Lumen Technologies, Inc. — Director's Dealing 2017

Nov 3, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CENTURYLINK, INC (CTL)
CIK: 0000018926
Period of Report: 2017-11-01

Reporting Person: GLENN T MICHAEL (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-11-01	Common Stock	A	38885	—	Acquired	38885	Direct
2017-11-01	Common Stock	A	4224	$0.00	Acquired	43109	Direct
2017-11-01	Common Stock	A	7143	—	Acquired	7143	Indirect

Footnotes

F1: On November 1, 2017, the Issuer acquired Level 3 Communications, Inc. ("Level 3") pursuant to the Agreement and Plan of Merger (the "Merger Agreement") by and among the Issuer, Level 3, Wildcat Merger Sub I LLC and WWG Merger Sub LLC. Upon the Effective Time (as defined in the Merger Agreement), each outstanding Level 3 common share held by the Reporting Person was converted into the right to receive (a) $26.50 in cash, without interest, and (b) 1.4286 shares of the Issuer's common stock, with cash paid in lieu of fractional shares (together, the "Merger Consideration"). In addition, due to his service as a non-employee member of the board of directors of Level 3 immediately prior to the Effective Time, each outstanding Level 3 restricted stock unit award held by the Reporting Person was cancelled at the Effective Time in exchange for the Merger Consideration per Level 3 common share covered by such award, in accordance with the terms of the Merger Agreement.

F2: Represents a grant of restricted stock that will vest on May 25, 2018.