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Pacific Drilling – Files Amended KEIP Term Sheet

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August 15, 2018 – Further to input from the United States Trustee and creditors, the Debtors have filed an amended term sheet relating to the implementation of the 2018 Key Employee Incentive Plan (“the KEIP”) first filed with the Court on April 30, 2018 [Docket No. 340] and amended on August 8, 2018 [Docket No. 475]. The second amended term sheet [Docket No. 489] notes, “Summary: Replace 2018 Long-Term Incentive Plan (“LTIP”) grants for the Insiders with a Key Employee Incentive Plan (“KEIP”) for 2018 with the following key terms….Participants: 11 ‘Insiders’ only. All Non-Insiders will remain in the 2018 LTIP….Performance Metrics: 40% based on revenue during the 2018 performance period, 40% based on revenue during the 2019 performance period, and 20% based on consummation of a reorganization as a going concern (referred to as emergence metric).” The term sheet includes further detail as to performance periods, performance levels and potential payout.

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The post Pacific Drilling – Files Amended KEIP Term Sheet appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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