Document:

EX-4.2

 Exhibit 4.2 

 
  

Tenth Supplemental Indenture 

Dated as of March 19, 2015 

to 
 Indenture dated as
of March 31, 1994 by and between 
 CenturyLink, Inc. and Regions Bank, as Trustee 

 
  

$500,000,000 5.625% Senior Notes, Series X, due 2025 
  

 

 TABLE OF CONTENTS1 

 

							
	 	 	 	  	Page	 
		
	ARTICLE 1	  			
		
	DEFINITIONS	  			
			
	 Section 1.01
	 	 Definitions.
	  	 	1	  
		
	ARTICLE 2	  			
		
	5.625% SENIOR NOTES, SERIES X, DUE 2025	  			
			
	 Section 2.01
	 	 Establishment.
	  	 	7	  
			
	 Section 2.02
	 	 Stated Maturity; Payment of Principal and Interest.
	  	 	8	  
			
	 Section 2.03
	 	 Denominations.
	  	 	9	  
			
	 Section 2.04
	 	 Transfer and Exchange.
	  	 	9	  
		
	ARTICLE 3	  			
		
	REDEMPTION AND REPURCHASE	  			
			
	 Section 3.01
	 	 Optional Redemption Procedures for the Notes.
	  	 	21	  
			
	 Section 3.02
	 	 Purchase of Notes Upon a Change of Control Repurchase Event.
	  	 	22	  
			
	 Section 3.03
	 	 No Sinking Fund.
	  	 	24	  
		
	ARTICLE 4	  			
		
	MISCELLANEOUS PROVISIONS	  			
			
	 Section 4.01
	 	 Paying Agents; Transfer Agents; Place of Payment.
	  	 	24	  
			
	 Section 4.02
	 	 Recitals by Corporation.
	  	 	24	  
			
	 Section 4.03
	 	 Ratification and Incorporation of Original Indenture.
	  	 	25	  
			
	 Section 4.04
	 	 Executed in Counterparts.
	  	 	25	  

  

	1 	This Table of Contents does not constitute part of the Indenture or have any bearing upon the interpretation of any of its terms and provisions. 

  
 i 

 THIS TENTH SUPPLEMENTAL INDENTURE is made as of the 19th day of March 2015, by and between CENTURYLINK, INC., a Louisiana corporation, having its principal office at 100 CenturyLink Drive, Monroe, Louisiana 71203 (the “Corporation”),
and REGIONS BANK (successor-in-interest to First American Bank & Trust of Louisiana and Regions Bank of Louisiana), an Alabama state banking corporation, as trustee (the “Trustee”). 

W I T N E S S E T H : 

WHEREAS, the Corporation has heretofore entered into an Indenture, dated as of March 31, 1994 (the “Original
Indenture”), with the Trustee; 
 WHEREAS, the Original Indenture is incorporated herein by this reference and the Original
Indenture, as supplemented to the date hereof, including by this Tenth Supplemental Indenture, is herein called the “Indenture”; 

WHEREAS, under Section 2.01 of the Original Indenture, a new series of Securities may at any time be established in accordance with the
provisions of the Original Indenture and the terms of such series may be described in a supplemental indenture executed by the Corporation and the Trustee; 

WHEREAS, the Corporation proposes to create under the Original Indenture a new series of Securities; and 

WHEREAS, all conditions necessary to authorize the execution and delivery of this Tenth Supplemental Indenture and to make it a valid and
binding obligation of the Corporation have been done or performed. 
 NOW, THEREFORE, in consideration of the agreements and obligations set
forth herein and for other good and valuable consideration, the sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows: 

ARTICLE 1 
 DEFINITIONS 

Section 1.01 Definitions. The following defined terms used herein shall, unless the context otherwise requires, have the meanings
specified below. Capitalized terms used herein for which no definition is provided herein shall have the meanings set forth in the Original Indenture. 

“144A Global Note” means a Global Note substantially in the form of Exhibit A hereto bearing the Global Note
Legend and the Private Placement Legend and deposited with or on behalf of, and registered in the name of, the Clearing Agency or its nominee, issued in a denomination equal to the outstanding principal amount of the Notes issued in reliance on Rule
144A. 
 “Additional Interest” has the meaning set forth in the Registration Rights Agreement. 

  
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 “Additional Notes” shall have the meaning set forth in Section 2.01. 

“Applicable Procedures” means, with respect to any transfer or exchange of or for beneficial interests in any Global Note,
the rules and procedures of the Clearing Agency, Euroclear and Clearstream that apply to such transfer or exchange. 

“Broker-Dealer” has the meaning set forth in the Registration Rights Agreement. 

“Change of Control” means the occurrence of any of the following: (1) the direct or indirect sale, transfer, conveyance
or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the Corporation’s properties or assets and the properties or assets of its subsidiaries, taken as a
whole, to any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) other than the Corporation or one of its subsidiaries; (2) the adoption of a plan relating to the liquidation or dissolution of the
Corporation; (3) the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) becomes the
beneficial owner, directly or indirectly, of more than 50% of the then outstanding number of shares of the Corporation’s Voting Stock; or (4) the first day on which a majority of the members of the Corporation’s board of directors are
not Continuing Directors. 
 “Change of Control Repurchase Event” means the occurrence of both a Change of Control and a
Ratings Event. 
 “Clearing Agency” means The Depository Trust Company or another organization registered as a
“Clearing Agency” pursuant to Section 17A of the Exchange Act that is acting as a depositary with respect to the Notes and in whose name, or in the name of a nominee of that organization, shall be registered a global security
evidencing the rights and obligations of holders in respect of the Notes and which shall undertake to effect book entry transfers and pledges of the Notes. 

“Clearstream” means Clearstream Banking, S.A. 

“Comparable Treasury Issue” means the U.S. Treasury security selected by an Independent Investment Banker as having a
maturity comparable to the remaining term (the “Remaining Life”) of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate
debt securities of comparable maturity to the remaining term of the Notes. 
 “Comparable Treasury Price” means, with
respect to any redemption date, (1) the average of the Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Trustee obtains fewer than
four such Reference Treasury Dealer Quotations, the average of all such quotations. 
 “Continuing Directors” means, as of
any date of determination, any member of the Corporation’s board of directors who (1) was a member of such board of directors on the Original Issue Date; or (2) was nominated for election or elected to such board of directors with the
approval of a majority of the Continuing Directors who were members of such board of directors at the time of such nomination or election. 

  
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 “Custodian” means the Trustee, as custodian with respect to the Global Notes, or
any successor entity thereto. 
 “Definitive Note” means a certificated Note registered in the name of the holder thereof
and issued in accordance with Sections 2.01 and 2.04 hereof (including any Restricted Definitive Note and any Unrestricted Definitive Note), substantially in the form of Exhibit A hereto except that such Note shall not bear the
Global Note Legend and shall not have the “Schedule of Exchanges of Interests in the Global Note” attached thereto. 

“Equity Interests’’ means any and all shares, interests, rights to purchase, warrants, options or other equivalents of
or interests in the capital stock of the Corporation, however designated. 
 “Equity Offering” means a public or private
offering for cash of Equity Interests of the Corporation, other than (i) public offerings with respect to Equity Interests of the Corporation registered on Form S-4 or
S-8, (ii) an issuance to any subsidiaries of the Corporation or (iii) any offering of Equity Interests issued in connection with a transaction that constitutes a Change of Control. 

“Euroclear” means Euroclear Bank, S.A./N.V., as operator of the Euroclear system. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Exchange Notes” means the notes to be issued in the Exchange Offer pursuant to Section 2.04(f). 

“Exchange Offer” has the meaning set forth in the Registration Rights Agreement. 

“Exchange Registration Statement” has the meaning set forth in the Registration Rights Agreement. 

“Global Note Legend” means the legend set forth in Section 2.04(g)(ii) hereof, which is required to be placed on all
Global Notes issued under the Indenture. 
 “Global Notes” means, individually and collectively, each of the Restricted
Global Notes and the Unrestricted Global Notes deposited with or on behalf of, and registered in the name of, the Clearing Agency or its nominee, substantially in the form of Exhibit A hereto and that bears the Global Note Legend and
that has the “Schedule of Exchanges of Interests in the Global Note” attached thereto, issued in accordance with Sections 2.01 and 2.04 hereof. 

“Independent Investment Banker” means one of the Reference Treasury Dealers that the Corporation appoints to act as the
Independent Investment Banker from time to time. 
 “Indirect Participant” means a Person who holds a beneficial interest
in a Global Note through a Participant. 

  
 3 

 “Initial Notes” shall have the meaning specified in Section 2.01. 

“Interest Payment Date” shall have the meaning set forth in Section 2.02(b). 

“Investment Grade” means a rating of Baa3 or better by Moody’s (or its equivalent under any successor Rating Categories
of Moody’s); a rating of BBB- or better by S&P (or its equivalent under any successor Rating Categories of S&P); and the equivalent investment grade credit rating from any additional Rating Agency or Rating Agencies selected by the
Corporation. 
 “Letter of Transmittal” means the letter of transmittal to be prepared by the Corporation and sent to all
holders of the Notes for use by such holders in connection with the Exchange Offer. 
 “Moody’s” means Moody’s
Investors Service Inc. 
 “Notes” shall mean, unless the context otherwise requires, the Initial Notes and the Additional
Notes, referred to collectively. 
 “Original Issue Date” means March 19, 2015. 

“Participant” means, with respect to the Clearing Agency, Euroclear or Clearstream, a Person who has an account with the
Clearing Agency, Euroclear or Clearstream, respectively (and, with respect to the Clearing Agency, shall include Euroclear and Clearstream). 

“Paying Agent” shall have the meaning set forth in Section 4.01. 

“Private Placement Legend” means the legend set forth in Section 2.04(g)(i) hereof to be placed on all Notes issued
under the Indenture except where otherwise permitted by the provisions of the Indenture. 
 “Qualified Institutional Buyer”
or “QIB” has the meaning specified in Rule 144A. 
 “Rating Agency” means (1) each of Moody’s
and S&P; and (2) if either of Moody’s or S&P ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons outside of the Corporation’s control, a “nationally recognized statistical rating
organization” within the meaning of Rule 15c3-l(e)(2)(vi)(F) promulgated under the Exchange Act, selected by the Corporation (as certified by a resolution of the Corporation’s board of directors or a duly authorized committee thereof) as a
replacement agency for Moody’s or S&P, or both, as the case may be. 
 “Rating Category” means (i) with
respect to S&P, any of the following categories: BBB, BB, B, CCC, CC, C and D (or equivalent successor categories); (ii) with respect to Moody’s, any of the following categories: Baa, Ba, B, Caa, Ca, C and D (or equivalent successor
categories); and (iii) the equivalent of any such category of S&P or Moody’s used by another Rating Agency. In determining whether the rating of the Notes has decreased by one or more gradations, gradations within Rating Categories (+
and – for S&P; 1, 2 and 3 for Moody’s; or the equivalent gradations for another Rating Agency) shall be taken into account (such that, with respect to S&P, a decline in a rating from BB+ to BB, as well as from BB – to B+,
will constitute a decrease of one gradation). 

  
 4 

 “Rating Date” means the date which is 90 days prior to the earlier of
(i) the occurrence of a Change of Control or (ii) public notice of the occurrence of a Change of Control or of the Corporation’s intention to effect a Change of Control. 

“Ratings Event” means the occurrence of the events described in (a) or (b) below on, or within 90 days after
the earlier of, (i) the occurrence of a Change of Control or (ii) public notice of the occurrence of a Change of Control or the Corporation’s intention to effect a Change of Control (which period shall be extended so long as the
rating of the Notes is under publicly announced consideration for a possible downgrade by any of the Rating Agencies): (a) in the event the Notes are rated by both Rating Agencies on the Rating Date as Investment Grade, the rating of the Notes
shall be reduced so that the Notes are rated below Investment Grade by both Rating Agencies, or (b) in the event the Notes (1) are rated Investment Grade by one Rating Agency and below Investment Grade by the other Rating Agency on the
Rating Date, the rating of the Notes by either Rating Agency shall be decreased so that the Notes are then rated below Investment Grade by both Rating Agencies or (2) are rated below Investment Grade by both Rating Agencies on the Rating Date,
the rating of the Notes by either Rating Agency shall be decreased by one or more gradations (including gradations within Rating Categories, as well as between Rating Categories). Notwithstanding the foregoing, a Ratings Event otherwise arising by
virtue of a particular reduction in Rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a Ratings Event for purposes of the definition of Change of Control Repurchase Event set forth
in this Section 1.01) if the Rating Agencies making the reduction in Rating to which this definition would otherwise apply do not announce or publicly confirm or inform the Trustee in writing at its request that the reduction was the result, in
whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control shall have occurred at the time of the Ratings Event). 

“Reference Treasury Dealer” means each of (i) Merrill Lynch, Pierce, Fenner & Smith Incorporated,
(ii) Citigroup Global Markets Inc., (iii) J.P. Morgan Securities LLC and (iv) a firm that is a primary U.S. Government securities dealer in New York City to be selected by Wells Fargo Securities, LLC, or, in each case, affiliates
thereof, and its respective successors, or any other firm that is a primary U.S. Government securities dealer in New York City (each, a “Primary Treasury Dealer”) that the Corporation specifies from time to time; provided, however,
that if any of them ceases to be a Primary Treasury Dealer, the Corporation will substitute another Primary Treasury Dealer. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the
average, as determined by the Trustee, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Trustee by such Reference Treasury Dealer at
5:00 p.m., New York City time, on the third business day preceding such redemption date. 
 “Registrar” shall have the
meaning set forth in Section 4.01 hereof. 

  
 5 

 “Registration Rights Agreement” means the Registration Rights Agreement, dated
as of March 19, 2015 among the Corporation and the other parties named on the signature pages thereof, as such agreement may be amended, modified or supplemented from time to time and, with respect to any Additional Notes, one or more
additional registration rights agreements among the Corporation and the other parties thereto, as such agreement(s) may be amended, modified or supplemented from time to time, in each case relating to rights given by the Corporation to the
purchasers of Notes to register such Notes under the Securities Act. 
 “Regular Record Date” means, with respect to any
Interest Payment Date for the Notes, the March 15 and September 15 immediately preceding such Interest Payment Date. 

“Regulation S” means Regulation S promulgated under the Securities Act. 

“Regulation S Global Note” means a Global Note substantially in the form of Exhibit A hereto bearing the
Global Note Legend and the Private Placement Legend and deposited with or on behalf of, and registered in the name of, the Clearing Agency or its nominee, issued in a denomination equal to the outstanding principal amount of the Notes issued in
reliance on Regulation S. 
 “Restricted Definitive Note” means a Definitive Note bearing the Private Placement
Legend. 
 “Restricted Global Note” means a Global Note bearing the Private Placement Legend. 

“Restricted Period” means the 40-day distribution compliance period as defined in
Regulation S. 
 “Rule 144” means Rule 144 promulgated under the Securities Act (including any successor rule
thereto), as the same may be amended from time to time. 
 “Rule 144A” means Rule 144A promulgated under the Securities Act
(including any successor rule thereto), as the same may be amended from time to time. 
 “Rule 903” means Rule 903
promulgated under the Securities Act (including any successor rule thereto), as the same may be amended from time to time. 
 “Rule
904” means Rule 904 promulgated under the Securities Act (including any successor rule thereto), as the same may be amended from time to time. 

“S&P” means Standard & Poor’s, a division of McGraw-Hill Financial, Inc. 

“Stated Maturity of the Notes” means April 1, 2025. 

“Treasury Rate” means, with respect to any redemption date, the rate per year equal to: (i) the yield, under the heading
which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)” or any successor publication which is published weekly by the Board of Governors of the
Federal Reserve System and which establishes yields on actively traded U.S. Treasury securities adjusted 

  
 6 

 
to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue; provided that, if no maturity is within three
months before or after the Remaining Life of the Notes to be redeemed, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue will be determined and the Treasury Rate will be interpolated or extrapolated
from those yields on a straight line basis, rounding to the nearest month; or (ii) if such release (or any successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per year
equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such
redemption date. The Treasury Rate will be calculated on the third business day preceding the redemption date. 
 “Unrestricted
Definitive Note” means a Definitive Note that does not bear and is not required to bear the Private Placement Legend. 

“Unrestricted Global Note” means a Global Note that does not bear and is not required to bear the Private Placement Legend.

 “U.S. Person” means a “U.S. person” as defined in Rule 902(k) under the Securities Act. 

“Voting Stock” of any specified “person” (as that term is used in Section 13(d)(3) of the Exchange Act) as of
any date means the capital stock of such person that is at the time entitled to vote generally in the election of the board of directors of such person. 

