COOLEY LLP 1114 Avenue of the Americas New York, New York 10036 Telephone: (212) 479-6000 Facsimile: (212) 479-6275 Jeffrey L. Cohen Michael A. Klein Richelle Kalnit Proposed Attorneys for Debtors and Debtors in Possession UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK
---------------------------------------------------------------- In re: QUIRKY, INC., et al.1 Debtors.
x : : : : : : : :
Chapter 11 Case No. 15-12596 (MG)
Jointly Administered
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SUPPLEMENTAL DECLARATION OF MICHAEL KATZENSTEIN IN SUPPORT OF DEBTORS’ MOTION FOR AN ORDER AUTHORIZING THE DEBTORS TO ADOPT AND
IMPLEMENT (I) A KEY EMPLOYEE INCENTIVE PLAN AND (II) A KEY EMPLOYEE RETENTION PROGRAM
I, Michael Katzenstein, being duly sworn, state the following under penalty of
perjury:
1. I am a Senior Managing Director at FTI Consulting, Inc. (“FTI”), a financial
advisory services firm with numerous offices throughout the country. I make this Supplemental
Declaration (the “Supplemental Declaration”) in further support of the Motion for an Order
Authorizing the Debtors to Adopt and Implement (I) a Key Employee Incentive Plan and (II) a
Key Employee Retention Plan (the “Motion”).2 Except as otherwise indicated, the facts and
1 The Debtors in these chapter 11 cases and the last four digits of each Debtor’s taxpayer identification number are as follows: Quirky, Inc. (2873); Wink, Inc. (8826); and Undercurrent Acquisition, LLC (9692). The Debtors’ principal offices are located at 606 West 28th Street, Seventh Floor, New York, NY 10001.
2 Capitalized terms used but not otherwise defined herein shall have the meanings set forth in the Motion.
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statements set forth in this declaration are based upon my personal knowledge, my review of
relevant documents, information provided to me or verified by the Debtors or the Debtors’ other
professional advisors and my opinion based upon my experience as a financial advisor. I am
authorized to make this declaration on behalf of FTI and, if called upon to testify, I would testify
competently to the facts set forth herein.
2. I am a Senior Managing Director in FTI’s Corporate Finance group and
am a member of the Technology, Media and Telecom (“TMT”) practice within Corporate
Finance. I also lead FTI’s Interim Management practice, with responsibility for the many
engagements that FTI undertakes at any time as part of which it provides long and short-term
interim managers for companies in distress or transition. I have served as Interim CEO, as
CRO and as Interim COO as well as a board member of many TMT companies and am
intimately familiar with technology, operations and finance issues faced by companies similar to
the Debtors. I have counseled TMT corporations and creditors and other parties of interest in
dozens of in- and out- of-court restructurings over the course of my career. As part of my
responsibilities as a leader in the TMT practice, I remain current and informed on technology
trends and directions, including those of significance to the Debtors. As a business leader, I am
also keenly aware of the import of human capital and talent management in these companies. I
have served as a Senior Managing Director at FTI since FTI’s purchase in December 2008 of
CXO LLC, the boutique TMT restructuring and turnaround management firm that I co-founded. I
served as Managing Principal of CXO from its inception in 2001 until the sale to FTI. Prior to
that, I served as a senior executive, and later as the CEO, of a telecom and media company,
and as a partner in a New York law firm.
3. FTI has a wealth of experience in providing financial advisory services in
complex restructurings and reorganizations. FTI enjoys an excellent reputation for services it
has rendered in chapter 11 cases on behalf of debtors and creditors throughout the United
States. FTI’s expertise includes focusing on liquidity and capital structure assessment, debt and
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equity restructuring advice and identification of reorganization alternatives. FTI has significant
experience assisting distressed companies with day-to-day management and operating
activities, including development of pro forma financials and business plans, cash flow
management, and implementation of liquidity-enhancing and cost-saving strategies.
4. I hereby incorporate by reference my prior declaration in support of the
Motion.
