I just found out that I'm a Day 1 Term. (I'm a manager and my entire team is also termed.) It's still verbal and informal, but the source is extremely reliable and has regular conversations with 2 EVPs.
It's what I was hoping for and waiting for, and I suppose I should be happy. I'm sadder than I expected though, mostly at the litany of dropped balls and bad decisions over the last couple of years that led us here. If only engineers ran the world...