Summary of Benefits and Fees for Named Executive Officers and Directors of Sprint Nextel
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Summary
This document outlines the benefits and fees provided to Sprint Nextel's named executive officers and directors. It covers club memberships, long-distance telephone service, personal use of corporate aircraft (with specific rules for the CEO and other executives), reimbursement for annual physical exams, and detailed board compensation including annual retainers, meeting fees, and restricted stock unit awards. Some benefits, such as long-distance service, continue after retirement, and Sprint Nextel reimburses income taxes related to these benefits.
EX-10.53 10 w30609exv10w53.htm EX-10.53 exv10w53
Exhibit 10.53
CERTAIN BENEFITS AND FEES FOR OUR
NAMED EXECUTIVE OFFICERS AND DIRECTORS
This chart summarizes benefits we make available to our named executive officers and directors for which we do not otherwise have written plan documents on file.
| Description of Benefit | Eligible Positions | Amount/Schedule | ||
Club Memberships | Chief Executive Officer and President-Customer Management | Club Membership, not including dues | ||
Long-Distance Telephone Service (1) | Legacy Sprint Executive Officers, including those that are Named Executive Officers | Actual usage (continues after retirement) | ||
Personal use of corporate aircraft | Chief Executive Officer | Under an executive security program established by the Human Capital and Compensation Committee, the Chief Executive Officer 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 Chief Executive Officer | ||
| Other Executive Officers, including the other Named Executive Officers and non-employee members of the Board of Directors | The Chief Executive Officer 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 | ||
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 Nominating and Corporate Governance 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 |
| (1) | Sprint Nextel reimburses for income taxes associated with these benefits. |
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