Just depends on position and how they classify it. If you're a corp/field employee and they restructure the teams and you end up laid off due to them eliminating your position, than you'll probably receive a severance package.
If you're a GM who has been placed on a 90 day PIP due to sales performance (~1,000 of them) and you don't achieve the 98% to sales than you'll face the possibility of being terminated, due to performance. If that happens, there won't be a severance package, since it's not due to eliminating your position, but rather terminating you and having you replaced.
Not my original post. This was posted by @Z4fmVVW-sjg on another thread. Even throw the topic on the original thread was similar, I just wanted to ask is this criteria always applied, and is it true that it works in this way?