SUMMARY OF EXECUTIVE OFFICER BENEFITS AND BOARD OF DIRECTORS BENEFITS AND FEES *
Exhibit 10.47
SUMMARY OF EXECUTIVE OFFICER BENEFITS
AND BOARD OF DIRECTORS BENEFITS AND FEES *
| Description of Benefit | Eligible Positions | Amount/Schedule | ||
| Club Memberships | Chief Executive Officer, Chief Operating Officer, President, Consumer Solutions | Club Membership, not including dues | ||
| Sprint Nextel Long-Distance Telephone and Wireless Service (1) | Board of Directors | Actual usage (continues after retirement for up to 120 months for legacy Sprint Directors with 5 years or more service) and use of Sprint PCS and IDEN handsets, accessories, equipment and replacement parts related to this service. | ||
| Sprint Nextel Long-Distance Telephone Service (1) | Executive Officers | Legacy Sprint: 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 CEO 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. | ||
| Executive Officers | The CEO must pre-approve any proposed personal use of the corporate aircraft for personal reasons. | |||
| Executive Physical | Legacy Sprint Executive Officers | Reimbursement for Annual Physical Examination | ||
| Separation | Executive Officers (unless otherwise provided in an individual agreement with an officer) | Legacy Sprint: 1 year salary and benefits continuation plus lump sum bonus payment at conclusion of one year period equal to 80 percent of target opportunity
Legacy Nextel: Benefits set forth in Nextel Change of Control Retention Bonus and Severance Pay Plan | ||
| Description of Benefit | Eligible Positions | Amount/Schedule | ||
| Fees | Board of Directors | Annual retainer - $70,000/year
Additional Annual retainer for Lead Directors - $75,000/year
Committee Chair additional annual retainer
Audit Committee - $20,000
Human Capital and Compensation Committee - $15,000
Other Committees - $10,000
Board and Committee Meeting Fees - $2,000/ meeting
Telephonic Board and Committee Meeting Fees-$1,000/meeting
Annual award of $100,000 in restricted stock units |
| * | This summary is effective beginning March 1, 2006 and replaces the schedule filed as Exhibit 10(dd) to Sprint Nextel’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2005. |
| (1) | Sprint reimburses for income taxes associated with these benefits. |
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