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Premier Exhibitions Bankruptcy KERP/KEIP Approved

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The U.S. Bankruptcy Court approved Premier Exhibitions’ motion to allow the Debtors to (i) implement a key employee retention plan (KERP), (ii) implement a key employee incentive plan (KEIP) for certain insiders and (iii) pay any obligations arising under the KERP and KEIP as administrative expenses.

As previously reported, “Retention Plan Participants that have been employed by the Debtors for more than five years will receive a bonus equal to ten percent (10%) of the Retention Plan Participant’s annual salary up to a maximum amount of $7,000. The total maximum pay-out of retention bonuses under the Retention Plan is estimated to be $71,000….Incentive Plan Participants will receive pay-outs for the EBITDA Incentive Bonus if (i) the EBITDA of the Debtors for calendar year 2017 equals or exceeds a $2,400,000 EBITDA Target (the ‘EBITDA Target’) and (ii) the Incentive Plan Participant remains employed with the Debtors from the Effective Date of the Incentive Plan through and including the effective date of a Chapter 11 plan of reorganization. The bonus target of all vice-presidents of the Debtors except the Vice- President of Conservation of Collection is $12,500. The bonus target of the Vice- President of Conservation of Collection is $17,500.”

In addition, “The bonus targets for the Chief Executive Officer, Chief Financial Officer and Corporate Secretary/Vice President of Corporate Affairs are $90,000, $60,000 and $60,000 respectively. Once the Debtor achieves an EBITDA of $2,400,000, the participants will be entitled to an incentive bonus equal to their target bonus amount multiplied by the Achievement Percentage: For EBITDA achievement level of Less than $2,400,000, the achievement percentage is 0%; for $2,400,000 is 80%; for $2,700,000 is 90%; for $3,000,000 is 100%; for $3,300,000 is 110%; and for $3,750,000 is 125%.”

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The post Premier Exhibitions Bankruptcy KERP/KEIP Approved appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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