Protocol Services requests approval of $2.35 million key employee retention plan

By Caroline Salls

Pittsburgh, Aug. 12 - Protocol Services Inc. requested approval of an up to $2.35 million key employee retention plan, according to a Thursday filing with the U.S. Bankruptcy Court for the Southern District of California.

The plan covers 34 managers in three tiers. The payments will be calculated as a percentage of the managers' salaries.

Each manager will receive 35% of his or her retention bonus 30 days after the KERP is approved, an additional 30% upon confirmation of a plan of reorganization and 30% 90 days after the confirmation date.

In addition, the company will reserve $250,000 for retention bonuses for individuals not currently identified as managers, but whose continued contribution is determined to be valuable to the business or reorganization efforts.

A hearing is scheduled for Sept. 8.

Protocol, a Deerfield, Ill.-based integrated direct marketing company, filed for bankruptcy on July 26. Its Chapter 11 case number is 05-06782.

© 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.