I was reading an article today, and it said that while chances of renegotiating a severance are always slim, exceptions can happen in some cases where unique circumstances are present.
It got me wondering, what could constitute unique circumstances in this situation? What would make it worth while to even try to negotiate?
One could certainly negotiate severance downward. If that’s your thing...
What they are giving you will be better than what they are required by law. Oklahoma is an "at will" State, so they only have to give you what is required under the Warn Act because of the number of people being let go. If you decide not to take it you will have to get an attorney and fight them. Good luck with that. Take what they give you and move on. There is life after Devon. You will always be angry and miss working with smart people. Those day are gone, so grieve and get over it asap.
Make sure all of your information is up-to- date so you get all of your TAX stuff at the end of the year. While you waiting for the date to get here, go to the Dentist and\or doctor for those last time test and check ups.
If you are one of the higher ups and have a pre-negotiated golden parachute or someone slightly below the executive ranks that have been getting voluntold they are retiring... I am sure they negotiated a better package than what is being offered to the 300
Ok. You may be let go but use the small leverage you have. Severance Policy explicitly states what you will be eligible to receive. Expect no deviations. You can find the policy online. Search the policy section. You’ll notice it says nothing about stock being vested.
With that, a few things that you should consider should you get released:
You will likely see that your package gives you no stock for 2018, since it hasn’t “been earned or awarded by the executive committee” technically, that’s right. However, LTI is a part of your overall compensation package and should be considered as such just like your prorated bonus (which is explicity stated in policy). Argue that point and don’t accept no for an answer. To arm yourself, find one of the compensation slide decks from previous years that shows it. Be armed with a 3-yr average on dollar amount awarded and request an Addendum to your release that states as such.
When you sign your release, write on the release that “Release contingent on Unvested Stock being fully vested within 30 days at the closing price on that day”. Prorated stock is a no-go. Again, don’t accept no for an answer.
Take a hard look at the years of service credited. If you have previous experience, HR credits you with years of service for pay purposes, negotiate the hell out of any of that time. At worst, you get nothing. At best, you get two extra weeks for each year of service.
Whatever you do, don’t get intimated or worry about hurting feelings. This is your life, your dedicated work and loyalty to a company that is politely showing you the door.
Unless you're old or black and can threaten a lawsuit, the answer is "no"