In the scenario where it is necessary to organize an employee's exit from the company, it is an easy step-by-step process on Ledgy.
There are two ways to begin the offboarding process for stakeholders:
Option 1: In bulk
Within the Stakeholders page, click the Offboard stakeholders button at the top of the page.
Within the offboarding pop-up, you can choose to add more than one stakeholder from the drop-down:
Choose the Termination date & Effective vesting date (if applicable).
Note: The effective vesting date relates to the date the grants will be vested until the current schedule.
Add payment information.
Note: This information must be entered only once.
In the event that the leavers hold vested grants, you can choose the option to terminate while initiating an exercise window for them to exercise their outstanding shares.
(Optional) Toggling the Allow exercising button expands the menu so the collaborator can set the exercise window length.
(Optional) Check Terminate unexercised vested grants if the system should automatically terminate unexercised vested grants upon window closure.
(Optional) Stakeholders can optionally be notified.
Once 'Offboard' is entered and the workflow completed, any stakeholders affected will have a Termination transaction attached to them for the respective dates within Ownership > Transactions. This can be edited and changed retrospectively if necessary.
Important: In the event, a stakeholder is offboarded but still holds shares in the company, it is recommended that the email address be changed from work to personal, and then they are re-invited to the platform with said email. This ensures the cap table remains accurate, the stakeholder retains their access for transparency, and they are still able to receive any relevant communications in the future.
Option 2: Individual
Go to Stakeholders, and using the search bar, enter the name of your leaver. Find the three-dot button on the stakeholder and choose Offboard stakeholder.
Within the offboarding pop-up, choose the Termination date & Effective vesting date (if applicable).
Note 1: If you have connected your HRIS to Ledgy, the Termination date will be automatically set based on your HRIS information.
Note 2: The effective vesting date relates to the date the grants will be vested until the current schedule.
(Optional) Define which group the stakeholder should be assigned to after offboarding.
In the event that the leavers hold vested grants, you can choose the option to terminate while initiating an exercise window for them to exercise their outstanding shares.
(Optional) Toggling the Allow exercising button expands the menu so the collaborator can set the exercise window length.
(Optional) Check Terminate unexercised vested grants if the system should automatically terminate unexercised vested grants upon window closure.
(Optional) Stakeholders can optionally be notified.
If the Re-invite stakeholder via email toggle is off, stakeholder access will be revoked upon offboarding, and they will not be re-invited.
If the Re-invite stakeholder via email toggle is on, the stakeholder will be re-invited. However, if the user account email is the same as the re-invitation email, the stakeholder will retain access and not be re-invited.
Note: If the offboarded stakeholder's stakeholder profile contains a personal email, the system will automatically pull the information into the field.
Define whether or not fractions of the unvested grants should be terminated.
Once 'Offboard' is entered and the workflow completed, any stakeholders affected will have a Termination transaction attached to them for the respective dates within Ownership > Transactions. This can be edited and changed retrospectively if necessary.