Calpine Wants To Pay $66.6M In Emergence Awards

Law360, New York (November 19, 2007, 12:00 AM EST) -- Bankrupt power provider Calpine Corp. wants to hand out $66.6 million in emergence awards to 2,200 employees, including Chief Executive Robert P. May, who would be in line to receive more than $10.9 million when the company exits Chapter 11.

On Friday, Calpine filed a supplement to its fourth amended Chapter 11 plan, which included details of a proposed Management Equity Incentive Program.

All of Calpine's full-time employees are eligible for an emergence award — a one-time grant made on the effective date of the plan....
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