Former Sports Authority wins approval of $1.43 million incentive plan

By Caroline Salls

Pittsburgh, Aug. 31 – TSAWD Holdings, Inc., formerly Sports Authority Holdings, Inc., received court approval of a modified executive incentive program, according to an order filed Wednesday with the Securities and Exchange Commission.

The maximum amount to be paid under the incentive plan is $1.43 million.

The company said in the motion that there was “much left to accomplish for the debtors’ management team” in order to manage the completion of the liquidation process and maximize the remaining value for the TSAWD estates.

TSAWD’s original incentive plan motion was denied by the court on Aug. 2. The company said the maximum amount payable under the modified incentive plan is about half of that proposed in the original plan.

Under the modified plan, the maximum individual incentive bonus payments will range from $165,000 to $673,750.

Incentive bonus payments will be forfeited if a plan participant resigns voluntarily without good reason or is terminated for cause.

In addition, the company said participants will only be eligible for payments if they continue to provide the services required by the company, fully support the liquidation process and Chapter 11 cases and execute a form release.

Sports Authority, based in Englewood, Colo., is a sporting goods retailer. It filed for bankruptcy on March 2. Its Chapter 11 case number is 16-10527.

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