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NIHD > SEC Filings for NIHD > Form 8-K on 19-Dec-2013All Recent SEC Filings

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Change in Directors or Principal Officers, Financial Statements and Exhibits

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

On December 16, 2013, NII Holdings, Inc. (the "Company") announced that, effective immediately, Peter Foyo will be appointed Executive Vice President, Business Development of the Company and will no longer serve as the President of Nextel Mexico, the Company's Mexican operating subsidiary.

In connection with Mr. Foyo's appointment to his new position, the Company entered into an Offer Letter (the "Offer Letter") with Mr. Foyo, dated as of December 16, 2013. For his services as Executive Vice President, Business Development, Mr. Foyo will continue to receive an annual salary of $535,829 and continue to be eligible for an annual incentive bonus with a target annual cash bonus of 60% of his annual salary and a target annual long-term equity grant commensurate with his position. Pursuant to the terms of the Offer Letter, if Mr. Foyo is terminated by the Company before March 31, 2015 in a manner that would result in compensatory benefits pursuant to the Company's Severance Plan or if he elects to terminate his employment with the Company before March 31, 2014, Mr. Foyo would be entitled to receive a lump sum gross payment of $1,100,000. The Offer Letter supersedes the Employment Letter Agreement, dated April 29, 2011, between the Company and Mr. Foyo. A copy of the Offer Letter is filed as Exhibit 10.1 hereto and is incorporated herein by reference.

John McMahon, in addition to continuing as the Company's President, Argentina and Chile, will serve as Interim President, Nextel Mexico until the Company names a successor to Mr. Foyo.

The full text of the Company's press release announcing the matters described herein is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

Exhibit No.   Description

10.1          Offer Letter dated December 16, 2013
99.1          Press Release dated December 16, 2013

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