Document:

Unassociated Document

    Exhibit
      10.3(b)

    

    FIRST
      AMENDMENT TO

    THE
      CENTURYTEL, INC.

    SUPPLEMENTAL
      EXECUTIVE RETIREMENT PLAN

    2000
      RESTATEMENT

    

    

    This
      First Amendment to the CenturyTel, Inc. Supplemental Executive Retirement Plan
      2000 Restatement ("Plan") is effective November 17, 2005.

    

    WHEREAS,
      Article
      XVIII permits the Board to amend the Plan; and

    

    WHEREAS,
      at its
      meeting on November 17, 2005, the Board approved a recommendation from the
      Compensation Committee that the Plan be amended to reduce a Participant's
      accrued benefit by the amount he elected to have transferred to the CenturyTel,
      Inc. Retirement Plan, if any; and

    

    WHEREAS,
      Proposed Treasury Regulation §1.409A-3(h)(3) permits the amount deferred under a
      nonqualified plan to be determined as an amount offset by some or all of the
      benefits provided under a qualified employer plan; and

    

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

    

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

    

    I.

    

    Amend
      Section 5.01 to read as follows:

    

    5.01
      Except
      as
      provided in Section 3.03, the monthly retirement benefit payable to a
      Participant on his Normal Retirement Date shall be equal to (a) plus (b) less
      (c) less (d), where:

    

    II.

    

    Add
      Section 5.01(d) to read as follows: 

    

    (d) the
      benefit provided under section 6.01(a)(iv) of the CenturyTel, Inc. Retirement
      Plan.

    

    III.

    

    Add
      the
      following sentence to the end of Section 5.03:

    

    The
      3%
      annual increase will be calculated without regard to Section
      5.01(d).

    

    IV.

    

    Add
      the
      following at the end of Section 7.03:

    

    An
      active
      Participant’s early retirement benefit shall be equal to his Accrued Benefit
      payable at his Normal Retirement Date under Section 5.01(a), 5.01(b) and 5.01(c)
      reduced for early retirement according to Section 7.04, 7.05, 7.06 or 7.07,
      less
      the benefit payable under Section 6.01(a)(iv) of the CenturyTel, Inc. Retirement
      Plan reduced according to Section 6.2 of the CenturyTel, Inc. Retirement Plan.
      A
      terminated Participant’s early retirement benefit shall be equal to his Accrued
      Benefit payable at his Normal Retirement Date under Section 5.01(a), 5.01(b)
      and
      5.01(c) reduced for early retirement according to Section 7.04, 7.05, 7.06
      or
      7.07, less the benefit payable under Section 6.01(a)(iv) of the CenturyTel,
      Inc.
      Retirement Plan reduced according to Section 6.6 of the CenturyTel, Inc.
      Retirement Plan.

    

    V.

    

    Amend
      Section 9.02 to read as follows:

    

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

    

    VI.

    

      Add
        Section 9.02(c) to read as follows: 

      

      (c) The
        death
        benefit attributable to Section 6.01(a)(iv) of the CenturyTel, Inc. Retirement
        Plan.

    

    

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

     

     

     

    
      	 	
              CENTURYTEL,
                INC.

               

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

            
	 	
              R.
                Stewart Ewing, Jr.,

              Executive
                Vice-President and

              Chief
                Financial OfficerUnassociated Document

    Exhibit
      10.3 (c)

    THIRD
      AMENDMENT TO

    THE
      CENTURY TELEPHONE ENTERPRISES, INC.,

    NOW
      CENTURYTEL, INC.

    SUPPLEMENTAL
      DOLLARS & SENSE PLAN 

    1998
      RESTATEMENT

    

    This
      Third Amendment to the Century Telephone Enterprises, Inc. (now CenturyTel,
      Inc.) Supplemental Dollars & Sense Plan 1998 Restatement ("Plan") is
      effective November 17, 2005.

    

    WHEREAS,
      Article
      XIV permits the Board of Directors to amend or terminate the Plan;
      and

    

    WHEREAS,
      the name
      of the Plan needs to be changed to reflect the change of the corporate name
      from
      Century Telephone Enterprises, Inc. to CenturyTel, Inc.; and

     

    WHEREAS,
      at its
      meeting on November 17, 2005, the Board approved a recommendation from the
      Compensation Committee that the Plan be amended to reduce a Participant’s
      Account Balance by the amount he elected to have transferred to the CenturyTel,
      Inc. Retirement Plan, if any, or by the amount he elected to have distributed
      to
      him in 2005; and

    

    WHEREAS,
      Q&A-20(a) of IRS Notice 2005-1 permits the Plan to be amended to allow a
      Participant during all or part of the calendar year 2005 to terminate
      participation in the Plan or cancel a deferral election without causing the
      Plan
      to fail to conform to the provisions of Internal Revenue Code (“Code”)
§409A(a)(2), (3) or (4), provided that the amount subject to the termination
      or
      cancellation is included in the Participant's income in the calendar year 2005;
      and

    

    WHEREAS,
      Proposed
      Treasury Regulation §1.409A-3(h)(3) permits the reduction of a Participant's
      Account Balance in this Plan in connection with an increase in the Participant's
      account balance in the CenturyTel, Inc. Retirement Plan and in the CenturyTel,
      Inc. Dollars & Sense Plan; and

    

    WHEREAS,
      in
      connection with the termination of the CenturyTel, Inc. Supplemental Defined
      Contribution Plan ("SDC Plan"), some inactive Participants were permitted to
      and
      did elect to transfer their account balances in that plan to another
      nonqualified plan of CenturyTel, Inc., and a Transfer Account needs to be
      created in this Plan to receive such transferred account balances and to
      continue payments to such Participants from such Transfer Accounts; and

    

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

    I.

    

    Delete
      the name "Century Telephone Enterprises, Inc." each place that it appears in
      the
      Plan and insert in its place "CenturyTel, Inc.".

    

    II.

    

    Amend
      Section 2.02 to read as follows:

    

    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 shall be given
      the
      right to elect to have his Account Balance transferred to the CenturyTel, Inc.
      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 shall be reduced by the amount of
      the
      liability to such Participant which is transferred to the Retirement Plan.
      In
      2005, under the Code §409A transition rules, each Participant shall also be
      given the right to elect to take a distribution of the portion of his Account
      Balance that is not transferred to the Retirement Plan. Each Participant’s
      Account Balance shall be reduced by the amount distributed to him in 2005.
      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
      in 2005 and future years.

    

    III.

    

    Add
      Section 2.18 to read as follows:

    

    2.18 “TRANSFER
      ACCOUNT”
      means
      the account established under this Plan in accordance with Section
      4.01.

    

    IV.

    

    Add
      the
      following at the end of Section 4.01:

    

    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, payments shall be made
      directly by the Company and not by the Trustee of any Rabbi Trust, 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. 

    

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

    

     

     

    
      	 	
              CENTURYTEL,
                INC.

               

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

              R.
                Stewart Ewing, Jr.,

            
	 	
              Executive
                Vice-President and

              Chief
                Financial Officer

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