X0303 4 2010-05-18 0 0001288359 OTELCO INC. OTT 0001310427 Garner Curtis Lee JR 505 3RD AVENUE EAST ONEONTA AL 35121 0 1 0 0 Chief Financial Officer Class A common stock 9871 D Class A common stock 2010-05-18 4 P 0 50 16.79 A 550 I As UGMA custodian for granddaughter Class A common stock 2010-05-18 4 P 0 50 16.76 A 550 I As UGMA custodian for granddaughter 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. These securities are held by Uniform Gifts to Minors Act accounts for the benefit of the reporting person's granddaughters. The reporting person is the custodian of such accounts. The reporting person disclaims beneficial ownership of these securities, and this report shall not be deemed an admission that the reporting person is the beneficial owner of these securities for purposes of Section 16 or for any other purpose. /s/ Curtis L. Garner, Jr. 2010-05-18