FTX Incentivizes Staff With $4M Bonus Program Boost
FTX is seeking to introduce a $4 million bonus program to retain employees with critical skills, according to court documents filed on Tuesday. The company’s CEO, John J. Ray III, has proposed offering bonuses of up to 94% of salary to prevent employees with knowledge of programming or company accounting practices from leaving the company.
FTX argued that its remaining employees and contractors possess institutional knowledge and unique, specialized skillsets that would be difficult to replace and are critical to the company’s objectives in its ongoing bankruptcy proceedings. FTX is facing a “massive shortfall” as it attempts to return funds to creditors, and the proposed bonus program is aimed at ensuring that the company can wind up its affairs effectively. The overall package is capped at $4,027,204, and no bonuses will be paid to directors or officers of the company, founder Sam Bankman-Fried and his family, or any staff believed to be involved in wrongdoing.
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