Summary of Executive Officer and Board of Directors Benefits and Fees

Contract Categories: Human Resources › Compensation Agreements
Summary

This document outlines the benefits and fees provided to executive officers and board members of the company. It details monthly automobile allowances, club membership dues, long-distance and PCS telephone services, miscellaneous annual services, disability pay, and separation pay based on years of service. Board members receive annual retainers and meeting fees. Certain benefits, such as club dues and miscellaneous services, are reimbursed for associated income taxes. The summary specifies the eligible positions and the amounts or schedules for each benefit.

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EX-10.(Y) 7 0007.txt SUMMARY OF EXECUTIVE OFFICER BENEFITS Exhibit 10(y) SUMMARY OF EXECUTIVE OFFICER BENEFITS AND BOARD OF DIRECTORS BENEFITS AND FEES
Description of Eligible Positions Amount/Schedule Benefit Automobile Chief Executive Officer $1,500/month Allowance Chief Operating Officer $1,300/month Division Presidents and $1,100/month Executive Vice Presidents Senior Vice Presidents $1,000/month Club Chief Executive Officer, Dues approved at Membership(1) Chief Operating Officer, discretion of CEO Division Presidents and Executive Vice Presidents Senior Vice Presidents Dues approved at discretion of Executive Vice Presidents Sprint Long- Board of Directors $6,000/year Distance (continues after Telephone retirement for up Service(1) to 120 months) Chief Executive Officer, Unlimited (continues Chief Operating Officer, after retirement) Division Presidents, Executive and Senior Vice Presidents Sprint PCS Board of Directors $2,000/year Service(1) Use of PCS handsets Miscellaneous Chief Executive Officer and $15,000/year services Chief Operating Officer (e.g., Division Presidents and $12,000/year investment/tax Executive Vice Presidents counseling, Senior Vice Presidents $10,000/year income tax preparation, estate planning)(1) Disability Chief Executive Officer, 52 weeks at full Chief Operating Officer, base pay Division Presidents, Executive and Senior Vice Presidents (1) Sprint reimburses for income taxes associated with these benefits.
Description of Eligible Positions Amount/Schedule Benefit Separation Chief Executive Officer, Less than 5 years' services: Chief Operating Officer, 17 weeks' salary Division Presidents, continutation Executive and Senior 5 to 10 years' service Vice Presidents (unless 35 weeks' salary otherwise provided in an continuation individual agreement 11 to 18 years' service with an officer) 43 weeks' salary continuation More than 19 years' service: 1 year salary continuation Fees Board of Directors Annual retainer - $40,000/year Meeting Fee - $1,250/meeting Committee Meeting Fee - $1,000/ meeting