Document:

Unassociated Document

    Exhibit
      10.1

    

    FORM
      OF NON-QUALIFIED STOCK OPTION AGREEMENT

    UNDER
      THE CENTURYTEL, INC.

    2005
      MANAGEMENT INCENTIVE COMPENSATION PLAN

    (2007
      Grants to Section 16 Officers)

     

    THIS
      NON-QUALIFIED STOCK OPTION AGREEMENT (this “Agreement”) is entered
      into as of February 26, 2007, by and between CenturyTel, Inc., a Louisiana
      corporation (“CenturyTel”), and _________________ (“Optionee”).

     

    WHEREAS,
      CenturyTel maintains the 2005 Management Incentive Compensation Plan (the
“Plan”), under which the Compensation Committee of the Board of Directors of
      CenturyTel (the “Committee”) may, directly or indirectly, among other things,
      grant options to purchase shares of CenturyTel’s common stock, $1.00 par value
      per share (the “Common Stock”), to key employees of CenturyTel or its
      subsidiaries (collectively, the “Company”), on terms and conditions as it may
      deem appropriate; and

     

    WHEREAS,
      pursuant
      to the Plan the Committee has awarded to the Optionee an option to purchase
      shares of Common Stock on the terms and conditions specified below;

     

    NOW,
      THEREFORE,
      in
      consideration of the premises, it is agreed as follows:

     

    
       

      1.  

      GRANT
        OF
        OPTION

      

        1.01     In
          consideration of future services, CenturyTel hereby grants to Optionee,
          effective February 26, 2007 (the “Date of Grant”), the right, privilege and
          option to purchase _______ shares of Common Stock (the “Option”) at an exercise
          price of $45.90 per share.

        

        1.02     The
          Option is
          a non-qualified stock option and shall not be treated as an incentive stock
          option under Section 422 of the Internal Revenue Code of 1986, as amended
          (the
“Code”).

         

        
           

          2. 

          TIME
            OF
            EXERCISE

           

          

                    2.01     Subject
              to the provisions of the Plan and the other provisions of this Agreement,
              the
              Optionee shall be entitled to exercise the Option as follows:

             

            

              
                	 	
                        With
                          respect to one-third of the shares covered by the
                          Option...........................................................................

                         

                      	
                        on
                          or after February 26, 2008

                         

                      	 
	 	
                        With
                          respect to two-thirds of the shares covered by the Option,
                          less any shares
                          previously issued.............

                         

                      	
                        on
                          or after February 26, 2009

                         

                      	 
	 	
                        With
                          respect to all of the shares covered by the Option, less
                          any shares
                          previously issued...................

                         

                      	
                        on
                          or after February 26, 2010.

                         

                      	 

              

            

          

        

      

       

      
        The
          Option shall expire and may not be exercised later than February 26, 2017,
          ten
          years after the Date of Grant.

         

        
           

          2.02   Notwithstanding
            the foregoing, the Option shall become accelerated and immediately exercisable
            in full (a) if Optionee dies while he is employed by the Company, (b)
            if
            Optionee becomes disabled within the meaning of Section 22(e)(3) of the
            Code
            (“Disability”) while he is employed by the Company, (c) if Optionee retires from
            employment with the Company on or after attaining the age of 55 with
            at least
            ten years of prior service with the Company (“Retirement”) or (d) pursuant to
            the provisions of the Plan.

           

          
            3.

            CONDITIONS
              FOR EXERCISE OF OPTION

             

            

               

              During
                Optionee’s lifetime, the Option may be exercised only by him or by his legal
                representative. The Option must be exercised while Optionee is employed
                by the
                Company, or, to the extent exercisable at the time of termination
                of employment,
                within 190 days of the date on which he ceases to be an employee,
                except that
                (a) if he ceases to be an employee because of Retirement, the Option
                may be
                exercised within three years from the date on which he ceases to
                be an employee,
                (b) if an Optionee’s employment is terminated for cause, the unexercised portion
                of the Option is immediately terminated, and (c) in the event of
                Optionee’s
                Disability or death, the Option may be exercised by the Optionee
                or, in the case
                of death, by his estate or by the person to whom such right devolves
                from him by
                reason of his death within two years after the date of his Disability
                or death;
provided,
                however,
                that the
                Option and all option gain, as defined in Section 4.01, shall at
                all times be
                subject to the forfeiture provisions of Section 4 hereof; and provided
                further
                that no
                rights to purchase Common Stock under this Option may be exercised
                later than
                ten years after the Date of Grant.