I. The KEIP
5. Following discussion with the official committee of unsecured creditors
and in response to the objection to the Motion filed by the Office of the United States Trustee
(the “U.S. Trustee”), the Debtors agreed to revise the thresholds under which the KEIP
Participants would be entitled to payments under the KEIP and also agreed to remove the
Quirky “wind-down” component of the Quirky wind-down incentive. The terms of the amended
KEIP are set forth in the attached Exhibit A.3 A redline comparing the original KEIP to the
amended KEIP is set forth in the attached Exhibit B.
6. The KEIP Participants had previously agreed to waive their rights to
severance to which they otherwise would have been entitled (whether under an employment
contract or under the Debtors’ severance practices) in exchange for a payment under the KEIP.
The KEIP Participants have reserved all of their rights with respect to severance, payable upon
their termination, unless and until the first threshold of the Wink component of the KEIP is
achieved and paid. I understand that the Debtors will seek approval to pay severance to the
KEIP Participants in the event that an overbid is not achieved.
7. In his objection, the U.S. Trustee requested additional information
3 In response to an objection filed by the U.S. Trustee related to the Debtors’ request to file certain documents under seal, the Debtors have agreed to publicly file a redacted version of Exhibits A and C hereto. See Notice of Filing of Redacted Summaries of KEIP Terms and KERP Terms in Furtherance of (A) Motion for an Order Authorizing the Debtors to Adopt and Implement (I) a Key Employee Incentive Plan and (II) a Key Employee Retention Program and (B) Motion to Seal Certain Confidential Information Pertaining to the Same.
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concerning why Quirky executives were receiving payments based upon milestones associated
with the sale of Wink. He further requested information concerning the individual contributions
of each KEIP Participant. In response, the Debtors provide the information set forth on
Exhibit A.
8. As of the date hereof, I am advised that the Debtors have received no
bids for the Wink assets (other than the stalking horse bid). Likewise, the Debtors have
received no bids for the Quirky assets.
II. The KERP
9. In his objection, the U.S. Trustee argues, among other things, that the
Debtors failed to meet their burden to establish that the KERP Recipients are not insiders.
Although some of the KERP Participants hold titles such as “Vice President,” “Manager” or
“Director,” I am advised, and, based upon my interactions with Quirky have observed, that they
do not take part in the management of the Debtors and they hold these titles in name only. I
understand that the KERP Participants do not attend senior management meetings, do not
participate in board meetings or corporate governance or strategy, and that their authority is
limited to their immediate job responsibilities. Further, I understand that many of the KERP
Participants’ duties are limited to particular business units, which further constricts their scope of
authority. Therefore, while the titles of the KERP Participants reflect their individual roles and
functions, I do not believe that they confer insider status upon the KERP Participants.
10. Of the 41 KERP Participants, 4 4 Quirky employees and 5 Wink
employees hold titles of “Vice President” or “Director.” The number of KERP Participants with
officer-sounding titles is a result of how the Debtors historically operated. Like many peers in
the start-up technology market, the Debtors provide titles to employees for a variety of reasons,
including for recruitment reasons, providing them with greater creditability in interactions with
4 Since the filing of the Motion, one KERP Participant (in Group 4) resigned. A chart setting forth the remaining KERP Participants, including information pertaining to their job functions, is set forth on Exhibit C hereto.
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partners, in lieu of pay raises or other similar reasons. The majority of these titles have been
given to mid-level employees who do not have decision-making authority that would confer
insider status.
11. In the case of Wink KERP Participants, the titles of “Vice President” and
“Director” reflect the KERP Participants’ management of a limited technical function related to
the Wink business, such as back-end systems engineering, mobile development or customer
experience design. These participants report to Nathan Smith or Brett Worthington who have
historically reported to the Chief Executive Officer of Quirky, Inc., who in turn reports to the
Board. These KERP Participants do not have a direct line of communication to the CEO or the
Board. These participants interact with senior Wink management (Nathan Smith and/or Brett
Worthington) on the aspects of the business that are related to their particular technical function.
They are not involved in making overall management decisions, including decisions related to
product lines and service line offerings, financing or overall corporate strategy.
