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S > SEC Filings for S > Form 8-K on 4-Jan-2008All Recent SEC Filings

Show all filings for SPRINT NEXTEL CORP | Request a Trial to NEW EDGAR Online Pro

Form 8-K for SPRINT NEXTEL CORP


4-Jan-2008

Change in Directors or Principal Officers


Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(e) On December 31, 2007, Sprint Nextel Corporation (the "Company") and Barry West, Chief Technology Officer and President of the Company's Xohm Business Unit, entered into the third amendment to Mr. West's employment agreement, which provides for:

o a base salary for fiscal year 2008 of $469,356, subject to a merit increase in the manner consistent with the Company's general policies regarding compensation of senior executive employees;
o if Mr. West resigns during 2008, a pro-rata payment of his short-term incentive award at the greater of target or actual, with payment being made after the HC&CC has determined whether targets have been achieved;
o a lump sum payment of $250,000 on June 30, 2008 if Mr. West is employed through that date, or a pro-rata payment of $250,000 based on the number of days employed up until June 30, 2008 if Mr. West resigns or is terminated without cause prior to June 30, 2008, payable as soon as practicable after his termination;
o a lump sum payment of $250,000 on December 31, 2008 if Mr. West is employed through that date, or a pro-rata payment of $250,000 based on the number days employed after June 30, 2008 if Mr. West resigns or is involuntarily terminated without cause prior to December 31, 2008, payable as soon as practicable after his termination date; and
o waiver by Mr. West of participation in our 2008 long-term incentive compensation programs.


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