CenturyLink 2015 Annual Report Download - page 86
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balances were distributed to participants at the close of the merger, but plan balances attributable to amounts
deferred on or after January 1, 2005 by Qwest directors who joined our Board following the merger were
converted, based on the merger exchange ratio, to phantom units based on the value of one of our Common
Shares. Other than the crediting and “reinvestment” of dividends for outstanding phantom units, CenturyLink
does not make any contributions to, and no additional elective deferrals are permitted under, this plan. Subject to
the terms of the plan, each participant’s account will be distributed as a lump sum in cash as soon as practicable
following the end of his or her service as a director. As of December 31, 2015, Michael J. Roberts was the only
remaining participant in this plan, with a balance of 5,145.45 phantom units with an aggregate value of $129,460
as of such date.
We supply company-owned tablets to our outside directors for use in reviewing materials posted to a
dedicated portal that permits management to communicate with the Board.
Our bylaws require us to indemnify our directors and officers so that they will be free from undue concern
about personal liability in connection with their service to CenturyLink. We have signed agreements with each of
those individuals contractually obligating us to provide these indemnification rights. We also provide our
directors with customary directors and officers liability insurance.
Director Stock Ownership Guidelines
For information on our stock ownership guidelines for outside directors, see “Corporate Governance —
Governance Guidelines — Stock Ownership Guidelines.”
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