Anyone at Broadcom know the severance formula?
The 8-K SEC form says Symantec is responsible for paying severance to any transfer employee terminated within 90 days post close. I'm wondering how the Broadcom severance compares after the 90 days.
1 reply
Not sure where you get your "90 days" information from - we were always told 12 months in all-hands meetings. The asset purchase agreement https://www.sec.gov/Archives/edgar/data/1730168/000119312519217369/d790567dex21.htm bottom of page "-75-" and top of page "-76-" state:
Effective as of the Closing and for a period of twelve (12) months thereafter
(iv) severance benefits that are no less favorable than the severance benefits as set forth on Section 5.6(i) of the Seller Disclosure Letter
I have NOT found a copy of the "Seller Disclosure Letter", but I expect it contains the state of SYMC at the time of sale, and documents the severance benefits applicable to (each) employee(s).
Offer letters in my jurisdiction stated that severance (not explicitly said to be after 12 months, but I guess we can rely on the SEC filing if push comes to shove?) would be under Broadcom's plan. Somebody asked about it, answer was we couldn't see it.