· Cancel Grant Workflow

Introduction

The Cancel Grant workflow is designed so that all grants which have been approved by the Board, can be removed from the Cap Table if they have, for some reason, been discarded. Please note that this workflow will not generate any documents and will require that you upload evidence of the grant cancellation. 

To see a more detailed step-by-step description of the workflow, select the step you'd like more information about below:

• When to use the Cancel Grant Workflow
• Getting Started
• Cancellation Evidence
• Checkpoint

When to use the Cancel Grant Workflow

The Cancel Grant workflow should be used when a grant has been approved by the Board and the grantee will never accept the grant (e.g., they were terminated), or if a grant was issued and was cancelled due to a mistake in a document (e.g., the number of shares or recipient name). If there are any associated exercises or pending workflows for this grant, you may not be able to run the Cancel Grant workflow. 

The Cancel Grant workflow should not be used to remove equity promises from the Cap Table. It should always be run, in the case that the employee has not accepted the grant issued, after selecting the Discontinue Signature Process button for the recipient of the grant's signature. 

Getting Started

From the Company Workspace click on Start New Workflow > Cancel Grant, located in the Equity section of the available workflows. 

Select the grant recipient, and then select the grant to be cancelled. 

Cancellation Evidence

The workflow will require that you upload evidence of the grant's cancellation. You may want to consult with your legal team and have them draft the document. This document will be associated with the original grant in your Data Room so it will be readily available during future due diligence processes. Note that this workflow will not reverse or impact the board approval of the grant or the original documentation in the Data Room. 

Checkpoint

After the evidence of cancellation has been updated, you'll arrive at the Checkpoint. This is your opportunity to review the information you have submitted, before selecting Continue. Your legal team will be required to review your input. After they have approved the cancellation, you will be able to move forward. Once you continue past this page, the grant will be removed from your cap table and will be cancelled in your company's records. 

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