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SunEdison KERP Approved

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The U.S. Bankruptcy Court approved SunEdison’s non-insider key employee retention plan (KERP) and certain sale incentive plans.

As previously reported, “By all standards, the KERP is a reasonable– if not modest–plan. The plan covers approximately 125-150 non-insider employees with a proposed total cost of $7.0 million (and a discretionary pool that provides for a maximum aggregate cost of $7.6 million). Only approximately 33% of the KERP awards would be paid to eligible employees….In addition to the KERP, this Motion addresses certain other sale-based compensation programs that the Debtors seek – to the extent necessary – authority from this Court to implement. Utility Project Incentive Plan: First, is the utility project development incentive plan (the ‘Utility Project Incentive Plan’).”

Court-filed documents continue, “The Utility Project Incentive Plan includes one insider employee – the President of the Company’s North American Utility business unit – Solar Materials Incentive Plan: Second, is the deal-based incentive plan (the ‘Solar Materials Incentive Plan’) to be implemented in connection with the sale of the Debtors’ solar materials business unit (the ‘Solar Materials Unit’). This plan is similar in concept to the Utility Project Incentive Plan as the plan payouts are derived from, and funded by, net sale proceeds (here, the sale of the entire Solar Materials Unit).”

Read more SunEdison bankruptcy news.

The post SunEdison KERP Approved appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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