Common use of Preference Share Purchase Rights Clause in Contracts

Preference Share Purchase Rights. Upon exercise of an Option at a time when preference share purchase rights to purchase shares of Series BB Participating Cumulative Preference Stock or other securities or property of the Company (the "Rights" and each a "Right") remain outstanding pursuant to that certain Rights Agreement dated as of August 27, 1996 between the Company and the Rights Agent named therein, (the "Rights Agreement") or any successor rights agreement, then the Option shall automatically be converted into the right to receive, upon payment of the exercise price, one Right for each share of Common Stock received upon exercise of the Option.

Preference Share Purchase Rights. Upon exercise of an Option at a time when preference share purchase rights to purchase shares of Series BB Participating Cumulative Preference Stock or other securities or property of the Company (the "Rights" and each a "Right") remain outstanding pursuant to that certain Rights Agreement dated as of August 27, 1996 between the Company CenturyTel and the Rights Agent named therein, as amended (the "Rights Agreement") ), or any successor rights agreement, then the Option Optionee shall automatically be converted into the right to receive, upon payment receive Rights in conjunction with Optionee's receipt of the exercise price, one Right for each share shares of Common Stock received upon exercise on the terms and conditions of the OptionRights Agreement.

Preference Share Purchase Rights. Upon exercise of an Option at a time when preference share purchase rights to purchase shares of Series BB Participating Cumulative Preference Stock or other securities or property of the Company (the "Rights" and each a "Right") remain outstanding pursuant to that certain Rights Agreement dated as of August 27, 1996 between the Company CenturyTel and the Rights Agent named therein, as amended through the date hereof, and as may be further amended hereinafter (the "Rights Agreement") ), or any successor rights agreement, then the Option Optionee shall automatically be converted into the right to receive, upon payment receive Rights in conjunction with Optionee's receipt of the exercise price, one Right for each share shares of Common Stock received upon exercise on the terms and conditions of the OptionRights Agreement.

Preference Share Purchase Rights. Upon exercise of an Option at a time when preference share purchase rights to purchase shares of Series BB Participating Cumulative Preference Stock or other securities or property of the Company (the "Rights" and each a "Right") remain outstanding pursuant to that certain Rights Agreement dated as of August 27, 1996 between the Company and the Rights Agent named therein, as amended (the "Rights Agreement") ), or any successor rights agreement, then the Option shall automatically be converted into the right to receive, upon payment of the exercise price, one Right for each share of Common Stock received upon exercise of the Option.