Delphi executive annual incentive plan approved

By Caroline Salls

Pittsburgh, March 30 - Delphi Corp. obtained final court approval to continue its annual incentive plan for the six-month period of Jan. 1 to June 30, according to an 8-K filed with the Securities and Exchange Commission.

According to the filing, the plan applies to about 440 Delphi executives, including Delphi's president and chief executive officer, chief financial officer and other executive officers.

By voluntary agreement, Delphi's executive chairman will not participate in the plan.

The plan will pay $20.1 million for the achievement of target levels of performance and has a maximum payout of $37.3 million, the filing said.

Delphi said an annual incentive plan mirroring the executive AIP continues to apply to roughly 100 executives at Delphi non-debtor subsidiaries.

Delphi, a Troy, Mich.-based automotive electronics manufacturer, filed for bankruptcy on Oct. 8, 2005 in the U.S. Bankruptcy Court for the Southern District of New York. Its Chapter 11 case number is 05-44481.

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