12. In the case of the Quirky KERP Participants, the titles of “Vice President”
and “Director” reflect the KERP Participants’ management of a limited corporate management
function, such as Human Resources, Finance or IT. However, these KERP Participants do not
participate in senior management or Board meetings. These KERP Participants report to the
Chief Executive Officer of Quirky, Inc., who in turn reports to the Board. These KERP
Participants do not have decision-making authority, do not have direct line communication with
the Board and are not directly involved in discussions regarding strategy, financing or M&A
transactions, other than in an analytical support role.
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I declare under penalty of perjury that the foregoing is true and correct.
Dated: October 22, 2015 New York, New York
/s/ Michael Katzenstein Michael Katzenstein
Senior Managing Director FTI Consulting, Inc.
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EXHIBIT A TO SUPPLEMENTAL KATZENSTEIN DECLARATION
Summary of Revised KEIP Terms KEIP Participant Proposed Payment and Terms
Quirky KEIP Employees Sale Incentive
$655,000 would be available to pay the Quirky KEIP Employees in connection with a sale of the assets related to the Wink business1 pursuant to the milestones set forth below.
would receive a total payment of $375,000 if all milestones are met, and would receive a total payment of $280,000 if all milestones are met (excluding any sharing).
Payments will be based on the following thresholds:
o 50% upon achieving a sale resulting in $15.8 million of gross proceeds.
o 62.5% upon achieving a sale resulting in $20 million of gross proceeds.
o 85% earned upon achieving a sale resulting in $35 million of gross proceeds.
o 100% earned upon achieving a sale resulting in $40 million of gross proceeds.
o If gross sale proceeds exceed $40 million, Quirky KEIP Employees and Wink KEIP Employees will share in 2% of incremental gross proceeds (i.e., 2% sharing in any amount over and above $40 million).
Quirky Wind-Down Incentive
$270,000 would be available to pay the Quirky KEIP Employees in connection with the wind-down of Quirky pursuant to the milestones set forth below. would receive a total payment of $150,000 if all milestones are met, and
would receive a total payment of $120,000 if all milestones are met, as set forth below:
1 Excludes Quirky FF&E and machinery in NYC office, as such assets belong to Quirky and may not be included in bids from other bidders who are interested in the Wink assets.
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Performance Metric Target Threshold
Percentage of Incentive Pool
Complete sale(s) of Quirky platform, products, IP and related assets2
$2,250,000 60%
Liquidate Quirky furniture, fixtures, equipment and machinery
$750,000 22.5%
Liquidate remaining Quirky inventory / eliminate warehouse expense
$500,000 17.5%
Wink KEIP Employees Sale Incentive
$650,000 would be available to pay the Wink KEIP Employees in connection with a sale of the assets related to the Wink business3 pursuant to the milestones set forth below.
would receive a total payment of $375,000 if all milestones are met, and
would receive a total payment of $275,000 if all milestones are met.
Payments will be based on the following thresholds:
o 50% upon achieving a sale resulting in $15.8 million of gross proceeds
o 62.5% upon achieving a sale resulting in $20 million of gross proceeds
o 85% earned upon achieving a sale resulting in $35 million of gross proceeds.
o 100% earned upon achieving a sale resulting in $40 million of gross proceeds.
o If gross sale proceeds exceed $40 million, Quirky KEIP Employees and Wink KEIP Employees will share in 2% of incremental gross proceeds (i.e., 2% sharing in any amount over and above $40 million).
2 Assets for which Hilco Streambank has been retained to sell with the support of the Quirky KEIP Participants
3 Excludes Quirky FF&E and machinery in NYC office.
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KEIP Participants in Wink Sale Process
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KEIP Participants in Quirky Sale Process
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EXHIBIT B TO SUPPLEMENTAL KATZENSTEIN DECLARATION
Comparison of Original KEIP to Amended KEIP
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EXHIBIT 1A TO SUPPLEMENTAL KATZENSTEIN DECLARATION
Summary of Revised KEIP Terms KEIP Participant Proposed Payment and Terms
Quirky KEIP Employees Sale Incentive
$655,000 would be available to pay the Quirky KEIP Employees in connection with a sale of the assets related to the Wink business1 pursuant to the milestones set forth below.
would receive a total payment of $375,000 if all milestones are met, and would receive a total payment of $280,000 if all milestones are met (excluding any sharing).
