SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* RIEDEL GEORGE ANDREW (Last) (First) (Middle) C/O NORTEL NETWORKS CORPORATION 195 THE WEST MALL (Street) TORONTO, ONTARIO M9C 5K1 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol NORTEL NETWORKS CORP [ NT ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director 10% Owner X Officer (give title below) Other (specify below) Chief Strategy Officer
	3. Date of Earliest Transaction (Month/Day/Year) 02/27/2009
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Shares	02/27/2009		J		13,000(1)(7)	D	$0	0(9)	D
Common Shares	02/27/2009		J		31,334(2)(7)	D	$0	35,778(9)	D
Common Shares								2,000(9)	D
Common Shares	02/27/2009		J		9,000(3)(7)	D	$0	3,158(9)	D
Common Shares								3,199.5501	I	Halifax EES Trustees Limited(6)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
03/03/2008 Grant of Options(4)	$8.31	02/27/2009		J			52,100(8)	(5)	03/02/2018	Common Shares	52,100	$0	0	D
03/21/2007 Grant of Options(4)	$25.82	02/27/2009		J			27,100(8)	(5)	03/20/2017	Common Shares	27,100	$0	0	D
06/14/2006 Grant of Options(4)	$21.2	02/27/2009		J			20,000(8)	(5)	06/13/2016	Common Shares	20,000	$0	0	D

Explanation of Responses:

1. Restricted stock units awarded pursuant to the Nortel 2005 Stock Incentive Plan scheduled to vest in three equal annual installments beginning on March 3, 2009 and be settled in Nortel Networks Corporation common shares upon vesting, net of tax withholding.

2. Restricted stock units awarded pursuant to the Nortel 2005 Stock Incentive Plan as part of a grant of 94,000 restricted stock units scheduled to vest in three equal annual installments beginning on June 14, 2007 and be settled in Nortel Networks Corporation common shares upon vesting.

3. Restricted stock units awarded pursuant to the Nortel 2005 Stock Incentive Plan as part of a grant of 13,500 restricted stock units scheduled to vest in three equal annual installments beginning on March 21, 2008 and be settled in Nortel Networks Corporation common shares upon vesting.

4. The reported options were granted pursuant to the Nortel 2005 Stock Incentive Plan.

5. The reported options were scheduled to vest in four equal annual installments beginning on the first anniversary of the date of grant.

6. The number of NNC common shares held for the participant's account pursuant to the Nortel Stock Purchase Plans (Post-June 29, 2005) as of February 27, 2009.

7. All unvested and vested restricted stock units were cancelled with no consideration paid to the holder pursuant to an Order of the Ontario Superior Court of Justice dated February 27, 2009.

8. All unvested and vested stock options were cancelled with no consideration paid to the holder pursuant to an Order of the Ontario Superior Court of Justice dated February 27, 2009.

9. Following the transactions reported by this Form 4, the balance of common shares for this insider is 40,936.

	D.M. Parker, Attorney for George Andrew Riedel	03/02/2009
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
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