Bankrupt A123 Unveils $4.2M Bonus Plan For Top Brass

Law360, Wilmington (October 23, 2012, 8:25 PM EDT) -- Government-funded battery maker A123 Systems Inc. on Friday asked a Delaware bankruptcy judge for permission to pay up to $4.2 million in bonuses to its top brass as they work to sell off the company’s assets.

A123 — which received a $249 million federal grant to build a factory in Michigan before filing for bankruptcy last week — is offering the bonuses to nine executives, some of which are insiders, according to a motion filed with the court.

The so-called key employee incentive plan is performance-based,...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.