• FTX has proposed a $4M employee bonus plan to retain employees with specialized skills.
• FTX’s sister company Alameda Research is set to sell its stake in venture capital firm Sequoia Capital for $45 million to Al Nawwar Investments RSC Limited.
• No bonuses will be paid out to FTX’s former top executives, their families or employees engaged in wrongdoing.
FTX Proposes $4M Employee Bonus Plan
FTX has proposed a retention plan that would pay the exchange’s employees bonuses of up to 94% of their salary, capped at $4,027,204. The bonus is designed for employees with „unique and specialized skillsets“ that are critical to the firm’s case, such as programming knowledge of Python, Rust, Flutter, and NodeJS; administrative duties; accounting and finance processes; etc.
Insiders Not Eligible For Bonuses
No bonuses will be paid out to FTX’s former top executives – Samuel Bankman-Fried, Gary Wang, Nishad Singh and Caroline Ellison – their families or any employee engaged in wrongdoing.
Alameda Research Set To Sell Stake In Sequoia Capital
FTX’s sister company Alameda Research intends to sell its stake in venture capital firm Sequoia Capital for $45 million to Al Nawwar Investments RSC Limited. The deal is subject to the Delaware bankruptcy judge’s approval and is expected to close by March 31.
About Al Nawwar Investments RSC Limited
Al Nawwar is a company incorporated under the Abu Dhabi Global Market laws and reportedly owned by the Abu Dhabi government. It is also an investor in Sequoia Capital.
About Sequoia Capital
Sequoia was one of FTX’s investors prior to filing for bankruptcy protection.