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 FuelCell Works News -SUPPLEMENTAL PAGE
January 19,2003

Two Ballard Executives to leave the Company

Source:Ballard
Publication date: 19-Jan -2003
 

  
For readers that missed it, on December 9th 2002,  Ballard announced that Mr. Michael Murry, Vice President and General Manager, Power Generation Division will be leaving Ballard. Mr. Paul Lancaster, Vice President, Finance will also leave the company as Ballard consolidates financial responsibility under a single Chief  Financial Officer.
http://www2.cdn-news.com/scripts/ccn-release.pl?/2002/12/09/1209024n.html
 

"On November 30, 2002, Mr. Paul Lancaster and Mr. Michael Murry agreed to terminate their respective employment with Ballard effective January 6, 2003.
 
Ballard will pay to Mr. Lancaster and Mr. Murry termination and non-competition payments of approximately Cdn$1.3 million and Cdn$1.2 million, respectively. These payments will be payable, at the option of Ballard, in cash, common shares or a combination of both. If common shares form part of these payments, Ballard has agreed to compensate Mr. Lancaster or Mr. Murry, as applicable, for any net losse incurred by either as a result of the sale of any such common shares by February 6, 2003. Mr. Lancaster and Mr. Murry are obligated to repay to Ballard their outstanding loans, in the amounts of Cdn$350,000 and Cdn$300,000, respectively, by February 6, 2003."
            

 
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