Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers S > Headlines for SVB Financial Group > News item |
SVB Financial seeks approval of key employee retention plan
By Sarah Lizee
Olympia, Wash., June 9 – SVB Financial Group is seeking approval of a key employee retention plan, according to a motion filed Thursday with the U.S. Bankruptcy Court for the Southern District of New York.
The plan offers 113 identified employees or operational roles of the debtor and SVB Capital the ability to earn retention awards of up to an aggregate of about $3 million on a quarterly basis through the end of 2023.
Additionally, in order to give the debtor the ability to quickly respond to emerging retention needs, the plan includes a discretionary pool of up to $983,000.
No amounts will be paid under the proposed plan to any insider of the debtor.
The financial services and bank holding company is based in Santa Clara, Calif. The company filed bankruptcy on March 17 under Chapter 11 case number 23-10367.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.