New York (CNN Business) Hertz paid out millions of dollars in bonuses to its executives just before its bankruptcy -- and a month after it started laying off thousands of employees. But they're always awkward: the company can't pay its employees or its debts to lenders, but it prioritizes payments to its already handsomely paid bosses. The executives will be required to return the money should they leave Hertz on their own before March 31, 2021. Paul Stone, who was just promoted to CEO three days before the retention bonuses were awarded, got $700,000 under the plan. Hertz also declared the payments necessary because of the substantial additional efforts undertaken by the company's key employees with a reduced work force, and the risks to the company if key employees decide to leave.

Source: CNN May 26, 2020 18:45 UTC