Tops Markets is dropping its controversial proposal to pay up to $3.6 million in bonuses to the supermarket chain's five highest-ranking executives.
The decision to withdraw the bonus plan, which could have paid Chairman and CEO Frank Curci as much as $1.3 million if Tops exceeded its financial targets in bankruptcy, is part of a deal struck by the Amherst-based company to resolve a bitter, four-year pension dispute involving workers at its Lancaster warehouse.
That pension settlement, reached last month with Teamsters Local 264 and a separate Teamsters union pension fund, still must be approved by U.S. Bankruptcy Court. It is a key part of Tops' efforts to restructure its business and emerge from bankruptcy.
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