Sprint Nextel Corp. wants its high-speed wireless Internet effort to do well and is willing to pay the man leading the operation a lot for it.
The nation's third-largest wireless provider is offering Chief Technology Officer Barry West a $469,356 bonus if he remains with the company for a year, according to a securities filing.
"The award is part of a broader performance and retention plan for certain Xohm employees," the filing said, referring to the wireless broadband service's brand name.
Sprint announced last week it was forming a joint company with Clearwire Corp. that would develop and market a wireless broadband venture called Clearwire that would use WiMax technology. Similar to the WiFi service found in coffee shops and airports, WiMax covers a much larger area and promises download speeds far faster than current wireless networks for video, games and other data services.
West, who will become president of the reformed Clearwire, would receive half of the bonus 120 days after the companies complete the Clearwire transaction or Dec. 31, whichever is later. The second half would be paid a year after the transaction closes.
The bonus also is dependent on the Clearwire project achieving a number of goals including budget, launching the service on time in different markets and having the service available to a large enough number of people.
West would still receive half of the bonus if the deal falls though on or after Nov. 7, Sprint said in the filing.
Sprint shares lost 23 cents to $9.17 in trading Friday.
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