This excerpt taken from the EQ 8-K filed May 4, 2006.
Employees Stock Purchase Plan
Embarq employees participate in Sprint Nextels Employees Stock Purchase Plan, or ESPP. Currently under Sprint Nextels ESPP, employees may elect to purchase common stock at a price equal to 90% of the market value on the exercise date, which is the last business day of the quarter. Until the fourth quarter of 2005, the price was equal to 85% of the lower of the grant date price or the exercise date price.