Document:

Exhibit 10.3(b)

    
      

    

    

      Exhibit
        10.3(b)

      EXECUTION
        COPY

      

      AMENDED
        AND RESTATED

      CENTURYTEL,
        INC.

      SUPPLEMENTAL
        EXECUTIVE RETIREMENT PLAN

      2006
        RESTATEMENT

      

      Introduction

      

      CenturyTel,
        Inc. hereby amends and restates the CenturyTel, Inc. Supplemental Executive
        Retirement Plan 2000 Restatement, as amended (“Grandfathered Plan”) effective
        January 1, 2005 to bring it into compliance with Internal Revenue Code (“Code”)
§409A and to make certain other amendments thereto. This Amended and Restated
        CenturyTel, Inc. Supplemental Executive Retirement Plan 2006 Restatement
        shall
        hereinafter sometimes be referred to as the “Plan”.

      

      With
        respect to each Participant, the Grandfathered Plan shall continue to apply
        to
        amounts deferred in taxable years beginning before January 1, 2005 if before
        January 1, 2005 the Participant had a legally binding right to be paid the
        amount and the right to the amount was earned and vested, as provided in
        Reg.
§1.409A-6(a)(2). As provided in Reg. §1.409A-6(a)(3), the amounts deferred in
        taxable years beginning before January 1, 2005 equals the present value as
        of
        December 31, 2004 of the amount to which each Participant would be entitled
        under the Grandfathered Plan if the Participant voluntarily terminated service
        without cause on December 31, 2004 and received a payment of the benefits
        with
        the maximum value available from the Grandfathered Plan on the earliest possible
        date allowed under the Plan to receive a payment of benefits following the
        termination of service, to the extent the right to the benefit is earned
        and
        vested as of December 31, 2004. Notwithstanding the foregoing, for any
        subsequent calendar year, the grandfathered amount may increase to equal
        the
        present value of the benefit the Participant actually becomes entitled to,
        determined under the terms of the Grandfathered Plan (including applicable
        limits in the Code), as in effect on October 3, 2004, without regard to any
        further services rendered by the Participant after December 31, 2004 or any
        other events affecting the amount of or the entitlement to benefits (other
        than
        a Participant’s election with respect to the time or form of an available
        benefit). In addition, the Grandfathered Plan shall apply to the vested benefit
        payable to a spouse or other beneficiary as of December 31, 2004, whether
        or not
        the benefit was then in pay status.

      

      The
        Committee shall compute and attach hereto the amounts deferred with respect
        to
        each Participant, spouse or other beneficiary as of December 31, 2004 and
        shall
        hold such benefits subject to the Grandfathered Plan, as if this Plan did
        not
        exist. Any benefits not subject to the Grandfathered Plan shall be governed
        by
        this Plan. In no case shall the same benefit be paid under both plans, and,
        in
        this sense, any benefits payable under this Plan shall be offset by any benefits
        payable under the Grandfathered Plan.

      

        
          	
                  I.

                	
                  Purpose
                    of the Plan

                

        

      

       

      1.01    This
        Plan
        is intended
        to provide CenturyTel, Inc. and its subsidiaries with 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
        CenturyTel, Inc. and
        its
        stockholders, by providing retirement benefits in addition to those provided
        under the general
        retirement programs of CenturyTel, Inc. The Plan is not intended to constitute
        a
        qualified plan under Code §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.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        
          	
                  II.

                	
                  Definitions

                

        

      

       

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

      

      2.01    ACCRUED
        BENEFIT" shall
        mean, as of Normal Retirement Date, an amount equal
        to
        the basic monthly benefit to which a Participant is entitled in accordance
        with
        Section 5.01
        using his Average Monthly Compensation, Estimated Social Security Benefit
        and
        Credited Service
        determined as of his Normal Retirement Date. "Accrued Benefit", as of any
        given
        date other
        than Normal Retirement Date, shall mean an amount equal to the basic monthly
        benefit to which
        a
        Participant is entitled in accordance with Section 5:01 using his Average
        Monthly Compensation,
        Estimated Social Security Benefit and Credited Service as of such given date,
        in
lieu
        of
        Normal Retirement Date.

      

      2.02    "ACTUARIAL
        EQUIVALENT" shall
        mean the equivalent in value of the amounts expected
        to be received under the Plan under different forms of payment or commencing
        at
        different times.

       

      For
        purposes of the determination of the present value of a Participant's Accrued
        Benefit, actuarial
        equivalency shall be based upon an interest rate equal to the annual rate
        of
        interest on 30-year
        United
        States Treasury securities for the full calendar month preceding the January
        1,
        April 1, July
        1
        and October 1 Plan quarter that contains the date of distribution, and the
        1983
        Group Annuity Mortality
        Table (50% male, 50% female) for pre-retirement and post-retirement
        mortality.

      

      For
        all
        other purposes, actuarial equivalency shall be based upon an interest assumption
        of 5%,
        and
        the
        1983 Group Annuity Mortality Table (50% male, 50% female) for pre-retirement
        and post-retirement mortality.

      

      2.03    "AVERAGE
        MONTHLY COMPENSATION" shall
        mean the average of the 36
        consecutive months' Compensation of a Participant which produce the highest
        average out of
        the
        last 120 months of participation. Any period of unpaid Leave of Absence
        will be excluded for purposes of determining Average Monthly Compensation,
        and
        periods of service preceding and following an unpaid Leave of Absence may
        be
        combined. If a Participant's period of participation is less than 36 months,
        Average Monthly Compensation shall be determined
        utilizing all of the Participant's months of service. If a Participant ceases
        to
        be a Participant for at least 1 year and thereafter again becomes a Participant,
        he shall be treated as a new Participant who had not been a Participant
        previously for purposes of computing Average Monthly Compensation for periods
        after his new Participation date.

      
        
          
          

        

        
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      2.04    "BENEFIT
        SERVICE" shall
        mean employment for which a Participant is entitled to
        receive service credit for accrual of benefits under the Plan in accordance
        with
        the provisions of Article
        IV. If a Participant ceases to be a Participant for at least 1 year and
        thereafter again becomes a Participant, he shall be treated as a new Participant
        who has not been a Participant previously for purposes of computing Benefit
        Service for periods after his new participation date.

      

      2.05    "BOARD
        OF DIRECTORS" shall
        mean not less than a quorum of the whole Board of
        Directors of CenturyTel, Inc.

       

      
        2.06    "CHANGE
          IN CONTROL" shall
          mean the occurrence of any of the following:

         

      

      (a)    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 subsection
        (a),
        the
        following acquisitions shall not constitute a Change of Control:

      

      (i)     any
        acquisition (other than a Business Combination (as defined
        below) which constitutes a Change of Control under paragraph (c)
        below)
        of
        Common Stock directly from CenturyTel, Inc.,

      

      (ii)    any
        acquisition of Common Stock by CenturyTel, Inc. or its
        subsidiaries,

      

      (iii)    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

      

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

      

      (b)    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., 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

      
        
          
          

        

        
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      (c)    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
        of the 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:

      

      (i)    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

      

      (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 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 each 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 of
        Directors, providing for such Business Combination; or

      

      (d)    approval
        by the shareholders of CenturyTel, Inc. of a complete liquidation or
dissolution
        of CenturyTel, Inc..

      

      For
        purposes of this definition, 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 underwrite
        temporarily holding
        a
        security pursuant to an offering of the security.

      
        
          
          

        

        
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      2.07    "COMMITTEE"
        shall
        mean 3 or more members of the Board of Directors as
        described in Section 17.01 of the Plan, or the Board of Directors if no
        Committee has
        been
appointed.

      

      2.08    "COMPANY"
        shall
        mean CenturyTel, Inc., any Subsidiary thereof, and any affiliate designated
        by the Company as a participating employer under this Plan.

