SVB Financial seeks approval of key employee incentive plan

By Sarah Lizee

Olympia, Wash., July 26 – SVB Financial Group is seeking approval of a key employee incentive plan, according to a motion filed Tuesday with the U.S. Bankruptcy Court for the Southern District of New York.

The KEIP is set to reach up to $12.56 million for a total of nine participants, depending on the level at which performance goals are reached, with participants receiving $9.85 million in respect of KEIP awards if target performance levels were achieved for all metrics.

The company said that none of the participants in the key employee retention plan will be included in the KEIP.

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.

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