Approach Resources Inc. paid seven current and former executives bonuses totaling about $3.7 million in the year before the fracking company filed for bankruptcy, according to an analysis of management payments the company disclosed in court papers, WSJ Pro Bankruptcy reported. The bulk of the financial awards the Fort Worth, Texas-based company doled out in the 12 months before filing for chapter 11 in November were in the form of retention bonuses to its four-person management team worth more than $2 million that includes a $900,000 retention bonus for Approach President and Chief Executive Officer Sergei Krylov, who was promoted to the position in April. Management also collected stock and performance bonuses as well as other financial awards, court papers say. The bonuses Approach paid are part of a larger compensation package to current and former executives in the year before bankruptcy totaling more than $9 million. The amount includes about $2.7 million in consulting fees for two former executives, salary, separation agreements, expense reimbursements and contributions to executives’ 401(k) accounts, according to papers the company filed last month in the U.S. Bankruptcy Court in Houston. Approach also paid more than $1 million in fees to current and former board members.