      

      2.09    "COMPENSATION"
        shall
        mean the sum of a Participant's Salary and
        Incentive Compensation for
        a
        particular month.

      

      2.10    “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.

      

      2.11    "EFFECTIVE
        DATE" of
        this
        Plan shall mean January 1, 2005 for
        Participants
        employed and participating in the Plan as of such date, except as may otherwise
        be
        provided
        in specific Articles or Sections hereof. Notwithstanding
        the foregoing, the amendments
        contained in this Plan shall not apply to any deferrals governed by the
        Grandfathered Plan.

      

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

      

      2.13    “ERISA”
        shall
        mean the Employee Retirement Security Act of 1974, as amended.

      

      2.14    "ESTIMATED
        SOCIAL SECURITY BENEFIT" shall
        mean the monthly primary insurance
        amount calculated to be available at age 65 based on the Social Security
        law
in
        effect
        on
        the Participant's Normal Retirement Date or an earlier date of determination.
        The primary
        insurance amount of a Participant who terminates prior to Normal Retirement
        Date
        shall be based
        on
        the assumption that the Participant earns no compensation between his
        termination date and
        his
        Normal Retirement Date.

      

      2.15    "INCENTIVE
        COMPENSATION" shall
        mean the monthly equivalent of the amount
        awarded to a Participant under the Company's Key Employee Incentive Compensation
        Plan,
        or
        other incentive compensation arrangement maintained by the Company, including
        the amount of any stock award in its cash equivalent at the time
        of
        conversion of the award from cash to stock. A Participant's Incentive
        Compensation shall be
        determined on a monthly basis by dividing the amount of the Incentive
        Compensation award by the number of months to which the award relates. Each
        award of Incentive Compensation shall, for purposes
        of this Plan, be allocated to the month or months to which the award relates,
        i.e.,
        that
        period of
        time
        during which the award was earned.

      
        
          
          

        

        
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      2.16    "LEAVE
        OF ABSENCE" shall
        mean any extraordinary absence authorized by the Employer
        under the Employer's standard personnel practices.

      

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

      

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

      

      2.19    "PLAN"
        shall
        mean this Amended and Restated CenturyTel, Inc. Supplemental Executive
        Retirement Plan 2006 Restatement.

      

      2.20    “RETIREMENT
        PLAN”
        shall
        mean the CenturyTel Retirement Plan.

      

      2.21    "SALARY"
        shall
        mean the monthly equivalent of a Participant's base rate of pay, exclusive,
        however, of bonus payments, overtime payments, commissions, imputed income
        on
        life Insurance,
        vehicle allowances, relocation expenses, severance payments, and any other
        extra
Compensation.

      

      2.22    “SPECIFIED
        EMPLOYEE”
        shall
        mean a Participant who is a key employee (as defined in Code §416(i) and the
        regulations thereunder without regard to Code §416(i)(5)) of the Company if any
        of its stock is publicly traded on an established securities market or otherwise
        as of the Participant’s separation from service. A Participant is a key employee
        if the Participant meets the requirements of Code §416(i)(1)(A)(i), (ii) or
        (iii) (applied in accordance with regulations thereunder and disregarding
        Code
§416(i)(5)) at any time during the 12-month period ending on any December
        31
        identification date.

      

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

      

      2.24    "VESTING
        SERVICE" shall
        mean employment for which a Participant is entitled to
        receive service credit for vesting in benefits under the Plan in accordance
        with
        the provisions of
        Article IV.

      

      
        	
                III.

              	
                Participation

              

      

      

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

      
        
          
          

        

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

      

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

      

      3.04    Any
        officer who is currently a Participant in the Grandfathered Plan as of the
        effective date of this Plan
        shall
        continue to be a Participant in the Plan as amended and restated, subject,
        however,
        to the right of the Committee to exclude the Participant from participation
        in
        future years.

      

      
        	
                IV.

              	
                Vesting
                  Service and Benefit
                  Service.

              

      

      

      4.01    For
        a
        Participant whose effective date of participation in the Plan, as designated
        by
        the Committee, is prior to January 1, 2000, Vesting Service for vesting of
        benefits hereunder, and Benefit
        Service for purposes of accrual of benefits hereunder, shall be credited
        for
        each year of employment
        with the Company, calculated in completed years and months regardless of
        the
        number of hours worked. Vesting Service and Benefit Service will include
        all
        years of service with
        the
        Company, including years of service prior to becoming an officer of the Company,
        years of
        service following Normal Retirement Date, and years of service with any
        Subsidiary or any affiliate designated by the Company as a participating
        employer under this Plan. In addition, periods
        of Leave of Absence shall count as periods of Vesting Service and Benefit
        Service. A fraction
        of a year of Vesting Service and Benefit Service will be given for completed
        months during
        the year of termination of employment of a Participant.

      

      4.02    For
        a
        Participant whose effective date of participation in the Plan, as designated
        by
the
        Committee, is on or after January 1, 2000, Vesting Service and Benefit Service
        will only be credited for years commencing as of the year in which the
        Participant's participation in the Plan is
        effective, and will not include years prior to the Participant's effective
        date
        of participation in the
        Plan.

      

      4.03    Notwithstanding
        the provisions of Sections 4.01 and 4.02, a Participant who terminates
        employment with the Company and is subsequently re-hired, or a Participant
        who
ceases
        to
        actively participate in the Plan for any other reason, shall receive credit
        for
        purposes of Vesting Service
        and Benefit Service for his service after his re-employment or cessation
        of
        active participation only
        for
        such periods of service during which he is an active participant in the Plan.
        A
        Participant shall not
        receive service credit after his re-employment or cessation of active
        participation for periods of service
        during which he is not an active participant in the Plan.

      
        
          
          

        

        
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      4.04    At
        the
        discretion of the Committee, service with a predecessor employer may
        be
        credited for purposes of vesting or benefit accrual under this Plan. If any
        such
        service is credited
        to a Participant for benefit accrual purposes, the benefit payable under
        this
        Plan shall be reduced by any benefit payable from the prior employer. The
        Committee shall make a determination
        whether any service with a predecessor employer will be credited to a
        Participant prior
        to
        the Participant's commencement of participation in this Plan, and such
        determination, once made,
        shall be irrevocable. If no determination is made by the Committee prior
        to a
Participant's
        commencement of participation in this Plan, service with a predecessor employer
        by such
        Participant shall not be credited for any purpose under this Plan.

      

      
        	
                V.

              	
                Normal
                  Retirement

              

      

      

      5.01    Subject
        to the provisions of Articles XIV and XV, the monthly retirement benefit
        payable
        to a Participant
        on his Normal Retirement Date shall be equal to (a) plus
        (b)
        less
(c)
        less
        (d) plus (e) less (f), where:

      

      (a)    is
        3% of
        Average Monthly Compensation multiplied by Benefit Service, not greater
        than 10 years.

      

      (b)    is
        1% of
        Average Monthly Compensation multiplied by Benefit Service, for Benefit
        Service years greater than 10 years and not greater than 25
        years.

      

      (c)    is
        4% of
        Estimated Social Security Benefit, multiplied by Benefit Service, not
        greater than 25 years.

      

      (d)    the
        benefit provided under Section 6.1(a)(iv) of the Retirement Plan.

      

      (e)    the
        sum
        of the amounts determined pursuant to Sections 6.1(a)(i) and (ii) of the
        Retirement Plan, computed without taking into account the limitations contained
        in Sections 5.7 and 2.14(d). Years of Credited Service will be determined
        under
        Section 2.46 of the Retirement Plan.

      

      (f)    the
        benefit payable under Sections 6.1(a)(i), (ii) and (iii) of the Retirement
        Plan
        and Article IV of the CenturyTel, Inc. Supplemental Defined Benefit Plan.
        

