Search the web
Welcome, Guest
[Sign Out, My Account]
EDGAR_Online

Quotes & Info
Enter Symbol(s):
e.g. YHOO, ^DJI
Symbol Lookup | Financial Search
PCS > SEC Filings for PCS > Form 8-K on 6-Mar-2009All Recent SEC Filings

Show all filings for METROPCS COMMUNICATIONS INC | Request a Trial to NEW EDGAR Online Pro

Form 8-K for METROPCS COMMUNICATIONS INC


6-Mar-2009

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.


   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

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 %

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


  Add PCS to Portfolio     Set Alert         Email to a Friend  
Get SEC Filings for Another Symbol: Symbol Lookup
Quotes & Info for PCS - All Recent SEC Filings
Sign Up for a Free Trial to the NEW EDGAR Online Pro
Detailed SEC, Financial, Ownership and Offering Data on over 12,000 U.S. Public Companies.
Actionable and easy-to-use with searching, alerting, downloading and more.
Request a Trial      Sign Up Now


Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service
SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for informational purposes only, not intended for trading purposes or advice. Neither Yahoo! nor any of independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. By accessing the Yahoo! site, you agree not to redistribute the information found therein.