Sprint - Nextel 2011 Annual Report Download - page 193

determined by the Committee in accordance with Section 5.1 or its annual anniversary, by the number of remaining installment
payments to be made (including the payment being determined), with the last scheduled installment resulting in a complete payment.
Notwithstanding the foregoing, the second and any subsequent installments that are made to a Specified Employee due to Separation
From Service will be determined as of the annual anniversary of his or her Separation From Service, such that only the first such
installment will be delayed for six months.
5.3.4 Delay for Taxes. Notwithstanding the foregoing, a payment may be delayed if the Committee in its reasonable discretion
reasonably anticipates that if such payment were made as scheduled, Sprint Nextel’s deduction with respect to such payment woul
d
not be permitted due to the application of Code Section 162(m), the Committee may unilaterally delay the time of the making o
r
commencement of payments, provided that all scheduled payments to the Participant that could be delayed in accordance with this
Section 5.3.4 are delayed. Any payment delayed pursuant to the foregoing must be made either during the first taxable year of the
Participant in which the Committee reasonably anticipates, or should reasonably anticipate, that if the payment is made during such
year, the deduction of such payment will not be barred by Code Section 162(m) or during the period beginning with the date of the
Participant’s Separation from Service and ending on the later of the last day of the taxable year of Sprint Nextel in which the
Participant has a Separation from Service or the 15th day of the third month after the Participant’s Separation from Service.
5.4 Subsequent Changes in Time and Form of Payment. A Participant may, before such Participant's Separation From Service, elect to
delay a payment or to change the form of payment of his or her Pre-Tax Contribution Account by filing a properly completed Subsequent
Deferral Election Form with the Committee, provided that:
A Subsequent Deferral Election Form shall be accepted by the Committee only if such form complies with (a), (b) and ,if applicable, (c)
above and shall be irrevocable on the date such form is accepted by the Committee.
5.5 Designation of Beneficiaries.
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(a) Such election shall not be effective until twelve (12) months after it is filed with the Committee;
(b) Such election shall require that the payment with respect to which the election is made shall be delayed for a period of not less
than five (5) years from the date such payment would have been made absent such subsequent election; and
(c) If the election relates to a delay in the payment of a Pre-Tax Contribution Account from a specific year and month previously
elected by the Participant in his or her initial deferral election form or relates to a prior election of installment payments, such
election cannot be made less than twelve (12) months before the date the payment was otherwise scheduled to be made o
r
commence.