The U.S. Bankruptcy Court approved Breitburn Energy Partners’ employee programs.
The order states, “The balance of the KEP for the periods ending September 30, 2016 and December 31, 2016, as modified…hereby approved; and it is further ORDERED that the KEIP is approved; provided that the total KEIP awards shall be reduced by 10%…ORDERED that notwithstanding anything to the contrary in the Motion or any agreement with any KEIP participant, (i) no KEIP participant shall have the ability or authority to retain threshold KEIP payments if the Production or LOE Metrics are not satisfied, regardless of whether such metrics were not met because of circumstances outside their control (such as natural disasters), and (ii) any KEIP participant who voluntarily retires other than for ‘Good Reason’ before April 15, 2017, shall not be exempt from the requirement to repay all previous awards paid, net of taxes paid by the KEIP participant.”
The order continues, “…and it is further ORDERED that the Discretionary Fund approved in the Initial Employee Programs Order and only applicable to the KERP and KEP shall only be used to (a) increase by no more than 10% individual KERP or KEP awards to address special circumstances, (b) address promotions, and (c) provide awards to new hires; and it is further ORDERED that the Debtors are authorized to take any and all actions necessary or appropriate to implement the KEP and KEIP, each as modified, and to perform any and all obligations contemplated thereby.”
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