Sprint’s Brust gets reward for staying…

Here’s another pearl from the pre-holiday filings dump: on Wednesday afternoon Sprint (S) filed this 8-K that detailed an additional $50K bonus a month starting in May. That’s when Brust’s initial employment agreement is set to expire.

Footnoted regulars may remember that Brust, the former CFO at Eastman Kodak (EK) who came out of retirement to accept the job at Sprint, spent more than $600K last year flying between Sprint’s headquarters near Kansas City and his home –something we wrote about last spring here for Perkswatch. As we noted at the time, the frequent flying seemed to run counter to Brust’s image as a penny-pincher who took advantage of free hotel pens. While Brust may have helped Sprint’s bottom line, the stock has fallen over 50% during Brust’s tenure.

Under the new agreement, in addition to the $50K a month bonus, Brust will also receive a $3 million “long term incentive award” that vests in May 2012. It’s not clear from the 8-K filed last week whether the travel benefits are part of the deal.


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