Otelco Telephone LLC Watch

from S-1/A 11 pages Employment Agreement Dated as of June 9, 2004 (This “Agreement”), Among Otelco Telephone LLC, a Delaware Limited Liability Company (The “Company”) and Curtis L. Garner, Jr. (The “Employee”). Whereas, the Company and the Employee Desire to Enter Into This Agreement. Now Therefore, in Consideration of the Mutual Covenants Contained Herein and Other Good and Valuable Consideration, the Receipt and Sufficiency of Which Are Hereby Acknowledged, the Parties Hereto Agree as Follows: Section 1. Effective Date; Termination. This Agreement Shall Become Effective on the Date First Written Above (The “Effective Date”). Section 2. Employment Period. Subject to Section 4, the Company Hereby Agrees to Employ the Employee, and the Employee Hereby Agrees to Be Employed by the Company, in Accordance With the Terms and Provisions of This Agreement, for the Period From the Effective Date Through the Termination Date (The “Employment Period”). Section 3. Terms of Employment

from S-1/A 11 pages Whereas, in Connection With the Proposed Initial Public Offering of Income Deposit Securities by Otelco (The “Offering”), the Company and the Executive Desire to Amend and Restate the Terms of the Employment Agreement Entered Into by the Executive and the Company on January 5, 1999 (The “Prior Agreement”). Now Therefore, in Consideration of the Mutual Covenants Contained Herein and Other Good and Valuable Consideration, the Receipt and Sufficiency of Which Are Hereby Acknowledged, the Parties Hereto Agree as Follows: Section 1. Effective Date; Termination