      

      5.02    The
        normal form of payment of a Participant's normal retirement benefit shall
        be
an
        annuity payable for the life of the Participant.

      
        
          
          

        

        
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      5.03    The
        amount of monthly benefit payable to a Participant, as computed under Section
        5.01,
        shall be increased annually to reflect increases in cost of living, at a
        rate of
3%
        per
        annum, starting with the year of benefit commencement. This increase shall
        take
        into effect
        as
        of January 1 of each year; provided, however, that the initial amount of
        increase for a Participant
        who commences receiving distributions in a year, effective as of the following
        January 1,
        shall
        be pro-rated, based on the number of months in such year during which the
        Participant received
        distributions. The 3% annual increase will be calculated with regard to Sections
        5.01(a), (b) and (c) only.

      

      
        	
                VI.

              	
                Late
                  Retirement

              

      

      

      6.01    If
        a
        Participant remains employed beyond his Normal Retirement Date, his late
        retirement
        date will be the first day of the month coincident with or next following
        his
        actual date of
        retirement, subject to the provisions of Articles XIV and XV.

      

      6.02    A
        Participant's late retirement benefit will be calculated in accordance with
        Sections 5.01,
        based on his Average Monthly Compensation and Benefit Service as of his late
        retirement date.
        His
        Estimated Social Security Benefit will be computed as of his Normal Retirement
        Date based
        on
        the Social Security law in effect on such date.

      

      
        	
                VII.

              	
                Early
                  Retirement,

              

      

      

      7.01    A
        Participant who has attained age 55,
        and
        who
        has completed 10 or
        more
        years of Benefit Service, is eligible for early retirement. An eligible
        Participant's early retirement
        date is the first day of the month coincident with or next following the
        date he
        terminates employment, subject of Articles XIV and XV.

      

      7.02    A
        Participant who has completed ten 10 years of Benefit Service as of the date
        of
his
        termination of employment, but who has not yet attained age 55 as of such
        date,
shall
        be
        eligible for early retirement upon attainment of age 55. Such
        Participant's early
        retirement date shall be the first day of the month coincident with or next
        following the date on
        which
        he attains age 55,
        subject to the provisions of Articles XIV and XV.

      

      7.03    A
        Participant's early retirement benefit is 100% of his Accrued
        Benefit computed as of his early retirement date calculated as if it were
        payable at his Normal Retirement Date. An active Participant’s early retirement
        benefit shall be equal to his Accrued Benefit payable at his Normal Retirement
        Date under Sections 5.01(a), (b) and (c) reduced for early retirement in
        accordance with Section 7.04, 7.05 or 7.06, less the benefit payable under
        Section 6.1(a)(iv) of the Retirement Plan reduced according to Section 6.2
        of
        the Retirement Plan, plus the benefit payable under Section 5.01(e) reduced
        according to Section 6.2 of the Retirement Plan, less the benefit payable
        under
        Section 5.01(f) reduced for early retirement according to Section 6.2 of
        the
        Retirement Plan. A terminated Participant’s early retirement benefit shall be
        equal to his Accrued Benefit payable at his Normal Retirement Date under
        Sections 5.01(a), (b) and (c) reduced for early retirement according to Section
        7.04, 7.05 or 7.06, less the benefit payable under Section 6.1(a)(iv) of
        the
        Retirement Plan reduced according to Section 6.6 of the Retirement Plan,
        plus
        the benefit payable under Section 5.01(e) reduced according to Section 6.6
        of
        the Retirement Plan, less the benefit payable under Section 5.01(f) reduced
        for
        early retirement according to Section 6.6 of the Retirement Plan.

      
        
          
          

        

        
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      7.04    Upon
        early retirement, a Participant who has attained age 55 and has completed
        10 or
more
        but
        fewer than 15
        years
        of
        Benefit Service shall receive his Accrued Benefit computed under Section
        7.03 on
        his early retirement date reduced according to the following
        schedule:

       

      
        	
                Age
                  at Commencement

              	
                Percentage
                  of Accrued Benefit

              
	 	 
	
                55

              	
                50%   
                  

              
	
                56

              	
                531⁄3%

              
	
                57

              	
                562⁄3%

              
	
                58

              	
                60%   

              
	
                59

              	
                631⁄3%

              
	
                60

              	
                662⁄3%

              
	
                61

              	
                731⁄3%

              
	
                62

              	
                80%   
                  

              
	
                63

              	
                862⁄3%

              
	
                64

              	
                931⁄3%

              
	
                65

              	
                100%      
                  

              

      

      

      7.05    Upon
        early retirement, a
        Participant who has attained age 55 and has completed 15 or more
        but
        fewer than 25
        years
        of
        Benefit Service shall receive his Accrued Benefit computed under Section
        7.03 on
        his early retirement date reduced according to the following
        schedule:

      

      
        	
                Age
                  at Commencement

              	
                Percentage
                  of Accrued Benefit

              
	 	 
	
                55

              	
                70%

              
	
                56

              	
                73%

              
	
                57

              	
                76%

              
	
                58

              	
                79%

              
	
                59

              	
                82%

              
	
                60

              	
                85%

              
	
                61

              	
                88%

              
	
                62

              	
                91%

              
	
                63

              	
                94%

              
	
                64

              	
                97%

              
	
                65

              	
                100%  
                  

              

      

      

      7.06    Upon
        early retirement, a Participant who has attained age 55 and has completed
        25
        or
        more years of Benefit Service shall receive his Accrued Benefit computed
        under
        Section 7.03 on his early retirement date reduced according to the following
        schedule:

       

      
        
          
            
            

          

          
            10

            
              

            

          

          
            
            

          

        

      

       

      
        	
                Age
                  at Commencement

              	
                Percentage
                  of Accrued Benefit

              
	 	 
	
                55

              	
                80%

              
	
                56

              	
                82%

              
	
                57

              	
                84%

              
	
                58

              	
                86%

              
	
                59

              	
                88%

              
	
                60

              	
                90%

              
	
                61

              	
                92%

              
	
                62

              	
                94%

              
	
                63

              	
                96%

              
	
                64

              	
                98%

              
	
                65

              	
                100%  
                  

              

      

      

      
        	
                VIII.

              	
                Disability

              

      

      

      8.01    A
        Participant who becomes Disabled prior to retirement or
        termination of service will be entitled to a Disability benefit computed
        in
        accordance with Section
        8.02.

      

      8.02    A
        Participant's Disability benefit will be calculated in accordance with Sections
        5.01(a), (b) and (c) based
        on
        (1) his Average Monthly Compensation projected to Normal Retirement Date
        assuming his
        Compensation as of the date of his Disability remains constant, (2)
        his
        projected service to Normal
        Retirement Date and (3) his Estimated Social Security Benefit based on the
        Social Security law
        in
        effect on the date of his Disability, less the amount determined under Section
        5.01(d), plus the amount determined under Section 5.01(e) less the amount
        determined under Section 5.01(f) in accordance with Section 6.4 of the
        Retirement Plan. If a Participant subsequently participates in the Plan,
        such
        Participant's service attributable to his subsequent participation shall
        not be
        credited for any purpose
        under the Plan so that there will be no double counting taking into account
        (2)
        above. 

      

      8.03    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, reduced as provided in Sections 7.05 or
        7.06,
        if applicable, or otherwise as provided in Section 7.03, subject to the
        provisions of Articles XIV and XV.

      

      
        	
                IX.

              	
                Death
                  Benefit

              

      

      

      9.01    Upon
        the
        death of a Participant who is actively employed or on Leave of Absence
at
        the
        time of his death, or who has retired or become Disabled and has not commenced
        receiving benefit
        payments hereunder, the Participant's beneficiary (as determined under Section
        9.05) will be entitled to receive a monthly death benefit determined in
        accordance with Section 9.02.

