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Cosi KERP Amendment Approved

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The U.S. Bankruptcy Court approved Cosi’s expediated motion for an order amending its key employee retention program (KERP) for certain non-insider employees.

The amendment adds 26 additional key employees that were inadvertently omitted from the original KERP and one key employee that was dropped from the original KERP and also eliminates a number of participants.

As previously reported, “Expedited determination is requested as the affected employees were unintentionally omitted from the Debtors’ initial motion and, absent being allowed to share in the benefits of the KERP, these employees may not be incentivized to stay with the Debtors. At least one employee has received a job offer and will accept it absent prompt approval of this motion.”

In addition, “The KERP will incentivize the Additional Participants to remain with the Company as the Company transitions under a buyer, as well as to help manage the Company’s ongoing operations and the administration of the Company during the Chapter 11 Cases. Under the KERP, the Additional Participants will have the ability to receive three cash ‘bonus pool’ payments, payable as follows: (a) a 30- day pay-out equal to 30% of the designated bonus pool; (b) a 60-day pay-out equal to 30% of the designated bonus pool; and (c) a 90-day pay-out equal to 40% of the designated bonus pool. The proposed designated bonus amounts for each Additional Participant (other than Tania DiSciullo, Controller) range from $800 to $4,650. The total proposed amount anticipated to be paid to the Additional Participants (other than Tania DiSciullo) under the KERP is approximately $52,448.”

Read more bankruptcy KERP news.

The post Cosi KERP Amendment Approved appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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