Document:

Unassociated Document

    Exhibit
10.2(a)

    CenturyTel,
Inc.

    1983
Restricted Stock Plan

    (as
amended and restated as of May 28, 2009)

     

    W
I T N E S S E T H:

    

    WHEREAS,
on February 21, 1984, CenturyTel, Inc. (formerly Century Telephone Enterprises,
Inc.), a Louisiana corporation (“CenturyTel”), executed a plan providing for
awards of restricted stock to key employees on terms and conditions
substantially similar to those set forth herein, which plan was amended and
restated on November 16, 1995 (the “Plan”); and

    

    WHEREAS,
the Plan was further amended by CenturyTel’s Board of Directors on November 21,
1996, February 25, 1997, February 25, 1998, April 17, 2000, April 25, 2001 and
May 28, 2009 (the “Amendments”); and

    

    WHEREAS,
CenturyTel wishes to restate the Plan to incorporate the
Amendments;

     

    NOW
THEREFORE, the Plan is hereby amended and restated in its entirety as of
May 28, 2009 to read as follows:

    

    1.           Purpose.  The
purpose of the 1983 Restricted Stock Plan is to aid CenturyTel, Inc.
(“CenturyTel”) in securing and retaining key employees of outstanding ability,
and to motivate such individuals to exert their best efforts on behalf of the
Company.  In addition, the Company expects that it will benefit from
the added interest which such individuals will have in the welfare of the
Company as a result of their ownership or increased ownership of the Company’s
Common Stock.  This Plan may be utilized in conjunction with other
short or long term incentive plans at the discretion of the Board of
Directors.

    

    2.           Definitions.  As
used in this Plan, the following terms shall have the meanings
indicated:

    

    
      	
               
      

            	
              (a)

            	
              “Board
      of Directors” or “Board” shall mean not less than a quorum of the whole
      Board of Directors of Century Telephone Enterprises,
  Inc.

            

    

    

    
      	
               
      

            	
              (b)

            	
              “Committee”
      shall mean the Compensation Committee of the Board of Directors of the
      Company or a subcommittee of the Compensation Committee.  The
      Committee shall consist of two or more members of the Board of Directors,
      each of whom shall qualify as a “non-employee director” under Rule 16b-3
      under the Securities Exchange Act of 1934, as currently in effect or any
      successor rule.

            

    

    

    
      	
               
      

            	
              (c)

            	
              “Common
      Stock” shall mean the Company’s presently authorized shares of Common
      Stock as this definition may be modified as provided in Section 7 of the
      Plan.

            

    

    

    
      	
               
      

            	
              (d)

            	
              “Company”
      shall mean CenturyTel, Inc. and its
  subsidiaries.

            

    

    

    
      	
               
      

            	
              (e)

            	
              “Fair
      Market Value” shall be determined as follows:  (i) if the Common
      Stock or other security is listed on an established stock exchange or any
      automated quotation system that provides sale quotations, the closing sale
      price for a share thereof on such exchange or quotation system on the
      applicable date or, if shares are not traded on such day, on the next
      preceding trading date, (ii) if the Common Stock or other security is not
      listed on any exchange or quotation system, but bid and asked prices are
      quoted and published, the mean between the quoted bid and asked prices on
      the applicable date or, if bid and asked prices are not available on such
      day, on the next preceding day on which such prices were available; and
      (iii) if the Common Stock or other security is not regularly quoted, the
      fair market value of a share thereof on the applicable date as established
      by the Committee in good faith.

            

    

    

    
      	
               
      

            	
              (f)

            	
              “Participant”
      shall mean any person who is employed by the Company on a full-time basis,
      is compensated for such employment by a regular salary, and in the opinion
      of the Committee is either one of the key employees of the Company in a
      position to contribute materially to the continued growth and development
      and future financial success of the Company or one who has made a
      significant contribution to the Company’s operations, thereby meriting
      special recognition.

            

    

    

    
      	
               
      

            	
              (g)

            	
              “Plan”
      shall mean the CenturyTel, Inc. 1983 Restricted Stock
  Plan.

