Summary
This 8-K filing from MetroPCS Communications, Inc. (which would later merge with T-Mobile US) on May 30, 2012, primarily details amendments to its Severance Pay Plan and the results of its Annual Meeting of Stockholders held on May 24, 2012. The amendments to the severance plan, effective May 30, 2012, were made to comply with Section 409A of the Internal Revenue Code and included a five percent increase in the 'Additional Payment' percentage for two executive officers: the President and Chief Operating Officer, and the Chief Financial Officer and Vice Chairman. The Annual Meeting saw the election of Class II directors and the ratification of Deloitte & Touche LLP as the company's independent registered public accounting firm for fiscal year 2012. The director elections and auditor ratification were overwhelmingly approved by shareholders, indicating general support for the company's governance and financial oversight at that time.
Key Highlights
- 1MetroPCS Communications, Inc. amended its Severance Pay Plan to comply with IRS Section 409A.
- 2A five percent increase in the 'Additional Payment' was approved for the President/COO and CFO/Vice Chairman under the amended severance plan.
- 3The amendments are consistent with increases in target percentages for annual cash performance awards.
- 4The company held its Annual Meeting of Stockholders on May 24, 2012.
- 5Directors John (Jack) F. Callahan, Jr. and W. Michael Barnes were elected as Class II directors.
- 6Shareholders overwhelmingly ratified the appointment of Deloitte & Touche LLP as the independent auditor for FY2012.