As Nortel continues to disappear, the stream of head-shaking news continues to emerge.
The latest development is ex-CEO Mike Zafirovski filing a $12.2 million claim with a U.S. Bankruptcy Court in the District of Delaware. In the claim, Mike Z. is asking for:
- 24 months of base salary worth $2.4-million
- $3.6-million in bonuses – the equivalent of two years of SUCCESS Incentive Award Plan payments at a target of 150% of base salary
- A pro-rata bonus for Q3 2009 of $200,543.38
- $50,000 for health, life, accidental death and dismemberment insurance benefits
- A lump sum present value of not less than $355,000/year as part of a single life annuity pension benefit (value to be determined by not less than $6-million)
- An undetermined amount related to indemnification and contribution in connect with class action lawsuit
In the claim, Zafirovski said the amount due and owing have to do with the terms and conditions of an employment contract effective Nov. 15, 2005.
More: When Zafirovski resigned in August, he received no severance, and became a creditor like thousands of other Nortel employees. As well, the Ottawa Citizen has a good story looking at the various claims filed by creditors against Nortel, including several senior executives still with the company.
Mike Zafirovski's house 1291 N Green Bay Rd , Lake Forest IL In case you want to send him a Christmas card ..or whatever
gregbrown123
Mike Zafirovski's house 1291 N Green Bay Rd , Lake Forest IL In case you want to send him a Christmas card ..or whatever
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Mike Z. Wants His Dough
As Nortel continues to disappear, the stream of head-shaking news continues to emerge.
The latest development is ex-CEO Mike Zafirovski filing a $12.2 million claim with a U.S. Bankruptcy Court in the District of Delaware. In the claim, Mike Z. is asking for:
- 24 months of base salary worth $2.4-million
- $3.6-million in bonuses – the equivalent of two years of SUCCESS Incentive Award Plan payments at a target of 150% of base salary
- A pro-rata bonus for Q3 2009 of $200,543.38
- $50,000 for health, life, accidental death and dismemberment insurance benefits
- A lump sum present value of not less than $355,000/year as part of a single life annuity pension benefit (value to be determined by not less than $6-million)
- An undetermined amount related to indemnification and contribution in connect with class action lawsuit
In the claim, Zafirovski said the amount due and owing have to do with the terms and conditions of an employment contract effective Nov. 15, 2005.
More: When Zafirovski resigned in August, he received no severance, and became a creditor like thousands of other Nortel employees. As well, the Ottawa Citizen has a good story looking at the various claims filed by creditors against Nortel, including several senior executives still with the company.