Payments will be based on the following thresholds:
o 50% earned upon securingachieving a stalking horse bid atsale resulting in $15.8 million of gross proceeds.
o 62.5% upon achieving a level acceptable to Comericasale resulting in $20 million of gross proceeds.
o 7585% earned upon achieving a sale resulting in $35 million of gross proceeds.
o 100% earned upon achieving a sale resulting in $40 million of gross proceeds.
o If gross sale proceeds exceed $40 million, Quirky KEIP Employees and Wink KEIP Employees will share in 52% of incremental gross proceeds (i.e., 52% sharing in any amount over and above $40 million).
Quirky Wind-Down Incentive
$270,000 would be available to pay the Quirky KEIP Employees in connection with the wind-down of Quirky pursuant to the milestones set forth below. would receive a total payment of $150,000 if all milestones are met, and
would receive a total payment of $120,000 if all milestones are met, as set forth below:
1 Excludes Quirky FF&E and machinery in NYC office, as such assets belong to Quirky and may not be included in bids from other bidders who are interested in the Wink assets.
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Performance Metric Target Threshold
Percentage of Incentive Pool
Complete sale(s) of Quirky platform, products, IP and related assets2
$2,250,000 5560%
Liquidate Quirky furniture, fixtures, equipment and machinery
$750,000 2022.5%
Liquidate remaining Quirky inventory / eliminate warehouse expense
$500,000 1517.5%
Wind down materially all corporate operations and costs as reasonably determined by the Debtors in consultation with the official committee of unsecured creditors
-- 5%
Wink KEIP Employees Sale Incentive
$650,000 would be available to pay the Wink KEIP Employees in connection with a sale of the assets related to the Wink business3 pursuant to the milestones set forth below.
would receive a total payment of $375,000 if all milestones are met, and
would receive a total payment of $275,000 if all milestones are met.
Payments will be based on the following thresholds:
o 50% earned upon securingachieving a stalking horse bid atsale resulting in $15.8 million of gross proceeds
o 62.5% upon achieving a level acceptable to Comerica.sale resulting in $20 million of gross proceeds
o 7585% earned upon achieving a sale resulting in $35 million of gross proceeds.
2 Assets for which Hilco Streambank has been retained to sell with the support of the Quirky KEIP Participants
3 Excludes Quirky FF&E and machinery in NYC office.
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o 100% earned upon achieving a sale resulting in $40 million of gross proceeds.
o If gross sale proceeds exceed $40 million, Wink KEIP Employees and Quirky KEIP Employees and Wink KEIP Employees will share in 52% of incremental gross proceeds (i.e., 52% sharing in any amount over and above $40 million).
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EXHIBIT C TO SUPPLEMENTAL KATZENSTEIN DECLARATION
Summary of KERP Terms1
Category Name Company Title Reportsto ProposedAmount
JobResponsibilities
Group1 EmployeeA Quirky Controller EdKremer
$80,000
: reports to Chief Financial Officer. oversees two direct reports, a systems application manager (1) and a business analyst (1). The oversees day-to-day accounting operations, including the monthly close process, the preparation of financial statements, preparation and management of federal and state tax filings and supervision of the annual audit..
Group1 EmployeeB Quirky VP,Finance EdKremer
100,000
reports to Chief Financial Officer. has no direct employee supervisory responsibilities. contributes to financial planning and analysis, including the annual budgeting process, cash flow forecasting and internal management reporting. Additionally, provides analytical support to the Debtors’ management team in financing and M&A discussions..
Group1 EmployeeC Quirky
EdKremer
45,000
reports to Chief Executive Officer. oversees one direct report, a workplace coordinator. is responsible for human resources operations, including on-boarding, training and administration of payroll and benefits plans..
Group1EmployeeD Wink
Nathan
Smith
100,000
reports to VP Engineering, Wink. oversees one direct report, a machine learning & automation specialist. is responsible for day-to-day architecture and execution of data strategy at Wink, including analysis of user behavior data and development of data-driven algorithms and features for the Wink platform.
Group1 EmployeeE Wink Nathan
Smith
80,000
reports to VP Engineering, Wink. oversees two direct reports, including a software engineer (1) and a senior software engineer (1). Additionally,
leads backend engineering operations for the Wink platform, feature and infrastructure.
