Tribune requests approval of $15 million to $45 million incentive plan

By Caroline Salls

Pittsburgh, April 13 - Tribune Co. requested court approval to implement a management incentive plan for 2012 that could pay out as much as $45 million to 425 management employees, according to a Friday filing with the U.S. Bankruptcy Court for the District of Delaware.

Specifically, the company said the incentive plan payout would vary based on performance. The payout possibilities include:

• $15 million, representing a 50%-of-target payout, if the company achieves threshold performance equal to 85% of its planned 2012 consolidated operating cash flow goal established in February;

• $30 million, representing a 100%-of-target payout, if the company achieves target performance equal to 100% of the goal; and

• $45 million, representing a 150%-of-target payout, if the company achieves maximum performance equal to 127% of the goal.

A hearing is scheduled for May 8.

Tribune, a Chicago-based media company, filed for bankruptcy on Dec. 8, 2008. Its Chapter 11 case number is 08-13141.

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