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Chief Financial Officer Employment Agreement

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Exhibit 10.2


January 20, 2005

Peter W. Currie
5 Wilderness Trail
P.O. Box 130
Gormley, Ontario
L0H 1G0

Dear Peter:

I am delighted to offer you the position of Chief Financial Officer for Nortel Networks Corporation, reporting to W.A. (Bill) Owens, President and Chief Executive Officer, with a suggested starting date of no later than February 14, 2005, subject to your appointment by the Boards of Directors of Nortel Networks Corporation and Nortel Networks Limited. As you are aware, this position is located at our facility in Brampton, Ontario.

The key responsibilities and focus of this position have been discussed and communicated to you. We look forward to you playing a key role in this area, and should you have any further questions, I would be pleased to review them with you.

The terms of this offer are as follows:

Your base salary will be US$600,000 per annum paid to you bi-weekly. Normally, salaries are reviewed on an annual basis, typically in the first quarter, in accordance with the various evaluation processes and market-driven guidelines.

Incentive Award
You will be eligible to participate in the annual SUCCESS Incentive Award Plan (" SUCCESS" ) with a target of 100% of your base salary. For 2005, you will be eligible to participate in the 2005 SUCCESS plan and we will guarantee that you will receive a

W.J. Donovan
Senior Vice President, Human Resources
4006 E. Chapel Hill Nelson Highway, Research Triangle Park, NC 27709 U.S.A. T. 919-997-7110 F. 919-997-6130 nortel.com

SUCCESS bonus of at least 100% of your base salary to be pro-rated depending upon the number of months that you are in active employment. In all other respects, your SUCCESS bonus will be assessed in accordance with the terms of the SUCCESS plan.

Special Bonus
Upon acceptance of this employment offer, and conditioned upon your commencement of employment, you will receive a special bonus of US$300,000 to be paid within 60 days following the commencement of your employment.

Long Term Incentive
As a consequence of a dela
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