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

       

      9.02    The
        monthly death benefit payable under Section 9.01
        to
        the
        beneficiary of a Participant
        shall be equal to (a) less (b) less (c),
        where:

      

      
        	 	
                (a)

              	
                is
                  36% of Average Monthly Compensation projected to his
                  Normal Retirement Date assuming his Compensation as of his date
                  of death
                  remains constant until his Normal Retirement
                  Date.

              

      

      

      
        	 	
                (b)

              	
                the
                  amount of Estimated Social Security Benefit, based on the Social
                  Security
                  law in effect as of the date of his death or age 65, if earlier,
                  received
                  by the beneficiary, or to which the beneficiary may be entitled,
                  as
                  determined
                  by the Committee.

              

      

      

      
        	 	
                (c)

              	
                the
                  death benefit attributable to Section 6.1(a)(iv) of the Retirement
                  Plan.
                  

              

      

      

      9.03    Upon
        the
        death of a Participant who has terminated employment prior to death for
reasons
        other than retirement or Disability, and who was 100% vested under the
        vesting schedule contained in Section 10.01 at the time of termination of
        employment, the Participant's
        beneficiary (as determined under Section 9.05)
        will
        be
        entitled to receive a monthly death
        benefit computed as follows:

       

      
        	 	
                50%
                  of the Accrued Benefit of the Participant as
                  of his date of termination of employment.

              	 

      

      

      9.04    Subject
        to the provisions of Articles XIV and XV, the monthly death benefit determined
        under Section 9.01 or 9.03 shall commence as
        of the
        date on which the Participant would have reached the Normal Retirement Date
        applicable to
        the
        Participant, or date of death, if later; provided, however, that the benefit
        payable to the surviving spouse of the Participant
        shall commence on the date specified in Sections 7.04, 7.05, 7.06 or
        10.02.

      

      9.05    The
        beneficiary of a Participant who is married on the date of his death shall
        be
        his spouse.
        The beneficiary of an unmarried Participant shall be his living children
        as of
        his date of death.

      

      9.06    The
        death
        benefit shall be paid to the surviving spouse, if any, of the Participant
        for
        the surviving spouse’s life. If the Participant is unmarried at the date of
        death, or if the surviving spouse dies
        subsequent to the Participant's death, the death benefit shall be paid to
        the
        Participant's surviving
        child or children (or legal representative of any minor child) in equal shares.
        The death benefit
        payable to a child shall terminate upon the later of the child's attainment
        of
        age 19 or age 23, if a full-time student at an accredited educational
        institution, and such
        share shall thereafter revert to and be payable equally to the remaining
        surviving children of the
        Participant until the interest of each such surviving child has
        terminated.

      

      9.07    If
        a
        Participant has no surviving spouse or children at the date of the Participant’s
        death, no
        death
        benefit shall be paid under this Plan.

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

       

      
        	
                X.

              	
                Termination
                  of Service

              

      

      

      10.01    If
        a
        Participant terminates service prior to death, Disability or retirement,
        his
Accrued
        Benefit shall
        be
        vested in accordance with the following schedule:

      

      
        	
                Years
                  of Vesting Service

              	
                Vested
                  %

              
	 	 
	
                less
                  than 5

              	
                0
                  %

              
	
                5
                  or
                  more

              	
                100%

              

      

      

      10.02    A
        Participant's vested Accrued Benefit is computed as if it were payable at
        his
        Normal Retirement Date. If the Participant does not meet the service
        requirements of Sections 7.01 or 7.02, his Vested Accrued Benefit is payable
        at
        his Normal Retirement Date. If a
        Participant meets
        the
        service requirements for early retirement pursuant to Section 7.01
        or
        7.02,
        his
        benefit shall commence on the first day of the month coincident with or next
        following the date of termination of employment, reduced as provided in Section
        7.04, 7.05 or 7.06, as applicable. The provisions of this Section 10.02 are
        subject to the provisions of Articles XIV and XV.

       

      
        	
                XI.

              	
                Change
                  in Control

              

      

      

      11.01    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 CenturyTel, Inc. 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 Participants 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 date of
        Termination,
        subject to the provisions of Articles XIV and XV. 

      
        
          
          

        

        
          13

          
            

          

        

        
          
          

        

      

       

      
        	
                11.02

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

              

      

      

      (a)    With
        respect to any Active Participant who, after giving effect to the terms of
        Subsection (d) below, is eligible as of the date of Termination to receive
        benefits under Articles V or VI 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 V
        or VI
        of this Plan (assuming such benefits are paid in the form of a lifetime
        annuity), based upon such participant's Average Monthly Compensation,
        Estimated Social Security Benefit and Benefit Service as of the
        date
        of Termination, without giving effect to any salary reductions
        that gave rise to such Termination, but after giving effect
        to
        the terms of Subsection (d) below.

       

      (b)    With
        respect to any Active Participant who, after giving effect to the terms of
        Subsection (d) below, is not eligible as of the date of Termination to receive
        benefits under Articles V, VI or VII of this Plan, the Lump Sum Payment shall
        equal the product of (1) 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 (a) above, multiplied times
        (2)
        such discount factor as is necessary to reduce the amount determined under
        (1)
        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.

       

      (c)    With
        respect to any
        Active
        Participant who, after giving effect to the terms of
        subsection (d) below, is eligible as of the date of Termination to
        receive benefits under Article VII of the Plan, the Lump Sum Payment shall
        equal
        the greater of (1) 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 VII of this Plan, based upon the
        assumptions and terms set forth in subsection (a) above,
        or
        (2) 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)
        above.

      

      (d)    In
        calculating the Lump Sum Payment due to any Active Participant under
this
        Section, the number of years of Benefit Service
        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.

      
        
          
          

        

        
          14

          
            

          

        

        
          
          

        

      

       

      (e)    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 (1) the discount interest
        rate applied in connection therewith shall equal the interest rate for
AAA
        rated, tax exempt Insured Revenue Bonds with Five Year maturity as quoted
        by
        the Bond Market Association (BMA) as of the first day of the calendar
        quarter for which the calculations are performed or, in the event such
        index is no longer published, any similar index for comparable municipal
        securities and (2) the mortality tables applied in connection therewith
        shall be "1983
        Group Annuity Mortality Table (50% male/50 female)
        "
        as
        prescribed by the Pension Benefit Guaranty Corporation or any successor
        table prescribed by such organization.

       

      11.03    Notwithstanding
        anything to the contrary in this Plan, upon the occurrence
        of a Change in Control Event as defined in Reg. §1.409A-3(g)(5)(i), 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. The Company
        shall offer to assist such Participant in purchasing at such Participant's
        cost an annuity for the benefit of such Participant. 

      

      11.04    Notwithstanding
        anything to the contrary in this Plan, upon the occurrence of Change in Control
        as defined in Reg. §1.409A-3(g)(5)(i), 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 Section 11.02(b) or (c),
        as
        applicable; provided, however,
        that no Inactive Participant will be entitled to the benefits of Section
        11.02(d).

      

      
        	
                XII.

              	
                Form
                  of Benefit Payment

              

      

      

      12.01    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.

      
        
          
          

        

        
          15

          
            

          

        

        
          
          

        

      

       

      12.02    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 commence at the time specified in Sections 12.01.
        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
        12.01, 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 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.

      

      
        	
                XIII.

              	
                Reemployment
                  of Participants

              

      

      

      13.01    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. 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 V, 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 VI, reduced by the Actuarial Equivalent of
        the
        benefit payments the Participant previously received.

