Amp'd Mobile asks for court approval of key employee incentive plan

By Reshmi Basu

New York, Sept. 12 - Amp'd Mobile, Inc. requested approval to implement an incentive plan for two of its key employees, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

According to the motion, the company is currently involved in the early stages of liquidation. And hence it faces the difficult task of retaining its employees, in particular its general counsel Christopher O'Brien and chief marketing officer Douglas Dobie.

Under the proposed incentive plan, O'Brien will receive a base salary that is equal to 130% of his current base salary while Dobie will be paid a salary that is equal to 75% of his base salary.

Both of them will each receive a bonus that is equal to 5% of the gross proceeds from the sale of the company's IP assets in excess of $2.25 million. However, costs for marketing of the sale will be deducted from the bonus payment, if the expenses exceed $8,500.

The incentive plan will bring the compensation of the company's key employees to "market levels, in an attempt to avoid further attrition and loss of morale," the company argued in the motion.

The bonuses are tied to the value realized for the IP assets which in turn maximize the value of the estate, the company added.

The proposed hearing is scheduled for Sept. 19.

Amp'd Mobile, a Los Angeles wireless phone company, filed for bankruptcy on June 1. Its Chapter 11 case number is 07-10739.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.