              
                 

                4. 

                FORFEITURE
                  OF OPTION AND OPTION GAIN

                 

                

                  4.01     If,
                    at
                    any time during Optionee’s employment by the Company or within 18 months after
                    termination of employment, Optionee engages in any activity in
                    competition with
                    any activity of the Company, or inimical, contrary or harmful
                    to the interests
                    of the Company, including but not limited to: (a) conduct relating
                    to Optionee’s
                    employment for which either criminal or civil penalties against
                    Optionee may be
                    sought, (b) conduct or activity that results in termination of
                    Optionee’s
                    employment for cause, (c) violation of Company policies, including,
                    without
                    limitation, the Company’s insider trading policy and corporate compliance
                    program, (d) accepting employment with, acquiring a 5% or more
                    equity or
                    participation interest in, serving as a consultant, advisor,
                    director or agent
                    of, directly or indirectly soliciting or recruiting any employee
                    of the Company
                    who was employed at any time during Optionee’s tenure with the Company, or
                    otherwise assisting in any other capacity or manner any company
                    or enterprise
                    that is directly or indirectly in competition with or acting
                    against the
                    interests of the Company or any of its lines of business (a “competitor”),
                    except for (A) any isolated, sporadic accommodation or assistance
                    provided to a
                    competitor, at its request, by Optionee during Optionee’s tenure with the
                    Company, but only if provided in the good faith and reasonable
                    belief that such
                    action would benefit the Company by promoting good business relations
                    with the
                    competitor and would not harm the Company’s interests in any substantial manner
                    or (B) any other service or assistance that is provided at the
                    request or with
                    the written permission of the Company, (e) disclosing or misusing
                    any
                    confidential information or material concerning the Company,
                    (f) engaging in,
                    promoting, assisting or otherwise participating in a hostile
                    takeover attempt of
                    the Company or any other transaction or proxy contest that could
                    reasonably be
                    expected to result in a Change of Control (as defined in the
                    Plan) not approved
                    by CenturyTel’s Board of Directors or (g) making any statement or disclosing
                    any
                    information to any customers, suppliers, lessors, lessees, licensors,
                    licensees,
                    regulators, employees or others with whom the Company engages
                    in business that
                    is defamatory or derogatory with respect to the business, operations,
                    technology, management, or other employees of the Company, or
                    taking any other
                    action that could reasonably be expected to injure the Company
                    in its business
                    relationships with any of the foregoing parties or result in
                    any other
                    detrimental effect on the Company, then (i) the Option shall
                    automatically
                    terminate without any payment to Optionee effective the date
                    on which Optionee
                    engages in such activity, unless terminated sooner by operation
                    of another term
                    or condition of this Agreement or the Plan, and (ii) Optionee
                    shall pay in cash
                    to the Company, without interest, any option gain realized by
                    Optionee from
                    exercising all or a portion of the Option during the period beginning
                    one year
                    prior to termination of employment (or one year prior to the
                    date Optionee first
                    engages in such activity if no termination occurs) and ending
                    on the date on
                    which the Option terminates. For purposes hereof, “option gain” shall mean the
                    difference between the closing market price of the Common Stock
                    on the date of
                    exercise minus the exercise price, multiplied by the number of
                    shares
                    purchased.

                  

                  4.02     If
                    Optionee owes any amount to the Company under Section 4.01 above,
                    Optionee
                    acknowledges that the Company may deduct such amount from any
                    amounts the
                    Company owes Optionee from time to time for any reason (including
                    without
                    limitation amounts owed to Optionee as salary, wages, reimbursements
                    or other
                    compensation, fringe benefits, retirement benefits or vacation
                    pay). Whether or
                    not the Company elects to make any such set-off in whole or in
                    part, if the
                    Company does not recover by means of set-off the full amount
                    Optionee owes it,
                    Optionee hereby agrees to pay immediately the unpaid balance
                    to the
                    Company.

