SVB Financial gets approval of amended key employee retention plan

By Sarah Lizee

Olympia, Wash., July 18 – SVB Financial Group secured approval of a modified key employee retention plan, according to an order filed Tuesday with the U.S. Bankruptcy Court for the Southern District of New York.

As proposed, the plan intended to offer 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.

However, Tuesday’s order limited the number of participants to 81, and the total amount of retention awards payable under the plan to $1.34 million.

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.

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