Hartshorne to pay maximum of $114,500 under employee incentive plan

By Caroline Salls

Pittsburgh, April 30 – Hartshorne Holdings, LLC requested court approval to implement a key employee incentive plan, according to a motion filed Wednesday with the U.S. Bankruptcy Court for the Western District of Kentucky.

Hartshorne said the company and its advisers have determined that there is an immediate need to incentivize its management team to continue to improve the mine’s operational and financial performance, as well as to ensure that its sale process yields the maximum value for the estates’ stakeholders.

Seven members of Hartshorne’s senior management will be eligible to participate in the incentive plan.

According to the motion, the KEIP is comprised of four consecutive performance periods, consisting of March 30 through May 3, May 4 through May 31, June 1 through June 28 and June 29 through July 19.

If all KEIP participants successfully meet the target performance goals throughout the performance periods, the company said the maximum total amount of payments to be made under the proposed KEIP would be $114,500.

Rumsey, Ky.-based Hartshorne develops and operates coal mining projects in the United States. The company filed bankruptcy on Feb. 20 under Chapter 11 case number 20-40133.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.