                   

                  4.03     Optionee
                    may be released from Optionee’s obligations under Sections 4.01 and 4.02 above
                    only if the Committee determines in its sole discretion that
                    such action is in
                    the best interests of the Company.

                   

                  
                     

                    5. 

                    PREFERENCE
                      SHARE PURCHASE RIGHTS

                     

                    
                       

                      Upon
                        exercise of an Option at a time when preference share purchase
                        rights to
                        purchase shares of preference stock or other securities or
                        property of the
                        Company (“Rights”) remain outstanding pursuant to any rights agreement, then
                        Optionee shall receive Rights in conjunction with Optionee’s receipt of shares
                        of Common Stock on the terms and conditions of the applicable
                        rights
                        agreement.

                       

                      
                         

                        6. 

                        ADDITIONAL
                          CONDITIONS

                         

                        
                           

                          Anything
                            in this Agreement to the contrary notwithstanding, if
                            at any time CenturyTel
                            further determines, in its sole discretion, that the
                            listing, registration or
                            qualification (or any updating of any such document)
                            of the shares of Common
                            Stock issuable pursuant to the exercise of an Option
                            is necessary on any
                            securities exchange or under any federal or state securities
                            or blue sky law, or
                            that the consent or approval of any governmental regulatory
                            body is necessary or
                            desirable as a condition of, or in connection with the
                            issuance of shares of
                            Common Stock pursuant thereto, or the removal of any
                            restrictions imposed on
                            such shares, such shares of Common Stock shall not be
                            issued, in whole or in
                            part, unless such listing, registration, qualification,
                            consent or approval
                            shall have been effected or obtained free of any conditions
                            not acceptable to
                            CenturyTel. CenturyTel agrees to use commercially reasonable
                            efforts to issue
                            all shares of Common Stock issuable hereunder on the
                            terms provided
                            herein.

                        

                         

                        
                           

                          7.

                          ATTORNEYS’
                            FEES AND EXPENSES

                           

                          
                             

                            Should
                              any party hereto retain counsel for the purpose of
                              enforcing, or preventing the
                              breach of, any provision hereof, including, but not
                              limited to, the institution
                              of any action or proceeding in court to enforce any
                              provision hereof, to enjoin
                              a breach of any provision of this Agreement, to obtain
                              specific performance of
                              any provision of this Agreement, to obtain monetary
                              or liquidated damages for
                              failure to perform any provision of this Agreement,
                              or for a declaration of such
                              parties’ rights or obligations hereunder, or for any other judicial
                              remedy, then
                              the prevailing party shall be entitled to be reimbursed
                              by the losing party for
                              all costs and expenses incurred thereby, including,
                              but not limited to,
                              attorneys’ fees (including costs of appeal).

                          

                           

                          
                             

                            8.

                            NO
                              CONTRACT OF EMPLOYMENT INTENDED

                            

                               

                              Nothing
                                in this Agreement shall confer upon Optionee any
                                right to continue in the
                                employment of the Company or to interfere in any
                                way with the right of the
                                Company to terminate Optionee’s employment relationship with the Company at any
                                time.

                            

                            
                               

                              9.

                              WITHHOLDING
                                TAXES

                               

                              
                                 

                                The
                                  Company may make such provisions as it may deem
                                  appropriate for the withholding
                                  of any federal, state and local taxes that it determines
                                  are required to be
                                  withheld on any exercise of the Option. In accordance
                                  with and subject to the
                                  terms of the Plan, Optionee may satisfy the tax
                                  withholding obligation in whole
                                  or in part by delivering currently owned shares
                                  of Common Stock or electing to
                                  have CenturyTel withhold from the shares Optionee
                                  otherwise would receive
                                  hereunder shares of Common Stock having a value
                                  equal to the minimum amount
                                  required to be withheld (as determined under the
                                  Plan); provided,
                                  however,
                                  that to
                                  prevent the issuance of fractional shares and the
                                  under-withholding of taxes,
                                  Optionee agrees that the number of shares withheld
                                  or delivered shall be rounded
                                  up to the next whole number of shares.

