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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) May 12, 2008
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SPRINT NEXTEL CORPORATION
(Exact name of Registrant as specified in its charter)
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Kansas 1-04721 48-0457967
(State of Incorporation) (Commission File Number) (I.R.S. Employer
Identification No.)
6200 Sprint Parkway, Overland Park, Kansas 66251
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (800) 829-0965
(Former name or former address, if changed since last report)
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Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
|_| Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)
|_| Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b))
|_| Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c))
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(e) On May 12, 2008, Sprint Nextel Corporation ("Sprint Nextel") announced that
it will make a cash performance and retention award payment to Barry West, Chief
Technology Officer & President, 4G Mobile Broadband, in the maximum amount of
$469,356, which is equivalent to his annual base salary, for his continued
service with our Xohm business unit. This award is part of a broader performance
and retention plan for certain Xohm employees.
Sprint Nextel will pay Mr. West 50% of the amount 120 days following the later
of the close of the transaction with Clearwire Corporation ("Clearwire") to
develop and deploy a broadband network based on WiMAX technology ("Clearwire
Transaction") or December 31, 2008 and the remaining 50% one year after the
Clearwire Transaction closes. Both payments will be dependent upon Xohm's
performance achievement of budget, market launch readiness in key markets and
achievement of a specific population coverage. Additionally, if the achievement
of those objectives are not met, the award will be reduced and possibly
eliminated altogether.
If the Clearwire Transaction is terminated on or after November 7, 2008, 50% of
the target award will be paid as soon as administratively practicable but no
later than 45 days from the termination date. In order to receive the cash
performance and retention award, Mr. West must be a Sprint Nextel employee on
the scheduled payment date or subject to the following termination reasons:
death, disability, involuntarily without cause, or resignation with
good reason following the failure to be offered a comparable position at
Clearwire or Sprint Nextel that is within 50 miles of his current work location.
If Mr. West is terminated for the aforementioned reasons, he is eligible for the
full award based on performance achievement.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
SPRINT NEXTEL CORPORATION
Date: May 16, 2008 /s/ Timothy O'Grady
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By: Timothy O'Grady
Assistant Secretary