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Osage Exploration and Development EIP Approval Sought

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According to the U.S. Bankruptcy Court docket, Osage Exploration and Development filed a motion for entry of an order authorizing and approving an employee incentive plan (EIP).

The motion explains, “Due to the expedited nature of the Sale Process, and the important role that the Employees have in maintaining and operating the Debtor’s business and its assets, the success of the Sale Process is inextricably tied to the skills and institutional knowledge of the Employees. As a result, the loss of any of the Employees, of which there are only four, would significantly impede the Debtor’s ability to maximize value of its assets. To avoid the potential detrimental loss of any of the Employees, and to motivate and incentivize such Employees to support the Sale Process.”

The motion continues, “The EIP proposes a benefit to the Employees equal to $100,000.00, plus, 3% of the total purchase price of the Debtor’s assets at the stalking-horse sale, not to exceed $270,000.00 in total (the ‘Incentive Payment’), to the four Employees. The Employees’ aggregate current monthly salaries total $60,000.00. The Employees are employed in a broad range of areas, including finance, land, human resources, and operations.”

Read more Osage bankruptcy news.

 

The post Osage Exploration and Development EIP Approval Sought appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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