I've been given such an offer. The company gave eligible employees X days to opt in and then it gave itself Y days to decide which volunteers would get buyouts. This matter of loyalty perception was certainly a live question for the employees. But also the company did iterative buyouts so in later rounds there was some evidence available to the current prospects about how employees were treated earlier. Not so much in what opportunities were withheld from the "disloyal" but in the take rate of volunteers and in the probability of being "laid off" given the receipt of an earlier buyout offer.