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Quotes & Info
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| PCS > SEC Filings for PCS > Form 8-K on 6-Mar-2009 | All Recent SEC Filings |
6-Mar-2009
Change in Directors or Principal Officers
Officers.
Stock Option and Restricted Stock Grants
On March 4, 2009, the MetroPCS Communications, Inc. (the "Company") Board of
Directors approved grants of options ("Options") to acquire the Company's common
stock, par value $0.0001 per share ("Common Stock"), and grants of restricted
Common Stock ("Restricted Stock") to named executive officers of the Company
under the Amended and Restated MetroPCS Communications, Inc. 2004 Equity
Incentive Compensation Plan (the "2004 Plan") as follows:
Shares of
Name Position Number of Options Restricted Stock
Roger D. Linquist President and Chief Executive Officer 570,000 245,000
Thomas C. Keys Chief Operating Officer 295,000 125,000
J. Braxton Carter Executive Vice President and Chief Financial Officer 180,000 75,000
Mark A. Stachiw Executive Vice President, General Counsel and Secretary 115,000 50,000
Robert A. Young Senior Vice President, Market Operations, Northeast 50,000 20,000
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All of the Option grants approved by the Board of Directors on March 4, 2009
have an exercise price equal to the closing price of the Common Stock on the New
York Stock Exchange on that date, $14.43 per share. All of the Option and
Restricted Stock grants vest over four years as follows: twenty-five percent
(25%) of the Options and Restricted Stock vest and, in the case of the Options,
become exercisable, on March 4, 2010, and the remainder of the Options and
Restricted Stock granted vests and, in the case of the Options, become
exercisable, upon the executive officer's completion of each additional month of
service in a series of thirty-six (36) successive equal monthly installments.
2009 Annual Cash Incentive Performance Awards
On March 4, 2009, the Company's Board of Directors approved annual cash
performance awards to the Company's named executive officers for fiscal year
2009 ("Performance Awards") under the 2004 Plan based on 2009 performance
criteria ("Performance Criteria") approved by the Board of Directors. These
Performance Awards will be paid in 2010 to the named executive officers based on
individual and Company performance against the 2009 approved Performance
Criteria as described below.
The following table sets forth the Board of Director approved weighting, shown as a percentage of the total Performance Award, of the individual measures and the company/team Performance Criteria that will be used to determine Performance Award payments to the Company's executive officers, including the named executive officers, for the fiscal year ending December 31, 2009:
Percentage of Cash Performance
2009 Performance Criteria Award
• Gross margin
• Adjusted EBITDA per average subscriber
• Net additions 70 %
Company/team Performance Criteria • Capital expenditures per ending subscriber
• Discretionary
Individual performance 30 %
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The Board of Directors also approved targets for the individual measures and company/team Performance Criteria measures that would result in varying levels of cash payments under the Performance Awards. The following table sets forth the target and maximum payment opportunities for Performance Awards to the named executive officers as a percentage of annual base salary at corresponding levels of performance by the Company against the individual measures and the company/team Performance Criteria for the fiscal year ending December 31, 2009:
2009 Cash Performance Award Payout
Level Based on Goal Achievement
Maximum
At 100% (Target) performance
Roger D. Linquist President and Chief Executive Officer 140% of base salary 280% of base salary
Thomas C. Keys Chief Operating Officer 85% of base salary 170% of base salary
J. Braxton Carter Executive Vice President and Chief Financial Officer 75% of base salary 150% of base salary
Mark A. Stachiw Executive Vice President, General Counsel and Secretary 75% of base salary 150% of base salary
Robert A. Young Senior Vice President, Market Operations, Northeast 75% of base salary 150% of base salary
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