Explanation of Responses:
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1)
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Exchanged for 16,044 shares of CenturyTel common stock plus cash in lieu of 2.96 fractional shares in several accounts.
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2)
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Exchanged for 632.4193 share equivalents of CenturyTel common stock held in the TRASOP portion of Mr. Cheek's retirement plan.
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3)
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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 14,421 units with the same vesting schedule.
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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 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 4,860 units with the same remaining vesting schedule, but with no further performance adjustment.
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5)
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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 8,982 units with the same remaining vesting schedule, but with no further performance adjustment.
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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 2,948 shares of CenturyTel common stock for $66.71 per share with the same vesting schedule.
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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 2,211 shares of CenturyTel common stock for $66.71 per share with the same vesting schedule.
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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 472 shares of CenturyTel common stock for $66.71 per share with the same vesting schedule.
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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 865 shares of CenturyTel common stock for $66.71 per share with the same vesting schedule.
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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 4,777 shares of CenturyTel common stock for $66.71 per share with the same vesting schedule.
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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 868 shares of CenturyTel common stock for $24.34 per share with the same vesting schedule.
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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 432 shares of CenturyTel common stock for $24.72 per share with the same vesting schedule.
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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 2,320 shares of CenturyTel common stock for $33.00 per share with the same vesting schedule.
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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 16,737 shares of CenturyTel common stock for $32.90 per share with the same vesting schedule.
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15)
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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 8,678 shares of CenturyTel common stock for $41.19 per share with the same remaining vesting schedule.
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16)
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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 15,963 shares of CenturyTel common stock for $30.62 per share with the same remaining vesting schedule.
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