section 4.11, (ii) is or becomes available to the Employee
on a non-confidential basis from a source other than the Company or its
representatives, provided that such source is not known by the Employee to have
violated any confidentiality agreement with the Company in connection with such
disclosure, or (iii) is acquired or developed independently by the Employee
without violating this Section 4.11.

                            

                            4.12           Demand for
Benefits.  Unless otherwise provided herein, the payment or
payments due hereunder shall be paid to the Employee without the need for
demand, and to a beneficiary upon the receipt of the beneficiary’s address and
social security number.  Nevertheless, the Employee or a Person
claiming to be a beneficiary who claims entitlement to a benefit can file a
claim for benefits hereunder with the Company.  Unless otherwise
provided herein, the Company shall accept or reject the claim within five
business days of its receipt.  If the claim is denied, the Company
shall give the reason for denial in a written notice that refers to the
provision of this Agreement that forms the basis of the denial.  If
any additional information or material is necessary to perfect the claim, the
Company will identify these items in writing and explain why such additional
information is necessary.

                            

                            4.13           Authority.  The
Company represents and warrants that (i) the Original Agreement was duly
authorized by the Shareholder Relations Committee of the Board and the
Compensation Committee of the Board on February 21, 2000 and by the Board on
February 22, 2000, (ii) this Agreement was duly authorized by the Compensation
Committee of the Board on October 17, 2007 and by the Board on November 14,
2007, and (iii) no other corporate proceedings are necessary to authorize the
Company’s execution, delivery and performance of this Agreement.

                            

                            4.14           Counterparts.  This
Agreement may be executed in one or more counterparts, each of which shall be
deemed to be an original but all of which together shall constitute one and the
same instrument.

                            

                            4.15           Interpretation.  Any
reference to any section of the Code or the Treasury Regulations shall be deemed
to also refer to any successor provisions thereto.

                            

                            IN WITNESS WHEREOF, the
Company and the Employee have caused this Amended and Restated Change in Control
Agreement to be executed as of the Restatement Date.

                          

                           

                           

                           

                          
                            
                              	 
      	
                                      CenturyTel,
      Inc.

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

                                    
	 
      	
                                      R.
      Stewart Ewing, Jr.

                                    
	 
      	
                                      Executive
      Vice President,

                                    
	 
      	
                                      Chief
      Financial Officer

                                    
	 
      	 
      
	 
      	
                                      EMPLOYEE:

                                    
	 
      	 
      
	 
      	
                                      /s/ Glen F. Post, III

                                    
	 
      	
                                      Glen
      F. Post,
III

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