Edgar Filing: OUSLEY JAMES E

Ownership Submission

FORM 4

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person ^*

OUSLEY JAMES E

2. Issuer Name and Ticker or Trading Symbol
CENTURYLINK, INC [CTL]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

_____ Director	_____ 10% Owner
__X__ Officer (give title below)	_____ Other (specify below)
Chief Exec Officer-Savvis Ops

(Last)

(First)

(Middle)

CENTURYLINK, INC., 100 CENTURYLINK DRIVE

3. Date of Earliest Transaction (Month/Day/Year)
08/25/2011

(Street)

MONROE, LA 71203

4. If Amendment, Date Original Filed(Month/Day/Year)

6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

(City)

(State)

(Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	08/25/2011		M		4,105	A	$ 9.2	256,525	D
Common Stock	08/25/2011		M		15,314	A	$ 10.22	271,839	D
Common Stock	08/25/2011		M		100,000	A	$ 16.18	371,839	D

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security
(Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code
(Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date
(Month/Day/Year)

7. Title and Amount of Underlying Securities
(Instr. 3 and 4)

8. Price of Derivative Security
(Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)

11. Nature of Indirect Beneficial Ownership
(Instr. 4)

Code

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Employee stock option (right to buy)

$ 9.2

08/25/2011

4,105

⁽¹⁾

04/30/2012

Common Stock

4,105

⁽²⁾

Employee stock option (right to buy)

$ 10.22

08/25/2011

15,314

⁽¹⁾

05/19/2019

Common Stock

15,314

⁽³⁾

Employee stock option (right to buy)

$ 16.18

08/25/2011

100,000

⁽¹⁾

03/09/2020

Common Stock

100,000

⁽⁴⁾

413,156

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
OUSLEY JAMES E CENTURYLINK, INC. 100 CENTURYLINK DRIVE MONROE, LA 71203			Chief Exec Officer-Savvis Ops

Signatures

/s/ Jennifer A. D'Alessandro, as attorney-in-fact		08/26/2011
^**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	The option is fully vested.
(2)	Received pursuant to the agreement and plan of merger among SAVVIS, Inc., a Delaware corporation ("Savvis"), CenturyLink, Inc., a Louisiana corporation ("CenturyLink"), and Mimi Acquisition Company, a Delaware corporation and wholly owned subsidiary of CenturyLink ("Merger Sub"), pursuant to which Merger Sub merged with and into Savvis (the "Merger"), in exchange for a stock option to acquire 4,000 shares of Savvis common stock for $9.435 per share.
(3)	Received in the Merger in exchange for a stock option to acquire 14,922 shares of Savvis common stock for $10.48 per share.
(4)	Received in the Merger in exchange for a stock option to acquire 500,000 shares of Savvis common stock for $16.60 per share.

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