I'm curious for those who have been laid off from 3M at JG 14 - 17 levels what your severance package was like. Did you get a fractional vesting of unvested LTI? A prorated fraction of your lost bonus? How many weeks of severance pay did you get? I'm hearing layoff rumors in my group and want to understand what an involuntary exit would look like financially...
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If you’re laid off, you’re unable to access 3M Go and look at the options. Also, RSUs disappeared and went to $0 after layoff in the portal.
Look it up - the RSU and options table is on 3MGo and describes the scenarios. As a senior manager you have access.
I was an external higher into 3M at a J15. I had five more months until my RSUs fully vested and I received nothing. There was no prorate. This company is terrible, my former company prorates for executive levels. I even locked it in at a fixed rate so my shares were 260+ per share.
Rumours is CBG is having something up its sleeves
What business group are you in where you are hearing layoffs?
If you are age 55+ when your job is eliminated, in 3M's eyes that changes your status to retired, and you will keep all of your options and RSUs.
In the US the severance package at JG14-17 is just like the lower salaried ranks. So many weeks of pay for every year of service up to the 26 weeks of severance.
As for LTIP:
Voluntary resignation (nor refusing to sign the severance agreement)
- All un-excercised options are forfeited on last day working. (Vested or unvested)
- Any unvested RSUs are forfeited.
Severance/Involuntary package - I've seen this go a few different ways.
Retirement eligible employees - They keep everything, just as if they retired. They continue to vest into retirement.
Non-retirement eligible employees - The last time I saw it happen people were allowed to exercise their vested options within a short time limit. RSUs and unvested options went 'poof' on the last day of employment. Coincidentally this is exactly the same thing that happens if an employee dies. (The estate has some number of days to exercise vested options.)
Yes, can also confirm that resignation results in forfeiture of all unvested LTI. Not exactly sure about involuntary separation, but I’d imagine any previously granted unvested equity would still be fully retained. I’d expect that you wouldn’t get any prorated LTI for current calendar year and that would be lost.
For an involuntary departure, LTIs follow an accelerated vesting schedule. You get a tiny bit, tiny bit! I know this applies to RSUs. Can’t speak to stock options. Also, HR can confirm this. Fidelity will not be able to answer this question. I am not positive, but if you leave voluntarily, anything unvested, is automatically forfeited. I can confirm (from experience) the involuntary departure, but not voluntary.