                                 

                                
                                   

                                  10.

                                  BINDING
                                    EFFECT

                                   

                                  Upon
                                    being duly executed and delivered by CenturyTel
                                    and Optionee, this Agreement
                                    shall inure to the benefit of and be binding
                                    upon the parties hereto and their
                                    respective heirs, executors, administrators,
                                    legal representatives and
                                    successors. Without limiting the generality of
                                    the foregoing, whenever the term
“Optionee” is used in any provision of this Agreement under
                                    circumstances where
                                    the provision appropriately applies to the heirs,
                                    executors, administrators or
                                    legal representatives to whom this Option may
                                    be transferred by will or by the
                                    laws of descent and distribution, the term “Optionee” shall be deemed to include
                                    such person or persons.

                                   

                                   

                                  11. 

                                  INCONSISTENT
                                    PROVISIONS

                                   

                                  Optionee
                                    agrees that the Option granted hereby is subject
                                    to the terms, conditions,
                                    restrictions and other provisions of the Plan
                                    as fully as if all such provisions
                                    were set forth in their entirety in this Agreement.
                                    If any provision of this
                                    Agreement conflicts with a provision of the Plan,
                                    the Plan provision shall
                                    control. Optionee acknowledges that a copy of
                                    the Plan and a prospectus
                                    summarizing the Plan was distributed or made
                                    available to Optionee and that
                                    Optionee was advised to review such materials
                                    prior to entering into this
                                    Agreement. Optionee waives the right to claim
                                    that the provisions of the Plan
                                    are not binding upon Optionee and Optionee’s heirs, executors, administrators,
                                    legal representatives and successors.

                                   

                                  12.

                                  ADJUSTMENTS
                                    TO OPTIONS

                                   

                                  The
                                    parties acknowledge that (i) appropriate adjustments
                                    shall be made to the number
                                    and class of shares of Common Stock subject to
                                    the Option and to the exercise
                                    price in certain situations described in Section
                                    4.5 of the Plan and (ii)
                                    adjustments to the rights of the Optionee might
                                    be made in the event of a Change
                                    of Control, as defined in Section 11.12 of the
                                    Plan.

                                   

                                   

                                  13.

                                  TERMINATION
                                    OF OPTION

                                   

                                  The
                                    Committee, in its sole discretion, may terminate
                                    the Option. However, no
                                    termination may adversely affect the rights of
                                    Optionee to the extent that the
                                    Option is currently exercisable on the date of
                                    such termination.

                                   

                                   

                                  14.

                                  GOVERNING
                                    LAW

                                   

                                  This
                                    Agreement shall be governed by and construed
                                    in accordance with the laws of the
                                    State of Louisiana.

                                   

                                   

                                  15.

                                  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, Optionee
                                    and CenturyTel 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 each term and provision of this
                                    Agreement shall be valid and enforced to the
                                    fullest extent permitted by
                                    law.

                                   

                                   

                                  16.

                                  ENTIRE
                                    AGREEMENT; MODIFICATION

                                   

                                  The
                                    Plan
                                    and this Agreement contain the entire agreement
                                    between the parties with respect
                                    to the subject matter contained herein and may
                                    not be modified, except as
                                    provided in the Plan, as it may be amended from
                                    time to time in the manner
                                    provided therein, or in this Agreement, as it
                                    may be amended from time to time
                                    by a written document signed by each of the parties
                                    hereto. Any oral or written
                                    agreements, representations, warranties, written
                                    inducements, or other
                                    communications with respect to the subject matter
                                    contained herein made prior to
                                    the execution of the Agreement shall be void
                                    and ineffective for all
                                    purposes.

                                   

                                  

                                            IN
                                      WITNESS WHEREOF,
                                      the parties hereto have caused this Agreement
                                      to be executed as of the day and
                                      year first above written.

                                     

                                    

                                      
                                        	 	
                                                CenturyTel,
                                                  Inc.

