Team,
My apologies if this question was answered already but allow me to ask once more: If we laid off this week, and we have a scheduled vested date for RSUs either this month or next month, is Oracle going to honor that or clawback those RSUs.?
21 replies (most recent on top)
In the US, people covered by WARN have a last day on payroll of Nov 13. People not covered by warn have a last day of payroll of Oct 23. All RSUs vesting in that time will be honored.
Faq doc indicates the last day instead of notice day. By the way, Sept 15 one was vested already. It's beyond notice day 14th.
@dd Last year RSU's vested during "garden leave", even though the grants said they would not. Your mileage may vary.
Your separation docs should give your last official date for pay and benefits, if your stocks vest before than you're lucky if not sorry
Read the agreement for your grant(s). Mine says that the RSUs will be forfeited on the EARLIEST of these three dates:
The date your employer delivers notice terminating your employment, regardless of any notice period;
or
The date you cease providing services (except while on an authorized leave of absence);
or
the date you cease to be an employee under applicable law.
@aq Those forfeited RSUs will probably be allocated to the survivors instead of any salary bump.
Then they'll just RIF those employees next time and repeat the process.
It's already been stated that any focal rewards will be more RSU than salary bump.
It really stinks in Oracle.
You will get any options that vest until your official termination date. When I was laid off last Aug, my work termination date was one month ahead in Sep.
If you were notified on Sep 14, Monday, Vesting day is Sep 15 (Tue) and your last official working day for benefits or what ever limited access is Sep 17 (Thu) the answer is your stock gets vested (meaning not forfeited) . Of course applies to USA
Regarding WARN Notice it depends on State vs CA where Oracle HR sends out the action if you are based in Philly or Maryland or New jersey/NY'CT MA
That's exactly WHY they let you go prior to vesting. If RSUs are not vested before your last day, they are not yours.
@ah country is USA. Warn act does not apply because I am remote and we don't have the percent threshold in the state I live to trigger a Warn Act filing. There is on way to find out. I did email the stock email website for RSU and I am sure they got flooded this way. Anyway, we'll see if I make for the vesting time. If not, shyt happens.
Tell which country are you from with your question, we don't have the time to guess your country
Depends on country. Countries with garden leave you are entitled to rsu that vest until that day.
Id depends on whether you are covered by WARN and the vesting day is within the next 60 days. Check in the paperwork you get when your termination (instead of your notification date, which was yesterday) is.
@a9 I saw the Q/A documentation which states what is forfeited like sales credits, or any shared pool bonus that I would normally see in Octobere. That I know is not going to happen; however, if my last actualy day is the 14th, and I am in the system through the 21st, it sounds like I might have a chance to still get them. I haven't gotten the final severance documentation that rolls up everything yet.
You should have had a document emailed to your personal
@a7 That is exactly what happened a year ago. Garden leave ended on Sept 22.
Those laid off earlier this year were not so fortunate.
@a4 excellent point I vest on the 20th but the paperwork says my last day is the 21st.
When is your last day? Not the day you were notified that your job is gone. If that is after the vesting day, you get the RSUs.
You will not receive your RSUs. That's part of the math that they do. There are some exceptions, but it has to be prenegotiated.
I don’t think so unless it explicitly says so in your terms and conditions.
Great question