            

    

    

    
      	
               
      

            	
              (h)

            	
              “Retirement
      Date” shall be the date on which a Participant attains age fifty-five (55)
      and has completed ten (10) full years of employment with the
      Company.  The Participant’s years of employment with the Company
      shall be determined by accumulating such Participant’s full months of
      employment with the Company, in the aggregate and without regard to
      whether such employment was continuous, and dividing such amount by twelve
      (12).

            

    

    

    
      	
               
      

            	
              (i)

            	
              “Subsidiary”
      shall mean any corporation in which the Company owns, directly or
      indirectly through subsidiaries, at least fifty percent (50%) of the
      combined voting power of all classes of
stock.

            

    

     

    
      3.           Stock Subject to the
Plan.  The maximum number of shares of Common Stock which may
be awarded under the Plan after May 28, 2009 shall not exceed an aggregate of
366,416 shares.  All such stock shall be shares of Common Stock which
have been authorized but unissued or treasury shares.  Shares of stock
awarded under the Plan and later reacquired by the Company pursuant to the Plan
shall again become available for awards under the Plan.

       

      4.           Administration.  The
Plan shall be administered by the Committee.  Subject to the
provisions of the Plan, the Committee shall have exclusive power to select the
employees to whom shares of Common Stock will be awarded under the Plan, to
determine the number of shares to be awarded to each employee selected, and to
determine the time or times when shares will be awarded.  The
Committee shall have full power and authority to administer and interpret the
Plan and to adopt such rules, regulations, agreements and instruments for
implementing the Plan and for the conduct of its business as the Committee deems
necessary or advisable.  The Committee’s interpretations of the Plan,
and all determinations made by the Committee pursuant to the powers vested in it
hereunder, shall be conclusive and binding on all persons having any interest in
the Plan or in any awards granted hereunder.  A majority of the
members present at any meeting at which a quorum is present, or acts approved in
writing by all members of the Committee shall be deemed the action of the
Committee.  With respect to Participants who are not subject to
Section 16 of the Securities Exchange Act of 1934 and whose compensation is not
subject to Section 162(m) of the Internal Revenue Code, the Committee may
delegate to an appropriate officer of the Company its authority to designate
Participants, to set the terms of the grants of restricted stock hereunder to
such Participants and to take any and all action with respect to grants to such
Participants that the Committee could take under the terms hereof.

      

      5.           Eligibility.  The
individuals who shall be eligible to participate in the Plan shall be any
full-time employee of the Company.

      

      6.           Grant of
Shares.  The eligible Employees who shall receive shares of
Common Stock under the Plan, the number of shares to be received by each such
employee, and, subject to the provisions of Section 7, the conditions under
which such shares must be returned to the Company, shall be determined by the
Committee.

      

      7.           Terms and Conditions of
Awards.  All shares of Common Stock awarded
to  Participants under this Plan shall be subject to the following
terms and conditions, and to such other terms and conditions not inconsistent
with the Plan as shall be contained in the Agreement referred to in Section
7(e).

    

     

    
      
        	
                 
      

              	
                (a)

              	
                At
      the time of the award there shall be established for each Participant a
      “Restriction Period” which shall be a specific period of time to be
      determined by the Committee.  Shares of stock awarded to
      Participants may not be sold, assigned, transferred, pledged or otherwise
      encumbered, except as hereinafter provided, during the Restriction
      Period.  At the time of an award of restricted shares to a
      Participant, the Board may also provide for the Restriction Period to
      lapse according to the terms designated by the
      Committee.  Except for such restrictions on transfer, the
      Participant as owned of such shares shall have all the rights of a
      shareholder of Common Stock, including but not limited to the right to
      receive all dividends paid on such shares, subject to the provisions of
      Section 8, and the right to vote such
shares.

