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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.
(d) On May 23, 2018, the Vacancy Resolution Committee of the Board of Directors (the “Board”) of Sprint Corporation (the “Company”) appointed a new director, Stephen R. Kappes, effective as of May 31, 2018. There are no arrangements or understandings between Mr. Kappes and any other persons pursuant
to which Mr. Kappes was appointed as a director. Mr. Kappes has served as a director of two wholly-owned subsidiaries of the Company since July 2013, including serving on the Company’s Government Security Committee. In fiscal year 2017, Mr. Kappes received $125,000 in director fees for serving in such capacity.
Mr. Kappes will be appointed as a member of the Compensation Committee of the Board, effective as of May 31, 2018. In addition, effective as of May 31, 2018, Mr. Kappes will serve on the Board as the “Security Director”
under the National Security Agreement among the Company, SoftBank Group Corp. (f/k/a Softbank Corp.), the Department of Justice, the Department of Homeland Security, and the Department of Defense. Mr. Kappes will be paid according to the compensation program established for non-employee members of the Board, except that Mr. Kappes will receive the $182,500 Security Director retainer in lieu of the annual retainer paid to other non-employee members of the Board. He has entered into an indemnification agreement with the Company.
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.