Group2 EmployeeF Quirky Director,IT EdKremer
30,000
reports to Chief Executive Officer. has no direct employee supervisory responsibilities. is responsible for planning, organization and execution of functions for Quirky and Wink.
Group2 EmployeeG Quirky
&
EdKremer
30,000
reports to Chief Executive Officer. has no direct employee supervisory responsibility. is responsible for day-to-day
1 Each employee in KERP Group 4 will only receive payments in the event that (a) a sale of the Wink business is not consummated, or (b) such employee does not receive an employment offer from the purchaser of the Wink business. The proposed payment to KERP Group 4 reflects what each employee in that group would receive as severance pursuant to the Debtors’ severance practices.
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operations, including supply chain and distribution network logistics for wholesale and e-commerce sales for Quirky and Wink.
Group2EmployeeH Wink
tomer BrettWorthington
40,000
reports to General Manager, Wink. oversees five direct reports, including a training & QA supervisor (1), a lead technology specialist (1), a representative (1), an agent experience lead (1) and a customer support operations manager (1).
manages a 24/7 call center, including hiring, scheduling and other administrative responsibilities. is responsible for implementing Wink customer service policies and handling processes including product technical support, website troubleshooting, refunds and return, fraud and domestic and international shipping.
Group2 EmployeeI Winkr,
NathanSmith
40,000
reports to VP Engineering, Wink. oversees four direct reports, including developers (2) and engineering product leads (2). oversees
development for the Wink platform, including leading architectural discussions, coordinating product scoping and implementation with engineering teams and serving as the technical contact for tech teams at partner companies.
Group2 EmployeeJ Wink erienceNathanSmith
40,000
reports to VP Engineering, Wink. has four direct reports, including an
product lead (1), an platform lead (1), a digital product designer (1) and an researcher (1). leads the Wink design team to develop strategy for user interface and user experience design for the Wink app.
Group2 EmployeeK Winkware Nathan
Smith
40,000
reports to VP Engineering, Wink. oversees five direct reports, including a systems engineer (1), a QA manager (1), a mechanical engineer (1) and embedded software developers (2). manages embedded software development and QA activities for Wink. Additionally, works with partners to integrate new products and technologies.
Group2 EmployeeL Wink VP,MarketingBrettWorthington
40,000
reports to General Manager, Wink. oversees one direct report, a
manager. VP is responsible for day-to-day operations for Wink..
Group3EmployeeM Wink
d, JeffreyBartenbach
20,000
: reports to the VP, Experience. has no direct supervisory responsibility. is responsible for Wink’s digital product design operations.
Group3EmployeeN Quirky
on JordanArma
20,000
reports to the Controller. has no direct supervisory responsibility. performs system integrations for Quirky and Wink.
Group3EmployeeO Quirky
l CharlieKwalwasser
20,000
reports to the General Counsel.
has no direct supervisory responsibility. evaluates and advises on legal issues related to
agreements.
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Group3 EmployeeP Winkper
ElizabethJohnston
20,000
reports to the Director, . has no direct supervisory responsibility. supports
development for the .
Group3EmployeeQ Wink
per
ElizabethJohnston
20,000
reports to the Director, . Developer has no direct supervisory responsibility. Developer supports
development for the .
Group3 EmployeeR Wink BrettWorthington
20,000
reports to General Manager, Wink. has no direct supervisory responsibility.
is responsible for day-to-day of partner accounts, including
business planning, relationship management, product updates and other partner communications.
Group3 EmployeeS Wink JasonPowers
20,000
reports to Platform Lead, Experience. has no direct supervisory responsibility. supports Wink’s operations.
Group3 EmployeeT Wink, Elizabeth
Johnston
20,000
: reports to the Director, Mobile. Lead oversees one direct report, a mobile developer. Lead oversees day-to-day Android mobile development operations for the Wink app.
Group3 EmployeeU Wink, Elizabeth
Johnston
20,000
reports to Director, Mobile. oversees three direct reports, including mobile developers (3). is responsible for day-to-day iOS mobile development operations for the Wink app.
