Thread regarding VMware layoffs

from the equity FAQ question 13

What is the timeline for receiving cash and Broadcom stock for VMware
stock options?
Within 5 business days of the closing date, Broadcom stock you are entitled to receive as a result of the cancellation of your VMware stock options will be deposited in your Fidelity
account. Any cash you are entitled to receive will be paid through payroll.
Fidelity will send you an email containing instructions on how to activate your Fidelity account so
you can manage your Broadcom stock.

Also there is no ASAP written for returning the laptop. There is no date. But sure it will be before Jan26 or else you will not get severance pay. For India, laptops need to be returned by 8th Dec.

I talked to ETrade person. If you had “vested” RSUs or ESPP shares then those will be split 52-48% and new AVGO shares will show up in ETrade itself. Also cash for the 48% cash portion will also get deposited in ETrade as well.

Only “unvested “ RSUs will get converted to AVGO unvested RSUs and only those will show up in Fidelity.

Cash payment of the retention RSUs will be via first payroll after Jan 26

“It 100% says cash paid from stock conversion will be paid via broadcom payroll.”

Is that for the 25% of unvested RSUs that get paid out early due to termination that we’re granted earlier this year?
As the stocks that were converted to 142.50 cash will be in E*Trade in the next few days

Make sure you print off 18 months of payslips for ca Edd unemployment
It maxes at 1800/ month but it’s something through the holiday period

I have not found the FAQ. Where the he-l is it? I have not seen anything about returning equipment or a Fedex number.

This makes no sense! Why would it be in payroll?

I am a laid off employee who looked in the rsu equity faq on the Hr application in the portal.

It 100% says cash paid from stock conversion will be paid via broadcom payroll.

Thanks for posting this. Very useful information. I took a screenshot and emailed it to myself as a reference. Great tips!

A Broadcom portal not working properly? Surely you jest...

“Cash from the conversion will be paid by payroll 5 days after Nov 22nd and the stock conversion will be in Fidelity”

This makes no sense! Why would it be in payroll? Surely it should be in our stock account as cash that we can withdraw or reinvest in something else? In payroll would suggest it be taxed, which it shouldn’t be as we’ve already paid tax on this. All the shareholders that are not VMware employees won’t be paid in payroll, so why would we?

For fidelity question

We expect that these activation emails
will be sent approximately two to three weeks after closing. If you do not have access to
your work email and we do not have a personal email address for you, Fidelity will send you
account activation information in the mail

In the "US Payroll Information" doc found in the portal, it details pay details for both exempt and non-exempt employees--within that doc it states, "Broadcom will test direct deposits ahead of the first payment from Broadcom payroll."

Any idea how and when the Fidelity account details will be communicated?

A useful post. Aleluya!

This is indeed informative . Thank you.

Thank you so much for putting this together, one question - how do we ensure our banking details are correct in BC systems?

one more big thing - severance will be paid IN ADDITION to this two months on payroll. Documents will be sent including a release which will need to be signed. They said they will pay severance "as soon as possible" but who knows what that means. I would make sure that all equipment is returned and get acceptance email from the Oasis return email address and make sure that is way before the Jan 26th termination date.

thanks for sharing, always sad to see laid off day1