      
        
          
          

        

        
          16

          
            

          

        

        
          
          

        

      

       

      (c)    If
        a
        Participant retires prior to his Normal Retirement Date and is eligible for
        early retirement according to Section 7.01 or 7.02, the early retirement
        benefit
        payable to a Participant shall be determined pursuant to Section 7.03, 7.04,
        7.05 or 7.06, 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) above shall be in the same
        form
        as the Participant was receiving.

      

      
        	
                XIV.

              	
                Acceleration
                  of Payments.

              

      

       

      14.01    Notwithstanding
        any other provision of this Plan, if the single sum value of the Participant’s,
        Beneficiary’s or Spouse’s benefit is $10,000 or less, 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.

       

      14.02    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.

       

      14.03    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. 

       

      14.04    The
        Committee shall accelerate the time or schedule of a payment under the Plan
        as
        may be necessary to comply with a certificate of divestiture as defined in
        Code
§1043(b)(2).

       

      
        	
                XV.

              	
                Delay
                  of Payments

              

      

       

      15.01    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 shall commence upon separation from
        service
        of a Specified Employee for reasons other than death or Disability on the
        date
        that is 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, Spouse or beneficiary, as the case may
        be,
        shall be paid the amount to which he normally would be entitled on such date
        plus the amounts which would have been previously paid to him but for the
        fact
        that he was a Specified Employee. Nevertheless, for all other purposes of
        this
        Plan, the payments shall be deemed to have commenced on the date they would
        have
        had the Participant not been a Specified Employee.

      
        
          
          

        

        
          17

          
            

          

        

        
          
          

        

      

       

      (b)    Notwithstanding
        any other provision hereof, a Participant shall not have separated from service
        with the Company on account of termination of employment for reasons other
        than
        death if he would not be counted as having experienced a termination of
        employment under Reg. §1.409A-1(h)(1)(i) or under the 20% safe harbor rule for
        employees or the 50% safe harbor rule for nonemployees under Reg.
§1.409A-11(h)(1)(ii).

      

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

      

      (d)    Payment
        where the Company 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 Company 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 Company 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 Company 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.

      

      
        	
                XVI.

              	
                Additional
                  Restrictions on Benefit
                  Payments

              

      

      

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

      
        
          
          

        

        
          18

          
            

          

        

        
          
          

        

      

       

      
        	
                XVII.

              	
                Administration
                  and Interpretation

              

      

      

      17.01    The
        Plan
        shall be administered by the Board of Directors through a Committee which
        shall consist of three or more members of the Board of Directors of the Company.
        No individual
        who is or has ever been a participant or eligible to receive payments under
        this
        Plan shall be designated as a member of 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. The Board may from time to
        time
        appoint additional
        members of the Committee or remove members and appoint new members in
substitution
        for those previously appointed and to fill vacancies however
        caused.

      

      17.02    The
        decision of the Committee relating to any question concerning or involving
        the
interpretation
        or administration of the Plan shall be final and conclusive, and nothing
        in the
        Plan shall
        be
        deemed to give any employee any right to participate in the Plan, except
        to such
        extent, if
        any,
        as the Committee may have determined or approved pursuant to the provisions
        of
        the Plan.

      

      
        	
                XVIII.

              	
                Nature
                  of the Plan

              

      

      

      18.01    Benefits
        under the Plan shall generally be payable by the Company 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 Company; (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
Company.
        Participants have only an unsecured right to receive benefits under the Plan
        from the Company as general creditors of the Company. The
        Company may deposit amounts in any CenturyTel,
        Inc. Supplemental Executive Retirement Trust (the "Trust") established by
        the
Company
        for the purpose of funding the Company's obligations under the Plan.
        Participants- and their
        beneficiaries, however, have no secured interest or special claim to the
        assets
        of the Trust, and
        the
        assets of the Trust shall be subject to the payment of claims of general
        creditors of the Company
        upon the insolvency or bankruptcy of the Company, as provided in the
        Trust.

      

      
        	
                XIX.

              	
                Employment
                  Relationship

              

      

      

      19.01    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 Board, and its determination shall be final.

      
        
          
          

        

        
          19

          
            

          

        

        
          
          

        

      

       

      
        	
                XX.

              	
                Amendment
                  and Termination of
                  Plan

              

      

      

      20.01    The
        Board
        of Directors of the Company in its sole discretion may terminate the Plan
        at any
time,
        and
        shall have the right to alter or amend the Plan or any part thereof from
        time to
        time, except
        that the Board of Directors shall not terminate the Plan or make any alteration
        or amendment
        thereto which would impair any rights or benefits of a Participant previously
        accrued.

      

      
        	
                XXI.

              	
                Binding
                  Effect

              

      

      

      21.01    This
        Plan
        shall be binding on the Company, each Subsidiary, and any affiliate designated
        by
        the
        Company as a participating employer under this Plan, the successors and assigns
        thereof, and
        any
        entity to which substantially all of the assets or business of the Company,
        a
        Subsidiary, or
        a
        participating affiliate are transferred.

      

      
        	
                XXII.

              	
                Reimbursement
                  to Participants

              

      

      

      22.01    After
        a
        Change of Control, the Company shall reimburse any Participant, or beneficiary
        thereof, for all expenses, including
        attorney's fees, actually and reasonably incurred by the Participant or
        beneficiary in any proceeding
        to enforce any of their rights under this Plan.

      

      
        	
                XXIII.

              	
                Construction

              

      

      

      23.01    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

          
            

          

        

        
          
          

        

      

       

      
        	
                XXIV.

              	
                Demand
                  For Benefits

              

      

      

      24.01    Benefits
        upon termination of employment 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 with the
        Committee. The Committee shall accept or reject the claim within 30 days
        of its
        receipt. If the claim is denied, the Committee shall give the reason for
        denial
        in a written notice calculated to be understood by the claimant, referring
        to
        the Plan provisions that form the basis of the denial. If any additional
        information or material is necessary to perfect the claim, the Committee
        will
        identify these items and explain why such additional material is necessary.
        If
        the Committee neither accepts or rejects the claim within 30 days, the claim
        shall be deemed denied. Upon the denial of a claim, the claimant may file
        a
        written appeal of the denied claim to the Committee within 60 days of the
        denial. The claimant shall have the opportunity to be represented by counsel
        and
        to be heard at a hearing. The claimant shall have the opportunity to review
        pertinent documents and the opportunity to submit issues and argue against
        the
        denial in writing. The decision upon the appeal must be made no later than
        the
        later of (a) 60 days after receipt of the request for review, or (b) 30 days
        after the hearing. The Committee must set a date for such a hearing within
        30
        days after receipt of the appeal. In no event shall the date of the hearing
        be
        set later than 60 days after receipt of the notice. If the appeal is denied,
        the
        denial shall be in writing. If, prior to a Change of Control, an initial
        claim
        is denied, and the claimant is ultimately successful, all subsequent reasonable
        attorney's fees and costs of claimant, including the filing of the appeal
        with
        the Committee, and any subsequent litigation, shall be paid by the Employer
        unless the failure of the Employer to pay is caused by reasons beyond its
        control, such as insolvency or bankruptcy.

      

      IN WITNESS
        WHEREOF, CenturyTel,
        Inc. has executed this Plan
        this
        29th day
        of
November,
        2006.

       

      
        	 	
                CENTURYTEL,
                  INC.

              
	 	 	 
	 	 	 
	 	
                By:

              	
                /s/
                  R. Stewart Ewing, Jr.

              
	 	 	
                Stewart
                  Ewing, Jr.

              
	 	 	
                Executive
                  Vice President and

              
	 	 	
                Chief
                  Financial Officer

              

      

       

    

     

    21Exhibit 10.3(c)

    
      

    

    Exhibit
      10.3(c)

    EXECUTION
      COPY

    

    CENTURYTEL,
      INC.

