Examples of KERP Order in a sentence
Unless otherwise ordered by the Bankruptcy Court after notice and a hearing, any restricted stock units that: (i) were granted under prior long-term incentive plans of the Debtors; (ii) are unvested as of the Debtors’ emergence from these chapter 11 cases; and (iii) are held by employees of the Debtors that receive payments under the Modified KEIP (as defined in the KEIP Order) or Modified KERP (as defined in the KERP Order) shall be cancelled and released without recovery on account thereof.
The Referendum Information Office (RIO) was set up by the Ministry of the Attorney General with a budget of $710,000, and was in operation from January 2005 until the vote on May 17, 2005.
The cumulative effect of the Wage & Benefit Order and KERP Order has been to preserve the status quo under the Debtors' (a) prepetition incentive programs with respect to all employees other than the Executive Insiders and (b) retention programs with respect to all employees other than the 17 KEIP Participants (i.e., the eight Executive Insiders and the nine Non-Executive Insiders).B.
Land acquisition projects with a focus on climate change adaptation should be addressed here to identify the conservation benefits to be derived through acquisition of the property in support of the identified species (15 points maximum).
The KERP Order authorized the Debtors to continue performing under their prepetition retention agreements with such key employees, among other things.
On April 5, 2005, Szczepanski filed the Application for Allowance and Payment of Severance Claim of Jerry Szczepanski as Administrative Expense and Alternative Motion to Clarify KERP Order (the “April Application”).
If anything, the KERP Order is demonstrative of Debtors’ equitable dealings with both union and non-union employees alike.
Pursuant to the KERP Order, the Debtors were authorized to make a series of payments, according to a payment schedule set forth in the KERP Order, totaling approximately$4.4 million (the “KERP Pool”), throughout these Chapter 11 Cases to approximately 64 key employees.
Unless otherwise ordered by the Court after notice and a hearing, any restricted stock units that: (i) were granted under prior long-term incentive plans of the Debtors; (ii) are unvested as of the Debtors’ emergence from these chapter 11 cases; and (iii) are held by employees of the Debtors that receive payments under the Modified KEIP (as defined in the KEIP Order) or Modified KERP (as defined in the KERP Order) shall be cancelled and released without recovery on account thereof.
Simultaneously with the KERP Order, the Bankruptcy Court entered an order authorizing the continuation of the Severance Program, as modified, with respect to the participants under the KERP.At the time of the consummation of the Level 3 Sale on February 4, 2003, Level 3 hired approximately 1,400 of the Debtors’ existing employees, and the Debtors terminated an additional 800 employees, thereby reducing the Debtors’ workforce from approximately 2,300 employees to only 96 employees.