              

      

      

      
        	
                 
      

              	
                (b)

              	
                Except
      as otherwise provided in Section 7(c), if a Participant ceases to be a
      full-time employee of the Company, all shares of stock theretofore awarded
      to him which are still subject to the restrictions imposed by Section 7(a)
      shall upon such termination of employment be forfeited and returned to the
      Company.

              

      

      

      
        	
                 
      

              	
                (c)

              	
                The
      restrictions imposed by Section 7(a) shall lapse with respect to the
      shares theretofore awarded if a Participant ceases to be an employee of
      the Company and its subsidiaries by reason of (i) death, (ii) disability
      within the meaning of Section 22(e)(3) of the Internal Revenue Code, (iii)
      retirement on or after the Retirement Date, but only if such vesting and
      lapsing of restrictions is specifically approved by the Committee or its
      delegee, or (iv) the termination of the Participant’s employment by the
      Company, but only if such vesting and lapsing of restrictions is
      specifically approved by the Committee or its
  designee.

              

      

      

      
        	
                 
      

              	
                (d)

              	
                Any
      certificate issued in respect of shares awarded under the Plan shall be
      registered in the name of the Participant and deposited by him, together
      with a stock power endorsed in blank, with the Company and shall bear the
      following legend:

              

      

       

      The
transferability of this certificate and the shares of stock represented hereby
are subject to the terms and conditions (including forfeiture) contained in the
1983 Restricted Stock Plan for CenturyTel, Inc., and an Agreement entered into
between the registered owner and CenturyTel, Inc.  Copies of such Plan
and Agreement are on file in the office of the Secretary of CenturyTel, Inc.,
Monroe, Louisiana.

       

      If the
shares awarded under the Plan are represented by book or electronic entry rather
than a certificate, the Company shall take steps to restrict transfer of the
shares as it deems necessary or advisable to comply with applicable
law.

      

      
        	
                 
      

              	
                (e)

              	
                The
      Participant shall enter into an Agreement (the “Agreement”) with the
      Company in a form specified by the Committee agreeing to the terms and
      conditions of the award and such other matters, including compliance with
      applicable Federal and State Securities Laws, and methods of withholding
      required taxes, as the Committee shall in its sole discretion
      determine.

              

      

      

      
        	
                 
      

              	
                (f)

              	
                At
      the expiration of the Restriction Period imposed pursuant to Section 7(a),
      the Company shall redeliver to the Participant, or his legal
      representative, the shares deposited with it pursuant to Section
      7(d).

              

      

      

        8.           Change in
Capitalization.  In the event there is a change in
classification of, or subdivision or combination of, or stock dividend on the
outstanding Common Stock of the Company, the maximum aggregate number and class
of shares as to which awards may be granted under the Plan shall be
appropriately adjusted by the Committee whose determination shall be
conclusive.  Any shares of Common Stock or other securities or assets
(other than ordinary cash dividends) received by a Participant with respect to
shares awarded to him which are still subject to the restrictions imposed
pursuant to Section 7(a) will be subject to the same restrictions and shall be
deposited by the Participant with the Company.

        

        9.           Change of
Control.

      

       

      
        
          	
                   
      

                	
                  (a)

                	
                  Unless
      otherwise provided in the Agreement, a Change of Control shall
      mean:

                

        

        

        
          	
                   
      

                	
                  (i)

                	
                  the
      acquisition by any person of beneficial ownership of 30% or more of the
      outstanding shares of the Common Stock 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 subsection (i), the following acquisitions shall not
      constitute a Change of Control:

                

        

        

        
          	
                   
      

                	
                  (1)

                	
                  any
      acquisition (other than a Business Combination (as defined below) which
      constitutes a Change of Control under Section 9(a)(iii) hereof) of Common
      Stock directly from the Company,

                

        

         

        
          	
                   
      

                	
                  (2)

                	
                  any
      acquisition of Common Stock by the
Company,

                

        

        

        
          	
                   
      

                	
                  (3)

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

                

        

        

        
          	
                   
      

                	
                  (4)

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

                

        

        

        
          	
                   
      

                	
                  (ii)

                	
                  individuals
      who, as of January 1, 2005, constituted 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 the Company (a “Business Combination”); provided, however,
      that in no such case shall any such transaction constitute a Change of
      Control if immediately following such Business
  Combination:

                

        

        

        
          	
                   
      

                	
                  (1)

                	
                  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

                

        

        

        
          	
                   
      

                	
                  (2)

                	
                  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

                

        

        

        
          	
                   
      

                	
                  (3)

                	
                  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 9, 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 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.

