LSC Communications looks to pay key employees $15 million in bonuses

By Caroline Salls

Pittsburgh, May 13 – LSC Communications, Inc. requested court approval to implement a key employee incentive plan and key employee retention plan, according to a motion filed Tuesday with the U.S. Bankruptcy Court for the Southern District of New York.

Under the KEIP, members of LSC’s management will be eligible to share in a $7 million bonus pool. The company said this amount is 26% less than amounts that would have been paid to the participants under pre-bankruptcy 2020 incentive plans.

Management employees covered by the KEIP are the company’s president, chief executive officer and chairman, as well as its chief financial officer, chief administrative officer and general counsel, corporate controller, book segment president, office products segment president and magazines, catalogs and logistics segment president.

Meanwhile, LSC said the KERP will include about 190 employees who are in four tiers of employment levels.

The total maximum potential award amount under the KERP is roughly $8 million, the motion said.

A hearing is scheduled for June 2.

LSC is a Chicago-based provider of digital print, print-related services and office products. The company filed bankruptcy on April 13 under Chapter 11 case number 20-10950.

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