X0303 4 2010-06-08 0 0001288359 OTELCO INC. OTT 0001310282 Weaver Michael Dan 900D HAMMOND STREET BANGOR ME 04401 1 1 0 0 President & CEO Class A common stock 2010-06-08 4 A 0 891 A 49578 D Class B common stock 2010-06-08 4 D 0 891 D Income Deposit Securities 891 0 D The reported securities consist of Income Deposit Securities. Each Income Deposit Security consists of one share of Class A common stock and one 13% senior subordinated note due 2019 with a $7.50 principal amount. Class B common stock was exchangeable for Income Deposit Securities on a one-for-one basis. The reporting person disposed of 891 shares of Class B common stock in exchange for 891 Income Deposit Securities in an issuer exchange offer. Pursuant to an investor rights agreement, the Class B common stock became exchangeable for Income Deposit Securities beginning on December 21, 2006, subject to the satisfaction of certain conditions, including, through December 21, 2009, a financial test. None. /s/ Curtis L. Garner, Jr., Attorney-In-Fact 2010-06-08