Nell Minow, an expert in corporate governance and vice chair of ValueEdge Advisors, believes such bonuses should be tied to specific metrics, such as resolving bankruptcy issues by a particular date or taking other steps to ensure the company’s long-term viability. If restructuring efforts fail, some companies will end up having to liquidate and shut down altogether. “What we call this is ‘pay for pulse,’ ” she said. “There is absolutely no obligation other than being alive to earn these bonuses. They’re payments for sticking around — and there is no worse timing for that than in the middle of an economic and medical crisis.”

J.C. Penney, Hertz, Neiman Marcus and other firms awarded executives bonuses days before bankruptcy filings – The Washington Post