Dana Hands Ex-CEO $3M Parting Gift

Law360, New York (April 3, 2008, 12:00 AM EDT) -- A month after exiting Chapter 11, Dana Holding Corp. has revealed that it will pay its former chief executive officer $3 million, thanks to a new separation deal between the two parties.

Dana indicated in a filing with the U.S. Securities and Exchange Commission on Wednesday that it plans to fork over millions to Michael Burns in return for his agreement to confidentiality and noncompete agreements that would bar him from joining a competitor for at least a year.

Dana emerged from bankruptcy in February after...
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