Chesapeake energy, board have modified chk's compensation program effective as of may 5, 2020

Chesapeake energy corp - co, board have modified company's compensation program effective as of may 5, 2020.chesapeake energy - board determined that historic compensation structure, performance metrics would not be effective in incentivizing workforce.chesapeake energy corp - co's ceo & cfo have each agreed to 34% reduction in their 2019 target variable compensation.chesapeake - target variable compensation of certain senior employees will be prepaid with obligation to refund upto 100% of compensation if conditions not satisfied.chesapeake energy corp - non-employee director compensation was reduced by approximately 15% on an aggregate basis.chesapeake energy corp - all non-employee director compensation will be paid in cash on a quarterly basis.chesapeake energy corp - total amount paid to 21 senior employees will be approximately $25 million.chesapeake - annual incentive plan to be converted into opportunity for employees to receive payments earned on qtrly basis over 12-month period.chesapeake - to participate in revised program, named executive officers, vice presidents required to waive participation in 2020 annual bonus plan.chesapeake - to participate in revised program, named executive officers, vice presidents required to waive rights to all 2020 equity compensation awards.chesapeake - board waived remaining portion of repayment requirement for 2018 cash retention awards granted to ceo and cfo.
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