The U.S. Bankruptcy Court approved Perseon’s motion for entry of an order approving the Debtor’s key employee retention plan (KERP) for Doug Wilkes, the Debtor’s director of operations.
As previously reported, “Mr. Wilkes has received numerous other employment offers, but the Debtor is determined to retain Mr. Wilkes until the sale of the Debtor’s assets is consummated or until his services are no longer required. The Debtor believes that Mr. Wilkes’ services would be irreplaceable at this juncture and would jeopardize the Debtor’s ability to consummate the sale of its assets. Accordingly, the Debtor seeks authority to implement an incentive plan to retain Mr. Wilkes….After arms-length negotiation between the Debtor and Mr. Wilkes, the Debtor seeks authority to provide Mr. Wilkes with the KERP: a. Increasing Mr. Wilkes’ compensation by $1,000 per month to $7,500 per pay period beginning with the May 15, 2016 pay period for a minimum of six pay periods; and b. Paying Mr. Wilkes a $15,000 bonus, payable only if Mr. Wilkes remains employed with the Debtor until his services are no longer required.”
Read more Perseon bankruptcy news.
The post Perseon KERP Approved appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.