Need Advice: Put on PIP

Yesterday, I received an email from my manager informing me that I’ve been put on a Performance Improvement Plan (PIP) and that they will observe me for the next sprint. I’m trying to understand what this usually means—does it lead to termination, or will they ask me to resign? Will I get to serve a notice period if things don’t work out?

Would really appreciate insights from anyone who has been through this or knows how

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