Has any information been shared on what happens to unvested RSU’s when you’re laid off (not that they’re worth much these days).
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PS...if you are CL 26 or higher and not receiving RSU every Dec, then you are not ranked as high as you thought
Forfeiture of Shares After Issuance. Until the applicable restricted period specified in paragraph 4 has expired, the shares under restriction will be forfeited or subject to forfeiture in the following circumstances:
(a) Termination. If Grantee terminates (other than by death) before standard retirement time within the meaning of the Program, all shares for which the applicable restricted periods have not expired will be automatically forfeited and reacquired by the Corporation as of the date of termination, except to the extent the administrative authority determines Grantee may retain restricted stock issued under this Agreement.
(b) Detrimental activity. If Grantee is determined to have engaged in detrimental activity within the meaning of the Program, either before or after termination, all shares for which the applicable restricted periods have not expired will be automatically forfeited and reacquired by the Corporation as of the date of such determination.
(c) Attempted transfer. The shares are subject to forfeiture in the discretion of the administrative authority if Grantee attempts to sell, assign, transfer, pledge, or otherwise dispose of or encumber them during the applicable restricted periods.
I took PiL in July and after I was off payroll in November I received an email telling me the shares had reverted back to the company. Admittedly, the PiL is different than what is happening now.
Company can and should revoke unvested RSU for terminees. Save the cash, reinstore match for the remaining employees and pay the dividend for real shareholders
Poor RSU owning Exec can’t Google by themself? Need someone to make a PowerPoint explaining it to you?
Restricted Share Units - this is a market term, not an XOM term.
I know as an EM employee, I should know this acronym, but I don’t. What is RSU?
RSUs are granted under equity plans, the details of which are public and filed with the SEC. A quick Google suggests that a company initiated layoff would not trigger a forfeiture (whereas if you quit it would). Go search for the documents and confirm for yourself.