Thread regarding Cisco Systems Inc. layoffs

Everybody on my team is using all of their PTO until Sept 15

In the event that you resign or your Service is terminated for any reason other than Cause on or after the date that:
(x) you have attained at least fifty-five (55) years of age,
(y) your years of Service are at least equal to five (5), and
(z) your age plus your years of Service are at least equal to seventy (70),
provided such resignation or the termination of your Service occurs no earlier than the one-year anniversary of the Grant Date (the satisfaction of all of the aforementioned conditions is referred to herein as “Retirement”), all unvested Restricted Stock Units shall immediately vest in full

@1gsq+1u7zQVBl

It's the sum of your years of service + your age, provided:

• you are at least 55
• you have at least 5 years service

What is the rule of 70/72?

@1bfe+1u7zQVBl - hey, relax dude.
We are in agreement. Maybe my words were open to interpretation, but we agree.
Of course, if you are still in Cisco on any vesting day, then you get to keep whatever vests. That will include the FIRST 1/3 of 2023’s November grant.
Secondly, if you meet the rule of,70/72, then ALL of Nov 2023’s grant will vest to you in November.

@ibs+1u7zQVBl

First, it's "Rule of 70", not 72.

Second, the Rule of 70 applies to the accelerated vesting of all remaining shares of a grant that has met the first vesting milestone (the first year after the grant) and has had the first block of shares awarded.

Finally, if you were awarded RSUs, do not meet the Rule of 70, and are employed at the time of the first vesting milestone, that first block of shares from that RSU award - and only that block - will be distributed to you.

Feeling lucky? Skip the COBRA payments and ditch the health insurance. Just save that cash for a quick trip to Mexico when you need your... ahem... 'vitamins.' Who needs coverage when you've got adventure?

That also means that last year’s grant will vest 100% if you are cut

Read your grant rules. I think that only is true if you meet the “rule of 72”.

Cobra is paid as cash. You don't have to sign up to get the money.

It was clearly stated during Monday’s Check-in that the 2-months will include the next RSU vesting milestone. That is November.

That also means that last year’s grant will vest 100% if you are cut.

Can you get the cobra as cash instead of sh---y insurance?

My guess is that they're likely planning to LR many in management roles and need time for them to finalize bonus payouts before booting them.

WARN period of 2 months starts from day you get Layoff notice letter. Looks like in mid Sept. Telling Wall St does not count as WARN notification. They will officially file WARN notice on the day they declare the layoffs. All those notices are available online.
Stop scaring people if you don’t know the rules. Go read a few things about WARN. Cisco never cheats on WARN pay.

Really optimistic views that favors employees - great!! People are hopeful 😀

How do you explain $800 millions spent on LR in Q1? Who lied?

Number One Place To Work!

Imagine working at number 5!

We may be giving them TOO much credit at this point. I think they just don't plan well.

Whatever you are smoking, I need some of that, to help me get me through this

At some point while writing all this OP should have realized “wait, maybe I should fact check”

first thing Fran said - 2 months no expectation of working, but system access/normal pay
4 months of severance, including company paid COBRA (grossed up for taxes, so you have the whole cobra amount)

5. 5 months of outplacement services

This isn't true.

Everything is "normal" until September 16th.

THEN the 2 months starts.

And then there's 3 months of severance ontop of it.

I'm all for being angry/bitter but let's keep it factual ladies.

You must get 2 months notice per WARN act even if you don't sign.

So FK was lying in the Cisco check-in when she said after notification workers would have a 2 month notice period followed by the 4 months severance? Uh huh. It's also in the recording.

They wouldn't do that to their family, would they?

Why most missed this angle, we’re fooled by being naive