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 (bulk): Within the Stakeholders page, click the Offboard stakeholders button at the top of the page.
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, you can choose to add more than one stakeholder from the drop-down:
Choose the Termination date & Effective vesting date (if applicable).
Note: Effective vesting date relates to the date the grants will be vested up until the current schedule.
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.
Toggling the Allow exercising button will expand the menu so the collaborator can apply the exercise window length and inform the stakeholder of the exercise window.
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 is changed from work email to personal email, and then they are re-invited to the platform with said email. This ensures the cap table remains accurate and the stakeholder retains their access for transparency and is still able to receive any relevant communications in the future.