ARTICLE 2 
 5.625% SENIOR
NOTES, SERIES X, DUE 2025 
 Section 2.01 Establishment. 

(a) General. There is hereby established a new series of Securities to be issued under the Indenture, to be designated as the
Corporation’s 5.625% Senior Notes, Series X, due 2025 (the “Initial Notes”). 
 There are to be initially
authenticated and delivered on the Original Issue Date $500,000,000 aggregate principal amount of Initial Notes. Additional Notes, without limitation as to amount, and without the consent of the holders of the then outstanding Notes, but with the
same terms as such outstanding Notes (except the issue price, the issue date and the initial interest payment date), may be authenticated and delivered in the manner provided in Section 2.01 of the Original Indenture and such additional Notes
would constitute a single series with such outstanding Notes (the “Additional Notes”). In addition, Additional Notes may be authenticated and delivered except as expressly provided to the contrary in the Original Indenture. The
Notes may be issued from time to time pursuant to a written order of the Corporation delivered to the Trustee for the authentication and delivery of Notes pursuant to Section 2.04 of the Original Indenture. The Notes shall be issued in fully
registered form without interest coupons. 

  
 7 

 Each Note shall be dated the date of authentication thereof. 

(b) Form of Global Notes and Definitive Notes. Global Notes will be substantially in the form of Exhibit A hereto
(including the Global Note Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Any definitive Notes issued will be substantially in the form of Exhibit A hereto (but without the
Global Note Legend thereon and without the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Each Global Note will represent such aggregate principal amount of the outstanding Notes as will be specified therein and
each shall provide that it represents the aggregate principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from time to time be reduced or
increased, as appropriate, to reflect exchanges and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Notes represented thereby will be made by the
Trustee or the Custodian, at the direction of the Trustee, in accordance with instructions given by the holder thereof as required by Section 2.04 hereof. 

Section 2.02 Stated Maturity; Payment of Principal and Interest. 

(a) Stated Maturity. The date upon which the principal of the Notes shall become due and payable at final maturity, together with any
accrued and unpaid interest, is April 1, 2025. 
 (b) Interest. Each Note will bear interest at the rate of 5.625% per
annum, from the Original Issue Date or from the most recent Interest Payment Date to which interest has been paid or duly provided for until the principal thereof is paid or made available for payment, and at the same rate per annum on any overdue
principal and premium, if any, and (to the extent that the payment of such interest shall be legally enforceable) on any overdue installment of interest, payable on April 1 and October 1 of each year (each, an “Interest Payment
Date”), commencing on October 1, 2015, to the person in whose name such Note or any predecessor Note is registered at the close of business on the applicable Regular Record Date. If the Corporation does not comply with certain of its
obligations under the Registration Rights Agreement, the Notes shall, in accordance with Section 5 of the Registration Rights Agreement, bear Additional Interest, in addition to the interest provided for in the immediately preceding sentence.
For purposes of the Notes and the Indenture, the term “interest” shall be deemed to include interest provided for in the second immediately preceding sentence and Additional Interest, if any. 

(c) Payment of Principal and Interest. The amount of interest payable on any Notes for any period will be computed on the basis of a 360-day year consisting of twelve 30-day months. In the event that any Interest Payment Date, any redemption date or the Stated Maturity of the Notes falls on a day that is
not a Business Day, the required payment of principal, premium, if any, and interest will be made on the next succeeding Business Day as if made on the date that payment was due, and no interest will accrue on the amount so payable for the period
from and after such Interest Payment Date, such redemption date or the Stated Maturity of the Notes, as the case may be, to the date of that payment on that next succeeding Business Day. 

  
 8 

 Payment of principal of, premium, if any, and interest on the Notes shall be made in such coin or
currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 
 Principal of,
premium, if any, and interest on the Notes will be payable at the office or agency of the Corporation maintained for such purpose as described in Section 4.01 below; provided, however, that payment of interest may be made at the option of the
Corporation by check mailed to the address of the Person entitled thereto as such address shall appear in the security register; and, provided, further that, in the case of payments of principal and premium, if any, such Notes are first surrendered
to the Paying Agent. 
 Notwithstanding the foregoing, as long as the Notes are represented by Global Notes, payments of principal of,
premium, if any, and interest on the Notes will be made by wire transfer of immediately available funds to the Clearing Agency or its nominee as the initial holder of the Notes. 

Section 2.03 Denominations. The Notes shall be issuable in denominations of $2,000 and integral multiples of $1,000 in excess
thereof. 
 Section 2.04 Transfer and Exchange. 

(a) Transfer and Exchange of Global Notes. Notwithstanding anything in this Tenth Supplemental Indenture to the contrary, unless and
until they are exchanged for Definitive Registered Notes as described below, the Global Notes issued on the Original Issue Date may be transferred, in whole but not in part, only to the Clearing Agency or a nominee of the Clearing Agency, or to a
successor Clearing Agency selected or approved by the Corporation or to a nominee of such successor Clearing Agency. If at any time (i) the Clearing Agency notifies the Corporation that it is unwilling or unable to continue as a Clearing Agency
for the Global Notes and no successor Clearing Agency shall have been appointed within 90 days after such notification, (ii) the Clearing Agency at any time ceases to be a clearing agency registered under the Exchange Act at any time the
Clearing Agency is required to be so registered to act as such Clearing Agency and no successor Clearing Agency shall have been appointed within 90 days after the Corporation’s becoming aware of the Clearing Agency’s ceasing to be so
registered, (iii) an Event of Default has occurred and is continuing with respect to the Notes, or (iv) the Corporation, in its sole discretion, determines that the Global Notes shall be so exchangeable, the Corporation will execute, and,
subject to Article II of the Original Indenture, the Trustee, upon receipt of a written order therefor, will authenticate and deliver Definitive Registered Notes, in authorized denominations, and in an aggregate principal amount equal to the
principal amount of the Global Notes in exchange for such Global Notes. Upon exchange of the Global Notes for such Definitive Registered Notes, in authorized denominations, the Global Notes shall be cancelled by the Trustee. Such Definitive
Registered Notes issued in exchange for the Global Notes shall be registered in such names and in such authorized denominations as the Clearing Agency, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct
the Trustee. The Trustee shall deliver such Notes to the Clearing Agency for delivery to the Persons in whose names such Notes are so registered. 

  
 9 

 A Global Note may not be exchanged for another Note other than as provided in this
Section 2.04(a); provided, however that beneficial interests in a Global Note may be transferred and exchanged as provided in Section 2.04(b), (c) or (f) hereof. 

(b) Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial interests in the Global
Notes will be effected through the Clearing Agency, in accordance with the provisions of the Indenture and the Applicable Procedures. Beneficial interests in the Restricted Global Notes will be subject to restrictions on transfer comparable to those
set forth herein to the extent required by the Securities Act. Transfers of beneficial interests in the Global Notes also will require compliance with either subparagraph (i) or (ii) below, as applicable, as well as one or more of the
other following subparagraphs of this Section 2.04, if and as applicable: 
 (i) Transfer of Beneficial Interests in
the Same Global Note. Beneficial interests in any Restricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in accordance with the transfer restrictions
set forth in the Private Placement Legend; provided, however, that prior to the expiration of the Restricted Period, transfers of beneficial interests in the Regulation S Global Note may not be made to a U.S. Person or for the
account or benefit of a U.S. Person. Beneficial interests in any Unrestricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note. No written orders or instructions
shall be required to be delivered to the Registrar to effect the transfers described in this Section 2.04(b)(i). 
 (ii)
All Other Transfers and Exchanges of Beneficial Interests in Global Notes. In connection with all transfers and exchanges of beneficial interests that are not subject to Section 2.04(b)(i) above, the transferor of such beneficial
interest must deliver to the Registrar either: 
 (A) both: 

a. a written order from a Participant or an Indirect Participant given to the Clearing Agency in accordance with the
Applicable Procedures directing the Clearing Agency to credit or cause to be credited a beneficial interest in another Global Note in an amount equal to the beneficial interest to be transferred or exchanged; and 

b. instructions given in accordance with the Applicable Procedures containing information regarding the Participant or
Indirect Participant account to be credited with such increase; or 
 (B) both: 

a. a written order from a Participant or an Indirect Participant given to the Clearing Agency in accordance with the
Applicable Procedures directing the Clearing Agency to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be transferred or exchanged; and 

b. instructions given by the Clearing Agency to the Registrar containing information regarding the Person in whose name such
Definitive Note shall be registered to effect the transfer or exchange referred to in (a) above. 

  
 10 

 Upon consummation of an Exchange Offer by the Corporation in accordance with Section 2.04(f) hereof, the
requirements of this Section 2.04(b)(ii) shall be deemed to have been satisfied upon receipt by the Registrar of the instructions contained in the Letter of Transmittal delivered by the holder of such beneficial interests in the Restricted
Global Notes. Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Notes contained in this Tenth Supplemental Indenture and the Notes or otherwise applicable under the Securities Act, the Trustee
shall adjust the principal amount of the relevant Global Notes pursuant to Section 2.04(h) hereof. 
 (iii) Transfer
of Beneficial Interests to Another Restricted Global Note. A beneficial interest in any Restricted Global Note may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Note if
the transfer complies with the requirements of Section 2.04(b)(ii) above and the Registrar receives the following: 

(A) if the transferee will take delivery in the form of a beneficial interest in the 144A Global Note, then the transferor
must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof; and 

(B) if the transferee will take delivery in the form of a beneficial interest in the Regulation S Global Note, then the
transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof. 

(iv) Transfer and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial Interests in an Unrestricted
Global Note. A beneficial interest in any Restricted Global Note may be exchanged by any holder thereof for a beneficial interest in an Unrestricted Global Note or transferred to a Person who takes delivery thereof in the form of a beneficial
interest in an Unrestricted Global Note if the exchange or transfer complies with the requirements of Section 2.04(b)(ii) above and: 

(A) such exchange or transfer is effected pursuant to the Exchange Offer in accordance with the Registration Rights Agreement
and the holder of the beneficial interest to be transferred, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not (i) a Broker-Dealer, (ii) a Person
participating in the distribution of the Exchange Notes or (iii) a Person who is an affiliate (as defined in Rule 144) of the Corporation; 

  
 11 

 (B) such transfer is effected by a Broker-Dealer pursuant to the Exchange
Registration Statement in accordance with the Registration Rights Agreement; or 
 (C) the Registrar receives the following:

 a. if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest
for a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (1)(a) thereof; or 

b. if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a
Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 

and, in each such case set forth in this subparagraph (C), an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect
that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 

If any such transfer is effected pursuant to subparagraph (C) above at a time when an Unrestricted Global Note has not yet been issued,
the Corporation shall issue and, upon receipt of an authentication order in accordance with Section 2.01 hereof, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the aggregate
principal amount of beneficial interests transferred pursuant to subparagraph (C) above. 
 Beneficial interests in an Unrestricted
Global Note cannot be exchanged for, or transferred to Persons who take delivery thereof in the form of, a beneficial interest in a Restricted Global Note. 

(c) Transfer or Exchange of Beneficial Interests for Definitive Notes. 

(i) Beneficial Interests in Restricted Global Notes to Restricted Definitive Notes. Subject to the limitations in
Section 2.04(a), if any holder of a beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in
the form of a Restricted Definitive Note, then, upon receipt by the Registrar of the following documentation: 
 (A) if the
holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications
in item (2)(a) thereof; 

  
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 (B) if such beneficial interest is being transferred to a QIB in accordance with
Rule 144A, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (1) thereof; 

(C) if such beneficial interest is being transferred to a non-U.S. Person in an offshore transaction in accordance with Rule
903 or Rule 904, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof; 

(D) if such beneficial interest is being transferred pursuant to an exemption from the registration requirements of the
Securities Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(a) thereof; 

(E) if such beneficial interest is being transferred in reliance on an exemption from the registration requirements of the
Securities Act other than those listed in subparagraphs (B) through (D) above, a certificate to the effect set forth in Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by
item (3) thereof, if applicable; 
 (F) if such beneficial interest is being transferred to the Corporation or any of
its subsidiaries, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(b) thereof; or 

(G) if such beneficial interest is being transferred pursuant to an effective registration statement under the Securities Act,
a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(c) thereof, 
 the Trustee
shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.04(h) hereof, and the Corporation shall execute and the Trustee shall authenticate and deliver to the Person designated in
the instructions a Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.04(c) shall be registered in such name or names and
in such authorized denomination or denominations as the holder of such beneficial interest shall instruct the Registrar through instructions from the Clearing Agency and the Participant or Indirect Participant. The Trustee shall deliver such
Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.04(c)(i) shall bear the Private Placement
Legend and shall be subject to all restrictions on transfer contained therein. 
 (ii) Beneficial Interests in Restricted
Global Notes to Unrestricted Definitive Notes. Subject to the limitations in Section 2.04(a), a holder of a beneficial interest in a Restricted Global Note may exchange such beneficial interest for an Unrestricted Definitive Note or may
transfer such beneficial interest to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note only if: 

(A) such exchange or transfer is effected pursuant to the Exchange Offer in accordance with the Registration Rights Agreement
and the holder of such beneficial interest, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not (i) a Broker-Dealer, (ii) a Person participating in the
distribution of the Exchange Notes or (iii) a Person who is an affiliate (as defined in Rule 144) of the Corporation; 

  
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 (B) such transfer is effected by a Broker-Dealer pursuant to the Exchange
Registration Statement in accordance with the Registration Rights Agreement; or 
 (C) the Registrar receives the following:

 a. if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest
for an Unrestricted Definitive Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (1)(b) thereof; or 

b. if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a
Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 

and, in each such case set forth in this subparagraph (C), an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect
that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 

(iii) Beneficial Interests in Unrestricted Global Notes to Unrestricted Definitive Notes. Subject to the limitations in
Section 2.04(a), if any holder of a beneficial interest in an Unrestricted Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the
form of a Definitive Note, then, upon satisfaction of the conditions set forth in Section 2.04(b)(ii) hereof, the Trustee will cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to
Section 2.04(h) hereof, and the Corporation will execute and the Trustee will authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange
for a beneficial interest pursuant to this Section 2.04(c)(iii) will be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest requests through instructions to the
Registrar from or through the Clearing Agency and the Participant or Indirect Participant. The Trustee will deliver such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a
beneficial interest pursuant to this Section 2.04(c)(iii) will not bear the Private Placement Legend. 

  
 14 

 (d) Transfer and Exchange of Definitive Notes for Beneficial Interests. 

(i) Restricted Definitive Notes to Beneficial Interests in Restricted Global Notes. If any holder of a Restricted
Definitive Note issued in accordance with this Section 2.04 proposes to exchange such Note for a beneficial interest in a Restricted Global Note or to transfer such Restricted Definitive Notes to a Person who takes delivery thereof in the form
of a beneficial interest in a Restricted Global Note, then, upon receipt by the Registrar of the following documentation: 

(A) if the holder of such Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted
Global Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (2)(b) thereof; 

(B) if such Restricted Definitive Note is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect
set forth in Exhibit B hereto, including the certifications in item (1) thereof; 
 (C) if such Restricted
Definitive Note is being transferred to a non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate to the effect set forth in Exhibit B hereto, including
the certifications in item (2) thereof; 
 (D) if such Restricted Definitive Note is being transferred pursuant to an
exemption from the registration requirements of the Securities Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(a) thereof; 

(E) if such Restricted Definitive Note is being transferred in reliance on an exemption from the registration requirements of
the Securities Act other than those listed in subparagraphs (B) through (D) above, a certificate to the effect set forth in Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by item
(3) thereof, if applicable; 
 (F) if such Restricted Definitive Note is being transferred to the Corporation or any of
its Subsidiaries, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(b) thereof; or 

(G) if such Restricted Definitive Note is being transferred pursuant to an effective registration statement under the
Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(c) thereof, 

the Trustee will cancel the Restricted Definitive Note, increase or cause to be increased the aggregate principal amount of, in the case of
clause (A) above, the appropriate Restricted Global Note, in the case of clause (B) above, the 144A Global Note, and in the case of clause (C) above, the Regulation S Global Note. 

