Fidelity Private Shares Onboarding: What to Expect

Introduction

Welcome to Fidelity Private Shares. We're excited to help you get your account set up to begin managing your corporate legal actions through the platform. 

This article provides a brief overview of our onboarding process. This is the process of providing information and documents for your existing Delaware corporation to create your account.

Getting Started

You'll provide basic information about your company - like your team size and the number of people and entities who hold equity in your company. We'll use this information to determine your pricing tier (explained in detail on our pricing page).

You'll be asked to provide a variety of documents about your company and its history and information in those documents that the system will use to populate reports like your Capitalization Table. Note that, in many cases, if you don't have the document on hand, you will be able to defer uploading it and return to it later once your account is set up.

Documents

We recommend having the documents listed here handy before you start the process:

Company Charter

• Company Charter (including the breakdown of all classes of stock)
• Company Bylaws
• EIN documentation
• Company address
  

Board & Corporate Officers

• Company President and Secretary 
• Board Members
  NOTE: For these and other stakeholders, the workflow will ask for their names and email addresses but will not send emails out until you're ready to do so.

Employees

For each current employee, you will be asked to upload:

• Offer Letter
• Confidentiality Assignment of Inventions Agreement
  Consultants and advisors can be added after the onboarding process is complete.
  

Stock Incentive Plan (SIP)

If you already have a SIP, you will need:

• The Stock Incentive Plan document
• Board and Stockholder Approval
• Form of Incentive Stock Option
• Form of Non-Qualified Stock Option
• Form of Restricted Stock Agreement
• Form of Exercise Notice
• Any forms of the above that relate to early exercise grants.
  NOTE: Forms will need to be in an editable format so that you can remove certain terms. The platform will add to a cover page with the grant details when you generate them through the system.
  

Equity

• Any grant document (ISO, NQO, RSA, Founder's shares, etc.) and the vesting terms for each.
• Board approval for each grant.

Fundraising

Upload any fundraising paperwork you have here. This can include:

• Convertible debt
• Equity financings
• SAFE (Simple Agreement for Future Equity) documents
• KISS (Keep It Simple Security) documents
• Purchase agreement
• Any other transaction documents 
• Individual grant documents
• Applicable board and stockholder consents 

Legal Counsel

• The workflow will also ask you to provide the name of your company's outside counsel. Registering them will help ensure you can work together on workflows.
• If you don't have outside counsel for your company yet, we encourage you to check out our Early-Stage Service Providers.

Board & Stockholder Approvals

• You can provide any other Board Consents or Meeting Minutes that were not already requested in the other sections.

Other Materials

• If your company has converted from an LLC or has agreements that are no longer active, like Offer Letters for past employees, you can upload these directly to your Data Room folders during the onboarding process.

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Fidelity does not provide legal or tax advice.

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