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Time Inc. has decided to pay out $2.4 million in cash bonuses to top executives, in what appears to be in direct opposition to previously-approved compensation plans.

Bottom line: The bonuses are sure to stick in the craw of rank-and-file who are worried about losing their jobs when Time Inc. is acquired later this year by Meredith Corp., at a stock price below where shares were trading at this time last year.

Time Inc. said in an April 2017 regulatory filing that "none of the [senior executives] is eligible for any cash payment or benefit solely upon the occurrence of a change in control."

But such cash payments are exactly what the company seems to have disclosed in a filing yesterday. Six top executives, including outgoing CEO Rich Battista, will receive $325,000 checks shortly after the acquisition closes. Other outlays include $150,000 for chairman John Fahey, who only has been in the position for eight months.

Moreover, the bonuses are on top of previously-approved compensation plans that were designed to keep executives around while Time Inc. and Meredith work to finalize their merger.

The new filing does reference that the money will come out of a "previously established retention bonus pool," but such a pool does not appear to have been mentioned in any prior Time Inc. filings.

A Time Inc. spokeswoman declined comment.

Go deeper

Obama: Broad slogans like "defund the police" lose people

Snapchat.

Former President Barack Obama told Peter Hamby on the Snapchat original political show "Good Luck America" that "snappy" slogans such as "defund the police" can alienate people, making the statements less effective than intended.

What he's saying: "You lost a big audience the minute you say it, which makes it a lot less likely that you're actually going to get the changes you want done," Obama told Hamby in an interview that will air Wednesday morning at 6 a.m. EST on Snapchat.

Nasdaq's ultimatum

Photo: Kelly Sullivan/Getty Images

New diversity and inclusion rules are on the table for some of America's most powerful corporations, courtesy of one of its most powerful stock exchanges.

What's new: Nasdaq is threatening to delist companies that won't move toward having at least one woman and at least one underrepresented minority or LGBTQ person on their corporate boards.

Erica Pandey, author of @Work
2 hours ago - Economy & Business

The broken pipeline for Latino executives

Illustration: Annelise Capossela/Axios

Latino professionals have the widest gap between representation in the labor force and executive positions — bigger than that of any other minority group.

Why it matters: Latinos will make up a quarter of the U.S. population by 2050, and scores of U.S. firms profit off of Latino consumers, but this group is absent from the business world's highest and most impactful decision-making positions.