                                              
	 	 
	 	 
	 	 
	 	
                                                By:
                                                  ____________________________________

                                              
	 	
                                                Glen
                                                  F. Post, III

                                              
	 	
                                                Chairman
                                                  and Chief Executive Officer

                                              
	 	 
	 	 
	 	 
	 	
                                                _______________________________________

                                              
	 	
                                                {insert
                                                  name}

                                              
	 	
                                                OptioneeUnassociated Document

    Exhibit
      10.2

    

    FORM
      OF RESTRICTED STOCK AGREEMENT

    UNDER
      THE CENTURYTEL, INC.

    2005
      MANAGEMENT INCENTIVE COMPENSATION PLAN

    (2007
      Grants to Section 16 Officers)

    

    

    This
      RESTRICTED STOCK AGREEMENT (this “Agreement”) is entered into as of February 26,
      2007, by and between CenturyTel, Inc. (“CenturyTel”) and ___________________
      (“Award Recipient”).

     

    WHEREAS,
      CenturyTel maintains the 2005 Management Incentive Compensation Plan (the
“Plan”), under which the Compensation Committee of the Board of Directors of
      CenturyTel (the “Committee”) may, directly or indirectly, among other things,
      grant restricted shares of CenturyTel’s common stock, $1.00 par value per share
      (the “Common Stock”), to key employees of CenturyTel or its subsidiaries
      (collectively, the “Company”), subject to such terms, conditions, or
      restrictions as it may deem appropriate; and

     

    WHEREAS,
      pursuant
      to the Plan the Committee has awarded to the Award Recipient restricted shares
      of Common Stock on the terms and conditions specified below;

     

    NOW,
      THEREFORE,
      the
      parties agree as follows:

    

      1.

      AWARD
        OF
        SHARES

       

      Upon
        the
        terms and conditions of the Plan and this Agreement, CenturyTel as of the
        date
        of this Agreement hereby awards to the Award Recipient ________ restricted
        shares of Common Stock (the “Restricted Stock”) that vest, subject to Sections
        2, 3 and 4 hereof, in installments as follows:

       

      

        
          	
                  Scheduled
                    Vesting Date

                	
                  Number
                    of Shares of Restricted Stock

                   

                
	
                  February
                    26, 2008

                	 
	
                  February
                    26, 2009

                	 
	
                  February
                    26, 2010

                	 
	
                  February
                    26, 2011

                	 
	
                  February
                    26, 2012

                	 

        

      

    

     

    
       

      2.

      AWARD
        RESTRICTIONS ON

      RESTRICTED
        STOCK

      

        2.1     In
          addition to the conditions and restrictions provided in the Plan, neither
          the
          shares of Restricted Stock nor the right to vote the Restricted Stock,
          to
          receive dividends thereon or to enjoy any other rights or interests thereunder
          or hereunder may be sold, assigned, donated, transferred, exchanged, pledged,
          hypothecated or otherwise encumbered prior to vesting. Subject to the
          restrictions on transfer provided in this Section 2.1, the Award Recipient
          shall
          be entitled to all rights of a shareholder of CenturyTel with respect to
          the
          Restricted Stock, including the right to vote the shares and receive all
          dividends and other distributions declared thereon.

        

                2.2     If
          the shares
          of Restricted Stock have not already vested in accordance with Section
          1 above,
          the shares of Restricted Stock shall vest and all restrictions set forth
          in
          Section 2.1 shall lapse on the earlier of:

        

          (a) the
            date
            on which the employment of the Award Recipient terminates as a result
            of (i)
            death, (ii) disability within the meaning of Section 22(e)(3) of the
            Internal
            Revenue Code, or (iii) if permitted by the Committee in accordance with
            Section
            3 below, retirement or termination by the Company; or

          

          (b) the
            occurrence of a Change of Control of CenturyTel, as described in Section
            11.12
            of the Plan.

          
             

            3.

