FTX proposes $4M worker bonus plan; intends to promote $45M stake in Sequoia Capital

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Bankrupt FTX proposed a retention plan that might pay the trade’s workers bonuses of as much as 94% of their wage, in response to a March 8 court docket submitting.

The bonus is capped at $4,027,204 and is designed to cater to workers with “distinctive and specialised skillsets” that might be troublesome to switch and are essential to the agency’s case.

Per the submitting, the FTX’s workers who qualify for these bonuses included these with programming data of Python, Rust, Flutter, and NodeJS. Others embody workers who know the agency’s administrative duties, accounting and finance processes, and so on.

In keeping with the submitting, these workers have taken on added tasks and workload since FTX’s CEO, John Ray, lowered the trade’s workforce. As well as, it mentioned the agency’s present cryptocurrency and equity-based compensation packages had had little worth since submitting for chapter.

In the meantime, the submitting said that no bonuses could be paid to “insiders” or FTX’s former prime executives – Samuel Bankman-Fried, Gary Wang, Nishad Singh, and Caroline Ellison –  and their households. In addition to that, no bonuses could be paid to workers engaged in wrongdoing.

FTX needs to promote its curiosity in Sequoia Capital for $45M

In an additional growth, FTX’s sister firm Alameda Analysis intends to promote its stake in enterprise capital agency Sequoia Capital for $45 million to Al Nawwar Investments RSC Restricted, in response to a March 8 court docket submitting.

In keeping with the submitting, Alameda agreed to promote to Al Nawwar as a result of it made a “superior supply and skill to execute the Sale Transaction inside a short while body.”

Al Nawwar is an organization included below the Abu Dhabi International Market legal guidelines and reportedly owned by the Abu Dhabi authorities. The submitting famous that the corporate can be an investor in Sequoia Capital.

The deal is topic to the Delaware chapter decide’s approval and is anticipated to shut by March 31.

In the meantime, Sequoia was certainly one of FTX’s buyers. The enterprise capital agency was one of many first funding corporations to write off its funding within the crypto trade.

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