        

        
          	
                   
      

                	
                  (b)

                	
                  Upon
      a Change of Control of the type described in clause (a)(i) or (a)(ii) of
      this Section 9 or upon the approval by the Board of Directors of
      CenturyTel of any Change of Control of the type described in clause
      (a)(iii) or (a)(iv) of this Section 9, all shares of stock awarded
      pursuant to this Plan shall automatically become fully vested, all
      restrictions or limitations on any shares of stock awarded shall
      automatically lapse and, unless otherwise provided in the Agreement, all
      performance criteria and other conditions relating to the shares of stock
      awarded shall be deemed to be achieved at the target level without the
      necessity of action by any person.

                

        

        

        
          	
                   
      

                	
                  (c)

                	
                  In
      the event that the consideration offered to shareholders of CenturyTel in
      any transaction described in this Section 9 consists of anything other
      than cash, the Committee shall determine the fair cash equivalent of the
      portion of the consideration offered that is other than
    cash.

                

        

        

          10.           Amendment or
Termination.  The Board may from time to time alter, amend,
suspend or discontinue the Plan, except that no alteration or amendment shall,
without the approval of a majority of the stockholders of the Company and
entitled to vote at a duly called stockholders’ meeting, (i) increase the total
number of shares which may be awarded under the Plan, except as provided in
Section 8, (ii) change the standards of eligibility of employees eligible to
participate in the Plan, (iii) materially increase the benefits accruing to
Participants under the Plan, or (iv) materially expand the types of awards
available for grant under the Plan.  No such amendment or modification
shall, however, adversely affect, without his written consent, any employee with
respect to stock already awarded to him.

          

          11.           Choice of
Law.  The place of administration of the Plan shall be within
the State of Louisiana and the validity, interpretation and administration of
the Plan and of any rules, regulations, determinations or decisions made
thereunder shall be determined exclusively in accordance with the laws of the
State of Louisiana.  Without limiting the generality of the foregoing,
the period within which any action in connection with the Plan must be commenced
shall be governed by the laws of the State of Louisiana, without regard to the
place where the act or omission complained of took place, the residence of any
party to such action or the place where the action may be brought.

          

          12.           Withholding of
Taxes.  Participant shall advise the Company within 30 days of
the date of the stock award whether Participant wishes to be taxes at the time
of grant or at the time the Restriction Period expires.  At the time
the Participant elects to be taxed, Participant shall advise the Company whether
it shall withhold from regular compensation the amount of applicable taxes or
Participant shall pay the Company the amount of Federal tax required to be
withheld.  If so provided in the applicable Agreement, a participant
will have the right to satisfy his or her withholding tax obligation in whole or
in part by electing (an “Election”) to deliver currently owned shares of Common
Stock or to have the Company withhold from the shares the participant otherwise
would receive shares of Common Stock having a value equal to the minimum amount
required to be withheld, with the value of the shares to be delivered or
withheld being based on the Fair Market Value of the Common Stock on the date
that the amount of tax to be withheld is determined (the “Tax
Date”).  Each Election must be made prior to the Tax
Date.  Notwithstanding anything to the contrary in this Plan or any
Agreement, the Committee may disapprove of any Election or suspend or terminate
the right to make Elections.

          

          IN
WITNESS WHEREOF, this instrument has been executed as of the date and year
indicated in the Recitals on page 1 hereof.

          

          
            	 
      	
                    CenturyTel,
      Inc.