  
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 (ii) Restricted Definitive Notes to Beneficial Interests in Unrestricted
Global Notes. A holder of a Restricted Definitive Note issued in accordance with this Section 2.04 may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Restricted Definitive Note to a Person who
takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note only if: 
 (A) such exchange or
transfer is effected pursuant to the Exchange Offer in accordance with the Registration Rights Agreement and the holder, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that
it is not (i) a Broker-Dealer, (ii) a Person participating in the distribution of the Exchange Notes or (iii) a Person who is an affiliate (as defined in Rule 144) of the Corporation; 

(B) such transfer is effected by a Broker-Dealer pursuant to the Exchange Registration Statement in accordance with the
Registration Rights Agreement; or 
 (C) the Registrar receives the following: 

a. if the holder of such Definitive Notes proposes to exchange such Notes for a beneficial interest in the Unrestricted Global
Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (1)(c) thereof; or 

b. if the holder of such Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in the
form of a beneficial interest in the Unrestricted Global Note, a certificate from such holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 

and, in each such case set forth in this subparagraph (C), an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect
that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 

Upon satisfaction of the conditions of any of the subparagraphs in this Section 2.04(d)(ii), the Trustee will cancel the Definitive Notes
and increase or cause to be increased the aggregate principal amount of the Unrestricted Global Note. 
 (iii)
Unrestricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A holder of an Unrestricted Definitive Note issued in accordance with this Section 2.04 may exchange such Note for a beneficial interest in an
Unrestricted Global Note or transfer such Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note at any time. Upon receipt of a 

  
 16 

 
request for such an exchange or transfer, the Trustee will cancel the applicable Unrestricted Definitive Note and increase or cause to be increased the aggregate principal amount of one of the
Unrestricted Global Notes. 
 If any such exchange or transfer from a Definitive Note to a beneficial interest is effected pursuant to
subparagraphs (ii) or (iii) above at a time when an Unrestricted Global Note has not yet been issued, the Corporation will issue and, upon receipt of an authentication order in accordance with Section 2.01 hereof, the Trustee will
authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of Definitive Notes so transferred. 

(e) Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a holder of Definitive Notes and such holder’s
compliance with the provisions of this Section 2.04(e), the Registrar will register the transfer or exchange of Definitive Notes. Prior to such registration of transfer or exchange, the requesting holder must present or surrender to the
Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such holder or by its attorney, duly authorized in writing. In addition, the requesting holder
must provide any additional certifications, documents and information, as applicable, required pursuant to the following provisions of this Section 2.04(e). 

(i) Restricted Definitive Notes to Restricted Definitive Notes. Any Restricted Definitive Note may be transferred to and
registered in the name of Persons who take delivery thereof in the form of a Restricted Definitive Note if the Registrar receives the following: 

(A) if the transfer will be made pursuant to Rule 144A, then the transferor must deliver a certificate in the form of
Exhibit B hereto, including the certifications in item (1) thereof; 
 (B) if the transfer will be made
pursuant to Rule 903 or Rule 904, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof; and 

(C) if the transfer will be made pursuant to any other exemption from the registration requirements of the Securities Act,
then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by item (3) thereof, if applicable. 

(ii) Restricted Definitive Notes to Unrestricted Definitive Notes. Any Restricted Definitive Note may be exchanged by
the holder thereof for an Unrestricted Definitive Note or transferred to a Person or Persons who take delivery thereof in the form of an Unrestricted Definitive Note if: 

(A) such exchange or transfer is effected pursuant to the Exchange Offer in accordance with the Registration Rights Agreement
and the holder, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not (i) a Broker-Dealer, (ii) a Person participating in the distribution of the Exchange
Notes or (iii) a Person who is an affiliate (as defined in Rule 144) of the Corporation; 

  
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 (B) any such transfer is effected by a Broker-Dealer pursuant to the Exchange
Registration Statement in accordance with the Registration Rights Agreement; or 
 (C) the Registrar receives the following:

 a. if the holder of such Restricted Definitive Notes proposes to exchange such Notes for an Unrestricted Definitive Note,
a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (1)(d) thereof; or 

b. if the holder of such Restricted Definitive Notes proposes to transfer such Notes to a Person who shall take delivery
thereof in the form of an Unrestricted Definitive Note, a certificate from such holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 

and, in each such case set forth in this subparagraph (C), an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect
that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 

(iii) Unrestricted Definitive Notes to Unrestricted Definitive Notes. A holder of Unrestricted Definitive Notes may
transfer such Notes to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note. Upon receipt of a request to register such a transfer, the Registrar shall register the Unrestricted Definitive Notes pursuant to the
instructions from the holder thereof. 
 (f) Exchange Offer. Upon the consummation of the Exchange Offer in accordance with the
Registration Rights Agreement, the Corporation will issue and, upon receipt of an authentication order in accordance with Section 2.01 hereof, the Trustee will authenticate: 

(i) one or more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of the beneficial
interests in the Restricted Global Notes accepted for exchange in the Exchange Offer by Persons that certify in the applicable Letters of Transmittal that (A) they are not Broker-Dealers, (B) they are not participating in a distribution of
the Exchange Notes and (C) they are not affiliates (as defined in Rule 144) of the Corporation; and 
 (ii) Unrestricted
Definitive Notes in an aggregate principal amount equal to the principal amount of any Restricted Definitive Notes accepted for exchange in the Exchange Offer by Persons that certify in the applicable Letters of Transmittal that (A) they are
not Broker-Dealers, (B) they are not participating in a distribution of the Exchange Notes and (C) they are not affiliates (as defined in Rule 144) of the Corporation. 

  
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 Concurrently with the issuance of such Notes, the Trustee will cause the aggregate principal
amount of the applicable Restricted Global Notes to be reduced accordingly, and will cancel the Restricted Definitive Notes so accepted for exchange. 

(g) Legends. The following legends will appear on the face of all Global Notes and Definitive Notes issued under the Indenture unless
specifically stated otherwise in the applicable provisions of this Tenth Supplemental Indenture. 
 (i) Private Placement
Legend. 
 (A) Except as permitted by subparagraph (B) below, each Global Note and each Definitive Note (and all
Notes issued in exchange therefor or substitution thereof) shall bear the legend in substantially the following form: 
 “THIS NOTE HAS
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A
BENEFICIAL INTEREST HEREIN, THE ACQUIRER (1) REPRESENTS THAT (A) IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A “QUALIFIED INSTITUTIONAL BUYER” (WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT) AND THAT IT EXERCISES SOLE
INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT, (B) IT IS AN INSTITUTIONAL “ACCREDITED INVESTOR” (WITHIN THE MEANING OF RULE 501(a) (1), (2), (3) OR (7) UNDER THE SECURITIES ACT) (AN “INSTITUTIONAL ACCREDITED
INVESTOR”) OR (C) IT IS NOT A U.S. PERSON (WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT) AND (2) AGREES FOR THE BENEFIT OF CENTURYLINK, INC. THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS NOTE OR ANY
BENEFICIAL INTEREST HEREIN, EXCEPT IN ACCORDANCE WITH THE SECURITIES ACT AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ONLY (A) TO CENTURYLINK, INC., (B) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BECOME
EFFECTIVE UNDER THE SECURITIES ACT, (C) TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, (D) IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE SECURITIES ACT,
(E) IN A PRINCIPAL AMOUNT OF NOT LESS THAN $250,000, TO AN INSTITUTIONAL ACCREDITED INVESTOR THAT, PRIOR TO SUCH TRANSFER, DELIVERS TO THE TRUSTEE A DULY COMPLETED AND SIGNED CERTIFICATE (THE FORM OF WHICH MAY BE OBTAINED FROM THE TRUSTEE)
RELATING TO THE RESTRICTIONS ON TRANSFER OF THIS NOTE, OR (F) PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT OR ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.
PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH (2)(C) ABOVE OR (2)(D) ABOVE, A DULY COMPLETED AND 

  
 19 

 
SIGNED CERTIFICATE (THE FORM OF WHICH MAY BE OBTAINED FROM THE TRUSTEE) MUST BE DELIVERED TO THE TRUSTEE. PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH (2)(E) OR
(F) ABOVE, CENTURYLINK, INC. RESERVES THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE WITH THE
SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY RULE 144 EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.” 

(B) Notwithstanding the foregoing, any Global Note or Definitive Note issued pursuant to subparagraphs (b)(iv), (c)(ii),
(c)(iii), (d)(ii), (d)(iii), (e)(ii), (e)(iii) or (f) of this Section 2.04 (and all Notes issued in exchange therefor or substitution thereof) will not bear the Private Placement Legend. The Corporation may also provide a certificate to
the Trustee instructing the Trustee that the Private Placement Legend no longer applies or issue one or more new Notes to the Trustee without the Private Placement Legend in replacement for all or part of the Notes with such legend. 

(ii) Global Note Legend. Each Global Note will bear a legend in substantially the following form: 

“THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), OR A NOMINEE THEREOF. THIS NOTE IS EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE CLEARING AGENCY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE
INDENTURE, AND NO TRANSFER OF THIS NOTE (OTHER THAN A TRANSFER OF THIS NOTE AS A WHOLE BY THE CLEARING AGENCY TO A NOMINEE OF THE CLEARING AGENCY OR BY A NOMINEE OF THE CLEARING AGENCY TO THE CLEARING AGENCY OR ANOTHER NOMINEE OF THE CLEARING AGENCY
OR TO A SUCCESSOR CLEARING AGENCY OR TO A NOMINEE OF SUCH SUCCESSOR) MAY BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES. 
 UNLESS THIS NOTE
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT HEREON IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY A PERSON IS
WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.” 

  
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 (h) Cancellation and/or Adjustment of Global Notes. At such time as all beneficial
interests in a particular Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note will be returned to the Corporation or retained and
canceled by the Trustee in accordance with the Indenture. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial
interest in another Global Note or for Definitive Notes, the principal amount of Notes represented by such Global Note will be reduced accordingly and an endorsement will be made on such Global Note by the Trustee or by the Clearing Agency at the
direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note
will be increased accordingly and an endorsement will be made on such Global Note by the Trustee or by the Clearing Agency at the direction of the Trustee to reflect such increase. 

ARTICLE 3 
 REDEMPTION
AND REPURCHASE 
 Section 3.01 Optional Redemption Procedures for the Notes. At any time before January 1, 2025, the
Notes are redeemable, in whole or from time to time in part, at the Corporation’s option, at a redemption price equal to the greater of: 

(a) 100% of the principal amount of the Notes to be redeemed; or 

(b) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed (exclusive of
interest accrued to the date of redemption), discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at
the then current Treasury Rate applicable to the Notes plus 50 basis points. 
 At any time on or after January 1, 2025, the Notes are
redeemable, in whole or from time to time in part, at the Corporation’s option, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed. 

In each case above, the Corporation will pay any accrued and unpaid interest on the principal amount of the Notes to be redeemed to, but not
including, the date of redemption. 
 In addition, at any time on or prior to April 1, 2018, the Corporation may, at its option, on any
one or more occasions redeem up to 35% of the aggregate principal amount of the Notes at a redemption price of 105.625% of the principal amount thereof, plus accrued and unpaid interest on the principal amount of the Notes to be redeemed to, but not
including, the date of redemption, with the net cash proceeds of an Equity Offering; provided that: 
 (a) at least 65% of the
aggregate principal amount of Notes originally issued under this Tenth Supplemental Indenture remains outstanding immediately after the occurrence of such redemption; and 

(b) the redemption occurs within 90 days of the date of the closing of such Equity Offering. 

  
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 The Corporation will mail notice of redemption at least 30 but not more than 60 days before
the redemption date to each holder of record of the Notes to be redeemed at its registered address. The notice of redemption for the Notes will state, among other things, the amount of Notes to be redeemed, the redemption date, the redemption price
and the place or places that payment will be made upon presentation and surrender of Notes to be redeemed. Unless the Corporation defaults in the payment of the redemption price, interest will cease to accrue on any Notes that have been called for
redemption at the redemption date. 
 The Corporation may mail notice of redemption prior to the completion of any event or transaction
related to such redemption, and any redemption or notice may, at the discretion of the Corporation, be subject to one or more conditions precedent, including, but not limited to, completion of an Equity Offering. In addition, if such redemption or
notice is subject to satisfaction of one or more conditions precedent, such notice shall state that, in the discretion of the Corporation, the redemption date may be delayed until such time as any or all such conditions shall be satisfied, or such
redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied by the redemption date, or by the redemption date so delayed. 

If less than all of the Notes are redeemed, the Trustee will be notified at least 45 days before giving notice of redemption, or such
shorter period as is satisfactory to the Trustee, of the aggregate principal amount of Notes to be redeemed and the redemption date. The Trustee will select by lot, or in such other manner it deems fair and appropriate, the Notes to be redeemed in
part. 
 If the Corporation gives notice as provided in the Original Indenture, and funds for the redemption of any Notes (or any portion
thereof) called for redemption will have been made available on the redemption date referred to in such notice, those Notes (or any portion thereof) will cease to bear interest on that redemption date and the only right of the holders of those Notes
will be to receive payment of the redemption price. 
 The Corporation will notify the Trustee of the redemption price promptly after the
calculation thereof, and the Trustee shall have no responsibility for such calculation. Neither the Corporation nor the Trustee shall be required to register the transfer of or exchange the Notes redeemed pursuant to this Section 3.01. 

Section 3.02 Purchase of Notes Upon a Change of Control Repurchase Event. 

(a) Repurchase Price. If a Change of Control Repurchase Event occurs, unless the Corporation has exercised its right to redeem the
Notes in accordance with this Article 3, it will make an offer to each holder of the Notes to repurchase all or any part (in excess of $2,000 and in integral multiples of $1,000) of that holder’s Notes at a repurchase price in cash equal
to 101% of the aggregate principal amount of the Notes repurchased, together with any accrued and unpaid interest on the Notes repurchased to, but not including, the date of repurchase. 

  
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 (b) Notice. Within 30 days following any Change of Control Repurchase Event or, at
the Corporation’s option, prior to any Change of Control, but after the public announcement of the Change of Control, the Corporation will mail a notice to each holder of the Notes, with a copy to the Trustee, describing the transaction or
transactions that constitute or may constitute the Change of Control Repurchase Event and (i) offering to repurchase the Notes on the repurchase date specified in the notice, which date will be a Business Day no earlier than 30 days and no
later than 60 days from the date such notice is mailed, (ii) indicating that all Notes validly tendered and not validly withdrawn will, to the extent lawful, be accepted for payment and any Note not tendered will continue to accrue
interest, (iii) specifying the CUSIP numbers for the Notes, (iv) stating that, unless the Corporation defaults in its payment in connection with the Change of Control Repurchase Event, all Notes accepted for payment pursuant to the
Corporation’s offer to repurchase such Notes will cease to accrue interest after such repurchase, (v) stating that holders electing to have any Notes repurchased by the Corporation pursuant to this Section 3.02 will be required to
surrender such Notes to the Paying Agent at the address specified in the notice prior to the close of business on the third Business Day preceding the repurchase date, (vi) stating that holders will be entitled to withdraw their election made
pursuant to this Section 3.02 if the Paying Agent receives, not later than the close of business on the second Business Day preceding the repurchase date, a facsimile transmission or letter setting forth the name of the holder, the principal
amount of Notes delivered for repurchase, and a statement that such holder is withdrawing his election to have the Notes repurchased and (vii) stating that holders whose Notes of any series are being repurchased only in part will be issued new
notes of such series equal in principal amount to the unpurchased portion of the Notes surrendered, which unpurchased portion will be equal to $2,000 in principal amount or an integral multiple of $1,000 in excess thereof. 

The notice shall, if mailed prior to the date of consummation of the Change of Control, state that the Corporation’s offer to repurchase
is conditioned on a Change of Control Repurchase Event occurring on or prior to the repurchase date specified in the notice. The Corporation will cause its offer to purchase to remain open for at least 20 Business Days or such longer period as
is required by applicable law. The Corporation will comply with the requirements of Rule 14e-1 under the Exchange Act, and any other securities laws and regulations thereunder, to the extent those laws and
regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control Repurchase Event. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control Repurchase
Event provisions of the Notes set forth in this Section 3.02, the Corporation will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under this Section 3.02 by virtue of such
conflict. 
 (c) Payment. On the repurchase date following a Change of Control Repurchase Event, the Corporation will, to the extent
lawful: 
 (i) accept for payment all the Notes or portions of the Notes properly tendered pursuant to the Corporation’s
offer; 
 (ii) deposit with the Paying Agent an amount equal to the aggregate repurchase price in respect of all the Notes or
portions of the Notes properly tendered; and 
 (iii) deliver or cause to be delivered to the Trustee the Notes properly
accepted, together with an officers’ certificate stating the aggregate principal amount of Notes being purchased by the Corporation. 

  
 23 

 The Paying Agent will promptly mail to each holder of the Notes purchased hereunder the
repurchase price for such Notes, and the Trustee will promptly authenticate and mail (or cause to be transferred by book-entry) to each holder a new Note of the same series equal in principal amount to any unpurchased portion of any Notes
surrendered, if any; provided that each new Note will be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof. The Corporation will publicly announce the results of its offer to repurchase the Notes on or as
soon as practicable after the repurchase date. 
 (d) Third Party Offer. The Corporation will not be required to make an offer to
repurchase the Notes upon a Change of Control Repurchase Event if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Section 3.02 applicable to an offer made by the
Corporation and such third party purchases all Notes properly tendered and not withdrawn under such third party’s offer. 

