It seems financial interests of impacted employees are overlooked?
Given termination date is 7/21, impacted employees will loose ESPP purchase (on 8/1)? Which is 2.25% of 6-month salary. That too for less than 2 week gap. It will be sad, given people contributed for whole period and still loose out.
13 replies (most recent on top)
Is severance 2 months or 1 month?
It just hit me. It's not only ESPP. Which is small. Impacted people will loose upcoming vesting for RSUs. Which will be significant amount. It is unfair given people worked most part of the year for this year's vesting in November.
Regarding the post below regarding severance below director being 2 months + 2 week/year of service. Will you clarify - is this 2 months in addition to notice period which ends on 8/21? Thank you.
You will have access to vested RSUs. Rest will be gone.
Sorry! RSU is what I meant to say! Do we have access to these after layoff?
I doubt this year would have VCP payout anyway so it probably won't matter.
Do we know if employees laid off still have access to this year's VCP?
Serverance below director is 2 months paid employee (retain health benefits) + 2 weeks for every year of service (rounded up from what I hear)
Just announced: Closing down the i3 campus and some buildings/floors at Foster City
ESPP purchase day now changed to Sept 1 (from Aug 1st, email sent out 2 days ago on 6/20 pm) so even the employees who get their notices in the 2nd wave may also be impacted by that (left out of ESPP purchasing).
does anyone know, how severance is decided?
The above posting has valid point. One would miss out on the possible gain.
e.g. Someone with 100k salary, would contribute $7500. Which would result in $1125 profit due to 15% discount. Which is lost.
If I add to that, RSUs will vest in Nov that will be another loss. Which might be pretty significant.
Seems ELT is trying to be kind but have missed out looking after these parts. Ideal would be prorated or accelerated vest.
You'll still get that cashed out if you aren't able to make the purchase