From Jeannie Lee • peopleops@polygon.technology
Hello,
You are receiving this notice because your role at Polygon Labs is being eliminated today as part of a 20% reduction of our team (around 100 members). This was a very difficult, but necessary business decision and one that we do not take lightly. Thank you for your time, energy and enormous contributions to Polygon and Polygon Labs. We will make every effort to ensure this transition is as seamless as possible.
Below, please find a note from the founders and Ryan that explains the factors behind this decision.
Momentarily, your access to Polygon Labs’ systems, including Slack and email will end; the abrupt nature is a necessary security measure.
Within the next 1-3 days you will receive information to your personal email address regarding your severance package which includes a total of three months of base pay, inclusive of any required notice period or statutory severance requirements. Please review everything and sign your separation agreement within the deadline described in the severance documents. The severance documents will also include information regarding any continuation of benefits (if applicable) depending on the circumstances of your engagement with Polygon Labs or the Deel Group. Individuals employed directly by Polygon Labs will receive their severance package from the PeopleOps team; individuals employed by the Deel Group will receive their severance package from Deel.
Any MATIC grant that has vested on or before today’s date will be paid out to you as part of your severance package in accordance with local regulatory requirements and local reporting and withholding obligations (where applicable). For those who did not achieve their one-year cliff by today’s date, we will be honoring unvested one-year cliffs that were set to vest within 60 days of today’s date (April 22, 2023). For individuals employed directly by Polygon Labs, your MATIC grant will be accounted for in your severance documents provided by the PeopleOps team. For individuals employed by the Deel Group, you will receive a separate document from the PeopleOps team explaining exactly how your MATIC grant will be paid out to you. Depending on your country of residence, this may require settling the MATIC amount in the fair market value of your local currency, rather than delivering the MATIC to you directly. The severance documents will include details regarding the MATIC-to-fiat conversion rate used.
We will make every reasonable effort to support you during this difficult transition. If you have any questions or would like to speak directly, please reach out to our People Operations team at PeopleOps@polygon.technology, and we will set up a time with the appropriate contact.
Sincerely,
Polygon Labs