SoftBank extends Hesse's contract through 2018
http://www.bizjournals.com/kansascity/news/2013/09/23/softbank-re-signs-sprint-ceo-contract.html
Here's a rundown of Hesse's current contract with Sprint, according to the filing:
Contract term: Ends July 31, 2018
Annual salary: $1.2 million
Bonuses: Plan allows for a "targeted opportunity" that's 200 percent of Hesse's annual base salary and a maximum award equal to 200 percent of the targeted opportunity, plus a long-term incentive compensation plan.
Also similar to Hesse's prior contract, the new agreement lays out terms for Hesse if SoftBank terminates him without cause or if he resigns for "good reason."
Here are Hesse's terms for an eligible exit:
Noncompete agreement: Two years
Salary: Hesse would continue to receive his base salary for two years.
Bonuses: He would receive a prorated payment under the short-term incentive plan based on when he leaves the company.
Benefits: He could continue certain benefit plans.
Hesse also is eligible for certain severance protections — as much as $8.6 million — if he leaves Sprint within 18 months of the July SoftBank merger.