Bankrupt LightSquared to pay key executives up to $6m in bonuses2012-08-31 09:16 by DanielaTags: LightSquared, Wireless
Wireless-satellite company LightSquared wants to give nearly $6 million in cash bonuses to four of its top employees, including its interim chief executive. Four employees - interim CEO, president and chairman of the board Douglas Smith; Chief Financial Officer Marc R. Montagner; general counsel Curtis Lu; and its executive vice president, regulatory affairs & public policy Jeffrey Carlisle - would be eligible for incentives consisting of cash and restricted stock units paid in shares of the company's current common stock. According to the company, each of the employees "provides critical services, drives performance, and impacts LightSquared's ability to enhance value in the Chapter 11 cases." The group has also had to take on extra work recently, as more and more employees have left LightSquared for some reason. If the executives achieve their goals, make progress in LightSquared's efforts to resolve certain regulatory issues and emerge from bankruptcy by the end of 2013, they'll receive vesting of all issued stock and "aggregate incentive payments of cash up to 285% of each such key employee's annual salary," LightSquared said. Hitting less aggressive goals, like exiting bankruptcy by the end of June 2014, would come with smaller payouts, like a cash bonus equal to 100% of the executives' annual salary, in the case of the mid-2014 bankruptcy exit. Read more -here-
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