            TERMINATION
              OF EMPLOYMENT

             

            

            If
              the
              Award Recipient’s employment terminates as the result of death or disability
              within the meaning of Section 22(e)(3) of the Internal Revenue Code,
              all
              unvested shares of Restricted Stock granted hereunder shall immediately
              vest.
              Unless the Committee determines otherwise in the case of retirement
              of the Award
              Recipient on or after attaining the age of 55 with at least ten years
              of prior
              service with the Company or in the case of termination by the Company
              of the
              Award Recipient’s employment, termination of employment for any other reason,
              except termination upon a Change of Control (as provided in Section
              11.12 of the
              Plan), shall automatically result in the termination and forfeiture
              of all
              unvested Restricted Stock.

             

            
              4.

              FORFEITURE
                OF AWARD 

               

              
                4.1     If,
                  at
                  any time during the Award Recipient’s employment by the Company or within 18
                  months after termination of employment, the Award Recipient engages
                  in any
                  activity in competition with any activity of the Company, or inimical,
                  contrary
                  or harmful to the interests of the Company, including but not limited
                  to: (a)
                  conduct relating to the Award Recipient’s employment for which either criminal
                  or civil penalties against the Award Recipient may be sought, (b)
                  conduct or
                  activity that results in termination of the Award Recipient’s employment for
                  cause, (c) violation of the Company’s policies, including, without limitation,
                  the Company’s insider trading policy and corporate compliance program, (d)
                  accepting employment with, acquiring a 5% or more equity or participation
                  interest in, serving as a consultant, advisor, director or agent
                  of, directly or
                  indirectly soliciting or recruiting any employee of the Company
                  who was employed
                  at any time during the Award Recipient’s tenure with the Company, or otherwise
                  assisting in any other capacity or manner any company or enterprise
                  that is
                  directly or indirectly in competition with or acting against the
                  interests of
                  the Company or any of its lines of business (a “competitor”), except for (A) any
                  isolated, sporadic accommodation or assistance provided to a competitor,
                  at its
                  request, by the Award Recipient during the Award Recipient’s tenure with the
                  Company, but only if provided in the good faith and reasonable
                  belief that such
                  action would benefit the Company by promoting good business relations
                  with the
                  competitor and would not harm the Company’s interests in any substantial manner
                  or (B) any other service or assistance that is provided at the
                  request or with
                  the written permission of the Company, (e) disclosing or misusing
                  any
                  confidential information or material concerning the Company, (f)
                  engaging in,
                  promoting, assisting or otherwise participating in a hostile takeover
                  attempt of
                  the Company or any other transaction or proxy contest that could
                  reasonably be
                  expected to result in a Change of Control (as defined in the Plan)
                  not approved
                  by the CenturyTel Board of Directors or (g) making any statement
                  or disclosing
                  any information to any customers, suppliers, lessors, lessees,
                  licensors,
                  licensees, regulators, employees or others with whom the Company
                  engages in
                  business that is defamatory or derogatory with respect to the business,
                  operations, technology, management, or other employees of the Company,
                  or taking
                  any other action that could reasonably be expected to injure the
                  Company in its
                  business relationships with any of the foregoing parties or result
                  in any other
                  detrimental effect on the Company, then the award of Restricted
                  Stock granted
                  hereunder shall automatically terminate and be forfeited effective
                  on the date
                  on which the Award Recipient engages in such activity and (i) all
                  shares of
                  Common Stock acquired by the Award Recipient pursuant to this Agreement
                  (or
                  other securities into which such shares have been converted or
                  exchanged) shall
                  be returned to the Company or, if no longer held by the Award Recipient,
                  the
                  Award Recipient shall pay to the Company, without interest, all
                  cash, securities
                  or other assets received by the Award Recipient upon the sale or
                  transfer of
                  such stock or securities, and (ii) all unvested shares of Restricted
                  Stock shall
                  be forfeited. 

                

                4.2     If
                  the Award
                  Recipient owes any amount to the Company under Section 4.1 above,
                  the Award
                  Recipient acknowledges that the Company may, to the fullest extent
                  permitted by
                  applicable law, deduct such amount from any amounts the Company
                  owes the Award
                  Recipient from time to time for any reason (including without limitation
                  amounts
                  owed to the Award Recipient as salary, wages, reimbursements or
                  other
                  compensation, fringe benefits, retirement benefits or vacation
                  pay). Whether or
                  not the Company elects to make any such set-off in whole or in
                  part, if the
                  Company does not recover by means of set-off the full amount the
                  Award Recipient
                  owes it, the Award Recipient hereby agrees to pay immediately the
                  unpaid balance
                  to the Company.

