Sprint Nextel Interim Incentive Opportunity Program Summary (September–December 2005)
Sprint Nextel Corporation established an interim incentive program for eligible employees, including certain executive officers, but excluding Gary D. Forsee and Timothy M. Donahue. The program offers a potential bonus of up to 15% of the targeted annual bonus if specific wireless subscriber growth and EBITDA targets are met between September 1, 2005, and December 31, 2005. The agreement lists the maximum bonus amounts for named executive officers based on their roles and performance during this period.
Exhibit 10(cc)
SUMMARY OF INTERIM INCENTIVE OPPORTUNITY PROGRAM
The program was established to provide an interim incentive opportunity for eligible employees of Sprint Nextel Corporation, including executive officers other than Gary D. Forsee and Timothy M. Donahue. The program provides for a potential bonus opportunity of up to 15% of the targeted annual bonus if specified wireless subscriber additions and EBITDA (earnings before interest, taxes, depreciation and amortization) targets of differing weightings for participants in the wireless and the local telecommunications business are met for the period from September 1, 2005 to December 31, 2005.
The following table sets forth the maximum bonus for the period from September 1, 2005 to December 31, 2005 for each executive officer of Sprint Corporation and Nextel Communications named in that company’s summary compensation table for 2004, included in the joint proxy statement/prospectus, dated June 10, 2005, filed as part of our registration statement on Form S-4 (Registration Statement No. 333-123333), who is an executive officer of Sprint Nextel participating in the program.
Thomas N. Kelly, Jr., Chief Strategy Officer - $105,000
Leonard J. Kennedy, General Counsel - $ 50,625
Len J. Lauer, Chief Operating Officer - $168,000
Paul N. Saleh, Chief Financial Officer - $ 90,000
Barry J. West, Chief Technology Officer - $ 36,000
