Summary of OTELCO INC. - Yahoo! Finance

Item 5.07. Submission of Matters to a Vote of Security Holders.

Otelco Inc. ("Otelco" or the "Company") held its 2012 Annual Meeting of Stockholders (the "Annual Meeting") on May 9, 2012. As set forth below, at the Annual Meeting, the Company's stockholders voted on three proposals.

Proposal 1 - Election of Directors

At the Annual Meeting, the Company's stockholders elected Robert E. Guth and
Andrew Meyers as directors of the Company for a term to expire at the Company's
2015 Annual Meeting of Stockholders. The results of the voting were as follows:

                                           Broker
                    For      Withheld     Non-Vote
Robert E. Guth   4,524,758   209,645      7,142,459
Andrew Meyers    4,526,744   207,659      7,142,459

The following directors of the Company have terms in office that continue after the Annual Meeting: William Bak; Howard J. Haug; Stephen P. McCall; William F. Reddersen; and Michael D. Weaver.

Proposal 2 - Ratification of Appointment of Independent Registered Public
Accounting Firm

At the Annual Meeting, the Company's stockholders ratified the appointment of
BDO USA, LLP as the Company's Independent Registered Public Accounting Firm for
the fiscal year ending December 31, 2012. The results of the voting were as
follows:

                                 Broker
                                  Non-
   For       Against   Abstain    Vote
11,693,548   121,760   61,554      0

Proposal 3 - Approval, on an Advisory Basis, of the Compensation of Otelco's
Named Executives

At the Annual Meeting, the Company's stockholders approved, on an advisory
basis, the compensation of the Company's named executive officers. The results
of the voting were as follows:


                                 Broker
                                  Non-
   For      Against   Abstain     Vote
4,130,860   430,099   173,444   7,142,459