If I am to believe HBO, then sometimes those goals are drinking beers on the rooftop.
Not quite but I know of one high level exec at a company you're familiar with that was given a year after multiple warnings.
Effectively, he had no job but was still on the payroll for a year and maintained his equity. He came in and did virtually nothing for about 6 months and then stopped.
It's a cushy gig but by the time you get it it's a punishment not a reward.
And you didn't ask, but if not enough of the team accepts an offer, then it evaporates.