LightSquared Reaches Termination Deal With Ex-CEO

Law360, New York (July 09, 2012, 8:23 PM ET) -- Bankrupt telecom company LightSquared Inc. reached an agreement Monday with its former CEO finalizing the terms of his termination and giving him an allowed $750,000 unsecured, nonpriority claim and a common equity interest of 8.8 million shares of the company's common stock.

Under the settlement agreement, LightSquared and ex-CEO Sanjiv Ahuja have agreed that his employment will end and he'll resign from the board of directors of each LightSquared entity. In addition to the claim and equity interest he'll be allowed, Ahuja would be indemnified “to...
To view the full article, take a free trial now.
Try Law360 for free for seven days
Already a subscriber? Click here to login

Already have access?

  1. Forgot your password?
  2. Sign In

Get instant access to the one-stop news source for business lawyers