    SUPPLEMENTAL
      DOLLARS & SENSE
      PLAN

    

    2006
      RESTATEMENT

    EFFECTIVE
      JANUARY 1, 2005

    

    I.    
      Purpose
      of the Plan

    

    1.01 
        This
      Supplemental Dollars & Sense Plan was established by CenturyTel, Inc.,
      previously Century Telephone Enterprises,
      Inc. (the "Company") and its subsidiaries and designated affiliates to provide
      to certain
      select management employees the opportunity to defer a portion of their
      compensation in excess
      of
      the deferrals permissible under the terms of the CenturyTel, Inc. Dollars
      & Sense Plan and Trust (the "Dollars & Sense Plan") maintained by the
      Company and to allow
      the
      Company to make matching contributions based on such deferrals in excess of
      those permissible
      under such plan. This Plan is not intended to constitute a qualified plan under
      Section 401(a)
      of
      the Internal Revenue Code of 1986, as amended (the "Code"), and is designed
      to
      be exempt
      from the participation, vesting, funding and fiduciary responsibility rules
      of
      the Employee Retirement
      Income Security Act of 1974, as amended ("ERISA"). The Plan is intended to
      comply with Code §409A.

    

    II.   Definitions

    

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

    

    2.01 
        ACCOUNT
      shall
      mean the account established under this Plan in accordance with
      Section 4.01.

    

    2.02 
        ACCOUNT
      BALANCE,
      as of a
      given date, shall mean the fair market value of a Participant's Account as
      determined by the Committee. In 2005, each active Participant was given the
      right to elect to have his Account Balance transferred to the CenturyTel
      Retirement Plan (“Retirement Plan”) to the extent permitted under the QSERP
      concept (i.e.
      to the
      extent possible given discrimination limitations applicable to the Retirement
      Plan). Each Participant's Account Balance was reduced by the amount which was
      transferred to the Retirement Plan, if any. In 2005, under the Code §409A
      transition rules, each Participant was also given the right to elect to take
      a
      distribution of the portion of his Account Balance that was not transferred
      to
      the Retirement Plan. Each Participant’s Account Balance was reduced by the
      amount distributed to him in 2005, if any. Each Participant's Account Balance
      shall also be reduced by an amount equal to any Profit Sharing Contribution
      to
      such Participant's profit sharing account in the CenturyTel, Inc. Dollars &
Sense Plan at such time such contribution is made effective for Plan years
      beginning after 2004. If the Profit Sharing Contribution is made after the
      end
      of a calendar year with respect to the preceding calendar year and is made
      before the due date, including extensions, of the Company’s income tax return
      for such preceding year, the reduction to the Participant’s Account Balance in
      this Plan shall also be made with respect to such preceding year.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    2.03 
        BENEFICIARY
      shall
      mean the person or persons designated by the Participant to
      receive benefits after the death of the Participant.

    

    2.04 
        BOARD
      OF DIRECTORS shall
      mean not less than a quorum of the whole Board
      of
      Directors of the Company.

    

    2.05 
        COMMITTEE
      shall
      mean three or more members of the Board of Directors of the
      Company as described in Section 13.01 of the Plan, or the Board if no Committee
      has been appointed.

    

    2.06 
        DISABILITY
      shall
      mean a condition which makes a Participant unable to perform
      each of the material duties of his regular occupation where he is likely to
      remain thus incapacitated
      continuously and permanently.

    

    2.07 
        EFFECTIVE
      DATE of
      this
      Plan shall mean the first day of the first payroll period
      commencing on or after January 1, 1995. The effective date of this Restatement
      shall mean January
      1, 2005.

     

    2.08 
        EMPLOYER
      shall
      mean the Company, any Subsidiary thereof, and any affiliate designated
      by the Company as a participating employer under this Plan.

     

    2.09 
        EXCESS
      SALARY shall
      mean the amount of a Participant's compensation upon which
      the
      Participant can no longer make deferral contributions under the Dollars &
Sense Plan due to the application of Code Section 401(a)(17) and 402(g). As
      provided in Regs. §1.409A-2(a)(11)(i), compensation paid after the last day of
      the Plan Year solely for services performed during the final payroll period
      described in Code section 3401(b) shall be treated as compensation for services
      provided for the subsequent calendar year. This does not apply to Incentive
      Compensation.

    

    2.10
         INCENTIVE
      COMPENSATION shall
      mean any amount awarded to a Participant under the Company's Key Employee
      Incentive Compensation Plan or other executive incentive compensation
      arrangement maintained by the Company, including the amount of any stock award
      in its cash equivalent at the time of conversion of the award from cash to
      stock. A
      Participant's Incentive Compensation
      shall be determined on an annual basis and shall, for purposes of this Plan,
      be
allocated
      to the year in which the Participant performed the services with respect to
      which the Incentive Compensation was awarded.

    

    2.11 
        LEAVE
      OF ABSENCE shall
      mean any extraordinary absence authorized by the Employer
      under the Employer's standard personnel practices.

    

    2.12 
        NORMAL
      RETIREMENT AGE
      shall
      mean age 65.

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    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 
        NOTIONAL
      shall
      mean imaginary, not actual.

    

    2.15 
        PARTICIPANT
      shall
      mean any officer of the Company, any Subsidiary thereof, and
      any
      designated affiliate, who is granted participation in the Plan in accordance
      with the provisions
      of Article III.

    

    2.16 
        PLAN
      shall
      mean the CenturyTel, Inc. Supplemental Dollars &
      Sense Plan, as amended and restated herein.

    

    2.17 
        PLAN
      YEAR
      shall
      mean the calendar year.

    

    2.18 
        PROFIT
      SHARING ACCOUNT
      shall
      mean an account first established in 2006 and continuing thereafter under this
      Plan to which contributions under Section 6.03 shall be credited, which shall
      vest in accordance with Section 7.02, with respect to which a Participant shall
      be entitled only to the vested amount in his Profit Sharing Account upon an
      event requiring payment but which shall be treated as an “Account” for all other
      purposes of this Plan.

    

    2.19 
        PROFIT
      SHARING COMPENSATION
      shall
      mean the sum of a Participant’s Profit Sharing Salary and Profit Sharing
      Incentive Compensation for a particular Plan Year. The determination of a
      Participant’s Compensation shall be made by the Committee, in its
      discretion.

    

    2.20 
        PROFIT
      SHARING CONTRIBUTIONS
      shall
      mean the total dollar amount of contributions made, directly or indirectly,
      on
      behalf of a Participant under the CenturyTel, Inc. Employee Stock Ownership
      Plan.

    

    2.21 
        PROFIT
      SHARING CONTRIBUTION PERCENTAGE shall
      mean the estimated total of the percentage of compensation of employees of
      the
      Company contributed by the Company to its ESOP, as determined by dividing the
      aggregate Profit Sharing Contributions for a particular Plan Year by estimated
      compensation taken into account under such plans for the Plan Year. The
      Committee, in its sole discretion, shall determine the Profit Sharing
      Contribution Percentage for each Plan Year, and such determination shall be
      binding and conclusive. Notwithstanding the above, until changed by action
      of
      the Committee, the Profit Sharing Contribution Percentage for each Plan Year
      shall be 4% of a Participant’s Profit Sharing Compensation.

    

    2.22 
        PROFIT
      SHARING INCENTIVE COMPENSATION
      shall
      mean the amount awarded to a Participant under the Company’s Key Employee
      Incentive Compensation Program or other executive incentive compensation
      arrangement maintained by the Company, including the amount of any stock award
      in its cash equivalent at the time of conversion of the award from cash to
      stock. A Participant’s Profit Sharing Incentive Compensation shall be determined
      on an annual basis and shall be allocated to the Plan Year in which the
      Participant performed the services with respect to which the Incentive
      Compensation was awarded.

