The U.S. Bankruptcy Court approved hhgregg’s motion for an order amending the Company’s key employee incentive program (KEIP).
As previously reported, “The Debtors now seek to amend the KEIP insofar as Ms. Mallon will be replaced as a KEIP Participant by Tammy Stouffer, effective September 1, 2017. Ms. Stouffer has been employed by the Debtors since February 17, 2014 in the capacities of Internal Audit Manager, Assistant Controller, and Director, Controller. Since August 29, 2016, Ms. Stouffer has held the position of Director, Controller and in that position, has been primarily responsible for maintaining the Debtors’ books and records, ensuring accurate financial reporting, and monitoring internal controls.”
In addition, “The Debtors’ management, consisting of the other KEIP Participants, including Ms. Mallon, unanimously agree that the activities of Ms. Stouffer are crucial to the Debtors’ continuing efforts to maximize the value and recovery of the Debtors’ assets and the minimization of the Debtors’ ongoing expenses, and in this regard, and in hindsight, Ms. Stouffer should have been identified as an original KEIP Participant.”
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