Samson Resources filed with the U.S. Bankruptcy Court a motion approving a non-insider incentive program for the period from August 16, 2016 until confirmation of the Debtors’ Plan.
The motion explains, “Significantly, the Debtors seek authority to make, at most, approximately $3.4 million in incentive payments per quarter inclusive of both components going forward – this places the Debtors’ annualized incentives for their non-insiders at or below the 50th percentile of the Debtors’ peers….In consultation with Willis Towers Watson, the compensation committee fixed the aggregate Maximum Quarterly Incentives at the same amount – $5.5 million – for each of the fourth quarter of 2015 and the first two quarters of 2016….In the aggregate, this amounts to approximately $3.3 million for the period running from August 16, 2016 through December 31, 2016 and $2.2 million per quarterly Cycle thereon….Under the General Workforce Component, employees are eligible to receive an amount approximately equal their fourth-quarter Maximum Quarterly Incentives each quarter – in aggregate, this amounts to approximately $1.8 million for the period running from August 16, 2016 through December 31, 2016 and $1.2 million per quarterly Cycle thereon. All employees participating in this component of the Non-Insider Incentive Program must be employed on the date of payment.”
The Court scheduled a September 7, 2016 hearing to consider the motion, with objections due by August 27, 2016. Read more oil & gas bankruptcy news.
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