Revlon gets approval of $36.02 million key employee bonus plan

By Sarah Lizee

Olympia, Wash., Sept. 15 – Revlon, Inc.’s motion seeking court approval of an up to $36.02 million key employee incentive program was approved by the U.S. Bankruptcy Court for the Southern District of New York, according to an order filed Wednesday.

The KEIP seeks to provide to eight senior executives total threshold, target and maximum opportunities of roughly $14.49 million, $28.97 million and $36.02 million, respectively, over its 18-month duration.

Revlon had acknowledged that the cost of the KEIP is at the upper end of awards allowed in bankruptcy cases, as previously reported.

Region 2 U.S. trustee William K. Harrington had objected to the KEIP. Wednesday’s order said all objections had been either resolved or overruled.

The hair color products and cosmetics company is based in New York. The company filed bankruptcy on June 15 under Chapter 11 case number 22-10760.

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