Section 3.03 No Sinking Fund. The Notes are not subject to, and do not have the benefit of, any sinking fund. 

ARTICLE 4 

MISCELLANEOUS PROVISIONS 

Section 4.01 Paying Agents; Transfer Agents; Place of Payment. 

(a) Paying Agent; Transfer Agent. The paying agent for the Notes shall initially be the Trustee (in such capacity, the “Paying
Agent”), and the place of payment for the Notes shall initially be the Corporate Trust Office, which as of the date hereof for such purpose is located at 400 Convention Street, 9th
Floor, Baton Rouge, Louisiana 70802. Principal of, premium, if any, and interest with respect to any Definitive Notes will be payable at the office or agency of the Corporation maintained for such purpose in the City of Monroe, State of
Louisiana or the Borough of Manhattan, the City and State of New York. The Trustee shall also serve as security registrar (in such capacity, the “Registrar”) for the purpose of registering Notes and transfers or exchanges of Notes.

 (b) Additional Paying Agent or Transfer Agent. The Corporation may from time to time designate one or more additional offices or
agencies where Notes may be presented or surrendered for payment or may be surrendered for registration of transfer or exchange in accordance with Section 4.02 of the Original Indenture; provided that the Corporation shall at all times maintain
a Paying Agent and an office or agency where Notes may be surrendered for registration of transfer or exchange, in each case in the City of Monroe, State of Louisiana or the Borough of Manhattan, The City of New York. 

Section 4.02 Recitals by Corporation. The recitals in this Tenth Supplemental Indenture are made by the Corporation only and not
by the Trustee, and all of the provisions contained in the Original Indenture in respect of the rights, privileges, immunities, powers and duties of the Trustee shall be applicable in respect of the Notes and this Tenth Supplemental Indenture as
fully and with like effect as if set forth herein in full. 

  
 24 

 Section 4.03 Ratification and Incorporation of Original Indenture. As supplemented
hereby, the Original Indenture is in all respects ratified and confirmed, and the Original Indenture and this Tenth Supplemental Indenture shall be read and construed as one and the same instrument. 

Section 4.04 Executed in Counterparts. This Tenth Supplemental Indenture may be executed in several counterparts, each of which
shall be deemed to be an original, and such counterparts shall together constitute but one and the same instrument. 

  
 25 

 IN WITNESS WHEREOF, each party hereto has caused this Tenth Supplemental Indenture to be signed
in its name and behalf by its duly authorized officers, all as of the day and year first above written. 
  

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

			Name:		R. Stewart Ewing, Jr.
			Title:		Executive Vice President, Chief Financial Officer and Assistant Secretary
		
	By:		 /s/ Stacey W. Goff

			Name:		Stacey W. Goff
			Title:		Executive Vice President, Chief Administrative Officer, General Counsel and Secretary

  

			
	Attest:
	
	 /s/ Stacey W. Goff

	Name:		Stacey W. Goff
	Title:		Executive Vice President,
			Chief Administrative Officer,
			General Counsel and Secretary

  

					
	 REGIONS BANK,
as Trustee

		
	By:		 /s/ Kesha Moore

			Name:		Kesha Moore
			Title:		Assistant Vice President

 [Signature Page to the Supplemental Indenture] 

 EXHIBIT A 

(Form of Face of Note) 
 [Insert
the Global Note Legend, if applicable, pursuant to the provisions of the Indenture referred to on the reverse hereof] 
 [Insert the Private
Placement Legend, if applicable, pursuant to the provisions of the Indenture referred to on the reverse hereof] 
 CUSIP No.: [156700 AY2] [U1566P AA3]
[156700 AZ9] 
 ISIN: [US156700AY29] [USU1566PAA31] [US156700AZ93] 

$         
 No.
     
 CENTURYLINK, INC. 

5.625% SENIOR NOTE, SERIES X, DUE 2025 

CenturyLink, Inc., a Louisiana corporation (the “Corporation,” which term includes any successor corporation under the Indenture
referred to on the reverse hereof), for value received, hereby promises to pay to                     , or registered assigns, the principal sum of
                    DOLLARS ($        ), on April 1, 2025 (such date is hereinafter referred to as the
“Stated Maturity Date”), and to pay interest on said principal sum, from March 19, 2015 or from the next most recent date to which interest has been paid or duly provided for, semi-annually in arrears, on April 1 and
October 1 of each year (each such date, an “Interest Payment Date”), commencing on October 1, 2015, at the rate of 5.625% per annum until the principal hereof shall have been paid or duly made available for payment and, to
the extent permitted by law, to pay interest compounded semi-annually, on any overdue principal and premium, if any, and on any overdue installment of interest at the same rate per annum. If the Corporation does not comply with certain of its
obligations under the Registration Rights Agreement (as defined herein), this Note shall, in accordance with Section 5 of the Registration Rights Agreement, bear Additional Interest (as defined in the Registration Rights Agreement), in addition
to the interest provided for in the immediately preceding sentence. For purposes of this Note and the Indenture, the term “interest” shall be deemed to include interest provided for in the second immediately preceding sentence and
Additional Interest, if any. 
 The amount of interest payable on any Interest Payment Date shall be computed on the basis of a 360-day year consisting of twelve 30-day months. In the event that any Interest Payment Date, any redemption date or the Stated Maturity Date falls on a day that is not a
Business Day, the required payment of principal, premium, if any, and interest will be made on the next succeeding Business Day as if made on the date that payment was due and no interest will accrue on the amount so payable for the period from and
after such Interest Payment Date, such redemption date or Stated Maturity Date, as the case may be, to the date of that payment on that next succeeding Business Day. 

The interest installment so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the
Indenture, be paid to the Person in whose name 

  
 A-1 

 
this Note (or one or more predecessor Securities) is registered at the close of business on the Regular Record Date (as defined in the Tenth Supplemental Indenture) for such interest installment.
Any such interest installment not punctually paid or duly provided for, on any Interest Payment Date, shall forthwith cease to be payable to the holders at the close of business on such Regular Record Date and may be paid by the Corporation to the
Person in whose name this Note is registered at the close of business on a special record date to be fixed by the Trustee for the payment of such defaulted interest, which shall not be more than 15 days or less than 10 days prior to the
date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of such proposed payment, and notice of which shall be given to the holders of the Notes not less than 10 days prior to such special
record date, or may be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange, if any, on which the Notes may be listed, and upon such notice as may be required by such exchange, all as more
fully provided in the Indenture. 
 Principal of (and premium, if any) and the interest on this Note shall be payable at the office or
agency of the Corporation maintained for that purpose in the City of Monroe, State of Louisiana, or the Borough of Manhattan, The City and State of New York, in any coin or currency of the United States of America that at the time of payment is
legal tender for payment of public and private debts; provided, however, that payment of interest may be made at the option of the Corporation by check mailed to the address of the Person entitled thereto as such address shall appear in the security
register; and provided further, that, in the case of payments of principal and premium, if any, this Note is first surrendered to the Paying Agent. 

Notwithstanding the foregoing, as long as this Note is represented by a Global Note, payments of principal of, premium, if any, and interest
on this Note will be made by wire transfer of immediately available funds to DTC or its nominee as the initial holder of this Note. 
 The
indebtedness evidenced by this Note is, to the extent provided in the Indenture, senior and unsecured and will rank in right of payment on parity with all other unsecured and unsubordinated obligations of the Corporation. 

REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS NOTE SET FORTH ON THE FOLLOWING PAGES HEREOF, WHICH FURTHER PROVISIONS SHALL FOR
ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH AT THIS PLACE. 
 Unless the certificate of authentication hereon has been executed by the
Trustee by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 A-2 

 IN WITNESS WHEREOF, the Corporation has caused this instrument to be duly executed under its
corporate seal. 
  

					
	CENTURYLINK, INC.
		
	By:		  

			Name:		R. Stewart Ewing, Jr.
			Title:		Executive Vice President, Chief Financial
					Officer and Assistant Secretary
		
	By:		  

			Name:		Stacey W. Goff
			Title:		Executive Vice President,
					Chief Administrative Officer,
					General Counsel and Secretary

  

			
	Attest:
	
	  

	Name:		Stacey W. Goff
	Title:		Executive Vice President,
			Chief Administrative Officer,
			General Counsel and Secretary

 Dated: March     , 2015 

  
 A-3 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

 

			
	REGIONS BANK, as Trustee
		
	By:		  

			Authorized Officer

 Dated: March     , 2015 

  
 A-4 

 This Note is one of a duly authorized issue of Securities of the Corporation (the
“Securities”) issued and issuable in one or more series under an Indenture, dated as of March 31, 1994, as supplemented by the Tenth Supplemental Indenture (the “Tenth Supplemental Indenture”) dated as of March 19, 2015
(collectively, the “Indenture”), between the Corporation and Regions Bank (successor-in-interest to First American Bank & Trust of Louisiana and Regions Bank of Louisiana), as trustee (the “Trustee,” which term includes
any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitation of rights, duties and immunities thereunder of the Corporation, the
Trustee and the holders of the Securities issued thereunder and of the terms upon which said Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof as 5.625% Senior Notes,
Series X, due 2025 (the “Notes”). Such series is being initially issued in the aggregate principal amount of $500,000,000. Capitalized terms used herein for which no definition is provided herein shall have the meanings set forth in
the Indenture. 
 At any time before January 1, 2025, the Notes are redeemable, in whole or from time to time in part, at the
Corporation’s option, at a redemption price equal to the greater of: (a) of 100% of the principal amount of the Notes to be redeemed; or (b) the sum of the present values of the remaining scheduled payments of principal and interest
on the Notes to be redeemed (exclusive of interest accrued to the date of redemption), discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the then current Treasury Rate plus 50 basis points. At any time on or after January 1, 2025, the Notes are redeemable, in whole or from time to time in part, at the Corporation’s option,
at a redemption price equal to 100% of the principal amount of the Notes to be redeemed. In each case the Corporation will pay any accrued and unpaid interest on the principal amount to be redeemed to, but not including, the date of redemption. 

In addition, at any time on or prior to April 1, 2018, the Corporation may, at its option, on any one or more occasions redeem up to 35%
of the aggregate principal amount of the Notes at a redemption price of 105.625% of the principal amount thereof, plus accrued and unpaid interest on the principal amount of the Notes to be redeemed to, but not including, the date of redemption,
with the net cash proceeds of an Equity Offering; provided that (a) at least 65% of the aggregate principal amount of Notes originally issued under the Tenth Supplemental Indenture remains outstanding immediately after the occurrence of such
redemption and (b) the redemption occurs within 90 days of the date of the closing of such Equity Offering. 
 The Corporation
will mail notice of redemption at least 30 but not more than 60 days before the redemption date to each holder of record of the Notes to be redeemed at its registered address. The notice of redemption for the Notes will state, among other things,
the amount of Notes to be redeemed, the redemption date, the redemption price and the place or places that payment will be made upon presentation and surrender of Notes to be redeemed. Unless the Corporation defaults in the payment of the redemption
price, interest will cease to accrue on any Notes that have been called for redemption at the redemption date. 
 The Corporation may mail
notice of redemption prior to the completion of any event or transaction related to such redemption, and any redemption or notice may, at the discretion of the Corporation, be subject to one or more conditions precedent, including, but not limited
to, 

  
 A-5 

 
completion of an Equity Offering. In addition, if such redemption or notice is subject to satisfaction of one or more conditions precedent, such notice shall state that, in the discretion of the
Corporation, the redemption date may be delayed until such time as any or all such conditions shall be satisfied, or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been
satisfied by the redemption date, or by the redemption date so delayed. 
 If less than all of the Notes are redeemed, the Trustee will be
notified at least 45 days before giving notice of redemption, or such shorter period as is satisfactory to the Trustee, of the aggregate principal amount of Notes to be redeemed and the redemption date. The Trustee will select by lot, or in
such other manner it deems fair and appropriate, the Notes to be redeemed in part. 
 If the Corporation gives notice as provided in the
Indenture, and funds for the redemption of any Notes (or any portion thereof) called for redemption will have been made available on the redemption date referred to in such notice, those Notes (or any portion thereof) will cease to bear interest on
that redemption date and the only right of the holders of those Notes will be to receive payment of the redemption price. 
 If a Change of
Control Repurchase Event occurs, unless the Corporation has exercised its right to redeem the Notes as described above, it will make an offer to each holder of Notes to repurchase all or any part (in excess of $2,000 and in integral multiples of
$1,000 in excess thereof) of such holder’s Notes at a repurchase price in cash equal to 101% of the aggregate principal amount of such Notes repurchased, together with any accrued and unpaid interest on such Notes repurchased to, but not
including, the date of repurchase. 
 Within 30 days following any Change of Control Repurchase Event or, at the Corporation’s
option, prior to any Change of Control, but after the public announcement of the Change of Control, the Corporation will mail a notice to each holder of Notes, with a copy to the Trustee, describing the transaction or transactions that constitute or
may constitute the Change of Control Repurchase Event and (i) offering to repurchase the Notes on the repurchase date specified in the notice, which date will be a Business Day no earlier than 30 days and no later than 60 days from
the date such notice is mailed, (ii) indicating that all Notes validly tendered and not validly withdrawn will, to the extent lawful, be accepted for payment and any Note not tendered will continue to accrue interest, (iii) specifying the
CUSIP numbers for the Notes, (iv) stating that, unless the Corporation defaults in its payment in connection with the Change of Control Repurchase Event, all Notes accepted for payment pursuant to the Corporation’s offer to repurchase such
Notes will cease to accrue interest after such repurchase, (v) stating that holders electing to have any Notes repurchased by the Corporation will be required to surrender such Notes to the Paying Agent at the address specified in the notice
prior to the close of business on the third Business Day preceding the repurchase date, (vi) stating that holders will be entitled to withdraw their election if the Paying Agent receives, not later than the close of business on the second
Business Day preceding the repurchase date, a facsimile transmission or letter setting forth the name of the holder of Notes, the principal amount of Notes delivered for repurchase, and a statement that such holder is withdrawing his election to
have the Notes repurchased and (vii) stating that holders whose Notes are being repurchased only in part will be issued new Notes in principal amount to the unpurchased portion of the Notes surrendered, which unpurchased portion will be equal
to $2,000 in principal amount or an integral multiple of $1,000 in excess thereof. 

  
 A-6 

 The notice shall, if mailed prior to the date of consummation of the Change of Control, state
that the Corporation’s offer to repurchase is conditioned on a Change of Control Repurchase Event occurring on or prior to the repurchase date specified in the notice. The Corporation will cause its offer to purchase to remain open for at least
20 Business Days or such longer period as is required by applicable law. The Corporation will comply with the requirements of Rule 14e-1 under the Exchange Act, and any other securities laws and
regulations thereunder, to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control Repurchase Event. To the extent that the provisions of any securities laws or
regulations conflict with the Change of Control Repurchase Event provisions of the Notes, the Corporation will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under Section 3.02
of the Tenth Supplemental Indenture by virtue of such conflict. 
 On the repurchase date following a Change of Control Repurchase Event,
the Corporation will, to the extent lawful: (a) accept for payment all the Notes or portions of the Notes properly tendered pursuant to the Corporation’s offer; (b) deposit with the Paying Agent an amount equal to the aggregate
repurchase price in respect of all the Notes or portions of the Notes properly tendered; and (c) deliver or cause to be delivered to the Trustee the Notes properly accepted, together with an officers’ certificate stating the aggregate
principal amount of Notes being purchased by the Corporation. 
 The Paying Agent will promptly mail to each holder of Notes purchased under
Section 3.02 of the Tenth Supplemental Indenture the repurchase price for such Notes, and the Trustee will promptly authenticate and mail (or cause to be transferred by book-entry) to each holder a new Note of the same series equal in principal
amount to any unpurchased portion of any Notes surrendered, if any; provided that each new Note will be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof. The Corporation will publicly announce the results of
its offer to repurchase the Notes on or as soon as practicable after the repurchase date. 
 The Corporation will not be required to make an
offer to repurchase the Notes upon a Change of Control Repurchase Event if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements applicable to an offer made by the Corporation and such third
party purchases all Notes properly tendered and not withdrawn under such third party’s offer. 
 The Notes are not subject to, and do
not have, the benefit of any sinking fund. 
 In case an Event of Default, as defined in the Indenture, with respect to the Notes shall have
occurred and be continuing, the principal of the Notes may be declared, and upon such declaration shall become, due and payable, in the manner, with the effect and subject to the conditions provided in the Indenture. 

