I checked my fidelity account today. The retention RSUs that are due for vesting on March 1st showing a status of Cancellation.
Anyone seeing similar thing?
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I wish Broadcom would be more transparent about what's going on. They could have just sent a notice stating that the RSUs were converting to cash (and I don't care what's in the severance agreement - they still should make it obvious with a simple email). It is emotionally draining to deal with this stuff, like when is severance going to be distributed. And don't get me started on the COBRA lies. I was told one thing in writing back in November, then another thing on the phone with their COBRA 'expert', and then when I got the final statement of what COBRA was it was something totally different yet again. This isn't rocket science, so why they are being so opaque is beyond me.
Ops folks get 100% as cash out. There is no vesting as the laid off folks don't receive any shares.
“ If you were laid off or transitioned, which is basically the same thing, you would lose all your "unvested" RSUs.”
This question is about “Retention RSUs” that were given to Ops. We had a clause that said if we were laid off by Broadcom before March then we will get cash equivalent to entire grant. Basically it vests instantly. You obviously were / are not in Ops so you don’t know anything about it. In separation letter it’s clearly stated that BC will honor that cash out @ of BC stock price on 26th Jan (our last day). That grant gets canceled in Fidelity but we will get cash out along with the severance pay (hopefully together)
You are not entitled to RSUs unless you work for the company still. It's pretty simple to understand. If you were laid off or transitioned, which is basically the same thing, you would lose all your "unvested" RSUs.
The one exception to this rule is one of the last RSU grants given to employees had a stipulation that you would vest 25% of that 4-year grant on June 1, 2024, if you still work at Broadcom, OR that 25% will vest earlier in the event you are laid off or transitioned. Make sense?
Yes they are canceled for everyone and laidoff people will get cash less taxes at Jan 26 BC stock prices. I believe from the letter posted on Slack at the time offers were being sent, if you rejected the offer then you would be laidoff like everyone else and with same benefits as other laidoff folks. So you should probably get the cash as well.
Yep. Mine are gone.
I should get these incase of layoff.
Tos said it right. “In case of a layoff”, since when is opting for severance is layoff??
Now if you were let go and offered severance that’s a different matter, your RSUs could vest faster and pay you out on top of severance.
I’m no expert on this, but I’m pretty sure the trigger for retention RSU’s to instantly vest was termination. By accepting the severance package, I’m pretty sure you agreed to accept that compensation offer and released claims for anything else from the company (RSU’s). Again, just my .02, but that was my understanding.
I took severence. Last week is my last day with VMWARE.
These retention stocks were given mid of last year to continue with VMWARE.
I should get these incase of layoff.
Nope still there, you need to provide context, are you transitional/took the severance?