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TerraVia Bankruptcy KEIP Payment Noted

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TerraVia Holdings filed with the U.S. Bankruptcy Court a notice of payment of Key Executive Incentive Plan (KEIP) bonus.

The notice states, “After the closing of the Auction, the Debtors and the Required DIP Lenders calculated in good faith the Total Noteholder Consideration. As a result of such calculation, the Debtors and the Required DIP Lenders have agreed that the Total Noteholder Consideration has given rise to a Bonus Pool under the KEIP in an amount equal to $500,000. On September 28, 2017, the Debtors and Corbion N.V. consummated the sale transaction…entered by the Court, thereby resulting in the occurrence of a Payment Event.”

In addition, “As a result of the occurrence of a Payment Event and the Key Executives’ satisfaction of all of the conditions under the KEIP Order, the Debtors shall pay each Key Executive a Bonus calculated in accordance with such Key Executive’s Participation Percentage of the Bonus Pool.”

Read more TerraVia bankruptcy news.

The post TerraVia Bankruptcy KEIP Payment Noted appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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