Explanation of Responses:
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1)
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Exchanged for 51,950 shares of CenturyTel common stock plus cash in lieu of 0.4927 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 68,310 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 21,622 units with the 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 48,996 units with the 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 11,057 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 9,951 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 1,329 shares of CenturyTel Inc. 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 2,763 shares of CenturyTel Inc. 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 18,236 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 5,456 shares of CenturyTel common stock for $33.65 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 8,747 shares of CenturyTel common stock for $31.44 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 5,066 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 2,531 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 28,417 shares of CenturyTel common stock for $36.30 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 63,317 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 38,605 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 3 equal annual installments beginning on March 2, 2009, was assumed by CenturyTel, Inc. in the merger and converted into an option to purchase 87,075 shares of CenturyTel common stock for $30.62 per share with the same remaining vesting schedule.
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