Washington, DC, January 19--Solutia Inc. said Tuesday in a regulatory filing that its board approved funding for the company's 2004 incentive program.
The initiative program was spearheaded by the board's executive compensation and development committee, which also approved annual incentive awards for the company's executive officers, according to a Form 8-K submitted to the Securities and Exchange Commission.
Solutia's incentive program is in accordance with an incentive program approved by the U.S. Bankruptcy Court in Manhattan, the filing said. The company has been operating under Chapter 11 protection since December 2003.
The actual amount of the bonuses varies among the executives covered under the program and is based on performance. For instance, the chief executive can be awarded 150% of annual base salary, the filing said.
Solutia said when it filed for bankruptcy it was seeking to rid itself of retiree liabilities it said were improperly assigned to it during its 1997 spinoff from what was then Monsanto Co.
