Explanation of Responses:
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1)
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Exchanged for 10,881 shares of CenturyTel common stock plus cash in lieu of 0.1814 shares.
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2)
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This restricted stock unit award, which provided for vesting in 3 equal annual installments beginning February 27, 2010, was assumed by CenturyTel, Inc. in the merger and converted into a CenturyTel restricted stock unit award for 9,848 units with the same vesting schedule.
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3)
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A performance adjustment to these RSUs was approved at the time of merger closing, based on certain Embarq performance metrics through July 1, 2009. The actual achievement of performance goals for this grant was 200%, which was prorated as provided for in the merger agreement. The unvested portion of this restricted stock unit award, which provided for vesting in two equal annual installments beginning February 22, 2009, was assumed by CenturyTel, Inc. in the merger and converted into a CenturyTel restricted stock unit award for 5,789 units with the same remaining vesting schedule, but with no further performance adjustment.
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4)
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A performance adjustment to these RSUs was approved at the time of merger closing, based on certain Embarq performance metrics through July 1, 2009. The actual achievement of performance goals for this grant was 138%, which was prorated as provided for in the merger agreement. The unvested portion of this restricted stock unit award, which provided for vesting in full on March 2, 2011, was assumed by CenturyTel, Inc. in the merger and converted into a CenturyTel restricted stock unit award for 7,063 units with the same remaining vesting schedule, but with no further performance adjustment.
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5)
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This option, which is fully vested, was assumed by CenturyTel, Inc. in the merger and converted into an option to purchase 1,842 shares of CenturyTel common stock for $66.71 per share.
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6)
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This option, which is fully vested, was assumed by CenturyTel, Inc. in the merger and converted into an option to purchase 1,400 shares of CenturyTel common stock for $66.71 per share.
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7)
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This option, which is fully vested, was assumed by CenturyTel, Inc. in the merger and converted into an option to purchase 126 shares of CenturyTel common stock for $66.71 per share.
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8)
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This option, which is fully vested, was assumed by CenturyTel, Inc. in the merger and converted into an option to purchase 865 shares of CenturyTel common stock for $66.71 per share.
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9)
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This option, which is fully vested, was assumed by CenturyTel, Inc. in the merger and converted into an option to purchase 4,777 shares of CenturyTel common stock for $66.71 per share.
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10)
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This option, which is fully vested, was assumed by CenturyTel, Inc. in the merger and converted into an option to purchase 1,380 shares of CenturyTel common stock for $11.74 per share.
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11)
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This option, which is fully vested, was assumed by CenturyTel, Inc. in the merger and converted into an option to purchase 2,763 shares of CenturyTel common stock for $15.99 per share.
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12)
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This option, which is fully vested, was assumed by CenturyTel, Inc. in the merger and converted into an option to purchase 1,879 shares of CenturyTel common stock for $24.34 per share.
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13)
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This option, which is fully vested, was assumed by CenturyTel, Inc. in the merger and converted into an option to purchase 939 shares of CenturyTel common stock for $24.72 per share.
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14)
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This option, which is fully vested, was assumed by CenturyTel, Inc. in the merger and converted into an option to purchase 4,785 shares of CenturyTel common stock for $32.99 per share.
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15)
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This option, which is fully vested, was assumed by CenturyTel, Inc. in the merger and converted into an option to purchase 10,201 shares of CenturyTel common stock for $32.90 per share.
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16)
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This option, which provided for vesting in 3 equal annual installments beginning on February 22, 2008, was assumed by CenturyTel, Inc. in the merger and converted into an option to purchase 8,014 shares of CenturyTel common stock for $41.19 per share with the same remaining vesting schedule.
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17)
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This option, which provided for vesting in 2 equal annual installments beginning on February 22, 2008, was assumed by CenturyTel, Inc. in the merger and converted into an option to purchase 2,287 shares of CenturyTel common stock for $44.52 per share with the same remaining vesting schedule.
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18)
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This option, which provided for vesting in 3 equal annual installments beginning on March 2, 2009, was assumed by CenturyTel, Inc. in the merger and converted into an option to purchase 12,553 shares of CenturyTel common stock for $30.62 per share with the same vesting schedule.
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