Hey, I got Laid off today, after 10 years of working for the company. I have a question, what is RSU acceleration? how does that work? Thanks for anything you can share on this.
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"I also got impacted. The director had no emotions at all. Ba----d called me and just handed over me the package and not even a word of thanks for working for 10+ years"
When you've laid off staff, how do you think they viewed how you handled it?
Last time during Dec layoffs, Cisco had accelerated RSU vesting for everyone till March. So any stocks that are up for vesting between Dec and March would be given to the employee in severance.
I was amongst those impacted in Dec layoffs.
Internal hiring is frozen. So looking for internal jobs tough.
To the person who said OP has 30 days of access. That depends heavily on what country. In the US accounts are being locked down overnight tonight.
@une+1nE4IRYA that’s terrible! That’s probably the last and only place left inside IIT Cisco with any talent and knowledge left. Shameful . LC should have done a better job of protecting her team.
Yes. Openshift team hit. A lot of talent there as well.
I @ogv+1nE4IRYA Innivaton team? As in what used to be ET&I and now Openshift?’ Really?!
Layoffs in the innovation team. Whole org gone. Even DEs got hit.
I also got impacted. The director had no emotions at all. Ba----d called me and just handed over me the package and not even a word of thanks for working for 10+ years
I doubt it. Are you the guy who created another thread "Layoffs on July 17th?"
Anyway,
Forget about RSU. You've been at Cisco for 10 years, which is considered to be too long, i.e., unmotivated and behind the times for other tech companies. So incompetent that you cannot be used at other tech companies.
What goes around comes around.
OP, why would you not call our Benefits 800# and ask them since they'll have the exact info that relates to our company and not general answers from other people at other companies?
Did you take the time to read the paperwork that your manager gave you that HR provided for you? I seem to recall that there was plenty of info regarding RSU's, ESPP, etc. in my package from years ago. There was even an internal web portal restricted to those who were let go that had FAQ's, additional info, etc.
I'm sorry to hear that you were impacted, and having experienced it myself, there's a lot to process. Luckily Cisco allows you to remain an employee for a min of 30 days after being notified so you have access to internal resources during that time. I've had companies that were bought out or in the process of going out of business where they laid off people and they were terminated immediately, had their accounts disabled, and were walked out the door and told to come back at 6PM to empty out their desks while being watched.
Luckily for you, Cisco's stock has been on an upward trend over the past few yrs so your RSU's should be in good shape. Mine were upside down by $10-15/share and I couldn't afford to exercise them and hold them for yrs in order for them to be profitable again.
usually, it is up to package.
let's say you got 4 months of salary, then usually you will get RSU vested that was scheduled in 4 months.
RSUs vest at certain dates. Acceleration just means some will vest sooner for you.
More than likely it is just whatever is to be vested in November/December, and NOT all of your RSUs available. The information they provided should have/cover this.
Very sorry to hear you got hit. RSU acceleration simply means that the employer chooses to give you some amount of your RSUs earlier than they would have vested on the original schedule. Sometimes companies do this as part of layoffs/package, sometimes not. (I have zero specific info on CSCO/your situation…)
What department?