As part of this KERP, or Key Employee Retention Plan, CEO Brad Holly would collect $6.4 million of the total, which will be "paid immediately," the company said in a filing Wednesday according to Bloomberg. Four other executives including Chief Financial Officer Correne Loeffler will get the rest.

The board said employees eligible for variable compensation can receive payouts that amount to no more than their target levels. The payouts will be made quarterly. As part of the deal, the senior executives agreed to forfeit equity awards they were in line to receive this year.

The bonus plan which was signed off by the board on March 26, or 5 days before the Chapter 11 filing, is "part of an overhaul of the company's variable compensation program" with the filing noting that the coronavirus pandemic, coupled with a price war between Russia and Saudi Arabia, has dealt a crushing blow to the oil and gas industry, making it "virtually impossible" to set short-term performance goals.