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Approach Resources proposes dual-track key employee incentive program
By Caroline Salls
Pittsburgh, Jan. 29 – Approach Resources Inc. requested court approval to implement a key employee incentive program, according to a motion filed Tuesday with the U.S. Bankruptcy Court for the Southern District of Texas.
The company said the KEIP would provide specified key employees and senior leadership incentives to earn incentive-based cash rewards if the company attains “clearly delineated and difficult-to-achieve performance targets.”
“In connection with the dual-track sale and plan process, the debtors have and will continue to necessarily rely on the leadership and expertise of the KEIP participants to support operations while improving the profitability of a successful sale process,” the motion said.
The KEIP participants would include Approach Resources’ chief executive officer and the executive vice president of its operations, legal and accounting and finance departments.
The company said it established three levels of performance targets, including a threshold performance level, a target performance level and a maximum “stretch” performance level.
The targets apply to transaction value in connection with a qualifying sale or qualifying plan and in connection with approval of a non-qualifying plan.
Payout for achievement of transaction value metrics would range from a total of $675,750 and $1.35 million, and payout for achievement of plan approval metrics would range from a total of $337,875 to $1.13 million.
A hearing is scheduled for Feb. 11.
Approach Resources is a Fort Worth-based oil and gas company. The company filed bankruptcy on Nov. 18 under Chapter 11 case number 19-36444.
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