Bright Health Group has granted its top executives retention bonuses in the form of equity awards, as the company ends most of its insurance business and prepares for layoffs, the Star Tribune reported Nov. 22.
In a Nov. 21 SEC filing, Bright Health Group reported it granted 24.7 million restricted stock units as retention bonuses to employees. CEO Mike Mikan received 7.6 units, and CFO Catherine Smith received 2.8 million units, the company disclosed.
Bright Health said in October it will no longer offer individual and family health plans. The payer has also ended most of its Medicare Advantage offerings, except for plans in California.
The payer will lay off 99 employees at its Bloomington, Minn.-headquarters in January 2023, according to WARN Act filings.
Bright Health did not comment on the awards to the Star Tribune.