Yes, but you can also opt-in to that. I told my manager I was dissatisfied and thinking of leaving, he suggested I talk to HR about the pivot program. They then put me on a PIP so I could accept the severance option.

Also I had been on an actual PIP before and I'm pretty sure that option wasn't mentioned.

this is crazy to me, check out /r/consulting they view being on a PIP as a doomsday clock where the company will find any excuse to fire you in the next 6 months.

I can't speak universally, but I "passed" mine, and lasted another full year before leaving willingly. My manager seemed to very earnestly want me to pass, and implied that most people do.

All that said, I would advise that if you get put on a PIP, just take the severance right away. You're ineligible for a raise or additional stock grants in the cycle following the PIP.