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EXCO Bankruptcy KEIP Filed

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EXCO Resources filed with the U.S. Bankruptcy Court a motion for entry of an order authorizing and approving the Debtors’ key employee incentive plan (KEIP).

The motion explains, “By this motion, the Debtors seek entry of an order, substantially in the form attached hereto as Exhibit A, approving and authorizing the Debtors to continue the KEIP, which provides incentive-based compensation opportunities for five members of management, with a maximum potential award pool covering the 2018 calendar year of approximately $3.8 million in the aggregate, which may be earned by the participating employees subject to the Debtors’ achievement of certain sale, emergence, and performance related milestones….The total aggregate award that may be earned on account of the Performance Metrics during the Performance Period is approximately $1.10 million at threshold pay-out levels, approximately $2.19 million at target pay-out levels, and approximately $2.74 million at maximum pay-out levels.”

In addition, “The KEIP contemplates payments up to an aggregate amount of $1,050,000 if the Debtors satisfy certain emergence-related milestones, including the consummation of a chapter 11 plan of reorganization by December 31, 2018 (the ‘Plan Emergence Milestone’) and/or if by June 15, 2018 the Debtors receive at least one binding bid for certain of their assets and consummate a sale of such assets by December 31, 2018 (the ‘Sale Emergence Milestones,’ and, together with the Plan Emergence Milestone, the ‘Emergence Milestones’). If the Debtors achieve the Plan Emergence Milestone, KEIP Participants are eligible to earn an aggregate award of $1,050,000 less any amounts earned on account of the Sale Emergence Milestones….If the Debtors receive at least one binding bid on any of their Haynesville, South Texas, or Appalachia assets by June 15, 2018 and have closed on such bid (or a higher or better bid) by December 31, 2018, then the KEIP Participants are eligible for an aggregate award of $525,000, $367,500, and $157,500, respectively.”

The Court scheduled a May 21, 2018 hearing to consider the KEIP motion.

Read more EXCO bankruptcy news.

The post EXCO Bankruptcy KEIP Filed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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