Examples of KERP Participants in a sentence
Unlike the KERP Participants, the terminated Hong Kong employees were certain they would have no long-term employment with the Debtors and, absent the incentive payments, simply had no reason to remain with the Debtors in the event they received an alternative employment offer.enough to tip the balance toward a Participant’s remaining in the Debtors’ employ should he or she receive a competing employment offer.
Accordingly, the Court finds that the Debtors have not adequately demonstrated that the KERP payments are more likely to motivate the Participants to remain with GTAT or, for the largest KERP bonuses, are not excessive under the facts and circumstances of this case.As to whether the scope of the KERP is fair and reasonable or unfairly discriminatory, the Court is not troubled by the fact that a small number of the Debtors’ workforce were identified as KERP Participants.
But as to the differential payments (from $10,000 to $100,000) and base salary percentages (from 8 to 48 percent) contained within the KERP, such differential treatment between KERP Participants seems at face value to be unfair and discriminatory without far more information as to what informs the differences.
Those employees, unlike the KERP Participants, were to be terminated on a date certain as part of the Debtors’ further workforce reduction.
Although some of the potential KERP Participants have titles like “director,” “vice president,” or “chief,” none is an “insider” of the Debtors.
KERP Participants at the store level will be entitled to 25% of their 2017 base salary, which will be earned upon the closure of the Closing Store provided a certain realization rate (liquidation proceeds minus expenses) is achieved.
THE DIRECTOR MAY APPOINT AN ADMINISTRATIVE LAW JUDGE PURSUANT TO PART 10 OF ARTICLE 30 OF TITLE 24, C.R.S., TO TAKE EVIDENCE AND TO MAKE FINDINGS AND REPORT THEM TO THE DIRECTOR.
The maximum aggregate amount of potential payments under the KERP is estimated to be approximately $2.6 million, with approximately 10% of store level employees anticipated to be KERP Participants.
The Proposed Monitor understands that each of the KERP Participants performs a role critical to implementing the Sears Canada Group’s restructuring goals and is unlikely to be replaced on a timely basis or at a reasonable cost.
Under the provisions of the KERP, any payments are conditional upon the KERP Participants continuing to provide services to Nordstrom Canada until such time as they are advised that they are no longer required to assist in the Orderly Wind-Down or other matters in the CCAA Proceedings.