Breitburn Energy Partners filed with the U.S. Bankruptcy Court a motion for an order approving Debtors’ 2017 retention and incentive programs for certain key employees.
The motion explains, “By this Motion, the Debtors seek approval of their 2017 employee compensation programs (the ‘2017 Employee Programs’) that are substantially identical to the 2016 Employee Programs, except with respect to modifications necessary to reflect a slight decrease in the number of program participants, appropriate changes to performance metrics to reflect the operational goals for fiscal year 2017, and adjustments for equity-related discounts imposed on the 2016 KERP participants.”
In addition, “Like the 2016 Employee Programs, the 2017 Employee Programs consist of three separate elements covering three distinct groups of employees. Substantially similar to its predecessor programs, the 2017 Employee Programs provide for the Debtors to (a) make quarterly cash payments (subject to continued employment) to (i) 2017 STIP eligible non-insider rank-and-file employees (the ‘2017 General Rank-and-File Program’) and (ii) 2017 non-insider rank-and-file employees that were STIP and LTIP eligible prepetition (the ‘2017 Rank-and-File Incentive Program’ and, together with the General Rank-and-File Program, the ‘2017 KERP’), (b) make quarterly cash payments to designated key employees based upon the individual and the Debtors meeting quarterly performance metrics for the 2017 fiscal year (the ‘2017 KEP’), and (c) make quarterly cash payments to four key executives solely if the Debtors meet incentive-based performance metrics for the 2017 fiscal year (the ‘2017 KEIP’).”
The Court scheduled a February 23, 2017 hearing on the motion, with responses due by February 16, 2017. The Debtors also filed a separate motion to file under seal an Exhibit related to the declaration of James G Jackson (the Company’s C.F.O.) in support of the motion.
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