Subject to certain specified exceptions, the Indenture contains provisions permitting (i) the Corporation and the Trustee, with the
written consent of the holders of a majority in principal 

  
 A-7 

 
amount of the outstanding Securities of each series affected by a supplemental indenture, to enter into a supplemental indenture to add any provisions to or to change or eliminate any provisions
of the Indenture or of any supplemental indenture or to modify, in certain specified instances without the consent of holders of such series, the rights of the holders of each such series, and (ii) the holders of a majority in aggregate
principal amount of the Securities of any series at the time outstanding, on behalf of the holders of Securities of such series, to waive any past default in the performance of any of the covenants contained in the Indenture, or established pursuant
to the Indenture with respect to such series, and its consequences, except a default in the payment of the principal of, or premium, if any, or interest on any of the Securities of such series. 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the
Corporation, which is absolute and unconditional, to pay the principal of and interest on this Note at the times and place and at the rate and in the currency herein prescribed. 

As provided in and subject to the provisions of the Indenture, the holder of this Note shall not have the right to institute any proceeding
with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to the Notes,
the holders of not less than a majority in aggregate principal amount of the Notes at the time outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee
reasonable indemnity, and the Trustee shall not have received from the holders of a majority in aggregate principal amount of Notes at the time outstanding a direction inconsistent with such request and shall have failed to institute any such
proceeding for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the holder of this Note for the enforcement of any payment of principal hereof or any premium or
interest hereon on or after the respective due dates expressed herein. 
 Prior to due presentment of this Note for registration of
transfer, the Corporation, the Trustee, any Paying Agent and any security registrar may deem and treat the Person in whose name this Note is registered as the absolute owner hereof for all purposes, whether or not this Note be overdue and
notwithstanding the notice of ownership or writing hereon made by anyone other than the security registrar, and neither the Corporation, the Trustee nor any such agent shall be affected by notice to the contrary. 

No recourse shall be had for the payment of the principal of or any premium or the interest on this Note, or for any claim based hereon, or
otherwise in respect hereof, or based on or in respect of the Indenture, against any incorporator, shareholder, affiliate, officer or director, as such, past, present or future, of the Corporation or of any predecessor or successor corporation,
whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issuance hereof, expressly
waived and released. 
 The Notes are issuable only in registered form without coupons in denominations of $2,000 and integral multiples of
$1,000 in excess thereof. As provided in the Indenture and subject to the limitations therein and herein set forth, Notes are exchangeable for a like aggregate 

  
 A-8 

 
principal amount of Notes of a different authorized denomination, as requested by the holder surrendering the same upon surrender of the Note or Notes to be exchanged at the office or agency of
the Corporation. 
 In addition to the rights provided to holders of Notes under the Indenture, holders of Transfer Restricted Securities
(as defined in the Registration Rights Agreement) will have all the rights set forth in the Registration Rights Agreement dated as of March 19, 2015, among the Corporation and the other parties named on the signature pages thereof or, in the
case of Additional Notes, will have the rights set forth in one or more registration rights agreements, if any, among the Corporation and the other parties thereto, relating to rights given by the Corporation to the purchasers of any Additional
Notes (collectively, the “Registration Rights Agreement”). 
 This Note shall be governed by, and construed in accordance with,
the internal laws of the State of Louisiana. 

  
 A-9 

 Schedule of Exchanges of Interests in the Global Note * 

The following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part
of another Global Note or Definitive Note for an interest in this Global Note, have been made: 
  

									
	 Date of Exchange
	  	Amount of
decrease in
Principal Amount
of this Global
Note	  	Amount of
increase in
Principal
Amount of this
Global Note	  	Principal
Amount of this
Global Note
following such
decrease (or
increase)	  	Signature of
authorized officer
of Trustee or
Custodian
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  

	*	This schedule should be included only if the Note is issued in global form. 

  
 A-10 

 EXHIBIT B 

FORM OF CERTIFICATE OF TRANSFER 

CenturyLink, Inc. 
 100 CenturyLink Drive 

Monroe, Louisiana 71203 
 Regions Bank 

400 Convention Street—9th Floor 

Baton Rouge, Louisiana 70802 
  

	Re:	5.625% Senior Notes, Series X, due 2025 

 Reference is hereby made to the Indenture,
dated as of March 31, 1994, between CenturyLink, Inc., as issuer (the “Company”) and Regions Bank, as successor trustee, as supplemented by the Tenth Supplemental Indenture, dated as of March 19, 2015, between the Company
and the Trustee (as so supplemented, the “Indenture”). Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

[                    ], (the
“Transferor”) owns and proposes to transfer the Note[s] or interest in such Note[s] specified in Annex A hereto, in the principal amount of $[        ] in such Note[s] or interests (the
“Transfer”), to [                    ] (the “Transferee”), as further specified in Annex A hereto. In
connection with the Transfer, the Transferor hereby certifies that: 
 [CHECK ALL THAT APPLY] 

1.  ̈ Check if Transferee will take delivery of a beneficial interest in
the 144A Global Note or a Restricted Definitive Note pursuant to Rule 144A. The Transfer is being effected pursuant to and in accordance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”),
and, accordingly, the Transferor hereby further certifies that the beneficial interest or Definitive Note is being transferred to a Person that the Transferor reasonably believes is purchasing the beneficial interest or Definitive Note for its own
account, or for one or more accounts with respect to which such Person exercises sole investment discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities
Act in a transaction meeting the requirements of Rule 144A under the Securities Act, and such Transfer is in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Transfer in
accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the 144A Global Note and/or the Restricted
Definitive Note and in the Indenture and the Securities Act. 
 2.  ̈ Check if
Transferee will take delivery of a beneficial interest in the Regulation S Global Note or a Restricted Definitive Note pursuant to Regulation S. The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904
under the 

  
 B-1 

 
Securities Act and, accordingly, the Transferor hereby further certifies that (i) the Transfer is not being made to a Person in the United States and (x) at the time the buy order was
originated, the Transferee was outside the United States or such Transferor and any Person acting on its behalf reasonably believed and believes that the Transferee was outside the United States or (y) the transaction was executed in, on or
through the facilities of a designated offshore securities market and neither such Transferor nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United States, (ii) no directed selling efforts
have been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S under the Securities Act, (iii) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act
and (iv) if the proposed transfer is being made prior to the expiration of the Restricted Period, the transfer is not being made to a U.S. Person or for the account or benefit of a U.S. Person. Upon consummation of the proposed transfer in
accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on Transfer enumerated in the Private Placement Legend printed on the Regulation S Global Note and/or the
Restricted Definitive Note and in the Indenture and the Securities Act. 
 3.
 ̈ Check and complete if Transferee will take delivery of a beneficial interest in a Restricted Definitive Note pursuant to any provision of the Securities Act other than Rule 144A or
Regulation S. The Transfer is being effected in compliance with the transfer restrictions applicable to beneficial interests in Restricted Global Notes and Restricted Definitive Notes and pursuant to and in accordance with the
Securities Act and any applicable blue sky securities laws of any state of the United States, and accordingly the Transferor hereby further certifies that (check one): 

(a)  ̈ such Transfer is being effected pursuant to and in
accordance with Rule 144 under the Securities Act; 
 OR 

(b)  ̈ such Transfer is being effected to the Company or a
subsidiary thereof; 
 OR 

(c)  ̈ such Transfer is being effected pursuant to an
effective registration statement under the Securities Act and in compliance with the prospectus delivery requirements of the Securities Act; 

OR 

(d)  ̈ such Transfer is being effected pursuant to an
exemption from the registration requirements of the Securities Act other than Rule 144A, Rule 144, Rule 903 or Rule 904, and the Transferor hereby further certifies that it has not engaged in any general solicitation within the meaning of
Regulation D under the Securities Act and the Transfer complies with the transfer restrictions applicable to beneficial interests in a Restricted Global Note or Restricted Definitive Notes and the requirements of the exemption claimed, which
certification is supported by (1) a certificate executed by the 

  
 B-2 

 
Transferee in the form of Exhibit D to the Indenture and (2) if such Transfer is in respect of a principal amount of Notes at the time of transfer of less than $250,000, an Opinion of
Counsel provided by the Transferor or the Transferee (a copy of which the Transferor has attached to this certification), to the effect that such Transfer is in compliance with the Securities Act. Upon consummation of the proposed transfer in
accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Definitive Notes and in the
Indenture and the Securities Act. 
 4.  ̈ Check if Transferee will take
delivery of a beneficial interest in an Unrestricted Global Note or of an Unrestricted Definitive Note. 

(a)  ̈ Check if Transfer is pursuant to Rule 144.
(i) The Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of
the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in
accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on
Restricted Definitive Notes and in the Indenture. 
 (b)  ̈
Check if Transfer is Pursuant to Regulation S. (i) The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and in compliance with the transfer restrictions contained in the
Indenture and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the
Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private
Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture. 
 (c)  ̈ Check if Transfer is Pursuant to Other Exemption. (i) The Transfer is being effected pursuant to and in compliance with an exemption from the registration requirements of the Securities
Act other than Rule 144, Rule 903 or Rule 904 and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any State of the United States and (ii) the restrictions on transfer
contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred
beneficial interest or Definitive Note will not be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes or Restricted Definitive Notes and in the Indenture. 

  
 B-3 

 This certificate and the statements contained herein are made for your benefit and the benefit of
the Company. 
  

											
							[INSERT NAME OF TRANSFEROR]
					
							By:		  

									Name:		
									Title:		
						
	Dated:		  
								

  
 B-4 

 ANNEX A TO CERTIFICATE OF TRANSFER 

 

	1.	The Transferor owns and proposes to transfer the following: 

 [CHECK ONE OF (a) OR (b)]

  

					
	(a)		 ̈		a beneficial interest in the:
			
					(i) 144A Global Note (CUSIP 156700 AY2), or
			
					(ii) Regulation S Global Note (CUSIP U1566P AA3), or
			
	(b)		 ̈		a Restricted Definitive Note.

  

	2.	After the Transfer the Transferee will hold: 

 [CHECK ONE] 

 

					
	(a)		 ̈		a beneficial interest in the:
			
					(i)144A Global Note (CUSIP 156700 AY2), or
			
					(ii) Regulation S Global Note (CUSIP U1566P AA3), or
			
					(iii) Unrestricted Global Note (CUSIP 156700 A29), or
			
	(b)		 ̈		a Restricted Definitive Note; or
			
	(c)		 ̈		an Unrestricted Definitive Note,

 in accordance with the terms of the Indenture. 

  
 B-5 

 EXHIBIT C 

FORM OF CERTIFICATE OF EXCHANGE 

CenturyLink, Inc. 
 100 CenturyLink Drive 

Monroe, Louisiana 71203 
 Regions Bank 

400 Convention Street—9th Floor 

Baton Rouge, Louisiana 70802 
  

	 	Re:	5.625% Senior Notes, Series X, due 2025 

 (CUSIP
[                    ]) 

Reference is hereby made to the Indenture, dated as of March 31, 1994, between CenturyLink, Inc., as issuer (the
“Company”) and Regions Bank, as successor trustee, as supplemented by the Tenth Supplemental Indenture, dated as of March 19, 2015, between the Company and the Trustee (as so supplemented, the “Indenture”).
Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

[                    ], (the
“Owner”) owns and proposes to exchange the Note[s] or interest in such Note[s] specified herein, in the principal amount of $[        ] in such Note[s] or interests (the
“Exchange”). In connection with the Exchange, the Owner hereby certifies that: 
 1. Exchange of Restricted
Definitive Notes or Beneficial Interests in a Restricted Global Note for Unrestricted Definitive Notes or Beneficial Interests in an Unrestricted Global Note. 

(a)  ̈ Check if Exchange is from beneficial interest in a Restricted Global Note to
beneficial interest in an Unrestricted Global Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a beneficial interest in an Unrestricted Global Note in an equal principal amount, the
Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Global Notes and
pursuant to and in accordance with the Securities Act of 1933, as amended (the “Securities Act”), (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to
maintain compliance with the Securities Act and (iv) the beneficial interest in an Unrestricted Global Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 

(b)  ̈ Check if Exchange is from beneficial interest in a Restricted Global Note to
Unrestricted Definitive Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Definitive Note is being acquired for
the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the 

  
 C-1 

 
Restricted Global Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not
required in order to maintain compliance with the Securities Act and (iv) the Definitive Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 

(c)  ̈ Check if Exchange is from Restricted Definitive Note to beneficial interest in an
Unrestricted Global Note. In connection with the Owner’s Exchange of a Restricted Definitive Note for a beneficial interest in an Unrestricted Global Note, the Owner hereby certifies (i) the beneficial interest is being acquired for
the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the
restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest is being acquired in compliance with any applicable
blue sky securities laws of any state of the United States. 
 (d)  ̈ Check if Exchange is
from Restricted Definitive Note to Unrestricted Definitive Note. In connection with the Owner’s Exchange of a Restricted Definitive Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Unrestricted Definitive
Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the
Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Unrestricted Definitive Note is being
acquired in compliance with any applicable blue sky securities laws of any state of the United States. 
 2. Exchange of
Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes for Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes. 

(a)  ̈ Check if Exchange is from beneficial interest in a Restricted Global Note to
Restricted Definitive Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a Restricted Definitive Note with an equal principal amount, the Owner hereby certifies that (i) the
Restricted Definitive Note is being acquired for the Owner’s own account without transfer and (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Definitive Notes and pursuant to
and in accordance with the Securities Act, and in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the Restricted
Definitive Note issued will continue to be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Definitive Note and in the Indenture and the Securities Act. 

(b)  ̈ Check if Exchange is from Restricted Definitive Note to beneficial interest in a
Restricted Global Note. In connection with the Exchange of the Owner’s Restricted Definitive Note for a beneficial interest in the (check one): 
  

			
	 ̈		144A Global Note, or
		
	 ̈		Regulation S Global Note,

  

  
 C-2 

 with an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for
the Owner’s own account without transfer and (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, and in
compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the beneficial interest issued will be subject to the restrictions
on transfer enumerated in the Private Placement Legend printed on the relevant Restricted Global Note and in the Indenture and the Securities Act. 

This certificate and the statements contained herein are made for your benefit and the benefit of the Company. 

 

											
							[INSERT NAME OF TRANSFEROR]
					
							By:		  

									Name:		
									Title:		
						
	Dated:		  
								

  
 C-3 

 EXHIBIT D 

FORM OF CERTIFICATE FROM TRANSFEREE 

CenturyLink, Inc. 
 100 CenturyLink Drive 

Monroe, Louisiana 71203 
 Regions Bank 

400 Convention Street—9th Floor 

Baton Rouge, Louisiana 70802 
  

	 	Re:	5.625% Senior Notes, Series X, due 2025 

 Reference is hereby made to the Indenture,
dated as of March 31, 1994, between CenturyLink, Inc., as issuer (the “Company”) and Regions Bank, as successor trustee, as supplemented by the Tenth Supplemental Indenture, dated as of March 19, 2015, between the Company
and the Trustee (as so supplemented, the “Indenture”). Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

In connection with our proposed purchase of $[        ] aggregate principal amount of: 

 

	 	(a)	a beneficial interest in a Global Note, or 

  

	 	(b)	a Definitive Note, 

 we confirm that: 

1. We understand that any subsequent transfer of the Notes or any interest therein is subject to certain restrictions and conditions set forth
in the Indenture and the undersigned agrees to be bound by, and not to resell, pledge or otherwise transfer the Notes or any interest therein except in compliance with, such restrictions and conditions and the Securities Act of 1933, as amended (the
“Securities Act”). 
 2. We understand that the offer and sale of the Notes have not been registered under the Securities
Act, and that the Notes and any interest therein may not be offered or sold except as permitted in the following sentence. We agree, on our own behalf and on behalf of any accounts for which we are acting as hereinafter stated, that if we should
sell the Notes or any interest therein, we will do so only (A) to the Company; (B) under a registration statement that has been declared effective under the Securities Act; (C) to a Person that we reasonably believe is a
“Qualified Institutional Buyer” (as defined in Rule 144A under the Securities Act) that is purchasing for its own account or for the account of another Qualified Institutional Buyer and to whom notice is given that the transfer is being
made in reliance on Rule 144A, all in compliance with Rule 144A (if available); (D) in an offshore transaction complying with Rule 903 or Rule 904 of Regulation S under the Securities Act; or (E) under any other available exemption
from the registration requirements of the Securities Act. 

  
 D-1 

 3. We understand that, prior to any transfer of the Notes pursuant to clause (E) of
paragraph 2, we will be required to furnish to the Company such legal opinions as the Company may require and may rely upon to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act. We further understand that the Notes purchased by us will bear a legend to the foregoing effect. We understand that we may also be required to furnish to you and the Company such certifications and
other information as you or the Company may require and may rely upon to confirm that any transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. 

