Thread regarding Illumina Inc. layoffs

No RSU’s this year then

Seems that the annual equity grant is skipping a cycle and no one will get any additional RSU grants this year. Clearly all happening in secret/stealth, not exactly demonstrating the values of “We are Open” and curiously timed after the iPulse has closed?

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| 1592 views | | 8 replies (last March 5)
Post ID: @OP+1rmvxs1P

8 replies (most recent on top)

As someone that got laid off from Illumina and has been looking for jobs, the job market is poor, so Illumina likely has some leverage to reduce benefits/compensation.

It is pretty sad to see VPs get retention bonuses. I don't feel like they deserved that any more than any other employee.

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Post ID: @2inl+1rmvxs1P

We used to get 4 RSU grants vesting each year, now for the next 4 years we will get 3 RSU grants vesting, losing 25% of what we used to get vesting each year over 4 years, 4x25% = 100%, hence a cycle being omitted. Some people believe it’s just a few months delay, but with only 3 grants vesting per year until 2028 it’s a cycle that has been removed.

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Post ID: @2qmv+1rmvxs1P

Apparently they've decided to preserve the cash flow from taking out from the employees. My 2024 income has been reduced by over 10% because of no VCPs and no new RSUs, and now I have to replan a lot of things. Another subtle thing that some people didn't notice is that they also postponed the effective date of your new base pay by 1 paycheck. It used to be the first paycheck in April. How genius!

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Post ID: @2eyd+1rmvxs1P

How’d your grant compare to prior years?

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Post ID: @2xrq+1rmvxs1P

This isn’t completely true. Got my raise letter today and I was given an RSU grant. They are changing it so that they vest in February (so first vest 2025) during an open trading window rather than in November. The vest cycles of previously granted RSUs are not affected.

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Post ID: @1qmh+1rmvxs1P

Is this true for all departments

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Post ID: @1usq+1rmvxs1P

Really? Why would this be done right after giving a bonus?

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Post ID: @1cus+1rmvxs1P

How do you know this? People are already prepared to leave in droves. If ELT does do this they ruin the company even more.

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Post ID: @1ncc+1rmvxs1P

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