FTX has Suggested a Bonus Plan of $4 Million for its Employees and Plans to Sell its $45 Million Stake in Sequoia Capital

 FTX, which has declared bankruptcy, has proposed a retention plan to compensate its employees with bonuses amounting to as much as 94% of their salary, as stated in a court filing on March 8th.

The bonus is limited to $4,027,204 and is intended to incentivize employees with exceptional and specific skill sets that would be difficult to replace and are crucial to the firm's operations.

Cryptoslate reports that, the eligible employees for these bonuses, according to the filing, include those with expertise in programming languages such as Python, Rust, Flutter, and NodeJS, as well as those who are knowledgeable about the company's administrative responsibilities, accounting, finance processes, etc.

The filing noted that these employees have shouldered additional responsibilities and workloads since FTX CEO John Ray downsized the workforce. Moreover, the company's current cryptocurrency and equity-based compensation programs have lost their value since the bankruptcy filing.

The filing also stated that insiders or former top executives, including Samuel Bankman-Fried, Gary Wang, Nishad Singh, and Caroline Ellison, and their families would not receive any bonuses. Additionally, no bonuses will be given to employees engaged in any wrongdoing.

In a recent development, Alameda Research, a sister company of FTX, has announced its plan to sell its stake in venture capital firm Sequoia Capital for $45 million to Al Nawwar Investments RSC Limited, according to a court filing submitted on March 8th.

As stated in the filing, Alameda decided to sell its stake to Al Nawwar due to their superior offer and their ability to execute the sale transaction quickly.

Al Nawwar is a company that operates under the Abu Dhabi Global Market laws and is reportedly owned by the Abu Dhabi government. The filing also revealed that Al Nawwar is a Sequoia Capital investor.

The proposed deal is still pending approval from the Delaware bankruptcy judge and is expected to be finalized by March 31st.

Notably, Sequoia Capital was one of FTX's investors, and it was among the first investment firms to write off its investment in the cryptocurrency exchange. [pc]