Dan Hesse, chief executive of Sprint Nextel Corp., picked up nearly 1 million restricted Sprint shares last week as the wireless carrier rewarded management under its long-term incentive plans.
The restricted 997,768 shares don’t become Hesse’s until they vest in February 2015. A filing with the Securities and Exchange Commission said vesting will be subject to performance-based vesting conditions. A spokeswoman said Monday those conditions would be reported in future filings.
It’s a boost from last year, when Hesse received 965,000 restricted shares under the incentive plan. Since then, Sprint shares have lost about $2 a share in value. The plan compensates executives based on business targets such as cash flow and revenues.
With the additional restricted shares, Hesse becomes the beneficial owner of 4,685,364 shares, about 60 percent of which are restricted, the filing showed.