The U.S. Bankruptcy Court approved Unilife’s key employee incentive plan (KEIP).
As previously reported, “The KEIP is designed to provide the Eligible Employees with performance bonus payments in order to incentivize them to meet certain performance targets, and to maximize the value of the Debtor’s estates for the benefit of their creditors and other stakeholders. The Eligible Employees are entitled to the incentive bonus, in the event that all of the following are achieved: All of the Debtor’s assets are sold. Or a restructuring of the Debtors’ business is achieved through a confirmed plan; the Debtors comply with the approved budget, including permitted variances; the operational targets are achieved.”
In addition, “The KEIP provides for an average payment to the Eligible Employees in the amount of $256,875, and the total payment equates to approximately one-half of one percent of the Debtor’s total liabilities and less than 1.2% of the total assets at book value.”
Read more bankruptcy KEIP updates.