Sprint Nextel Sets Pay, Bonus Levels For Some Executives"
WASHINGTON -(Dow Jones)- Newly merged Sprint Nextel (S) on Thursday disclosed pay levels for outside directors and some of the company's top executives, and reported that options issued to the former chief operating officer of Nextel will vest immediately.
Thomas N. Kelly, the former operating chief who is now Sprint Nextel's chief strategy officer, had options on 580,269 shares accelerated to become immediately exercisable, according to a filing with the Securities and Exchange Commission.
The company said outside directors will receive an annual cash retainer of $70,000, and board and committee meeting fees of $2,000 per meeting ($1,000 for telephonic meetings).
The directors' pay program also provides that committee chairs will get additional annual retainers. The audit committee chair will get $20,000, the human capital and compensation committee chair will get $15,000, and other committee chairs will get $10,000.
In addition, the two co-lead independent directors will receive additional annual retainers of $75,000. Outside directors will also receive an annual grant of $100,000 in restricted stock units that vests one year after grant.
The human capital and compensation committee also established, for some executives, base salaries for 2006, short- and long-term incentive targets (STI and LTI) and "synergy targets" for the two-year period beginning Jan. 1, 2006. "
Posted to the site on 19th August 2005
