WPG - Washington Prime to prepay senior exec bonuses with a string attached

Washington Prime Group (WPG) modifies aspects of its compensation plan after a review of the program for its entire workforce as a way to "incentivize and retain its employees in light of the unprecedented climate created by COVID-19 related market impacts," according to a filing submitted late Friday.Under the revised plan, the target variable compensation of 17 senior employees will be prepaid with an obligation to refund up to 100% of the compensation (on an after-tax basis) if certain conditions aren't satisfied.The total amount paid to these 17 employees will be ~$11.6M. Its named executive officers' target compensation will be earned 50% based on their continued employment for a period of up to 12 months and the rest based on achieving certain specified metrics.Under the plan for all employees, WPG's annual incentive plan will be converted into "an opportunity for our employees to receive cash retention payments earned on a

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Washington Prime to prepay senior exec bonuses, with a string attached