Bankrupt FTX proposed a retention plan that would pay exchange employees bonuses of up to 94 percent of their salary, according to a March 8 court filing.
The bonus is capped at $4,027,204 and is designed to serve employees with “unique and specialized skill sets” who would be difficult to replace and are critical to the firm’s case.
According to filing, FTX employees who qualify for these bonuses include those with Python, Rust, Flutter, and NodeJS programming knowledge. Others include employees who know the company’s administrative duties, accounting and financial processes, etc.
According to the filing, those employees took on additional responsibilities and workloads after FTX CEO John Ray cut the exchange’s workforce. Additionally, the firm’s current cryptocurrency and equity compensation programs are said to have had little value since the bankruptcy filing.
Meanwhile, the filing states that no bonuses will be paid to “insiders” or the former FTX senior executives – Samuel Bankman-Fried, Gary Wang, Nishad Singh and Caroline Ellison – and their families. Additionally, no bonuses will be paid to employees involved in wrongdoing.
FTX wants to sell its stake in Sequoia Capital for $45 million
In a further development, FTX subsidiary Alameda Research intends to sell its stake in venture capital firm Sequoia Capital for $45 million to Al Nawwar Investments RSC Limited, according to a March 8 court filing filing.
According to the filing, Alameda agreed to sell to Al Nawwar because it made a “superior offer and ability to complete the sale transaction within a short period of time.”
Al Nawwar is a company incorporated under the laws of the Abu Dhabi Global Market and is reportedly owned by the Government of Abu Dhabi. The filing notes that the company is also an investor in Sequoia Capital.
The deal is subject to approval by a Delaware bankruptcy judge and is expected to close by March 31.
Meanwhile, Sequoia was one of FTX’s investors. The venture capital firm was one of the first investment firms that unsubscribe your investment in the crypto exchange.
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