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(5)As a result of the termination of Mr. Dunn’s employment for cause on April 27, 2004, all options held by Mr. Dunn terminated and expired automatically on April 27, 2004, including all performance accelerated stock options. Previously, in June 2003, Mr. Dunn voluntarily returned for immediate cancellation 934,668 previously granted Canadian dollar stock options, comprised of 851,334 exercisable plus 83,334 unexercisable options as well as 120,000 exercisable replacement options referenced in footnote (2) above. See also footnote (7) below.
(6)One third of the performance accelerated stock options previously granted to Messrs. Dunn, Debon, Bolouri and DeRoma in 2001 vested and became exercisable in December 2003. Other than Mr. Dunn, who did not have any additional performance accelerated stock options accelerated, the remaining two thirds of the performance accelerated stock options held by Messrs. Debon, Bolouri and DeRoma vested and became exercisable in January 2004.
(7)In June 2003, Mr. Dunn voluntarily turned in for immediate cancellation 200,000 unexercisable United States dollar stock options originally granted in July 1999.
(8)Prior to Ms. Spradley’s appointment as an officer of the Company, she was an employee eligible to participate in the voluntary stock option exchange program. As a result, 41,999 of the stock options granted to Ms. Spradley in 2002 were granted pursuant to the voluntary stock option exchange program. Of those options, 35,332 were exercisable as of December 31, 2003.
Long-term incentive plans — awards in last two fiscal years
No
The following table sets forth certain information concerning the allocation of restricted stock units to the named executive officers for 2003 under the Nortel Networks Limited Restricted Stock Unit Plan (or RSU Plan) during the fiscal year ended December 31, 2003.
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| Performance or Other |
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| Price Based Plans |
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Name | Units or Other Rights |
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| Maturation or Payout |
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| (#)(1)(2) | (2) |
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F.A. Dunn | 2,980,000(3) |
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| 2003 to 2005 | 0 | 0 | 2,980,000(3) |
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P. Debon | 1,490,000 |
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| 2003 to 2005 | 0 | 0 | 1,490,000 |
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S.L. Spradley | 1,150,000 |
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| 2003 to 2005 | 0 | 0 | 1,150,000 |
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C. Bolouri | 1,070,000 |
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| 2003 to 2005 | 0 | 0 | 1,070,000 |
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N.J. DeRoma | 1,070,000 |
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| 2003 to 2005 | 0 | 0 | 1,070,000 |
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(1)When issued and settled, a restricted stock unit entitles the holder to receive one common share of the Company or, in the discretion of the joint leadership resources committee or at the election of the holder in certain circumstances, cash in lieu thereof.
(2)The 2003 program has a