The U.S. Bankruptcy Court approved LINN Energy’s motion for entry of an order (i) authorizing and approving the Debtors’ (a) employee compensation plan for all non-insider employees, (b) critical employee recognition program and (c) executive incentive plan and (ii) granting related relief.
As previously reported, “By this Motion, the Debtors request critical and what should be non-controversial relief: authority to continue three ordinary course historical employee compensation programs (the ‘Compensation Programs’) that each and every one of the Debtors’ 1,621 employees rely upon to support their and their families’ livelihoods….The ‘Quarterly Compensation Plan’ is the current form of the Debtors’ historical incentive compensation program that applies to all non-insider employees throughout the organization….The ‘Critical Employee Recognition Program’ is a program, originally implemented in August 2015, to provide incentives to key members of the Debtors’ middle management to stay with the Debtors through the current challenges posed by the low commodity pricing cycle.”
Court-filed documents continue, “The 103 non-insider employees that participate in the Critical Employee Recognition Program include those persons that the Debtors strongly believe are critical to the Debtors’ business….The ‘Executive Incentive Plan’ or ‘EIP’ is the only Compensation Program that applies to the six insiders of the Debtors. This program is specifically designed to incentivize and reward the Debtors’ leadership team for meeting carefully selected goals determined to be critical to the company’s ongoing success – and thereby drive performance for the overall enterprise.”
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