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    2.23 
        PROFIT
      SHARING SALARY
      shall
      mean a participant’s actual pay for the Plan Year, exclusive, however, of bonus
      payments, overtime payments, commissions, imputed income on life insurance,
      vehicle allowances, relocation expenses, severance payments and any other extra
      compensation.

    

    2.24 
        PROFIT
      SHARING YEARS OF SERVICE shall
      mean all years of service for each Plan Year in which the Participant completes
      at least 1,000 hours of service. Profit Sharing Years of Service will include
      all years of service before a Participant became an officer of the Company,
      years of service following Normal Retirement Date and years of service with
      any
      Employer designated by the Company as a participating Employer under this Plan.
      In addition, periods of Leave of Absence and periods during which severance
      pay
      is provided shall be counted for determining years of service. 

    

    2.25 
        SPECIFIED
      EMPLOYEE
      shall
      mean a Participant who is a key employee (as defined in Code §416(i) and the
      regulations thereunder without regard to Code §416(i)(5)) of the Company if any
      of its stock is publicly traded on an established securities market or otherwise
      as of the Participant’s separation from service. A Participant is a key employee
      if the Participant meets the requirements of Code §416(i)(1)(A)(i), (ii) or
      (iii) (applied in accordance with regulations thereunder and disregarding Code
      §416(i)(5)) at any time during the 12-month period ending on any December 31
      identification date.

    

    2.26 
        SUBSIDIARY
      shall
      mean any corporation in which the Company owns, directly or
      indirectly through subsidiaries, at least 50% of the combined voting power
      of
all
      classes of stock.

    

    2.27 
        TRANSFER
      ACCOUNT
      shall
      mean the account established under this Plan in accordance with Section
      4.01.

    

    III.   Participation

    

    3.01      
       Any
      employee who is either one of the officers of the Company in a position to
      contribute
      materially to the continued growth and future financial success of the Company,
      or one who
      has
      made a significant contribution to the Company'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 Company and is
      compensated by a regular salary; and

    

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

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    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 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
Committee.

    

    IV.   Accounts
      and Investments

    

    4.01
         An
      Account shall be established on behalf of each Participant who receives an
      allocation
      pursuant to Sections 6.01 and 6.02. Each Participant's Account shall be
      credited with such allocation,
      and earnings and gains on his Account Balance, and shall be debited with
      distributions, losses,
      and any expenses properly chargeable thereto.
      A
      Transfer Account shall be established on behalf of each former inactive
      Participant in the CenturyTel, Inc. Supplemental Defined Contribution Plan
      ("SDC
      Plan") who elected to have his account balance in that plan transferred to
      another nonqualified plan of the Company. Such Transfer Account shall hold
      the
      amount transferred from that plan to this Plan for each such inactive
      Participant. Such Transfer Account shall be treated as if it were an Account
      under this Plan, except that in lieu of any other earnings, the balance in
      each
      Transfer Account shall be credited with interest at the rate equal to the 6
      month Treasury bill rate adjusted each January 1, and the form of payment shall
      be the form of payment the Participant elected under the SDC Plan and not a
      lump
      sum cash payment under Section 9.01. 

    

    4.02 
        Each
      Participant shall have the same rights with respect to investment of amounts
      in
      his
      Account hereunder as are available from time to time under the Dollars &
Sense Plan, as to
      permissible investment funds, except as provided below. Investment in securities
      or other obligations issued by the Employer will
      not
      be available under the Plan. The investment rights of
      each
      Participant hereunder shall extend to all amounts in his Account, including
      deferral contributions
      and matching contributions.

    

    4.03 
        The
      Account Balances of Participants in the Plan shall be revalued as of the end
      of
      each trading day, taking into account the values of the various assets which
      are
      Notional investments of the Accounts and taking into account Notional
      contributions or transfers to each Account during the day and Notional
      withdrawals or transfers from each Account during the day. 

     

    V.    Participant
      Salary Deferrals

    

    5.01 
        Each
      Participant shall make separate
      written
      elections, prior to the first day of each Plan
      Year
      (or, as to a Participant who first becomes a Participant in the Plan as of
      a day
      other than January 1 and who is not then a participant in any other account
      balance plan of or agreement with the Employer governed by Code §409A,
within
      30
      days after the date the Participant becomes eligible to Participate in the
      Plan
      but only with respect to compensation paid for services to be performed
      subsequent to the election) to defer a portion of his (i) Excess Salary and/or
      (ii) Incentive Compensation. The
      amount of allowable deferral pursuant to each of the Participant's elections
      shall be a whole percentage,
      not to exceed 25%. An
      election to defer Excess Salary shall provide for
      a
      deferral to be made from each paycheck. An election to defer Incentive
      Compensation shall provide
      for a deferral to be made from the bonus check representing the cash portion
      of
      such award.
      Notwithstanding the above, with respect to any Incentive Compensation which
      is
      performance-based, as defined in Reg. §1.409A-2(a)(7), each Participant may make
      a separate written election no later than June 30 of the calendar year
      performance period.

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    5.02 
        Any
      agreement made under the terms of Section 5.01 shall be irrevocable until the
      succeeding
      January 1. As permitted by Reg. §1.409A-3(h)(2)(vii), a Participant may cancel
      his deferral election due to an unforeseeable emergency or a hardship
      distribution pursuant to Reg. §1.401(k)-1(d)(3).

     

    5.03 
        If
      a
      Participant does not make new elections for a succeeding Plan Year under
Section
      5.01, his elections in effect for the current Plan Year shall be deemed to
      continue in force and
      effect as if made for such succeeding Plan Year.

    

    VI.  
        Allocations
      to Participant's Accounts

    

    6.01 
        The
      Employer shall allocate to each Participant's Account the amount of Excess
      Salary
      and/or Incentive Compensation deferred by such Participant pursuant to an
      election made under
      Section 5.01. The allocation hereunder shall be made as of the date of the
      paycheck or bonus
      check to which the deferral by the Participant relates.

    

    6.02 
        The
      Employer shall allocate a matching contribution to each Participant's Account
      under
      this Plan each Plan Year equal to the total matching percentage (including
      matching and additional
      matching contributions) for the year provided by the Dollars & Sense Plan
      multiplied by
      the
      Participant's deferrals under this Plan.

    

    6.03 
        The
      Company shall credit a Participant's Profit Sharing Account each Plan Year
      with
      an amount equal to Profit Sharing Compensation times Profit Sharing Contribution
      Percentage minus Profit Sharing Contributions.

    

    VII.  
        Vesting
      of Account

    

    7.01 
        A
      Participant's Account Balance shall be fully vested at all times.

     

    7.02 
        A
      Participant's Profit Sharing Account shall be fully vested and nonforfeitable
      upon:

    

    (a)  5
      Profit
      Sharing Years of Service,

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    (b)  attainment
      of age 55,

    

    (c)  death,

    

    (d)  Disability
      as defined in Section 2.06, or

    

    (e)  the
      occurrence of any of the following, each of which shall constitute a "Change
      of
      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. ("CenturyTel"), or 30% or more of
      the
      combined voting power of CenturyTel'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, (b) any
      acquisition of Common Stock by CenturyTel or its subsidiaries, (c) any
      acquisition of Common Stock by any employee benefit plan (or related trust)
      sponsored or maintained by CenturyTel or any corporation controlled by
      CenturyTel, 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 (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'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), or sale or other disposition
      of
      all or substantially all of the assets of CenturyTel (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's outstanding Common
      Stock
      and CenturyTel'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, 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 of
      a
      complete liquidation or dissolution of CenturyTel. For purposes of this Section
      7.02(e), 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.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    7.03 
        If
      a
      Participant does not have a fully vested and nonforfeitable Profit Sharing
      Account upon his termination of Employment, the nonvested Account Balance shall
      be forfeited. Forfeitures shall be used to reduce Employer Matching
      Contributions under Section 6.02.