                

                4.3     The
                  Award
                  Recipient may be released from the Award Recipient’s obligations under Sections
                  4.1 and 4.2 above only if the Committee determines in its sole
                  discretion that
                  such action is in the best interests of the Company.

                 

                
                  5.  

                  STOCK
                    CERTIFICATES

                  
                    

                    5.1     The
                      stock
                      certificates evidencing the Restricted Stock shall be retained
                      by CenturyTel
                      until the lapse of restrictions under the terms hereof. CenturyTel
                      shall place a
                      legend, in the form specified in the Plan, on the stock certificates
                      restricting
                      the transferability of the shares of Restricted Stock.

                    

                    5.2     Upon
                      the
                      lapse of restrictions on shares of Restricted Stock, CenturyTel
                      shall cause a
                      stock certificate without a restrictive legend to be issued
                      with respect to the
                      vested Restricted Stock in the name of the Award Recipient
                      or his or her
                      nominee, subject to any withholdings of shares under Section
                      6 below. Upon
                      receipt of such stock certificate, the Award Recipient is free
                      to hold or
                      dispose of the shares represented by such certificate, subject
                      to (i)
                      applicable securities laws, (ii)
                      CenturyTel’s insider trading policy, and (iii)
                      any
                      applicable stock retention policies that CenturyTel may adopt
                      in the
                      future.

                     

                    
                      6.  

                      WITHHOLDING
                        TAXES

                      

                        At
                          the
                          time that all or any portion of the Restricted Stock vests,
                          the Award Recipient
                          must deliver to CenturyTel the amount of income tax withholding
                          required by law.
                          Unless otherwise directed in writing by CenturyTel, the
                          Award Recipient hereby
                          agrees to fully satisfy this tax withholding obligation
                          by permitting CenturyTel
                          to withhold from the shares the Award Recipient otherwise
                          would receive
                          hereunder shares of Common Stock having a value equal to
                          the minimum amount
                          required to be withheld (as determined under the Plan);
provided,
                          however,
                          that to
                          prevent the issuance of fractional shares and the under-withholding
                          of taxes,
                          the Award Recipient agrees that the number of shares withheld
                          shall be rounded
                          up to the next whole number of shares.

                      

                      
                         

                        7.  

                        ADDITIONAL
                          CONDITIONS

                        

                          Anything
                            in this Agreement to the contrary notwithstanding, if
                            at any time CenturyTel
                            further determines, in its sole discretion, that the
                            listing, registration or
                            qualification (or any updating of any such document)
                            of the shares of Common
                            Stock issuable pursuant hereto is necessary on any securities
                            exchange or under
                            any federal or state securities or blue sky law, or that
                            the consent or approval
                            of any governmental regulatory body is necessary or desirable
                            as a condition of,
                            or in connection with the issuance of shares of Common
                            Stock pursuant thereto,
                            or the removal of any restrictions imposed on such shares,
                            such shares of Common
                            Stock shall not be issued, in whole or in part, or the
                            restrictions thereon
                            removed, unless such listing, registration, qualification,
                            consent or approval
                            shall have been effected or obtained free of any conditions
                            not acceptable to
                            CenturyTel. CenturyTel agrees to use commercially reasonable
                            efforts to issue
                            all shares of Common Stock issuable hereunder on the
                            terms provided
                            herein.

                          
                             

                            8. 

                            NO
                              CONTRACT OF EMPLOYMENT INTENDED

                            

                            Nothing
                              in this Agreement shall confer upon the Award Recipient
                              any right to continue in
                              the employment of the Company, or to interfere in any
                              way with the right of the
                              Company to terminate the Award Recipient’s employment relationship with the
                              Company at any time.

                            

                              9.  

