No Bonuses Ahead of Bankruptcy Filing Act of 2020

“(d)

“(1) During the 2-year period ending 1 year after the date of the filing of the petition and notwithstanding any other provision of this section, there shall neither be allowed nor paid a bonus to—

“(A) an individual employed by the debtor at an annual rate of compensation exceeding $250,000;

“(B) an insider of the debtor; or

“(C) an individual employed by the debtor to the extent that such bonus would cause that individual’s annual rate of compensation to exceed $250,000.

“(2) For purposes of this subsection, the term “bonus” means a transfer to, or obligation incurred for the benefit of, an individual employed by the debtor or insider of the debtor as compensation for services in an amount that—

“(A) is in addition to the existing wages, salary, or base compensation of an insider of the debtor or individual employed by the debtor; and

“(B) can be construed as a form of retention, incentive, or reward related to the services provided to the debtor by the insider or the individual employed by the debtor.

“(3) The term “an individual employed by the debtor” includes, but is not limited to, an employee, consultant, or contractor.”