4. We have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of our
investment in the Notes, and we and any accounts for which we are acting are each able to bear the economic risk of our or its investment. 

5. We are not acquiring the Notes with a view towards any distribution thereof in a transaction that would violate the Securities Act or the
securities laws of any state of the United States or any other applicable jurisdiction. We are acquiring the Notes or beneficial interest therein purchased by us for our own account or for one or more accounts as to each of which we exercise sole
investment discretion and on behalf of which we have the full power to make the foregoing acknowledgments, representations and agreements. 

You and the Company are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any
interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. We understand that you and the Company and others will rely upon the truth and accuracy of the foregoing acknowledgments,
representations and agreements and agree that, if any of the foregoing acknowledgments, representations and agreements is no longer accurate, we will promptly notify you and the Company of such inaccuracy. 

 

											
							[INSERT NAME OF TRANSFEREE]
					
							By:		  

									Name:		
									Title:		
						
	Dated:		  
								

  
 D-2EX-4.4

 REGISTRATION RIGHTS AGREEMENT 

by and among 
 CenturyLink,
Inc. 
 and 
 Merrill
Lynch, Pierce, Fenner & Smith Incorporated 
 Citigroup Global Markets Inc. 

J.P. Morgan Securities LLC 

Wells Fargo Securities, LLC 

Dated as of March 19, 2015 

 Exhibit 4.4 

REGISTRATION RIGHTS AGREEMENT 

This Registration Rights Agreement (this “Agreement”) is made and entered into as of March 19, 2015, by and among CenturyLink,
Inc., a Louisiana corporation (the “Company”), and Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Wells Fargo Securities, LLC (collectively, the “Initial
Purchasers”), each of whom has agreed to purchase the Company’s 5.625% Senior Notes, Series X, due 2025 (the “Initial Securities”) pursuant to the Purchase Agreement (as defined below). 

This Agreement is made pursuant to the Purchase Agreement, dated March 12, 2015 (the “Purchase Agreement”), between the Company
and the Initial Purchasers (i) for the benefit of the Initial Purchasers and (ii) for the benefit of the holders from time to time of the Initial Securities, including the Initial Purchasers. In order to induce the Initial Purchasers to
purchase the Initial Securities, the Company has agreed to provide the registration rights set forth in this Agreement. The execution and delivery of this Agreement is a condition to the obligations of the Initial Purchasers set forth in
Section 5(j) of the Purchase Agreement. 
 The parties hereby agree as follows: 

SECTION 1. Definitions. As used in this Agreement, the following capitalized terms shall have the following meanings: 

Additional Interest: As defined in Section 5 hereof. 

Additional Interest Payment Date: With respect to the Initial Securities, each Interest Payment Date. 

Broker-Dealer: Any broker or dealer registered under the Exchange Act. 

Business Day: Any day other than a Saturday, Sunday or U.S. federal holiday or a day on which banking institutions or trust
companies located in New York, New York are authorized or obligated to be closed. 
 Closing Date: The date of this Agreement.

 Commission: The Securities and Exchange Commission. 

Consummate: A registered Exchange Offer shall be deemed “Consummated” for purposes of this Agreement upon the
occurrence of (i) the filing and effectiveness under the Securities Act of the Exchange Offer Registration Statement relating to the Exchange Securities to be issued in the Exchange Offer, (ii) the maintenance of such Registration
Statement continuously effective and the keeping of the Exchange Offer open for a period not less than the minimum period required pursuant to Section 3(b) hereof, and (iii) the delivery by the Company to the registrar under the Indenture
of Exchange Securities in the same aggregate principal amount as the aggregate principal amount of Initial Securities that were tendered by Holders thereof pursuant to the Exchange Offer. 

 Consummation Target Date: As defined in Section 3(b) hereof. 

Exchange Act: The Securities Exchange Act of 1934, as amended. 

Exchange Offer: The registration by the Company under the Securities Act of the Exchange Securities pursuant to a Registration
Statement pursuant to which the Company offers the Holders of all outstanding Transfer Restricted Securities the opportunity to exchange all such outstanding Transfer Restricted Securities held by such Holders for Exchange Securities in an aggregate
principal amount equal to the aggregate principal amount of the Transfer Restricted Securities tendered in such exchange offer by such Holders. 

Exchange Offer Registration Statement: The Registration Statement relating to the Exchange Offer, including the related
Prospectus. 
 Exempt Resales: Any transactions in which the Initial Purchasers propose to sell the Initial Securities to
certain “qualified institutional buyers,” as such term is defined in Rule 144A under the Securities Act, and to certain non-U.S. persons pursuant to Regulation S under the Securities Act. 

Exchange Securities: The 5.625% Senior Notes, Series X, due 2025, of the same series under the Indenture as the Initial
Securities, to be issued to Holders in exchange for Transfer Restricted Securities pursuant to this Agreement. 

FINRA: Financial Industry Regulatory Authority. 

Holders: As defined in Section 2(b) hereof. 

Indemnified Holder: As defined in Section 8(a) hereof. 

Indenture: The Indenture, dated as of March 31, 1994, by and between the Company and Regions Bank, as trustee
(successor-in-interest to First American Bank & Trust of Louisiana and Regions Bank of Louisiana) (the “Trustee”), as such Indenture has been and may be amended or supplemented from time to time in accordance with the terms
thereof, including the Tenth Supplemental Indenture dated as of the Closing Date, pursuant to which the Initial Securities are to be issued. 

Initial Placement: The issuance and sale by the Company of the Initial Securities to the Initial Purchasers pursuant to the
Purchase Agreement. 
 Initial Purchasers: As defined in the preamble hereto. 

Initial Securities: As defined in the preamble hereto. 

Interest Payment Date: As defined in the Indenture and the Initial Securities. 

Person: An individual, partnership, corporation, trust or unincorporated organization, or a government or agency or political
subdivision thereof. 

  
 -2- 

 Prospectus: The prospectus included in a Registration Statement, as amended or
supplemented by any prospectus supplement and by all other amendments thereto, including post-effective amendments, and all material incorporated by reference into such Prospectus. 

Registration Default: As defined in Section 5 hereof. 

Registration Statement: Any registration statement of the Company filed pursuant to the provisions of this Agreement relating to
(a) an offering of Exchange Securities pursuant to an Exchange Offer or (b) the registration for resale of Transfer Restricted Securities pursuant to the Shelf Registration Statement, including the Prospectus included therein, all
amendments and supplements thereto (including post-effective amendments) and all exhibits and material incorporated by reference therein. 

Securities Act: The Securities Act of 1933, as amended. 

Shelf Filing Deadline: As defined in Section 4(a) hereof. 

Shelf Registration Statement: As defined in Section 4(a) hereof. 

Transfer Restricted Securities: Each Initial Security, until the earliest to occur of (a) the date on which such Initial Security
is exchanged in the Exchange Offer for an Exchange Security entitled to be resold to the public by the Holder thereof without complying with the prospectus delivery requirements of the Securities Act, (b) the date on which such Initial Security
has been effectively registered under the Securities Act and disposed of in accordance with a Shelf Registration Statement, (c) the date on which such Initial Security is distributed to the public by a Broker-Dealer pursuant to the “Plan
of Distribution” contemplated by the Exchange Offer Registration Statement (including delivery of the Prospectus contained therein), or (d) the date on which such Initial Security is actually sold pursuant to Rule 144 under the Securities
Act. 
 Trust Indenture Act: The Trust Indenture Act of 1939, as amended. 

Underwritten Registration or Underwritten Offering: A registration in which securities of the Company are sold to an underwriter for
reoffering to the public. 
 SECTION 2. Securities Subject to this Agreement. 

(a) Transfer Restricted Securities. The securities entitled to the benefits of this Agreement are the Transfer Restricted Securities.

 (b) Holders of Transfer Restricted Securities. A Person is deemed to be a holder of Transfer Restricted Securities (each, a
“Holder”) whenever such Person owns Transfer Restricted Securities. 

  
 -3- 

 SECTION 3. Registered Exchange Offer. Subject to the other terms and conditions of
this Agreement: 
 (a) Unless the Exchange Offer shall not be permissible under applicable law or Commission policy (after the procedures
set forth in Section 6(a) hereof have been complied with), the Company shall (i) cause to be filed with the Commission as soon as practicable after the Closing Date, but in no event later than 270 days after the Closing Date (or if such
270th day is not a Business Day, the next succeeding Business Day), a Registration Statement under the Securities Act relating to the Exchange Securities and the Exchange Offer, (ii) use its
commercially reasonable efforts to cause such Registration Statement to become effective as soon as practicable, but in no event later than 330 days after the Closing Date (or if such 330th day is
not a Business Day, the next succeeding Business Day), (iii) in connection with the foregoing, (A) file all pre-effective amendments to such Registration Statement as may be necessary in order to cause such Registration Statement to become
effective, (B) file, if applicable, a post-effective amendment to such Registration Statement pursuant to Rule 430A under the Securities Act and (C) cause all necessary filings in connection with the registration and qualification of the
Exchange Securities to be made under the state securities or blue sky laws of such jurisdictions as are necessary to permit Consummation of the Exchange Offer, and (iv) upon the effectiveness of such Registration Statement, commence the
Exchange Offer. The Exchange Offer shall be on the appropriate form permitting registration of the Exchange Securities to be offered in exchange for the Transfer Restricted Securities and to permit resales of Initial Securities held by
Broker-Dealers as contemplated by Section 3(c) hereof. 
 (b) The Company shall cause the Exchange Offer Registration Statement to be
effective continuously and shall keep the Exchange Offer open for a period of not less than the minimum period required under applicable federal and state securities laws to Consummate the Exchange Offer; provided, however, that in no
event shall such period be less than 20 Business Days after the date notice of the Exchange Offer is mailed to the Holders. The Company shall cause the Exchange Offer to comply with all applicable federal and state securities laws. No securities
other than the Exchange Securities shall be included in the Exchange Offer Registration Statement. The Company shall use its commercially reasonable efforts to cause the Exchange Offer to be Consummated on the earliest practicable date after the
Exchange Offer Registration Statement has become effective, but in no event later than 365 days after the Closing Date (or if such 365th day is not a Business Day, the next succeeding Business
Day) (the “Consummation Target Date”). 
 (c) The Company shall indicate in a “Plan of Distribution” section contained
in the Prospectus forming a part of the Exchange Offer Registration Statement that any Broker-Dealer who holds Initial Securities that are Transfer Restricted Securities and that were acquired for its own account as a result of market-making
activities or other trading activities (other than Transfer Restricted Securities acquired directly from the Company), may exchange such Initial Securities pursuant to the Exchange Offer; provided, however, that such section shall
specify that such Broker-Dealer may be deemed to be an “underwriter” within the meaning of the Securities Act and must, therefore, deliver a prospectus meeting the requirements of the Securities Act in connection with any resales of the
Exchange Securities received by such Broker-Dealer in the Exchange Offer, which prospectus delivery requirement may be satisfied by the delivery by such Broker-Dealer of the Prospectus contained in the Exchange Offer Registration Statement. Such
“Plan of Distribution” section shall also contain all other information with respect to such resales 

  
 -4- 

 
by Broker-Dealers that the Commission may require in order to permit such resales pursuant thereto, but such “Plan of Distribution” shall not name any such Broker-Dealer or disclose the
amount of Initial Securities held by any such Broker-Dealer except to the extent required by the Commission as a result of a change in its written policies, rules or regulations after the date of this Agreement. 

(d) The Company shall use its commercially reasonable efforts to keep the Exchange Offer Registration Statement continuously effective,
supplemented and amended as required by the provisions of Section 6(c) hereof to the extent necessary to ensure that it is available for resales of Exchange Securities acquired by Broker-Dealers for their own accounts as a result of
market-making activities or other trading activities, and to ensure that it conforms with the requirements of this Agreement, the Securities Act and the policies, rules and regulations of the Commission as announced in writing from time to time, for
a period ending on the earlier of (i) 180 days from the date on which the Exchange Offer Registration Statement is declared effective and (ii) the date on which a Broker-Dealer is no longer required to deliver a prospectus in connection
with market-making or other trading activities. 
 (e) The Company shall provide sufficient copies of the latest version of such Prospectus
to Broker-Dealers promptly upon request at any time during such 180-day (or shorter as provided in the foregoing sentence) period in order to facilitate such resales. 

SECTION 4. Shelf Registration. 

(a) Shelf Registration. If (i) the Company is not required to file an Exchange Offer Registration Statement or to consummate the
Exchange Offer because the Exchange Offer is not permitted by applicable law or Commission policy (after the procedures set forth in Section 6(a) hereof have been complied with), (ii) for any reason the Exchange Offer is not Consummated by
the Consummation Target Date, or (iii) any Holder of Transfer Restricted Securities (other than an Initial Purchaser) notifies the Company within ten Business Days following the consummation of the Exchange Offer that, based upon the written
advice of counsel, (A) such Holder is prohibited by applicable law or Commission policy from participating in the Exchange Offer or (B) such Holder may not resell the Exchange Securities acquired by it in the Exchange Offer to the public
without delivering a prospectus and that the Prospectus contained in the Exchange Offer Registration Statement is not appropriate or available for such resales by such Holder, then the Company shall 

(x) cause to be filed a shelf registration statement pursuant to Rule 415 under the Securities Act, which may be an amendment
to the Exchange Offer Registration Statement (in either event, the “Shelf Registration Statement”) on or prior to the earliest to occur of (1) the 30th day after the date on which the Company determines that it is not required to file
the Exchange Offer Registration Statement, (2) the 30th day after the date on which the Company receives notice from a Holder of Transfer Restricted Securities as contemplated by clause (iii) above, and (3) the 395th day after the Closing Date (or if such 395th day is not a Business Day, the next succeeding Business Day) (such earliest date being the
“Shelf Filing Deadline”), which Shelf Registration Statement shall provide for resales of all Transfer Restricted Securities the Holders of which shall have provided the information required pursuant to Section 4(b) hereof; and 

(y) use their commercially reasonable efforts to cause such Shelf Registration Statement to be declared effective by the
Commission on or before the 90th day after the Shelf Filing Deadline (or if such 90th day is not a Business Day, the next succeeding Business Day). 