                  
	 
      	 
      
	 
      	 
      
	 
      	
                    By:  /s/ Glen F. Post, III        

                  
	 
      	
                           
      Glen F. Post, III

                  
	 
      	
                           
      Chairman of the Board and

                  
	 
      	
                            Chief
      Executive
OfficerUnassociated Document

    Exhibit 10.2(b)

     

     

     

    RESTRICTED STOCK
AGREEMENT
UNDER THE
2005 DIRECTORS STOCK PLAN
(May 8, 2009
Grants to the Seven Continuing Directors)

     

     

     

    This RESTRICTED STOCK AGREEMENT (this
“Agreement”) is made as of May 8, 2009, by and between CenturyTel, Inc.
(“CenturyTel”) and «Director_Name» (“Award Recipient”).

     

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

     

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

     

    NOW, THEREFORE, the parties agree as
follows:

     

     

    1.   AWARD OF SHARES

     

     

    Upon the terms and conditions of the Plan and this
Agreement, the Committee as of the date of this Agreement hereby awards to the
Award Recipient 3,676 restricted shares of Common Stock (the “Restricted Stock”)
that vest, subject to Sections 2, 3 and 4 hereof, in installments as
follows:

     

    
      	
              Scheduled Vesting
      Date

            	
              Number of Shares of
      Restricted Stock

            
	
              May 15, 2010

            	
              1,225

            
	
              May 15, 2011

            	
              1,225

            
	
              May 15, 2012

            	
              1,226

            

    

     

    2.  
AWARD RESTRICTIONS

     

     

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

     

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

     

    (a)        the date
on which the Award Recipient’s service on the Board terminates as a result of
(i) death, (ii) disability within the meaning of Section 22(e)(3) of the
Internal Revenue Code or (iii) the ineligibility to stand for re-election due to
CenturyTel’s mandatory retirement policy;

     

    (b)        the date,
if any, that the Committee elects, in its sole discretion, to accelerate the
vesting of such unvested Restricted Stock in the case of retirement from the
Board of an Award Recipient on or after attaining the age of 55 with at least
six full years of prior service on the Board; or

     

    (c)        the
occurrence of a Change of Control of CenturyTel, as described in
Section 11.12 of the Plan; provided, however, that, notwithstanding
anything in this Agreement and the Plan to the contrary, (i) neither the
execution, delivery, approval or performance of the Merger Agreement dated as of
October 26, 2008, among Embarq Corporation, CenturyTel and Cajun
Acquisition Company (the “Merger Agreement”), nor the consummation of the merger
of Cajun Acquisition Company into Embarq Corporation (the “Merger”) or any other
transaction contemplated thereunder, shall be deemed to constitute a Change of
Control of CenturyTel and (ii) the shares of Restricted Stock will not vest
solely as a result of the consummation of the Merger or any other transaction
contemplated by the Merger Agreement (including as a result of the execution of
the Merger Agreement or the approval of the Merger Agreement by the Board of
Directors of CenturyTel).

     

     

    3.   TERMINATION OF BOARD SERVICE

     

     

    Except as otherwise provided in Section 2.2 above,
termination of the Award Recipient’s service on the Board for any reason shall
automatically result in the termination and forfeiture of all unvested
Restricted Stock.

     

     

    4.   FORFEITURE OF AWARD

     

     

