For those that actually got RSR this year - be sure to read the fine print— new (never before) Clawback provision even for vested stock if you leave — smug Charlie and the gang got caught with the 401k Match charade and had to reinstate publicly but he successfully snuck this through with No noise- caveat emptor!! This place s—s!!
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I got RSR for the first time this year and have no issue with the clawback provisions TBH. I do not like waiting till 12/31 to get our 401k match however...and if you leave during year POOF thats gone
@1lwb no I don’t know nor even care. Bite me!
@1aqi+19BpOGfJ Software Engineers can’t figure out whether they get RSRs?
This goes a long way towards explaining our truly antiquated technology.
You’d already know if you were given rsr’s, part of annual comp, min amount is 10k worth of shares. Not everyone gets them, I only started getting them about 3 years ago..
Software engineers get anything at all? I don’t think we do not even the lousy 50 shares
funny that someone thinks RSR's shouldn't be subject to clawbacks, you do understand the concept, right OP? It's literally based on if you were found to have done something wrong, in a specific set of criteria, that they may clawback some of your compensation. Makes total sense and if you'd paid any attention at all to our consent orders you would have known this was coming. as someone else already said, the vast majority of those that get RSR's are not going to have something rise to the occasion of requiring a clawback, nor are their "awards" a high enough amount for the company to really care. It's more about ability to make an example of executive levels and show that they did get impacted for poor or unethical decisions.
Shouldn’t you at least be engaged enough to read about “claw backs” before asking such an asinine question? Vesting doesn’t mean squat if you violate agreement and are subject to a clawback.
On the bright side, you are probably in the top tier of Wells employees simply by not asking “Anyone knows does they keep the clawback here?”
this is related to long term incentive which is is provided as rsu's and vest over 4 years at 25% each year. it is part of bonus and has a minimum distribution amount of $10K. So for this year if you got the minimum you received $10K worth of stock based on close price on 1/26/2021 which I think was 31.38, so they put roughly 319 shares in your compushare account and every year you get 25%, so next year you can sell 80 of them or keep them.
Why wouldn't you have exercised the RSR's the minute it became an option? Do you really expect to make that much on 50 shares(which is 31 after WF withholding)?
This has little relevance to 85% who receive LTI. Claw backs, in reality, are only gonna apply to SEVP/OCC, CEO. And some EVP.
If it's vested, why not just take it out before you leave then?