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Midway Revises Compensation Plan, Excludes CEO Booty

After taking heavy criticism over its proposed "key employee incentive plan," bankrupt publisher Midway has now modified and refiled its plan, making multiple conciliations.
After taking heavy criticism over its proposed "key employee incentive plan," bankrupt publisher Midway has now modified and refiled its plan. The original plan offered up to $3.755 million to executives and various notable development staff for a series of milestones, including the sale of the Wheelman franchise to Ubisoft; the sale of Mortal Kombat or formulation of a restructuring plan; and the completion of a Mortal Kombat or court approval of a restructure. Government-appointed officials pointed out that the total compensation is more than four times the bonus payments handed out in 2008 -- when Midway was not bankrupt. One trustee called it "an outrageous request." Now, under the new stipulations, according to newly government-filed company documents, Midway CEO Matt Booty is specifically excluded from potential compensation for the milestones. Probably more significantly, there are now only two milestones rather than three, and their terms have been changed substantially. There is no longer any compensation associated with the sale of the Wheelman franchise, which had already been arranged with Ubisoft before the employee incentives had been finalized. And while incentives remain for reorganization, Mortal Kombat is no longer specified by name -- the terms now apply to a greater volume of assets, including Mortal Kombat as well as other less valuable properties. Finally, in order to be eligible for special compensation, staff must remain with Midway up until the day the relevant milestone is reached.

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