    Section 4.1     If, at any time
during the Award Recipient’s tenure as a director of the Company or within 18
months after termination of such tenure, the Award Recipient engages in any
activity in competition with any activity of CenturyTel or its subsidiaries
(collectively, the “Company”), or inimical, contrary or harmful to the interests
of the Company, including but not limited to: (a) conduct relating to the Award
Recipient’s service on the Board for which either criminal or civil penalties
against the Award Recipient may be sought, (b) conduct or activity that results
in removal of the Award Recipient from the Board for cause, (c) violation of the
Company’s policies, including, without limitation, the Company’s insider trading
policy or corporate compliance program, (d) accepting employment after the date
hereof with, acquiring a 5% or more equity or participation interest in, serving
as a consultant, advisor, director or agent of, directly or indirectly
soliciting or recruiting any officer of the Company who was employed at any time
during the Award Recipient’s service on the Board, or otherwise assisting in any
other capacity or manner any company or enterprise that is directly or
indirectly in competition with or acting against the interests of the Company or
any of its lines of business (a “competitor”), except for (A) any employment,
investment, service, assistance or other activity that is undertaken at the
request or with the written permission of the CenturyTel Board of Directors or
(B) any assistance of a competitor that is provided in the ordinary course of
the Award Recipient engaging in his or her principal occupation in the good
faith and reasonable belief that such assistance will neither harm the Company’s
interests in any substantial manner or violate any of the Award Recipient’s
duties or responsibilities under the Company’s policies or applicable law, (e)
disclosing or misusing any confidential information or material concerning the
Company, (f) engaging in, promoting, assisting or otherwise participating in a
hostile takeover attempt of the Company or any other transaction or proxy
contest that could reasonably be expected to result in a Change of Control (as
defined in the Plan) not approved by the CenturyTel Board of Directors or (g)
making any statement or disclosing any information to any customers, suppliers,
lessors, lessees, licensors, licensees, regulators, employees or others with
whom the Company engages in business that is defamatory or derogatory with
respect to the business, operations, technology, management, or other employees
of the Company, or taking any other action that could reasonably be expected to
injure the Company in its business relationships with any of the foregoing
parties or result in any other detrimental effect on the Company, then (i) all
unvested shares of Restricted Stock granted hereunder shall automatically
terminate and be forfeited effective on the date on which the Award Recipient
first engages in such activity and (ii) all shares of Common Stock acquired by
the Award Recipient upon vesting of the Restricted Stock hereunder after the
date that precedes by one year the date on which the Award Recipient’s tenure as
a director of the Company terminated or the date the Award Recipient first
engaged in such activity if no such termination occurs (or other securities into
which such shares have been converted or exchanged) shall be returned to the
Company or, if no longer held by the Award Recipient, the Award Recipient shall
return to the Company, without interest, all cash, securities or other assets
received by the Award Recipient upon the sale or transfer of such stock or
securities.

     

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

     

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

     

    5.   STOCK CERTIFICATES

     

     

    Section 5.1     No stock certificate
evidencing the Restricted Stock shall be issued by CenturyTel until the lapse of
restrictions under the terms hereof.  Upon the lapse of restrictions on
shares of Restricted Stock, CenturyTel may, in its discretion, issue the vested
shares of Restricted Stock (either through book-entry issuances or delivery of a
stock certificate) in the name of the Award Recipient or his or her nominee
within 30 days, subject to the other terms and conditions hereof.  Upon the
lapse of such restrictions, the Award Recipient is free to hold or dispose of
the newly-issued shares, subject to (i) applicable securities laws, (ii)
CenturyTel’s insider trading policy and (iii) any applicable stock retention
policies that CenturyTel may adopt in the future.

     

     

    6.   MISCELLANEOUS

     

     

     

    Section 6.1     Anything in this
Agreement to the contrary notwithstanding, if, at any time prior to the vesting
of the Restricted Stock in accordance with Section 1 or 2 hereof, CenturyTel
further determines, in its sole discretion, that the listing, registration or
qualification (or any updating of any such document) of the shares of Common
Stock issuable pursuant hereto is necessary on any securities exchange or under
any federal or state securities or blue sky law, or that the consent or approval
of any governmental regulatory body is necessary or desirable as a condition of,
or in connection with the issuance of shares of Common Stock pursuant thereto,
or the removal of any restrictions imposed on such shares, such shares of Common
Stock shall not be issued, in whole or in part, or the restrictions thereon
removed, unless such listing, registration, qualification, consent or approval
shall have been effected or obtained free of any conditions unacceptable to
CenturyTel.  CenturyTel agrees to use commercially reasonable efforts to
issue all shares of Common Stock issuable hereunder on the terms provided
herein.

