Document:

exh10-3(b).htm

     

    Exhibit
10.3(b)

    

    CENTURYTEL, INC.

    SUPPLEMENTAL
EXECUTIVE RETIREMENT PLAN

    2008
RESTATEMENT

    EFFECTIVE
JANUARY 1, 2008

    

    Introduction

    

    CenturyTel,
Inc. (the "Company") amended and restated 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 the guidance then available thereunder and to make certain
other amendments thereto (the "2005 Restatement").  This document
again amends and restates the 2005 Restatement effective January 1, 2008 to
comply with the final Treasury Regulations under Code §409A and to make certain
other changes, and shall hereinafter sometimes be referred to as the
"Plan".  This amendment and restatement makes no changes to the
Grandfathered 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
Treasury Regulations §1.409A-6(a)(2).  The amount of the compensation
deferred before January 1, 2005 shall be calculated as provided in Treasury
Regulations §1.409A-6(a)(3), increased as permitted therein for subsequent
calendar years.  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.

    

    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        "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

    

    (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.

    

    2.06      "COMMITTEE" shall mean the
CenturyTel Retirement Committee.

    

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

    

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

    

    2.11      "EFFECTIVE DATE" of this Plan
shall mean January 1, 2008 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.

    

    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.

    

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

    

    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 of the Employer under Treasury
Regulations §1.409A-1(i) because of final and binding action taken by the Board
of Directors of the Company or its Compensation Committee, or by operation of
law or such regulation.

    

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

    

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

    

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

    

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

    

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

    

    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 Compensation
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 Compensation 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
Employer, 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 Employer, including years of service prior to becoming an
officer of the Employer and years of service following Normal Retirement
Date.  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 Compensation 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 Employer 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.

    

    4.04       At
the discretion of the Compensation 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 Compensation 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 Compensation 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)(4) of the Retirement Plan.

    

    (e)           the
sum of the amounts determined pursuant to Sections 6.1(a)(1) and (2) of the
Retirement Plan, computed without taking into account the limitations contained
in Sections 5.7 and 2.14(d) and (e).  Years of Credited Service will
be determined under Section 2.51 of the Retirement Plan.

    

    (f)           the
benefit payable under Sections 6.1(a)(1), (2) and (3) 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.

    

    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)(4) 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)(4) 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.

    

    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:

     

    
      	
              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.

    

    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)(4) 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.

    

    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.

     

                   
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.

    

    (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(i)(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. Such lump
sum payment shall be paid on the first day of the month following the date of
the Change of Control Event. The Company shall offer to assist such Participant
in purchasing at such Participant's cost an annuity for the benefit of such
Participant.

    

    11.04     Notwithstanding
anything to the contrary in this Plan, upon the occurrence of Change in Control
as defined in Reg. §1.409A-3(i)(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). Such lump sum payment shall be paid on the
first day of the month following the date of the Change of Control
Event.

    

    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.

     

    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.

    

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

     

    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: (1) to comply with an ethics agreement between the Participant
and the Federal government, or (2) to comply with applicable Federal, state,
local or foreign ethics laws or conflict of interest laws; each as described in
Treasury Regulations §1.409A-3(j)(4)(iii).

     

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

    

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

    

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

    

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

    

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

    

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

    

    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.

    

    XVII.       Administration and
Interpretation

    

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

    

    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.

    

    XVIII.      Nature of the
Plan

    

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

    

    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.

    

    XX.           Amendment and Termination of
Plan

    

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

    

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

    

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

    

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

    

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

    

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

    

    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.

    

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

    

    23.03       
Any reference to any section of the Code or the Treasury Regulations
shall be deemed to also refer to any successor provisions thereto.

    

    XXIV.     Demand For
Benefits

    

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

    

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

    

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

    

     (c)        Content
of Notice.  The Committee
will provide to every claimant who is denied a claim for benefits written or
electronic notice setting forth in a clear and simple manner:

    

    
      	
               
      

            	
              (1)

            	
              The
      specific reason or reasons for
denial;

            

    

    

    
      	
               
      

            	
              (2)

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

            

    

    

    
      	
               
      

            	
              (3)

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

            

    

    

    
      	
               
      

            	
              (4)

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

            

    

    

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

    

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

    

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

    

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

    

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

    

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

    

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

     

    
      	 
      	
              CENTURYTEL,
      INC.

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

            
	 
      	
              R.
      Stewart Ewing, Jr.

            
	 
      	
              Executive
      Vice President and

            
	 
      	
              Chief
      Financial OfficerUnassociated Document

    Exhibit
10.3(c)

    

    CENTURYTEL,
INC.

    SUPPLEMENTAL DOLLARS &
SENSE PLAN

    2008
RESTATEMENT

    EFFECTIVE
JANUARY 1, 2008

    

    
      	
              I.

