Like the title says- I got laid off yesterday and I'm having a hard time getting in touch with the department at Cigna that would tell me what happens to my invested LTI (maybe they were laid off too?).
Does anyone know for sure?
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according to the sev documentation I got, I continue to vest for a year, anything after that (so everything they granted this year knowing I was being laid off) is forfeit
Does anyone know If they vest within one year if we leave voluntarily? Thank you.
Directly from the benefits at termination with severance doc on Iris:
Long-Term Incentive (LTI) Awards LTI awards generally continue to vest for 1 year following your termination date subject to your continued compliance with any applicable covenants (e.g., non-compete, non-solicit, etc.). Awards that do not vest within 1 year of your termination are forfeited, with the exception of retention awards, which typically vest upon your termination. Vested stock options granted prior to 2021, except for legacy ESI stock options, may be exercised for up to 90 days following your termination of employment. Vested legacy ESI stock options will remain exercisable until the earlier of the original expiration date or one year after the termination date. All vested stock options granted after 2020 may be exercised up to 90 days following the first anniversary of your termination date. If you are subject to trading restrictions, you may exercise vested options only during an open trading period. The Cigna Long Term Incentive Plan document and your grant agreement(s) contain the actual terms and conditions of your grant(s) – including what happens when your employment ends. Please carefully review these documents in advance of your termination date.
Contact: Cigna Shareholder Services Phone: 215.761.3516 (leave a message with contact information) Email: shareholderservices@evernorth.com --- OR --- Fidelity Investments (Stock Plan Services) Phone: 800.544.9354 Website: www.netbenefits.com
For senior roles, I know they vest them during a JE. Not sure if they do it for mid/junior level
Your grants that mature within a year get automatically vested. Further years, you forfeit.
The wording in the grant documents say they are forfeit if you are "terminated." It comes down to the definition of that word.
I just realized my mistake there, for the first month you are still an employee, so there likely will be no changes yet in that account until your official termination date.
Years ago, any unvested stock, would immediately vest upon a JE / layoff. Have you checked your account where the options are held to see what it looks like now?
The are unvested you don’t get them.