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Chesapeake Energy said its converting 21 of its officers variable compensation to a $25 million cash retention program. This is according to a late friday evening 8k filing.
"The Board and Compensation Committee, with the advice of their independent compensation consultant and legal advisors, determined that the historic compensation structure and performance metrics would not be effective in motivating and incentivizing the Company’s workforce. As a result, given the current circumstances, the Board and the Company implemented the following revised compensation structure for the Company’s senior executives"
As part of this, the company noted that "named executive officers and vice presidents are required to waive participation in the Company’s 2020 annual bonus plan and waive their rights to all equity compensation awards with respect to 2020. All outstanding equity compensation awards held by our named executive officers and vice presidents have been cancelled."
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