  
 -5- 

 The Company shall use its commercially reasonable efforts to keep such Shelf Registration
Statement continuously effective, supplemented and amended as required by the provisions of Sections 6(b) and (c) hereof to the extent necessary to ensure that it is available for resales of Initial Securities or Exchange Securities by the
Holders of Transfer Restricted Securities entitled to the benefit of this Section 4(a), and to ensure that it conforms with the requirements of this Agreement, the Securities Act and the written policies, rules and regulations of the Commission
as announced from time to time, for a period of at least one year following the effective date of such Shelf Registration Statement (or such shorter period that will terminate when all the Initial Securities or Exchange Securities covered by such
Shelf Registration Statement have been sold pursuant to such Shelf Registration Statement). 
 (b) Provision by Holders of Certain
Information in Connection with the Shelf Registration Statement. No Holder of Transfer Restricted Securities may include any of its Transfer Restricted Securities in any Shelf Registration Statement pursuant to this Agreement unless and until
such Holder furnishes to the Company in writing, within ten Business Days after receipt of a request therefor, such information as the Company may reasonably request for use in connection with any Shelf Registration Statement or Prospectus or
preliminary Prospectus included therein. Each Holder as to which any Shelf Registration Statement is being effected agrees to furnish promptly to the Company all information required to be disclosed in order to make the information previously
furnished to the Company by such Holder not materially misleading. 
 SECTION 5. Additional Interest. (a) If (i) the
Exchange Offer is not Consummated on or prior to the Consummation Target Date, (ii) the Shelf Registration Statement, if required pursuant to Section 4(a) hereof, has not become effective on or prior to the date specified in
Section 4(a)(y), or (iii) the Shelf Registration Statement is filed and declared effective but shall thereafter cease to be effective or fail to be usable for its intended purpose without the Company curing such failure by causing a
post-effective amendment to such Registration Statement to be filed and declared effective within 45 days (each such event referred to in clauses (i) through (iii), a “Registration Default”), the Company hereby agrees that the
interest rate borne by the Transfer Restricted Securities shall be increased by 0.25% per annum during the 90-day period immediately following the occurrence of any Registration Default and shall increase by 0.25% per annum at the end of
each subsequent 90-day period, but in no event shall such increase exceed 0.50% per annum (“Additional Interest”). Upon the earlier of (i) the date all Registration Defaults relating to any particular Transfer Restricted
Securities have been cured or (ii) the date of which all the Notes and Exchange Notes otherwise cease to be Registrable Securities, the interest rate borne by the relevant Transfer Restricted Securities will be reduced to the original interest
rate borne by such Transfer Restricted Securities; provided, however, that, if after any 

  
 -6- 

 
such reduction in interest rate, a different Registration Default occurs, the interest rate borne by the relevant Transfer Restricted Securities shall again be increased pursuant to the foregoing
provisions. 
 (b) If at any time more than one Registration Default has occurred and is continuing, then, until the next date that there is
no Registration Default, the increase in interest rate provided for by Section 5(a) shall apply as if there occurred a single Registration Default that begins on the date that the earliest such Registration Default occurred and ends on such
next date that there is no Registration Default. Any increase in interest will be payable in cash semiannually in arrears on the same interest payment dates as the Initial Securities and in the same manner as is specified in the Indenture,
commencing with the first interest payment occurring after any such Additional Interest commences to accrue. 
 (c) All obligations of the
Company set forth in Section 5(a) hereof that are outstanding with respect to any Transfer Restricted Security at the time such security ceases to be a Transfer Restricted Security shall survive until such time as all such obligations under
Section 5(a) with respect to such security shall have been satisfied in full. Notwithstanding anything contained herein or in the Indenture to the contrary, the payment of Additional Interest shall be the only remedy available to Holders for
any Registration Default. Notwithstanding any other provision of this Agreement, a Holder of Registrable Securities who does not comply with the provisions of Section 4(b) hereof, if applicable, shall not be entitled to receive Additional
Interest unless and until such Holder complies with the provisions of such section, if applicable. 
 SECTION 6. Registration
Procedures. 
 (a) Exchange Offer Registration Statement. In connection with the Exchange Offer, the Company shall comply
with all of the provisions of Section 6(c) hereof, shall use its commercially reasonable efforts to effect such exchange to permit the sale of Transfer Restricted Securities being sold in accordance with the intended method or methods of
distribution thereof, and shall comply with all of the following provisions: 
 (i) If in the reasonable opinion of counsel
to the Company there is a question as to whether the Exchange Offer is permitted by applicable law, the Company hereby agrees to seek a no-action letter or other favorable decision from the Commission allowing the Company to Consummate an Exchange
Offer for the Initial Securities. The Company hereby agrees to pursue the issuance of such a decision by the staff of the Commission but shall not be required to take commercially unreasonable action to effect a change of Commission policy. The
Company hereby agrees, however, to (A) participate in telephonic conferences with the Commission, (B) deliver to the Commission staff an analysis prepared by counsel to the Company setting forth the legal bases, if any, upon which such
counsel has concluded that such an Exchange Offer should be permitted and (C) diligently pursue a favorable resolution by the Commission staff of such submission. 

(ii) As a condition to its participation in the Exchange Offer pursuant to the terms of this Agreement, each Holder of Transfer
Restricted Securities shall furnish, upon the request of the Company, prior to the Consummation thereof, a written representation 

  
 -7- 

 
to the Company (which may be contained in the letter of transmittal contemplated by the Exchange Offer Registration Statement) to the effect that (A) it is not an affiliate of the Company,
(B) it is not engaged in, and does not intend to engage in, and has no arrangement or understanding with any Person to participate in, a distribution of the Exchange Securities to be issued in the Exchange Offer and (C) it is acquiring the
Exchange Securities in its ordinary course of business. In addition, all such Holders of Transfer Restricted Securities shall otherwise cooperate in the Company’s preparations for the Exchange Offer. Each Holder hereby acknowledges and agrees
that any Broker-Dealer and any such Holder using the Exchange Offer to participate in a distribution of the securities to be acquired in the Exchange Offer (1) could not under Commission policy as in effect on the date of this Agreement rely on
the position of the Commission enunciated in Morgan Stanley and Co., Inc. (available June 5, 1991) and Exxon Capital Holdings Corporation (available May 13, 1988), as interpreted in the Commission’s letter to
Shearman & Sterling (dated July 2, 1993), and similar no-action letters (which may include any no-action letter obtained pursuant to clause (i) above), and (2) must comply with the registration and prospectus delivery
requirements of the Securities Act in connection with a secondary resale transaction and that such a secondary resale transaction should be covered by an effective registration statement containing the selling security holder information required by
Item 507 or 508, as applicable, of Regulation S-K if the resales are of Exchange Securities obtained by such Holder in exchange for Initial Securities acquired by such Holder directly from the Company. 

(b) Shelf Registration Statement. In connection with the Shelf Registration Statement, the Company shall comply with all the provisions
of Section 6(c) hereof and shall use its commercially reasonable efforts to effect such registration to permit the sale of the Transfer Restricted Securities being sold in accordance with the intended method or methods of distribution thereof,
and pursuant thereto the Company will as expeditiously as possible prepare and file with the Commission a Registration Statement relating to the registration on any appropriate form under the Securities Act, which form shall be available for the
sale of the Transfer Restricted Securities in accordance with the intended method or methods of distribution thereof. 
 (c) General
Provisions. In connection with any Registration Statement and any Prospectus required by this Agreement to permit the sale or resale of Transfer Restricted Securities (including, without limitation, any Registration Statement and the related
Prospectus required to permit resales of Initial Securities by Broker-Dealers), the Company shall, subject to Section 5(d) hereof: 

(i) use its commercially reasonable efforts to keep such Registration Statement continuously effective and provide all
requisite financial statements for the period specified in Section 3 or 4 hereof, as applicable; upon the occurrence of any event that would cause any such Registration Statement or the Prospectus contained therein (A) to contain a
material misstatement or omission or (B) not to be effective and usable for resale of Transfer Restricted Securities during the period required by this Agreement, the Company shall file promptly an appropriate amendment to such Registration
Statement, in the case of clause (A), correcting any such misstatement or omission, and, in the case 

  
 -8- 

 
of either clause (A) or (B), use its commercially reasonable efforts to cause such amendment to be declared effective and such Registration Statement and the related Prospectus to become
usable for their intended purpose(s) as soon as practicable thereafter; 
 (ii) use its commercially reasonable efforts to
prepare and file with the Commission such amendments and post-effective amendments to the applicable Registration Statement as may be necessary to keep the Registration Statement effective for the applicable period set forth in Section 3 or 4
hereof, as applicable, or such shorter period as will terminate when all Transfer Restricted Securities covered by such Registration Statement have been sold; cause the Prospectus to be supplemented by any required prospectus supplement, and as so
supplemented to be filed pursuant to Rule 424 under the Securities Act, and to comply fully with the applicable provisions of Rules 424 and 430A under the Securities Act in a timely manner; and comply with the provisions of the Securities Act with
respect to the disposition of all securities covered by such Registration Statement during the applicable period in accordance with the intended method or methods of distribution by the sellers thereof set forth in such Registration Statement or
supplement to the Prospectus; 
 (iii) advise the underwriter(s), if any, and selling Holders named in any Registration
Statement promptly and, if requested in writing by such Persons, to confirm such advice in writing, (A) when the Prospectus or any prospectus supplement or post-effective amendment has been filed, and, with respect to any Registration Statement
or any post-effective amendment thereto, when the same has become effective, (B) of any request by the Commission for amendments to the Registration Statement or amendments or supplements to the Prospectus or for additional information relating
thereto, (C) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement under the Securities Act or of the suspension by any state securities commission of the qualification of the Transfer
Restricted Securities for offering or sale in any jurisdiction, or the initiation of any proceeding for any of the preceding purposes, and (D) of the existence of any fact or condition or the happening of any event that makes any statement of a
material fact made in the Registration Statement, the Prospectus, any amendment or supplement thereto, or any document incorporated by reference therein untrue in any material respect, or that requires the making of any additions to or changes in
such Registration Statement, Prospectus or documents so that, in the case of the Registration Statement, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to
make the statements therein not misleading, and that, in the case of the Prospectus, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading. If at any time the Commission shall issue any stop order suspending the effectiveness of the Registration Statement, or any state securities commission or other
regulatory authority shall issue an order suspending the qualification or exemption from qualification of the Transfer Restricted Securities under state securities or blue sky laws, the Company shall use its commercially reasonable efforts to obtain
the withdrawal or lifting of such order at the earliest possible time; 

  
 -9- 

 (iv) furnish without charge to each selling Holder named in any Registration
Statement, and each of the underwriter(s), if any, before filing with the Commission, copies of any Registration Statement or any Prospectus included therein or any amendments or supplements to any such Registration Statement or Prospectus, which
documents will be subject to the review and comment of such Holders and underwriter(s) in connection with such sale, if any, for a period of at least three Business Days, and the Company will not file any such Registration Statement or Prospectus or
any amendment or supplement to any such Registration Statement or Prospectus (including all such documents incorporated by reference) to which such Holders or the underwriter(s), if any, shall reasonably object in writing within five Business Days
after the receipt thereof (such objection to be deemed timely made upon confirmation of telecopy transmission within such period). The objection of such Holder or underwriter, if any, shall be deemed to be reasonable if such Registration Statement,
amendment, Prospectus or supplement, as applicable, as proposed to be filed, contains a material misstatement or omission; 

(v) promptly prior to the filing of any document that is to be incorporated by reference into a Registration Statement or
Prospectus, provide copies of such document to each selling Holder named in any Registration Statement who requests such document in writing, and to the underwriter(s), if any, and make the Company’s representatives available for discussion of
such document prior to the filing thereof; 
 (vi) make available at reasonable times for inspection by the managing
underwriter(s), if any, participating in any disposition pursuant to such Registration Statement and any attorney or accountant retained by each selling Holder named in any Registration Statement or any of the underwriter(s), all financial records,
pertinent corporate documents and properties of the Company and cause the Company’s officers, directors and employees to supply all information reasonably requested by any such Holder, underwriter, attorney or accountant in connection with the
preparation of such Registration Statement or any post-effective amendment thereto subsequent to the filing thereof and prior to its effectiveness; 

(vii) if requested in writing by any selling Holders named in any Registration Statement or the underwriter(s), if any,
promptly incorporate in any Registration Statement or Prospectus, pursuant to a supplement or post-effective amendment if necessary, such information as such selling Holders and underwriter(s), if any, may reasonably request to have included therein
relating to (A) the “Plan of Distribution” of the Transfer Restricted Securities, (B) the principal amount of Transfer Restricted Securities being sold to such underwriter(s), (C) the purchase price being paid therefor and
(D) any other terms of the offering of the Transfer Restricted Securities to be sold in such offering; and make all required filings of such prospectus supplement or post-effective amendment as soon as practicable after the Company is notified
of the matters to be incorporated in such prospectus supplement or post-effective amendment; 

  
 -10- 

 (viii) cause the Transfer Restricted Securities covered by the Registration
Statement to be rated with the appropriate rating agencies, if so requested by the Holders of a majority in aggregate principal amount of Initial Securities covered thereby or the underwriter(s), if any; 

(ix) furnish or make available, upon written request, to each selling Holder named in any Registration Statement and each of
the underwriter(s), if any, without charge, at least one copy of the Registration Statement, as first filed with the Commission, and of each amendment thereto, including financial statements and schedules, all documents incorporated by reference
therein and all exhibits; 
 (x) deliver to each selling Holder named in any Registration Statement and each of the
underwriter(s), if any, without charge, as many copies of the Prospectus (including each preliminary prospectus) and any amendment or supplement thereto as such Persons reasonably may request in writing; the Company hereby consents to the use of the
Prospectus and any amendment or supplement thereto by each of the selling Holders and each of the underwriter(s), if any, in connection with the offering and the sale of the Transfer Restricted Securities covered by the Prospectus or any amendment
or supplement thereto; 
 (xi) enter into such commercially reasonable agreements (including an underwriting agreement), and
make such customary representations and warranties, and take all such other actions in connection therewith in order to expedite or facilitate the disposition of the Transfer Restricted Securities pursuant to any Shelf Registration Statement
required to be filed by this Agreement, all to such extent as may be reasonably requested by any Holder of Transfer Restricted Securities or underwriter in connection with any sale or resale pursuant to any Registration Statement contemplated by
this Agreement; and in connection therewith, the Company shall: 
 (A) furnish to each selling Holder named in the Shelf
Registration Statement and each underwriter, if any, in such substance and scope as they may reasonably request and as are customarily made by issuers to underwriters in primary underwritten offerings: 

(1) a certificate signed by (y) the President or any Vice President and (z) a principal financial or accounting
officer of the Company, confirming, as of the date thereof, the matters set forth in paragraph (ii) of Section 5(i) of the Purchase Agreement and such other matters as such parties may reasonably request; 

(2) an opinion or opinions of counsel for the Company covering the matters set forth in Section 5(f) of the Purchase
Agreement, including the “negative assurances” paragraph contemplated by the opinion to be furnished thereunder; and 

(3) a customary comfort letter, dated the date of effectiveness of the Shelf Registration Statement, from the Company’s
independent accountants, in the customary form and covering matters of the type customarily requested to be covered in comfort letters by underwriters in connection with primary underwritten offerings, and covering or affirming the matters set forth
in the comfort letters delivered pursuant to Section 5(h) of the Purchase Agreement; 

  
 -11- 

 (B) set forth in full or incorporate by reference in the underwriting agreement,
if any, the indemnification provisions and procedures of Section 8 hereof with respect to all parties to be indemnified pursuant to said Section; and 

(C) deliver such other documents and certificates as may be reasonably requested by such parties to evidence compliance with
Section 6(c)(xi)(A) hereof and with any customary conditions contained in the underwriting agreement or other agreement entered into by the Company pursuant to this Section 6(c)(xi), if any. 

If at any time the representations and warranties of the Company contemplated in Section 6(c)(xi)(A)(1) hereof cease to be
true and correct in any material respect, the Company shall so advise the underwriter(s), if any, and each selling Holder named in any Registration Statement promptly and, if requested by such Persons, shall confirm such advice in writing; 

(xii) prior to any public offering of Transfer Restricted Securities, cooperate with the selling Holders named in any
Registration Statement, the underwriter(s), if any, and their respective counsel in connection with the registration and qualification of the Transfer Restricted Securities under the state securities or blue sky laws of such jurisdictions as the
selling Holders or underwriter(s), if any, may reasonably request in writing and do any and all other acts or things necessary or advisable to enable the disposition in such jurisdictions of the Transfer Restricted Securities covered by the Shelf
Registration Statement; provided, however, that the Company shall not be required to register or qualify as a foreign corporation where it is not then so qualified or to take any action that would subject it to the service of process in suits
or to taxation, other than as to matters and transactions relating to the Registration Statement, in any jurisdiction where it is not then so subject; 

(xiii) use its commercially reasonable efforts to cause the Transfer Restricted Securities covered by the Registration
Statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the seller or sellers thereof or the underwriter(s), if any, to consummate the disposition of such Transfer Restricted
Securities, subject to the proviso contained in Section 6(c)(xii) hereof; 

  
 -12- 

 (xiv) if any fact, condition or event contemplated by Section 6(c)(iii)(D)
hereof shall exist or have occurred and remain in effect, prepare a supplement or post-effective amendment to the Registration Statement or related Prospectus or any document incorporated therein by reference or file any other required document so
that, as thereafter delivered to the purchasers of Transfer Restricted Securities, the Prospectus will not contain an untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in light
of the circumstances under which they were made, not misleading; 
 (xv) provide a CUSIP number for all Initial Securities
and Exchange Securities not later than the effective date of the Registration Statement covering such Initial Securities and Exchange Securities and provide the Trustee under the Indenture with printed certificates for such Initial Securities and
Exchange Securities which are in a form eligible for deposit with the Depository Trust Company and take all other action necessary to ensure that all such Initial Securities and Exchange Securities are eligible for deposit with The Depository Trust
Company; 
 (xvi) cooperate and assist in any filings required to be made with FINRA and in the performance of any due
diligence investigation by any underwriter (including any “qualified independent underwriter”) that is required to be retained in accordance with the rules and regulations of FINRA; 

(xvii) otherwise use its commercially reasonable efforts to comply with all applicable rules and regulations of the Commission,
and make generally available to its security holders, as soon as practicable, a consolidated earnings statement meeting the requirements of Rule 158 (which need not be audited) for the twelve-month period (A) commencing at the end of any fiscal
quarter in which Transfer Restricted Securities are sold to underwriters in a firm commitment or best efforts Underwritten Offering or (B) if not sold to underwriters in such an offering, beginning with the first month of the Company’s
first fiscal quarter commencing after the effective date of the Registration Statement; and 
 (xix) cause the Indenture to
be qualified under the Trust Indenture Act not later than the effective date of the first Registration Statement required by this Agreement, and, in connection therewith, cooperate with the Trustee and the Holders to effect such changes to the
Indenture as may be required for such Indenture to be so qualified in accordance with the terms of the Trust Indenture Act; and to execute and use its commercially reasonable efforts to cause the Trustee to execute, all documents that may be
required to effect such changes and all other forms and documents required to be filed with the Commission to enable such Indenture to be so qualified in a timely manner. 

