Executive bonuses were partially pre-payed two days before filing for Chapter 11 bankruptcy. Today, these bonuses would be illegal to issue. Looting while they still can. Sick stuff.
"Given the need to incentivize and retain key employees through this period of organizational change, the Compensation Committee of 2U’s Board of
Directors (the “Committee”) determined that it was in the best interest of 2U to prepay 50% of the October Installment of the Retention Bonuses to each
of Mr. Norden, Mr. Hermalyn, and Mr. McCullough, subject to the Repayment Obligation. Accordingly, on or around July 23, 2024, 2U pre-paid 50% of
the October Installment of the Retention Bonuses to the following Officers in the following amounts and entered into a Retention Bonus Prepayment
Acknowledgment (an “Acknowledgment”) with each such Officer, amending the terms of their Retention Bonuses to provide for such prepayment:
Mr. Norden ($148,750), Mr. Hermalyn ($90,750), and Mr. McCullough ($90,750). No portion of the Retention Bonus payable to Mr. Lalljie has been
prepaid" - https://d18rn0p25nwr6d.cloudfront.net/CIK-0001459417/1cd8c2d8-6aa3-4914-9972-73c7bbd6f53e.pdf