The U.S. Bankruptcy Court issued an order approving Peabody Energy’s motion for an order approving (i) a key employee incentive plan (KEIP), (ii) an executive leadership team short-term incentive plan (ELT-STIP) and (iii) modifications to the director compensation program.
According to filings with the SEC, the Motion also sought approval of a modification of the Directors’ compensation. Prior to the Motion, the Directors were to receive (for 2016) $240,000 in compensation (plus applicable Chairman or committee chairperson retainers), consisting of a $110,000 annual cash retainer, $65,000 in deferred cash, and $65,000 in deferred stock units that vest monthly. The Motion sought to reduce this total compensation to a single $175,000 annual cash retainer (plus applicable Chairman or committee chairperson retainers) during the pendency of the Chapter 11 Cases and discontinue the deferred cash and deferred stock units….The target awards for the members of the ELT under the ELT-STIP are as follows: Mr. Kellow, 110% of annual base salary; Mr. Meintjes, 80% of annual base salary; Mr. Williamson, 80% of annual base salary; Ms. Schwetz, 80% of annual base salary; Ms. Dorch, 80% of annual base salary; and Mr. Galli, 80% of annual base salary. Earned awards, if any, will be determined based on the Company’s performance, first for calendar year 2016, and then for calendar year 2017. In general, performance against the applicable goals will result in 100% pay out for target performance, 150% pay out for maximum performance, 40% pay out for threshold performance, and 0% pay out for performance below threshold levels.”
Read more Peabody Energy bankruptcy news.
The post Peabody Energy KEIP, ELT-STIP Approved appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.