Basic Energy Services Inc. (fka BASXQ)

[littlejohn]

KEIP or KERP, BASX key management have

planned a lil bonus incentive...


KEIP or KERP beats being

a peon on most days...


so we watch...LJ


https://www.otcmarkets.com/filing/html?id=15171907&guid=TPs9kaH0z8jf7bh

On August 16, 2021, the Board of Directors of the Company approved the implementation of a Key Employee Incentive Program (the “KEIP”), which is designed to incentive key employees of the Company to maintain productivity and consummate a value maximizing sale transaction. The KEIP provides for a total award pool of $600,000 to the Company’s Chief Executive Officer, Chief Financial Officer, and Executive Vice President of Operations if a sale transaction metric is achieved at threshold level and $850,000 (in the aggregate) if such metric is achieved at target level, subject to the prior repayment in full of the Company’s debtor-in-possession facility. The KEIP awards are in lieu of any existing non-salary compensation plans, including bonuses, long-term incentive awards, or severance payments, if any, that would otherwise be due to or payable to the KEIP participants. The KEIP awards may be clawed back if a KEIP participant resigns or is terminated for cause (as defined in the KEIP) before 30 days following the consummation of a sale transaction.