Evaluating an Indeed offer for SWE-3, the recruiter says LTIP vests every year after 3 years in equal amounts. Inital LTIP offering is 50k units. Does it mean in my 3rd year, 4th year and so on, every year 50k units of LTIP will vest? YOE-9.5, Seattle.
This seems like a great question for your recruiter.
Indeed! I asked them, and their response was this would roughly translate to 100,000$ per year after 3 years (conservative estimate of 2$ per unit). Which was kind of difficult to believe. RSUs don't work the same way, they are awarded based on the price of the awarding day and number of units are never guaranteed before that. LTIP guarantees units, so irrespective of what the value is on any day, this is a deal which would keep on increasing or stay same. (assuming the company keeps making money)
They are pegged to growth of ebitda. $2 may be reasonable but who knows if we don’t grow they’re worth $0
Yep essentially you get paid approx $2.00*50,000 starting your 3rd year at indeed
Why would you consider Indeed over Apple?
Stuck with a slow moving backend team at Apple. Waiting for the refresher this year, if it’s not worth it, will jump over to Indeed.
:) this question always comes up in every indeed post. I wonder why?
Did the recruiter specifically say that you will continue getting 50k LTIP units every year starting from 3rd yr?
I thought it is more of a one time offer(at the completion of 3rd year) and then subsequently you get more LTIPs based on your performance and your manager’s discretion
Typically we have been getting an amount tied to level each year but there is no guarantee and I’ve heard of it varying up to 50% of the amount
That’s the thing, I’m gonna ask them again, but I guess the wording would be more clear if I had the offer letter wording. @Indeed guys do you have that text about LTIP from offer letter?
It's weird to do LTIP with units. In the past, I've just had cash deposited in my 401k or checking account. Deferred compensation otherwise is risky, especially for a company like indeed.
The initial LTIP units should be in the offer letter. Every year you get a new grant depending on the company performance and yours. Year 3 and beyond they vest every year. Till then you get an anniversary bonus.
So do you get any LTIPs in the 1st and 2nd year as well? That vest starting from 3rd year?
no but you get anniversary bonus to compensate
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Why not just say RSU
They’re not publicly traded company so they have a way of profit sharing I guess