An out-of-court settlement between the EUB and Zheng will meet the requirements of the 2012 agreement. So, the vote Monday means LP&L will pay Zheng roughly $700,000.
Specifically, officials at the meeting said $500,000 was the severance package and another $192,000 was from accrued vacation and other benefits.
The money will come from unfilled jobs in the current budget according to information presented to the EUB by LP&L’s Chief Financial Officer Andy Burcham.
The board also voted to approve Dave McCalla as the interim Director. LP&L’s General Counsel, Todd Kimbrough, was serving as the interim Director from May 20 until this vote.