CERTAIN BENEFITS AND FEES FOR OUR NAMED EXECUTIVE OFFICERS AND DIRECTORS
Exhibit 10.9
CERTAIN BENEFITS AND FEES FOR OUR
NAMED EXECUTIVE OFFICERS AND DIRECTORS
| Description of Benefit | Eligible Positions | Amount/Schedule | ||
| Club Memberships | Chief Executive Officer and Chief Operating Officer | Club Membership, not including dues | ||
| Director Communications Benefit | Non-employee members of the Board of Directors | Up to two wireless units and one connection card activated on the wireless network, long distance and international calling cards and wireline long distance. Specialized equipment and accessories also provided. Up to ten friends and family members may participate in one of three special discounted wireless rate plans. If a director on the board as of 7/25/2006 resigns from the board with five or more years of service, including service on the board of directors of Nextel Communications, Inc., the communications benefit will continue for number of months on board up to 120 months. | ||
| Long-Distance Telephone Service (1) | Legacy Sprint Executive Officers, including the Named Executive Officers other than Chairman | Actual usage (continues after retirement) | ||
| Personal use of corporate aircraft | Chief Executive Officer and Chairman | Under an executive security program established by the Human Capital and Compensation Committee, each of the CEO and Chairman is required to use Sprint Nextel aircraft for personal as well as business travel. Sprint Nextel provides these security services for its benefit rather than as a personal benefit or perquisite for the CEO or Chairman. | ||
| Other Executive Officers, including the other Named Executive Officers and non-employee members of the Board of Directors | The CEO must pre-approve any proposed personal use of the corporate aircraft for personal reasons. | |||
| Executive Physical | Executive Officers, including the Named Executive Officers | Reimbursement for annual physical examination | ||
| Description of Benefit | Eligible Positions | Amount/Schedule | ||
| Board of Director Fees | Non-employee members of the Board of Directors | Annual retainer -$70,000/year
Additional Annual retainer for Lead Independent Director - $75,000/year
Committee Chair additional annual retainer:
Audit Committee - $20,000
Human Capital and Compensation Committee - $15,000
Finance and Human Capital and Compensation Committees - $10,000
Board and Committee In-Person Meeting Fees - $2,000/ meeting
Telephonic Board and Committee Meeting Fees-$1,000/meeting
Annual award of $100,000 in restricted stock units | ||
| Board of Directors Retirement Benefit (Benefit eliminated in 1996 for all non-employee directors who had not met a five-year service requirement) | One current non-employee member of the Board of Directors | Monthly retirement payment equal to the monthly fee (not including meeting fees or additional retainers) being paid to non-employee directors at the time of retirement to be paid for 120 months. | ||
| * | This summary replaces the schedule filed as Exhibit 10.1 to Sprint Nextel’s Current Report on Form 8-K filed April 21, 2006. |
| (1) | Sprint reimburses for income taxes associated with these benefits. |
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