Mirant, director agree to $637,500 incentive payment in exchange for plan claims waiver

By Caroline Salls

Pittsburgh, Oct. 20 - Mirant Corp. and its current director and former president and chief executive officer S. Marce Fuller entered into an agreement that will pay Fuller a short-term incentive payment of $637,500, according to an 8-K filing with the Securities and Exchange Commission.

The payment is in connection with Fuller's service as Mirant's president and chief executive officer from Jan. 1, 2005 through Sept. 30.

Fuller will receive the payment in return for waiving any rights that she would otherwise have to receive any distribution under the company's plan of reorganization.

Mirant, an Atlanta-based power company, filed for bankruptcy on July 14, 2003 in the U.S. Bankruptcy Court for the Northern District of Texas. Its Chapter 11 case number is 03-46590.

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