Advanced Television

Intelsat wins court approval over exec salaries

July 1, 2020

The top six executives at Intelsat have won the bankruptcy court’s approval to receive salaries and bonus payments despite protests from the Department of Justice.

The payments – worth $17 million (€15.1m) overall – are based on Intelsat’s key employee incentive (KEIP) agreements with the executives.

The bankruptcy court’s Judge Keith Phillips confirmed his judgement on June 30th during a telephone verdict, saying that the bonus plan was properly explained and would only be paid if performance targets were met and were not disguised retention plans.

Intelsat’s CEO Steve Spengle could receive (under the KEIP scheme) $2.32 million plus various other incentive/retention awards up to a maximum of $6.97 million. The court agreed with Intelsat’s submission that to keep the business as a ‘going concern’ that it is essential to keep senior staff on the payroll.

Categories: Blogs, Inside Satellite, Policy

Tags: ,