Judge OKs Calpine Plan to Pay Workers’ Bonuses
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A U.S. Bankruptcy Court judge has approved Calpine Corp.’s plan to pay as much as $44 million in bonuses to encourage employees to stay as the San Jose-based power plant owner restructures.
Judge Burton Lifland in New York also approved Calpine’s employment contracts with Chief Executive Robert May and Chief Financial Officer Scott Davido. May could receive as much as $20.8 million in salary and bonuses over two years, provided that he brings Calpine out of bankruptcy protection. Davido could receive as much as $6.1 million.
More than 600 employees are eligible to receive payments under the bonus plan, according to court documents.
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