            	
              Purpose of the
      Plan

            

    

    

    1.01                      This
Supplemental Dollars & Sense Plan was established by CenturyTel, 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 Dollars & Sense 401(k) Plan (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.  The Plan was restated effective January 1,
2005.  This document again restates the Plan to comply with the final
Treasury Regulations under Code §409A and to make certain other
changes.

    

    

    
      	
               
      

            	
              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                      COMMITTEE shall mean the
CenturyTel Retirement Committee.

    

    2.05                      COMPENSATION COMMITTEE means
the Compensation Committee of the Board of Directors of the
Company.

    

    2.06                      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,
2008.

     

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

     

    2.08                      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
Treasury Regulations §1.409A-2(a)(13), 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.

    

    2.09                      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.

    

    2.10                      NOTIONAL shall mean imaginary,
not actual.

    

    2.11                      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.

    

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

    

    2.13                      PLAN YEAR shall mean the
calendar year.

    

    2.14                      PROFIT SHARING ACCOUNT shall
mean an account first established in 2006 and continuing thereafter under this
Plan to which contributions under Section 6.03 were credited.  The
Profit Sharing Accounts shall be merged into the Accounts for Participants as of
the Effective Date and the separate existence of Profit Sharing Accounts shall
cease.

    

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

    

    2.16                      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.

    

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

    

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

    

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

    

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

    

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

    

    IV.           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 has been established on behalf
of each former inactive Participant in the CenturyTel, Inc. Supplemental Defined
Contribution Plan ("SDC Plan") who elected no later than December 15, 2005 to
have his account balance in that plan transferred to another nonqualified plan
of the Company.  Such Transfer Account holds the amount transferred
from the SDC plan to this Plan for each such inactive Participant.  No
other amounts shall be accepted as Transfers to a Transfer
Account.  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.  The form of payment the
Participant selected under the SDC Plan cannot be changed.

    

    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 that permits elective deferrals by the Participant, as defined in Treasury
Regulations §1.409A-1(c)(2)(i)(A), 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 Treasury Regulations
§1.409A(1)(e), each Participant may make a separate written election no later
than June 30 of the calendar year performance period.  Rehires shall
be treated as if they were in their first year of eligibility if they satisfy
the 24 month rule in Treasury Regulations §1.409A-2(a)(7)(ii).

    

    5.02                      Any
election made under the terms of Section 5.01 shall be irrevocable until the
succeeding January 1.  As permitted by Treasury Regulations
§1.409A-3(j)(4)(viii), a Participant may cancel his deferral election due to an
unforeseeable emergency or a hardship distribution pursuant to Treasury
Regulations §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.

    

    

    VII.          Vesting of
Account

    

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

    7.02                      The
Profit Sharing Account of each Participant who was an active employee on
November 6, 2006 shall be fully vested and nonforfeitable at all
times.

    

    

    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                      Except
as provided in Section 4.01, all payments of the Participant's 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.

     

    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, 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: (1) to comply with an ethics agreement between the Participant
and the Federal government, or (2) to comply with applicable Federal, state,
local or foreign ethics laws or conflict of interest laws; each as described in
Treasury Regulations §1.409A-3(j)(4)(iii).

     

    

     

    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, any payment which constitutes deferred compensation
under Code §409A and the Treasury Regulations thereunder and which is not exempt
from coverage by Code §409A and the Treasury Regulations thereunder shall
commence upon termination of employment of a Participant who is a Specified
Employee on the first day of the seventh month following the date of the
Specified Employee’s termination of employment, or, if earlier, the date of
death of the Specified Employee.  Nevertheless, for all other purposes
of this Agreement, a payment shall be deemed to have been made on the date it
would have had the Employee not been a Specified Employee.

    

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

    

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

    

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

    

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

    

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

    

    

    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 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.

    

    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.

    

    

    XIV.                      Nature of the
Plan

    

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

    

    

    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 Treasury Regulations §1.409A-3(i)(5)) provided that Treasury
Regulations §1.409A-3(j)(4)(ix)(B) is complied with.

    

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

    

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

    

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

    

    

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

    

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

    

    

    XIX.                      Demand For
Benefits

    

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

    

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

    

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

    

    (c)           Content
of Notice.  The Committee
will provide to every claimant who is denied a claim for benefits written or
electronic notice setting forth in a clear and simple manner:

    

    (1)           The
specific reason or reasons for denial;

    

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

    

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

    

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

    

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

    

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

    

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

    

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

    

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

    

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

    

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

    

    
      	 
      	
              CENTURYTEL,
      INC.

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

            
	 
      	
                    
      R. Stewart Ewing, Jr.

            
	 
      	
                    
      Executive Vice President and

            
	 
      	
                    
      Chief Financial Officer

            
	 
      	 
      
	 
      	 
      
	 
      	 
      
	 
      	 
      

    

    

    
      
        
          {B0371622.15}

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