Special Pension Benefit Interest Crediting Agreement for Mr. Owens – Nortel Networks Corporation and Nortel Networks Limited
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Summary
Nortel Networks Corporation and Nortel Networks Limited have approved an agreement to credit interest on the special pension benefits previously granted to Mr. Owens during his first five years of employment. If Mr. Owens retires after five years of service, he will receive a revised monthly pension benefit of $139,370, payable over the five years following his retirement. This agreement ensures that interest is added to his pension benefit from the effective date, enhancing the total value of his retirement package.
EX-10.2 3 t17377exv10w2.htm EX-10.2 exv10w2
Exhibit 10.2
On May 27, 2005, the joint leadership resources committee of the boards of directors of Nortel Networks Corporation and Nortel Networks Limited and the independent members of the boards of directors of Nortel Networks Corporation and Nortel Networks Limited approved the crediting of interest on the special pension benefits previously approved for Mr. Owens over the accumulation period of the special pension benefit (the first five years of Mr. Owens employment). The interest will be credited from the effective date of the applicable special pension benefit. As a result, if Mr. Owens retires after completing five years of employment, he will receive a revised total monthly pension benefit of $139,370 payable over the five years following his retirement.
