Document:

Accelerated Stock Options

    
      

    

    Exhibit
      10-jj

    

    Summary
      of Terms and Conditions of Accelerated Stock Options 

    Effective
      December 30, 2005

    

    All
      of
      the Company’s outstanding unvested stock options granted to directors, officers
      and employees of the Company, except the unvested options of Jeffrey P. Baker,
      the Company’s President and CEO became fully vested effective December 30, 2005.
      The acceleration of vesting of these stock options does not alter the vesting
      of
      restricted stock held by directors and officers of the Company.

    

    The
      stock
      option awards subject to this acceleration of vesting generally provide that
      25%
      of the number of shares underlying an option award vest on each of the first
      four anniversaries from the grant date. The acceleration of the vesting of
      all
      outstanding, unvested stock options granted under the Plans only affects stock
      option awards granted from December 30, 2001 through 2005. The acceleration
      does
      not affect stock option awards granted prior to December 30, 2001 and prior
      years as those options have already vested. 

    

    The
      following table summarizes the outstanding options subject to accelerated
      vesting:

     

    
      
        	 	
                Aggregate
                  Number of Shares Issuable Under Accelerated Stock Options
                  (#)

              	
                 

                Weighted
                  Average Exercise Price Per Share ($)

              
	
                Total
                  Non-Employee Directors

              	
                97,500

              	
                3.46

              
	
                Total
                  Named Executive Officers1 

              	
                72,500

              	
                3.59

              
	
                Total
                  All Other Employees

              	
                731,750

              	
                3.32

              
	
                Total2 

              	
                901,750

              	
                3.36

              

      

      
        
          

            

          

        

      

      
        1
          Includes
          named executive officers (except Mr. Baker) named in the Summary Compensation
          Table in the Company’s 2005 Proxy Statement filed with the Securities and
          Exchange Commission on April 22, 2005.

      

      
        2
          The
          accelerated options represent approximately 37.95% of the Company’s total
          outstanding options.Executive Retirement Plan Amendment

    
      

    

    Exhibit
      10-kk

    

    Summary
      of Terms and Conditions of 

    Special
      Executive Retirement Plan Amendment

    Effective
      December 30, 2005

    

    
      	
              Plan
                Feature

            	
              Plan
                Provision

            
	
              Eligibility
                

            	
              Executive
                Team Members as defined in plan document

            
	
              Transition
                Strategy

            	
              Convert
                accrued benefit to opening account balances based on present value
                calculated at 6% discount rate

               

              Selected
                participants permitted to terminate participation and receive benefits
                in
                2005

            
	
              Basic
                Employer Contributions

            	
              Flat
                rate contributions of 15% of base pay; 20% for CEO

            
	
              Supplemental
                Employer Contributions

            	
              Additional
                employer contributions allowed based on individual or company financial
                performance

            
	
              Discretionary
                Employer Contributions

            	
              Special
                account subject to separate vesting for sign-on bonuses,
                etc.

            
	
              Employee
                Contributions

            	
              Permitted
                up to 50% of base salary and 100% of incentive bonus (if
                any)

            
	
              Vesting

            	
              100%
                vested for employee and employer contributions

            
	
              Distribution
                Date

            	
              Employee
                contributions: Selected
                date (if designated) or date
                of separation from employment,  whichever
                is later

               

              Employer
                contributions: Selected
                date (if designated) or date of
                separation from employment, whichever
                is later

               

              Key
                employees: Six-month
                delay if distribution due to
                separation from service

            
	
              Distribution
                Form

            	
              Lump
                sum or 120 months as elected by participant if account balance is
                at least
                $120,000

            
	
              Subsequent
                Deferral Election

            	
              Permitted,
                subject to 1-year, 5-year rule

               

              1-year,
                5-year rule: Participants
                can change the distribution date they initially select if they make
                the
                change at least one year before the distribution date. Distributions
                then
                cannot occur until five years after the originally selected distribution
                date.

            
	
              Change
                in Control

            	
              Rabbi
                trust funded on change in control; payment made if plan is terminated
                within 12 months

            
	
              Investments

               

               

               

               

            	
              Employee
                Contributions: As
                selected by participants for their
                own contributions; to be administered
                by Mercer HR Services. 
                Until
                arrangements with Mercer are formalized,
                employee contributions
                will
                earn the crediting rate for employer
                contributions (see below).

               

              Employer
                Contributions: Crediting
                rate equivalent to the 15-year
                treasury rate plus 1-3%
                

            
	
              Disability

            	
              Lump
                sum payment following three months’ receipt of long-term disability
                benefits

            
	
              Hardship
                Distributions

            	
              Not
                permitted

            
	
              Cancellation
                of Deferral Elections

            	
              Required
                following hardship distribution from
                401(k)exhibit10.1(b)

    Exhibit
      10.1(b)

    NINTH
      AMENDMENT TO

    THE
      CENTURYTEL, INC.

    DOLLARS
      & SENSE PLAN & TRUST

    

    As
      Amended and Restated Effective

    September
      1, 2000

    

    WHEREAS
      the
      CenturyTel, Inc. Dollars & Sense Plan & Trust ("Plan") was amended and
      restated effective as of September 1, 2000; and

    

    WHEREAS.
      Section
      13.1 of the Plan allows CenturyTel, Inc. to amend the Plan, and

    

    WHEREAS
      the
      Board of Directors authorized the amendment of the Plan to create a profit
      sharing account so that additional funds could be contributed to this Plan
      as
      permitted by the Internal Revenue Code and regulations; and

    

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

    

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

    

    I.

    

    Add
      Section 1.1(j)(1) after Section 1.1(j) to read as follows:

    

    "(j)(1) 
      Profit Sharing Account;

    

    II.

    

    Add
      Section 1.52(a) after Section 1.52 to read as follows:

    

    1.52(a) Profit
      Sharing Account. 
      That portion of a Participant’s Accrued Benefit which consists of Profit Sharing
      Contributions made to the Plan for the Plan Year by the Employer.

    

    III.

    

    Add
      Section 1.52(b) after Section 1.52(a) to read as follows:

    

    1.52(b) Profit
      Sharing Contributions. 
      Profit Sharing Contributions to the Plan for a Plan Year by the Employer
      pursuant to Section 3.2(b)(1).

    IV.

    

    Add
      Section 3.2(b)(1) after Section 3.2(b) to read as follows:

    

    (b)(1)
      Profit
      Sharing Contributions. 
      For any Plan Year, the Employer may make discretionary Profit Sharing
      Contributions to the Plan.

    

    V.

    

    Add
      the
      following sentence to the end of Section 4.1:

    

    Profit
      Sharing Contributions with respect to a Participant shall be allocated to such
      Participant's Profit Sharing Account.

    

    
      THUS
        DONE AND SIGNED
        this 29th day of December, 2005.

      

      
        	 	
                CENTURYTEL,
                  INC.

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

                R.
                  Stewart Ewing, Jr.,

              
	 	
                Executive
                  Vice-President and

                Chief
                  Financial Officer

              

      

      

      

         

      

      THUS
        DONE AND SIGNED
        this 11th day of January, 2006.

      

      
        	 	
                T.
                  ROWE PRICE TRUST COMPANY

              
	 	 
	 	
                By: 
                  /s/ Nancy Maitland 

              
	 	
                Print
                  Name:  Nancy Maitland

                Title:  
                  Vice
                  President

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