Meta approved a plan to increase bonuses for company executives to up to 200% of their base pay amid layoffs targeting about 4,000 employees.

Summary

Meta has approved a compensation plan allowing executives to receive bonuses of up to 200% of their base salary, according to an SEC filing.

The decision follows Meta’s announcement to cut about 4,000 jobs, roughly 5% of its workforce.

The company also reduced annual equity refreshers for employees by approximately 10%.

Meta justified the executive pay increase by stating that their cash compensation was below market rates.