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Corporate Greed: Extraction Execs Scores Millions in Bonuses Ahead of Bankruptcy Filing
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Extraction Oil & Gas has approved a 'cash-retention' plan for its executives amounting to $6.7 million, according to its most recent SEC filing.
This development was announced after the company's shareholders voted in favor of a reverse-stock split at its annual meeting, which was held earlier this week. The vote comes less than a month after the company skipped out on its loan interest payment in May.
Senior executives took a 10% pay cut back in early April 2020. Since then, Extraction CEO Matthew R. Owens' salary has agreed to a further salary cut which, including the earlier cuts, represents a 20% decline in salary.
In the filing, Extraction said: "In light of the historic decline in commodity prices and the unprecedented level of market volatility affecting the oil and gas industry, Extraction has determined that its historic compensation structure and performance metrics are ineffective in motivating and incentivizing the Company’s workforce in the current environment. With the advice of its independent compensation consultant and legal advisors, the Company has implemented a revised compensation structure for the Company’s executives and senior managers."
Cash Retention Details
Senior Employees
The Company has approved retention agreements with 16 of our executives and senior managers, including our named executive officers, in which an aggregate of $6.7 million of payments will be paid.
Other EmployeesAdditionally, the Company has implemented a cash retention plan pursuant to which all eligible employees other than the Senior Managers may earn an aggregate amount equal to their target 2020 variable compensation.
Non-Employee DirectorsThe Company also revised its non-employee director compensation program. Under the revised program, base retainers for our non-employee directors have been reduced by $10,000 and all non-employee director compensation will be paid in cash on a quarterly basis.
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