Group3 EmployeeV Wink QAManager KitKlein
20,000
reports to Hardware Lead. Manager oversees three direct reports, including
engineers (2) and a junior engineer (1). Manager oversees day-to-day and software testing operations.
Group3EmployeeW Wink
MatthewBornski
20,000
reports to the Director, Back-End Systems. oversees two direct reports, including a software developer (1) and a junior software (1). oversees day-to-day backend engineering operations for the Wink platform, feature and infrastructure.
Group4 EmployeeX Winkper
ElizabethJohnston
5,348
reports to the Director, . Developer has no direct supervisory responsibility. Developer supports
development for the .
Group4 EmployeeY Wink
Alex
Limpaecher
5,962
: reports to
Lead. has no direct supervisory responsibility. supports day-to-day architecture and execution of data strategy at Wink, including analysis of user behavior data and development of data-driven algorithms and features for the Wink platform.
Group4 EmployeeZ Wink KitKlein
4,327
reports to Hardware Lead. has no direct supervisory responsibility. supports backend
operations for the Wink platform, feature and infrastructure.
Group4EmployeeAA Wink er
BrettWorthington
3,268r reports to the
Director of People & Culture, Wink.
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has no direct supervisory responsibility. is responsible for
administrative tasks and maintaining services.
Group4EmployeeBB Wink
r
SylvainLemiere
6,923
reports to the Software Engineer. has no direct supervisory responsibility. supports backend engineering operations for the Wink platform, feature and infrastructure.
Group4EmployeeCC Wink
al KitKlein
5,192
reports to Hardware Lead. has no direct supervisory responsibility. supports backend engineering operations for the Wink platform, feature and infrastructure.
Group4EmployeeDD Wink
ent BrettWorthington
18,846
reports to General Manager, Wink. has no direct supervisory responsibility. is responsible for building and opportunities, including developing, forecasting and closing new business, maintaining relationships with key strategic accounts and onboarding new retail or channel partners.
Group4EmployeeEE Wink
ChristopherMeisner
5,769
reports to Product Lead, Experience. has no direct supervisory responsibility. r supports Wink’s sign operations.
Group4EmployeeFF Wink
per
ElizabethJohnston
5,385
reports to the Director, Mobile. has no direct supervisory responsibility. contributes to development for the .
Group4EmployeeGG Wink
ceJeffreyBartenbach
8,654
reports to Director, . oversees one direct report, a digital product designer. is responsible for Wink’s digital platform design operations.
Group4EmployeeHH Wink
KitKlein
4,904
reports to the Hardware lead. has no direct supervisory responsibility. supports software development operations.
Group4 EmployeeII Wink
KitKlein
3,462
reports to the Hardware lead. has no direct supervisory responsibility. supports software development operations.
Group4 EmployeeJJ Wink BrettWorthington
7,212
reports to General Manager, Wink. oversees two direct reports, a logistics manager (1) and a business operations analyst (1).
serves as a project manager to the integration process for new and existing partners.
Group4EmployeeKK Wink
per
ElizabethJohnston
7,788
reports to the Director, . has no direct supervisory responsibility. contributes to development for the .
Group4EmployeeLL Wink QAEngineer KitKlein
2,692
reports to the Manager. has no direct supervisory responsibility. supports
and software testing operations.
Group4EmployeeMM Wink QAEngineer KitKlein 3,750
reports to the Manager. has no direct supervisory
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DACTED
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DACTED
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15-12596-mg Doc 114 Filed 10/22/15 Entered 10/22/15 16:03:23 Main Document Pg 18 of 19
5
responsibility. supports and software testing operations.
Group4EmployeeNN Wink
re
SylvainLemiere
5,481
reports to the Engineer. has no direct
supervisory responsibility. supports backend engineering operations for the Wink platform, feature and infrastructure.
Group4EmployeeOO Wink
KitKlein
4,038
reports to the Manager. Engineer has no direct supervisory responsibility. Engineer supports
and software testing operations.
TOTAL $994,001
REDACTED
REDACTED
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REDACTEDREDACTED
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15-12596-mg Doc 114 Filed 10/22/15 Entered 10/22/15 16:03:23 Main Document Pg 19 of 19