While almost 3,000 Sears Canada employees are losing their jobs, benefits and pension plans – the company’s CEO and senior managers are getting bonuses.

The retention bonuses are to be paid out over the next few months – under Sears Canada’s Key Employee Retention Plan (KERP) which was approved by the Ontario Superior Court this week.

Court documents show that KERP is designed to create appropriate incentives for management to stay and focus on operation – and to maximize value for all stakeholders.

Sears will pay up to $9.2 million in retention bonuses to 43 executives and senior managers and 116 store general managers – who have to remain with the company for four months to get the full bonus amount.