Anyone has any experience with invested RSUs and layoffs? What about our awards from April, granted as a results of our performance in 2021? Any chance to get this money?
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The RSUs are forfeited if you don’t stay continuously employed through the award vesting dates. The awards vest 1/3 on the anniversary of the grant date. RSUs are unfortunately not prorated.
VCIP (ie, your annual bonus), on the other hand, can be prorated depending on when you leave.
Total cr-p. I hate the new company as much as he next guy, However no reason to lie when there are so many good reasons to hate them.
VCIP is prorated from when you leave. Either voluntarily or by being laid off/fired.
@jgb+1j4LQpkD VCIP is only paid for 2022 if you are employed through the end of the year. If you are laid off or leave before that you get zero bonus. If you leave Jan 1st 2023 you will get paid when the employees get paid in march or April.
Guys, the RSUs are likely worthless at this stage as like you say, they are subject to normal vesting conditions. So for example, if on April 1, 2022 you got a three-year RSU vesting 1/3 annually, your annual vesting dates would be 1/3 of your award each on April 1, 2023, April 1, 2024, and April 1, 2025. As a result, you will have to stay with the company through April 1, 2025 for you to vest in full and at least through April 1, 2023 to get 1/3 of your award. Because the award is settled in cash at $104 x # of units vested, Vista/Elliott have every incentive to let you go before you vest as they would save millions of dollars doing so. As a result, if your RSUs are the only thing keeping you at Citrix please note that Vista could let you go at any point before your vesting date and you would get zero. Cash flow is the name of the game right now and TK and Vista are doing everything they can to minimize cash outflow. RSUs are a great place to save money by unfortunately terminating the people who have the biggest number of RSUs before they vest. Looking at a standard RSU agreement, it does state that if I am let go (or I quit) before my vesting date, I don't get any payout on the RSU as RSU vesting is subject to continuous employment through the vesting date. As a result, those expecting a pro rata payout unfortunately will not get that as the company is not contractually obligated to do so unless you qualify for retirement as stated in your RSU agreement. Performance RSUs are a different animal as those will vest at 200%. Yet, I assume none of us have those (otherwise we would not be in this site ;)). Anyway, just a thought as unfortunately the RSUs outstanding are not a good retention mechanism since Vista controls our expiration dates :(.
RSU is BS. It always comes with the condition to stay in the company for long duration. I got some shares from IBM and duration was 5 years . I quit exactly after 4 years 9 months . It became worhless
The RSU agreement makes it clear that if you leave for any reason the RSU will not vest. The one exception is if you have been at Citrix for 20+ years. Then you will get anything vesting within one year of termination.
Would absolutely love to see Vista/Elliot hand the RSUs to the laid off employees out of the kindness of their hearts, but I'm not holding my breath.
I was laid off from a different company a few years ago -- another Elliot Mgmt deal -- and the company actually accelerated vesting on my RSUs and paid them all upon termination.
Unfortunately base on the grant agreement , RSU will be automatically canceled when your leave the company, voluntary or not
RSUs are forfeited during a layoff because it’s based on a date. VCIP is paid because it’s earned for work put in.
@geq+1j4LQpkD, wow they sent you a follow on check 4-5 months after you were let go?
When I was let go in November, they prorated the VCIP and paid it through the end of November. The personal portion was paid at 100% and the company performance piece was paid on company performance. I received the VCIP payment in March or April when it is normally paid.
Great question.
I wonder if we will get that paid out. I also wonder about VCIP, as a part of our comp for 2022 will we get anything when it's supposed to pay out in March/April of 2023.