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Chesapeake Energy

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Is this an acceptable move in these times?  Is Senior management raiding the cupboard before filing chapter 11?  Just wanted to hear from the knowledge base here.  

On Friday, Chesapeake Energy said that it had revised its compensation structure and performance metrics after deciding, together with advisors, that they would “not be effective in motivating and incentivizing the Company’s workforce.” 

Chesapeake pre-paid 21 senior executives and named executive officers a total of $25 million, for which they waived their participation in the company’s 2020 annual bonus plan and waived their rights to all equity compensation awards with respect to 2020.    

 

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