McDermott proposes maximum $26.82 million KEIP, $79.4 million KERP

By Caroline Salls

Pittsburgh, Feb. 11 – McDermott International, Inc. requested court approval to implement a key employee incentive plan and key employee retention plan, according to a motion filed Monday with the U.S. Bankruptcy Court for the Southern District of Texas.

If approved, the incentive plan would pay a maximum of $26.82 million and a minimum of $6.7 million.

The company said 13 of its management team officers would be eligible to participate in the KEIP, six of whom are classified as McDermott insiders.

The insiders who would receive awards under the KEIP include the company’s president and chief executive officer, group senior vice president of projects, executive vice president and chief financial officer, executive vice president and chief legal officer, senior vice president and chief commercial officer and senior vice president and chief human resources officer.

Meanwhile, the KERP would pay 1,112 non-insider eligible participants up to a maximum of $79.4 million.

A hearing is scheduled for Feb. 24.

McDermott is a Houston-based provider of technology, engineering and construction solutions to the energy industry. The company filed bankruptcy on Jan. 21 under Chapter 11 case number 20-30336.

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