    

    VIII.
        Time
      of Payment and Beneficiaries,

     

    8.01 
        Except
      as
      provided in Section 8.02 and Articles X and XI, a Participant's vested Account
      Balance is payable immediately upon termination
      of employment for any reason.

    

    8.02 
        The
      Account Balance of a deceased Participant shall be paid within 90
      days
      after his death, and shall be made to his Beneficiary designated on a form
      provided for such purpose by the Committee. If the Participant fails to
      designate a beneficiary,
      his Account Balance shall be payable to his surviving spouse or, if none, to
      his
surviving
      child or children (or legal representative of any minor child or child who
      has
      been declared
      incompetent or incapable of handling his affairs) in equal shares. The Account
      Balance of
      a
      Participant who dies leaving no spouse or children shall be paid to his
      estate.

    

    IX.  
        Form
      of Benefit Payment

    

    9.01  
        All
      payments of the Participant's Account Balance (including the Profit Sharing
      Account Balance) to the Participant or to the Participant’s Beneficiary shall be
      in the form of a lump sum cash payment.

     

    X.   Acceleration
      of Payments.

     

    10.01  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.

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    10.02  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 of payment to
      an individual other than the Participant as may be necessary to fulfill such
      order in an amount not to exceed the Participant’s Account Balance (including
      such Participant’s Profit Sharing Account Balance), 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.

     

    10.03  The
      Committee shall accelerate the time or schedule of a payment under the Plan
      as
      may be necessary to comply with a certificate of divestiture as defined in
      Code
§1043(b)(2).

     

    XI.   
        Delay
      of Payments

     

    11.01  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, the lump sum cash payment shall be made upon
      separation from service of a Specified Employee for reasons other than death
      or
      Disability on the date that is 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). 

    

    (b)  Notwithstanding
      any other provision hereof, a Participant shall not have separated from service
      with the Company on account of termination of employment for reasons other
      than
      death if he would not be counted as having experienced a termination of
      employment under Reg. §1.409A-1(h)(i) or under the 20% safe harbor rule for
      employees or the 50% safe harbor rule for nonemployees under Reg.
§1.409A-11(h)(ii).

    

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

    

    (d)  Payment
      where the Company 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 Company 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).

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    (e)  Payments
      the deduction for which the Company 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 Company 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.

    

    XII.  
        Additional
      Restrictions on Benefit Payments

    

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

    

    XIII. 
        Administration
      and Interpretation

    

    13.01  The
      Plan
      shall be administered by the Board of Directors of the Company through a
      Committee which shall consist of three or more members of such Board. No
      individual who is or
      has
      ever been a member of the Committee shall be eligible to be designated as a
      participant or receive
      payments under this Plan. 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. The Board may from time to time appoint additional members of the
Committee or
      remove
      members and appoint new members in substitution for those previously
appointed
      and to fill vacancies however caused.

    

    13.02  The
      decision of the Committee relating to any question concerning or involving
      the
interpretation
      or administration of the Plan shall be final and conclusive, and nothing in
      the
      Plan shall
      be
      deemed to give any employee any right to participate in the Plan, except to
      such
      extent, if
      any,
      as the Committee may have determined or approved pursuant to the provisions
      of
      the Plan.

    

    XIV.
        Nature
      of the Plan

    

    14.01  Benefits
      under the Plan shall generally be payable by the Company 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 Company; (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
      Company. Participants have only an unsecured right to receive benefits under
      the
      Plan from the
      Company as general creditors of the Company. The Company may deposit amounts
      in
      a trust established
      by the Company for the purpose of funding the Company'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 Company upon the insolvency or bankruptcy of the Company, as provided
      in
      the trust.

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    XV.  
        Employment
      Relationship

    

    15.01  An
      employee shall be considered to be in the employment of the Employer as long
      as
      he
remains
      an
      employee of either the Company, any Subsidiary of the Company, any designated
      affiliate,
      or any corporation to which substantially all of the assets and business of
      any
      of such entities
      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 Employer, or
      affect in any way
      the
      right of the Employer 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.

    

    XVI. 
        Amendment
      and Termination of Plan

    

    16.01  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 Reg. §1.409A-3(g)(5)(i)), if all substantially similar arrangements
      sponsored by the Company are terminated.

    

    (c)  In
      the
      Company’s discretion, provided that: (1) all arrangements sponsored by the
      Company that would be aggregated with the Agreement under Reg. §1.409A-1(c) if
      the same employee participated in all of the arrangements are terminated; (2)
      no
      payments other than payments that would be payable under the terms of the
      arrangements if the termination had not occurred are made within 12 months
      of
      the termination of the arrangements; (3) all payments are made within 24 months
      of the termination of the arrangements; and (4) the Company does not adopt
      a new
      arrangement that under Reg. §1.409A-1(c) that would be aggregated with the
      Agreement if the same service provider participated in both arrangements, at
      any
      time within five years following the date of termination of the
      Agreement.

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    (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.

    

    16.02  The
      Company shall amend the Plan as necessary to comply with final regulations
      issued under Code §409A and may amend the Plan in any other manner that does not
      cause adverse consequences under such Code Section or other guidance from the
      Treasury Department or IRS, provided that no amendments shall divest otherwise
      vested rights of Participants, their Beneficiaries or Spouses.

    

    XVII.    
       Binding
      Effect

    

    17.01  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.

    

    XVIII.  
       Construction

    

    18.01  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.

    

    18.02  Any
      provision of the Plan that would cause a violation of Code §409A if followed
      shall be disregarded.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    XIX.   Demand
      For Benefits

     

    19.01  Benefits
      upon termination of employment 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 with the
      Committee. The Committee shall accept or reject the claim within 30 days of
      its
      receipt. If the claim is denied, the Committee shall give the reason for denial
      in a written notice calculated to be understood by the claimant, referring
      to
      the Plan provisions that form the basis of the denial. If any additional
      information or material is necessary to perfect the claim, the Committee will
      identify these items and explain why such additional material is necessary.
      If
      the Committee neither accepts or rejects the claim within 30 days, the claim
      shall be deemed denied. Upon the denial of a claim, the claimant may file a
      written appeal of the denied claim to the Committee within 60 days of the
      denial. The claimant shall have the opportunity to be represented by counsel
      and
      to be heard at a hearing. The claimant shall have the opportunity to review
      pertinent documents and the opportunity to submit issues and argue against
      the
      denial in writing. The decision upon the appeal must be made no later than
      the
      later of (a) 60 days after receipt of the request for review, or (b) 30 days
      after the hearing. The Committee must set a date for such a hearing within
      30
      days after receipt of the appeal. In no event shall the date of the hearing
      be
      set later than 60 days after receipt of the notice. If the appeal is denied,
      the
      denial shall be in writing. If an initial claim is denied, and the claimant
      is
      ultimately successful, all subsequent reasonable attorney's fees and costs
      of
      claimant, including the filing of the appeal with the Committee, and any
      subsequent litigation, shall be paid by the Employer unless the failure of
      the
      Employer to pay is caused by reasons beyond its control, such as insolvency
      or
      bankruptcy.

    

    IN WITNESS
      WHEREOF, CenturyTel,
      Inc. has executed this Plan this
      29th
day of
      November, 2006.

    

    
      	 	
              CENTURYTEL,
                INC.

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

            
	 	
              R.
                Stewart Ewing, Jr.

            
	 	
              Executive
                Vice President and Chief
                Financial
                Officer

            

    

    
 

    13

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