                              BINDING
                                EFFECT

                              

                              Upon
                                being duly executed and delivered by CenturyTel and
                                the Award Recipient, this
                                Agreement shall inure to the benefit of and be binding
                                upon the parties hereto
                                and their respective heirs, executors, administrators,
                                legal representatives and
                                successors. Without limiting the generality of the
                                foregoing, whenever the term
“Award Recipient” is used in any provision of this Agreement under
                                circumstances
                                where the provision appropriately applies to the
                                heirs, executors,
                                administrators or legal representatives to whom this
                                award may be transferred by
                                will or by the laws of descent and distribution,
                                the term “Award Recipient”
shall be deemed to include such person or persons.

                               

                              10.  

                              INCONSISTENT
                                PROVISIONS

                              

                              The
                                shares of Restricted Stock granted hereby are subject
                                to the terms, conditions,
                                restrictions and other provisions of the Plan as
                                fully as if all such provisions
                                were set forth in their entirety in this Agreement.
                                If any provision of this
                                Agreement conflicts with a provision of the Plan,
                                the Plan provision shall
                                control. The Award Recipient acknowledges that a
                                copy of the Plan and a
                                prospectus summarizing the Plan was distributed or
                                made available to the Award
                                Recipient and that the Award Recipient was advised
                                to review such materials
                                prior to entering into this Agreement. The Award
                                Recipient waives the right to
                                claim that the provisions of the Plan are not binding
                                upon the Award Recipient
                                and the Award Recipient’s heirs, executors, administrators, legal
                                representatives and successors.

                              

                                11.  

                                ATTORNEYS’
                                  FEES AND EXPENSES

                                 

                                Should
                                  any party hereto retain counsel for the purpose
                                  of enforcing, or preventing the
                                  breach of, any provision hereof, including, but
                                  not limited to, the institution
                                  of any action or proceeding in court to enforce
                                  any provision hereof, to enjoin
                                  a breach of any provision of this Agreement, to
                                  obtain specific performance of
                                  any provision of this Agreement, to obtain monetary
                                  or liquidated damages for
                                  failure to perform any provision of this Agreement,
                                  or for a declaration of such
                                  parties’ rights or obligations hereunder, or for any other
                                  judicial remedy, then
                                  the prevailing party shall be entitled to be reimbursed
                                  by the losing party for
                                  all costs and expenses incurred thereby, including,
                                  but not limited to,
                                  attorneys’ fees (including costs of appeal).

                                 

                                12.  

                                GOVERNING
                                  LAW

                                 

                                This
                                  Agreement shall be governed by and construed in
                                  accordance with the laws of the
                                  State of Louisiana.

                                 

                                13.  

                                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 Award
                                  Recipient and CenturyTel
                                  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
                                  each term and provision of this
                                  Agreement shall be valid and enforced to the fullest
                                  extent permitted by
                                  law.

                                 

                                14.  

                                ENTIRE
                                  AGREEMENT; MODIFICATION

                                 

                                The
                                  Plan
                                  and this Agreement contain the entire agreement
                                  between the parties with respect
                                  to the subject matter contained herein and may
                                  not be modified, except as
                                  provided in the Plan, as it may be amended from
                                  time to time in the manner
                                  provided therein, or in this Agreement, as it may
                                  be amended from time to time
                                  by a written document signed by each of the parties
                                  hereto. Any oral or written
                                  agreements, representations, warranties, written
                                  inducements, or other
                                  communications with respect to the subject matter
                                  contained herein made prior to
                                  the execution of the Agreement shall be void and
                                  ineffective for all
                                  purposes.

                                

                                IN
                                  WITNESS WHEREOF, the parties hereto have caused
                                  this Agreement to be duly
                                  executed and delivered on the day and year first
                                  above
                                  written.

                              

                            

                             

                             

                          

                        

                        
                          	 	
                                  CenturyTel,
                                    Inc.

                                
	 	 
	 	 
	 	 
	 	
                                  By:
                                    ____________________________________

                                
	 	
                                  Glen
                                    F. Post, III

                                
	 	
                                  Chairman
                                    and Chief Executive Officer

                                
	 	 
	 	 
	 	 
	 	
                                  _______________________________________

                                
	 	
                                  {insert
                                    name}

                                
	 	
                                  Optionee

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