At least they're handling it responsibly and generously:
From their blog:
Separation pay: We will pay 16 weeks of base pay for all departing Krakenites inclusive of the paid leave period.
Performance bonus: For those eligible, we will pay each departing Krakenite their bonus as determined by their manager.
Benefits: We will offer eligible Krakenites 4 months of healthcare continuation coverage inclusive of the paid leave period. All Krakenites will continue to have access to counseling services during this period.
Extension of exercise window: We will extend departing Krakenites’ window to exercise their vested stock options.
Immigration support: Kraken will provide dedicated visa and immigration support for those currently on company-sponsored visas.
Outplacement support: We will provide career support for departing Krakenites, including networking opportunities, job search best practices, interview guidance, and more.
Not for everyone. First time they offered 3 months, then they cried for people to come back, then fired them (and more) again with 1 or 3 weeks severance
Yeah, I was also thought that Stripe may have called themselves 'Strippers' after 14% were 'stripped' of their employment. From the top comment if I was to replace it: [0]
* Severance pay. We will pay 14 weeks of severance for all departing 'Strippers', and more for those with longer tenure. That is, those departing will be paid until at least February 21st 2023.
* Bonus. We will pay our 2022 annual bonus for all departing 'Strippers', regardless of their departure date. (It will be prorated for people hired in 2022.)
* PTO. We’ll pay for all unused PTO time (including in regions where that’s not legally required).
* Healthcare. We’ll pay the cash equivalent of 6 months of existing healthcare premiums or healthcare continuation.
* RSU vesting. We’ll accelerate everyone who has already reached their one-year vesting cliff to the February 2023 vesting date (or longer, depending on departure date). For those who haven’t reached their vesting cliffs, we'll waive the cliff.
It works interchangeably for both 'Krackheads' and 'Strippers'. Oh dear.
Any news on what the other side of the deal is? When I was laid of from Twitter in 2017, all of the benefits were contingent on signing a long document that included a non-disparagement clause.
