Sprint - Nextel 2011 Annual Report Download - page 274

the Authorized Officer may determine, grant Option Rights to Participants. Each such grant will utilize any or all of the authorizations as
specified in the following provisions:
(a) Each grant will specify the number of shares of Common Stock to which it pertains, subject to the limitations set forth in
Section 3 of this Plan.
(b) Each Option Right will specify an Option Price per share of Common Stock, which may not be less than the Market
Value Per Share on the Date of Grant. In the case of an Incentive Stock Option granted to a Ten Percent Stockholder, the Option Price per
share of Common Stock shall not be less than one hundred ten percent (110%) of the Market Value Per Share on the Date of Grant.
(c) Each Option Right will specify whether the Option Price will be payable (i) in cash or by check or by wire transfer of
immediately available funds, (ii) by the actual or constructive transfer to the Corporation of shares of Common Stock owned by the Optionee
for at least 6 months (or other consideration authorized pursuant to Section 4(d)) having a value at the time of exercise equal to the total
Option Price, (iii) by a combination of such methods of payment and may either grant to the Participant or retain in the Compensation
Committee the right to elect among the foregoing alternatives, or (iv) by such other methods as may be approved by the Compensation
Committee. No fractional shares of Common Stock will be issued or accepted.
(d) To the extent permitted by law, any grant may permit deferred payment of the Option Price from the proceeds of sale
through a bank or broker designated by, and on a date satisfactory to, the Corporation of some or all of the shares of Common Stock to which
such exercise relates.
(e) Successive grants may be made to the same Participant whether or not any Option Rights previously granted to such
Participant remain unexercised.
(f) Each grant will specify the period or periods of continuous service by the Optionee with the Corporation or any
Subsidiary that is necessary before the Option Rights or installments thereof will become exercisable.
(g) Any grant of Option Rights may specify Management Objectives that must be achieved as a condition to the exercise of
such rights. Each grant may specify in respect of such Management Objectives a minimum acceptable level or levels of achievement and may
set forth a formula for determining the number of Option Rights that will become exercisable if performance is at or above the minimum level
(s), but falls short of full achievement of the specified Management Objectives. The grant will specify that, before the exercise of such Option
Rights become exercisable, the Compensation Committee must certify that the Management Objectives have been satisfied.
(h) Any grant of Option Rights may provide for the earlier exercise of such Option Rights or other modifications in the event
of termination without Cause, resignation for Good Reason, Normal Retirement, termination due to death or Disability of the Participant, a
Change in Control, or the grant of a Substitute Award.
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