Blackstone to pay part of exit sale proceeds to Sona execs

Private equity firm Blackstone is seeking shareholder approval for an exit return incentive plan that envisages to pay a compensation of between 1% and 4% of the proceeds that Blackstone will generate from a future sale of its stake in Sona Comstar to select executives of the company, it said in annual general meeting notice to shareholders. The ticker and trading information for Blackstone Group is displayed at the post where it is traded on the floor of the New York Stock Exchange Blackstone holds a 34.18% stake in the auto component maker through an entity called Singapore VII Topco III PTE. Ltd. “Under the ERI plan, Singapore VII proposes to give the identified employees cash payments from the proceeds it received/receives from a disposition event. These disposition payments may be made in three instalments, part at the time of the disposition event and then on the first and second anniversaries of Singapore VII’s complete disposition of its ownership in the company, as per the ERI plan,” said the notice of the annual general meeting to be held on September 9.