     

    Section 6.2     Nothing in this
Agreement shall confer upon the Award Recipient any right to continue to serve
on the Board, or to interfere in any way with the right of the Company to remove
the Award Recipient as a director at any time.

     

    Section 6.3     Upon being duly
executed and delivered by CenturyTel and the Award Recipient, this Agreement
shall inure to the benefit of and be binding upon the parties hereto and their
respective heirs, executors, administrators, legal representatives and
successors.  Without limiting the generality of the foregoing, whenever the
term “Award Recipient” is used in any provision of this Agreement under
circumstances where the provision appropriately applies to the heirs, executors,
administrators or legal representatives to whom this award may be transferred by
will or by the laws of descent and distribution, the term “Award Recipient”
shall be deemed to include such person or persons.

     

    Section 6.4     The shares of
Restricted Stock granted hereby are subject to the terms, conditions,
restrictions and other provisions of the Plan as fully as if all such provisions
were set forth in their entirety in this Agreement.  If any provision of
this Agreement conflicts with a provision of the Plan, the Plan provision shall
control, except that the provisions of Section 2.2(c) shall prevail over
any contrary provisions in the Plan.  The Award Recipient acknowledges
receipt from CenturyTel of a copy of the Plan and a prospectus summarizing the
Plan, and further acknowledges that the Award Recipient was advised to review
such materials prior to entering into this Agreement.  The Award Recipient
waives the right to claim that the provisions of the Plan are not binding upon
the Award Recipient and the Award Recipient’s heirs, executors, administrators,
legal representatives and successors.

     

    Section 6.5     Should any party
hereto retain counsel for the purpose of enforcing, or preventing the breach of,
any provision hereof, including, but not limited to, the institution of any
action or proceeding in court to enforce any provision hereof, to enjoin a
breach of any provision of this Agreement, to obtain specific performance of any
provision of this Agreement, to obtain monetary or liquidated damages for
failure to perform any provision of this Agreement, or for a declaration of such
parties’ rights or obligations hereunder, or for any other judicial remedy, then
the prevailing party shall be entitled to be reimbursed by the losing party for
all costs and expenses incurred thereby, including, but not limited to,
attorneys’ fees (including costs of appeal).

     

    Section 6.6     This Agreement shall
be governed by and construed in accordance with the laws of the State of
Louisiana.

     

    Section 6.7     If any term or
provision of this Agreement, or the application thereof to any person or
circumstance, shall at any time or to any extent be invalid, illegal or
unenforceable in any respect as written, the Award Recipient and CenturyTel
intend for any court construing this Agreement to modify or limit such provision
so as to render it valid and enforceable to the fullest extent allowed by
law.  Any such provision that is not susceptible of such reformation shall
be ignored so as to not affect any other term or provision hereof, and the
remainder of this Agreement, or the application of such term or provision to
persons or circumstances other than those as to which it is held invalid,
illegal or unenforceable, shall not be affected thereby and each term and
provision of this Agreement shall be valid and enforced to the fullest extent
permitted by law.

     

    Section 6.8     The Plan and this
Agreement contain the entire agreement between the parties with respect to the
subject matter contained herein and may not be modified, except as provided in
the Plan, as it may be amended from time to time in the manner provided therein,
or in this Agreement, as it may be amended from time to time by a written
document signed by each of the parties hereto.  Any oral or written
agreements, representations, warranties, written inducements, or other
communications with respect to the subject matter contained herein made prior to
the execution of the Agreement shall be void and ineffective for all
purposes.

     

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

     

     

     

    
      	
               

            	
              CenturyTel,
      Inc.

            
	
               

            	
               

            
	
               

            	
               

            
	
               

            	
              By:                     

            
	
               

            	
                   Glen F. Post,
      III

            
	
               

            	
                   Chairman of the Board
      and

            
	
               

            	
                   Chief Executive
      Officer

            
	
               

            	
                                       

            
	
               

            	
                            
       «Director Name»

            
	
               

               

            	
                             
       Award Recipient

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