SVB key employee incentive plan OK’d after trustee objection resolved

By Sarah Lizee

Olympia, Wash., Aug. 22 – SVB Financial Group’s motion seeking approval of a key employee incentive plan was approved by the U.S. Bankruptcy Court for the Southern District of New York, according to an order.

The plan aims to pay $6.4 million to $12.5 million in bonuses to nine senior level executives of SVB Capital.

As previously reported, the plan drew an objection from Region 2 U.S. trustee William K. Harrington.

However, the court said Tuesday that the objection had been resolved following discussions between the parties.

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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