(d) Permitted Delays. Each Holder agrees by acquisition of a Transfer Restricted Security that, upon receipt of any notice from the
Company (i) of the existence of any fact of the kind described in Section 6(c)(iii)(D) hereof or (ii) that the Board of Directors of the Company has a bona fide business purpose for doing so, such Holder will forthwith
discontinue disposition of Transfer Restricted Securities pursuant to the applicable Registration Statement until such 

  
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Holder’s receipt of the copies of the supplemented or amended Prospectus contemplated by Section 6(c)(xiv) hereof, or until it is advised in writing (the “Advice”) by the
Company that the use of the Prospectus may be resumed, and has received copies of any additional or supplemental filings that are incorporated by reference in the Prospectus. If so directed by the Company, each Holder will deliver to the Company (at
the Company’s expense) all copies, other than permanent file copies then in such Holder’s possession, of the Prospectus covering such Transfer Restricted Securities that was current at the time of receipt of such notice. In the event the
Company shall give any such notice, the time period regarding the effectiveness of such Registration Statement set forth in Section 3 or 4 hereof, as applicable, shall be extended by the number of days during the period from and including the
date of the giving of such notice pursuant to Section 6(c)(iii)(D) or this Section 6(d) to and including the date when each selling Holder covered by such Registration Statement shall have received the copies of the supplemented or amended
Prospectus contemplated by Section 6(c)(xiv) hereof or shall have received the Advice; provided, however, that no such extension shall be taken into account in determining whether (1) a Registration Default has occurred pursuant to
Section 5 hereof or (2) Additional Interest is due pursuant to Section 5 hereof or the amount of such Additional Interest. 

SECTION 7. Registration Expenses. 

(a) All expenses incident to the Company’s performance of or compliance with this Agreement will be borne by the Company, regardless of
whether a Registration Statement becomes effective, including, without limitation: (i) all registration and filing fees and expenses (including filings made by any Initial Purchaser or Holder with FINRA (and, if applicable, the fees and
expenses of any “qualified independent underwriter” and its counsel that may be required by the rules and regulations of FINRA)); (ii) all fees and expenses of compliance with federal securities and state securities or blue sky laws;
(iii) all expenses of printing (including printing certificates for the Exchange Securities to be issued in the Exchange Offer and printing of Prospectuses), messenger and delivery services and telephone communications; (iv) all fees and
disbursements of counsel for the Company and, subject to Section 7(b) hereof, the Holders of Transfer Restricted Securities; (v) all application and filing fees in connection with listing the Exchange Securities on a securities exchange or
automated quotation system pursuant to the requirements thereof; and (vi) all fees and disbursements of independent certified public accountants of the Company (including the expenses of any special audit and comfort letters required by or
incident to such performance). 
 The Company will, in any event, bear its internal expenses (including, without limitation, all salaries
and expenses of its officers and employees performing legal or accounting duties), the expenses of any annual audit and the fees and expenses of any Person, including special experts, retained by the Company. 

(b) In connection with any Registration Statement required by this Agreement (including, without limitation, the Exchange Offer Registration
Statement and the Shelf Registration Statement), the Company will reimburse the Holders of Transfer Restricted Securities being tendered in the Exchange Offer or resold pursuant to the “Plan of Distribution” contained in the Exchange Offer
Registration Statement or registered pursuant to the Shelf Registration Statement, as applicable, for the reasonable fees and disbursements of not more than one counsel as may be chosen by the Holders of a majority in principal amount of the
Transfer Restricted Securities for whose benefit such Registration Statement is being prepared. 

  
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 SECTION 8. Indemnification. 

(a) The Company will indemnify and hold harmless (i) each Holder and (ii) each Person, if any, who controls (within the meaning of
Section 15 of the Securities Act or Section 20 of the Exchange Act) any Holder (any of the Persons referred to in this clause (ii) being hereinafter referred to as a “controlling person”) and (iii) the respective
officers, directors, partners, employees and agents of any Holder or any controlling person (any Person referred to in clause (i), (ii) or (iii) may hereinafter be referred to as an “Indemnified Holder”), against any losses,
claims, damages or liabilities, joint or several, to which such Indemnified Holder may become subject, under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are
based upon, any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement or Prospectus (or any amendment or supplement thereto), or caused by any omission or alleged omission to state therein a material
fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances in which they were made, not misleading and will reimburse each such Indemnified Holder for any legal or other expenses reasonably
incurred by such Indemnified Holder in connection with investigating or defending any such action or claim as such expenses are incurred; provided, however, that the Company shall not be liable in any such case to the extent that any
such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in any Registration Statement or Prospectus, or any such amendment or supplement, in reliance
upon and in conformity with information relating to any of the Holders furnished to the Company in writing by any of the Holders expressly for use therein. 

(b) Each Holder of Transfer Restricted Securities, severally, but not jointly, will indemnify and hold harmless the Company against any
losses, claims, damages or liabilities to which the Company may become subject, under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon an untrue
statement or alleged untrue statement of a material fact contained in any Registration Statement or Prospectus (or any amendment or supplement thereto), or arise out of or are based upon the omission or alleged omission to state therein a material
fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances in which they were made, not misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged
untrue statement or omission or alleged omission was made in such Registration Statement or Prospectus, or any such amendment or supplement, in reliance upon and in conformity with information relating to such Holder furnished to the Company in
writing by such Holder expressly for use therein; and will reimburse the Company for any legal or other expenses reasonably incurred by the Company in connection with investigating or defending any such action or claim as such expenses are incurred.

 (c) Promptly after receipt by an indemnified party under subsection (a) or (b) above of notice of the commencement of any
action, such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party under such subsection, notify the 

  
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 indemnifying party in writing of the commencement thereof; but the failure so to notify the indemnifying party
(i) will not relieve the indemnifying party from any liability which it may have to any indemnified party under such subsection unless and to the extent it did not otherwise learn of such action and such failure results in the forfeiture by the
indemnifying party of substantial rights or defenses and (ii) will not, in any event, relieve the indemnifying party from any obligation to any indemnified party otherwise than under the indemnification obligation provided under subsection
(a) or (b) above. In case any such action shall be brought against any indemnified party and it shall notify the indemnifying party of the commencement thereof, the indemnifying party shall be entitled to participate therein and, to the
extent that it shall wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel reasonably satisfactory to such indemnified party, and, after notice from the indemnifying party to such indemnified
party of its election so to assume the defense thereof, the indemnifying party shall not be liable to such indemnified party under such subsection for any legal expenses of other counsel or any other expenses, in each case subsequently incurred by
such indemnified party, in connection with the defense thereof other than reasonable costs of investigation unless (x) the indemnifying party and such indemnified party shall have mutually agreed to the employment of such counsel, (y) the
named parties to any such action (including any impleaded parties) include both such indemnified party and the indemnifying party and such indemnified party shall have been advised by such counsel that a conflict of interest between the indemnifying
party and such indemnified party may arise and for this reason it is not desirable for the same counsel to represent both the indemnifying party and also the indemnified party and (z) such indemnified party has reasonably concluded that there
are or likely may be legal defenses available to the indemnified party that are different from or in addition to those available to the indemnifying party (it being understood, however, that the indemnifying party shall not, in connection with any
one such action or separate but substantially similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the reasonable fees and expenses of more than one separate firm of
attorneys for all such indemnified parties), in each of which cases the fees and expenses of such counsel shall be at the expense of the indemnifying party. No indemnifying party shall, without the written consent of the indemnified party, effect
the settlement or compromise of, or consent to the entry of any judgment with respect to, any pending or threatened action or claim in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified party is
an actual or potential party to such action or claim) unless such settlement, compromise or judgment (A) includes an unconditional release of the indemnified party from all liability arising out of such action or claim and (B) does not
include any statement as to, or an admission of, fault, culpability or a failure to act, by or on behalf of any indemnified party. 
 (d) If
the indemnification provided for in this Section 8 is unavailable to or insufficient to hold harmless an indemnified party under subsection (a) or (b) of this Section 8 in respect of any losses, claims, damages or liabilities (or
actions in respect thereof) referred to therein, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages or liabilities (or actions in respect thereof) in such
proportion as is appropriate to reflect the relative benefits received by the Company on the one hand and the Holders on the other from the Initial Placement (which in the case of the Company shall be deemed to be equal to the total gross proceeds
to the Company 

  
 -16- 

 
from the Initial Placement) and the Registration Statement which resulted in such losses, claims, damages, liabilities, judgments, actions or expenses. If, however, the allocation provided by the
immediately preceding sentence is not permitted by applicable law or if the indemnified party failed to give the notice required under subsection (c) of this Section 8 and the indemnifying party has been prejudiced in any material respect
by such failure, then each indemnifying party shall contribute to such amount paid or payable by such indemnified party in such proportion as is appropriate to reflect not only such relative benefits but also the relative fault of the Company on the
one hand and the Holders on the other in connection with the statements or omissions which resulted in such losses, claims, damages or liabilities (or actions in respect thereof), as well as any other relevant equitable considerations. The relative
fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company on the one
hand or such Holders on the other and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The Company and each Holder of Transfer Restricted Securities agree that it
would not be just and equitable if contribution pursuant to this Section 8(d) were determined by pro rata allocation (even if the Holders were treated as one entity for such purpose) or by any other method of allocation which does not
take account of the equitable considerations referred to above in this Section 8(d). The amount paid or payable by an indemnified party as a result of the losses, claims, damages or liabilities (or actions in respect thereof) referred to above
in this Section 8(d) shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this
Section 8(d), none of the Holders (and its related Indemnified Holders) shall be required to contribute, in the aggregate, any amount in excess of the discount received by such Holder with respect to the Securities. No Person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The obligations of the Holders in this
Section 8(d) to contribute are several in proportion to the respective principal amount of Securities held by each of the Holders hereunder and not joint. 

SECTION 9. Reserved. 

SECTION 10. Participation in Underwritten Registrations. No Holder may participate in any Underwritten Registration
hereunder unless such Holder (a) agrees to sell such Holder’s Transfer Restricted Securities on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements and
(b) completes and executes all reasonable questionnaires, powers of attorney, indemnities, underwriting agreements, lock-up letters and other documents required under the terms of such underwriting arrangements. 

  
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 SECTION 11. Selection of Underwriters. The Holders of Transfer Restricted Securities
covered by the Shelf Registration Statement who desire to do so may sell such Transfer Restricted Securities in an Underwritten Offering. In any such Underwritten Offering, the investment banker(s) and managing underwriter(s) that will administer
such offering will be selected by the Holders of a majority in aggregate principal amount of the Transfer Restricted Securities included in such offering; provided, however, that such investment banker(s) and managing underwriter(s) must be
reasonably satisfactory to the Company and will be compensated by the Holders of Transfer Restricted Securities. 
 SECTION 12.
Miscellaneous. 
 (a) Remedies. The Company hereby agrees that monetary damages would not be adequate compensation for any
loss incurred by reason of a breach by it of the provisions of this Agreement and hereby agree to waive the defense in any action for specific performance that a remedy at law would be adequate. 

(b) No Inconsistent Agreements. The Company will not on or after the date of this Agreement enter into any agreement with respect to
its securities that is inconsistent with the rights granted to the Holders in this Agreement or otherwise conflicts with the provisions hereof. Since January 1, 2010, the Company has not entered into any agreement granting any registration
rights with respect to its securities to any Person. The rights granted to the Holders hereunder do not in any way conflict with and are not inconsistent with the rights granted to the holders of the Company’s securities under any agreement in
effect on the date hereof. 
 (c) Amendments and Waivers. The provisions of this Agreement may not be amended, modified or
supplemented, and waivers or consents to or departures from the provisions hereof may not be given unless the Company has (i) in the case of Section 5 hereof and this Section 12(c)(i), obtained the written consent of Holders of all
outstanding Transfer Restricted Securities and (ii) in the case of all other provisions hereof, obtained the written consent of Holders of a majority of the outstanding principal amount of Transfer Restricted Securities (excluding any Transfer
Restricted Securities held by the Company or its Affiliates). Notwithstanding the foregoing, a waiver or consent to departure from the provisions hereof that relates exclusively to the rights of Holders whose securities are being tendered pursuant
to the Exchange Offer and that does not affect directly or indirectly the rights of other Holders whose securities are not being tendered pursuant to such Exchange Offer may be given by the Holders of a majority of the outstanding principal amount
of Transfer Restricted Securities being tendered or registered; provided, however, that, with respect to any matter that directly or indirectly affects the rights of any Initial Purchaser hereunder, the Company shall obtain the written
consent of each such Initial Purchaser with respect to which such amendment, qualification, supplement, waiver, consent or departure is to be effective. 

(d) Notices. All notices and other communications provided for or permitted hereunder shall be made in writing by hand-delivery,
first-class mail (registered or certified, return receipt requested), telex, telecopier, or air courier guaranteeing overnight delivery: 

(i) if to a Holder, at the address set forth on the records of the Registrar under the Indenture, with a copy to the Registrar
under the Indenture; and 

  
 -18- 

 (ii) if to the Company: 

100 CenturyLink Drive 
 Monroe,
Louisiana 71203 
 Telecopier No.: (318) 388-9488 

Attention: Stacey W. Goff, Esq., Executive Vice President, Chief Administrative Officer, General Counsel and Secretary 

With a copy to: 
 Jones Walker
L.L.P. 
 201 St. Charles Avenue, 51st Floor 

New Orleans, Louisiana 

70170-5100 
 Telecopier No.:
(504) 589-8386 
 Attention: Kenneth J. Najder 

All such notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five
Business Days after being deposited in the mail, postage prepaid, if mailed; when answered back, if telexed; when receipt acknowledged, if telecopied; and on the next Business Day, if timely delivered to an air courier guaranteeing overnight
delivery. 
 Copies of all such notices, demands or other communications shall be concurrently delivered by the Person giving the same to
the Trustee at the address specified in the Indenture. 
 (e) Successors and Assigns. This Agreement shall inure to the benefit of
and be binding upon the successors and assigns of each of the parties, including, without limitation, and without the need for an express assignment, subsequent Holders of Transfer Restricted Securities; provided, however, that this
Agreement shall not inure to the benefit of or be binding upon a successor or assign of a Holder unless and to the extent such successor or assign acquired Transfer Restricted Securities from such Holder. 

(f) Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each
of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 

(g) Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning
hereof. 

  
 -19- 

 (h) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICTS OF LAW RULES THEREOF. 
 (i) Severability. In the event that any
one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining
provisions contained herein shall not be affected or impaired thereby. 
 (j) Entire Agreement. This Agreement is intended by the
parties as a final expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein. There are no restrictions, promises,
warranties or undertakings, other than those set forth or referred to herein with respect to the registration rights granted by the Company with respect to the Transfer Restricted Securities. This Agreement supersedes all prior agreements and
understandings between the parties with respect to such subject matter. 

  
 -20- 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

  

					
	CENTURYLINK, INC.
		
	By:		 /s/ Stacey W. Goff

			Name:		Stacey W. Goff
			Title:		Executive Vice President, Chief Administrative Officer, General Counsel and Secretary

  
 [Signature Page to
Registration Rights Agreement] 

 The foregoing Registration Rights Agreement is hereby confirmed and accepted as of the date first
above written: 
  

			
	MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
		
	By:		 /s/ Scott Tolchin

			Name: Scott Tolchin
			Title: Managing Director

  
 [Signature Page to
Registration Rights Agreement] 

 The foregoing Registration Rights Agreement is hereby confirmed and accepted as of the date first
above written: 
  

			
	CITIGROUP GLOBAL MARKETS INC.
		
	By:		 /s/ Ross MacIntyre

			Name: Ross MacIntyre
			Title: Managing Director

  
 [Signature Page to
Registration Rights Agreement] 

 The foregoing Registration Rights Agreement is hereby confirmed and accepted as of the date first
above written: 
  

			
	J.P. MORGAN SECURITIES LLC
		
	By:		 /s/ Noah Roth

			Name: Noah Roth
			Title: Vice President

  
 [Signature Page to
Registration Rights Agreement] 

 The foregoing Registration Rights Agreement is hereby confirmed and accepted as of the date first
above written: 
  

			
	WELLS FARGO SECURITIES, LLC
		
	By:		 /s/ Marc A. Birenbaum

			Name: Marc A. Birenbaum
			Title: Managing Director

  
 [Signature Page to
Registration Rights Agreement]

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