Cranberry-based Westinghouse has asked for permission to offer up to $8.4 million in bonuses to top executives and other employees to entice them to stay.

CRANBERRY — Westinghouse has asked the federal bankruptcy court for approval to offer up to $8.4 million in bonuses to top executives and select other employees to entice them to remain with the struggling company.

The Key Employee Incentive Program would affect 26 Westinghouse employees.

Awards will range from $4.2 million to $8.4 million depending on whether certain company financial goals and safety standards are met.

The Cranberry-based company on Wednesday filed the request in U.S. Bankruptcy Court of the Southern District of New York, outlining a Key Employee Incentive Program that would serve to retain 26 select employees and executives.

Employees eligible for bonuses were chosen based on the importance of their work and the degree to which the filing of bankruptcy affected their responsibilities, the company said in the filing.

The company is hoping to save around $147 million, primarily through restructuring and other “cost-saving initiatives” and is hoping that the bonuses will motivate key employees to work toward this goal.

Westinghouse also requested approval to move forward with its previous decision to raise the salaries of two top executives: president and CEO Jose Gutierrez and CFO Dan Sumner.

The company voted in June to adjust Gutierrez’s annual salary from $627,000 to $1 million.

The company promoted Gutierrez from senior vice president of global nuclear business to president and CEO in June, with the company already several months into the bankruptcy proceedings.

“Mr. Gutierrez’s current salary, however, is not reflective of his role as CEO and is well below that of his industry peers,” the filing read. A compensation consultant hired by the company estimated his salary fell 39 percent below the market median.

The company also voted to raise the salary of Sumner from $234,000 to $375,000.

It was estimated to be 53 percent below market median.

Even with adjustments both men will remain slightly below the median.

Westinghouse declared bankruptcy last spring and announced last month that it expects to lay off 1,500 employees before the end of March.

It is currently accepting bids for a majority stake in the company.

A Westinghouse spokesman declined any comment beyond the filing.