How do I terminate an employee?
Navigate to Stakeholders → the stakeholder. Under Actions click Terminate Stakeholder.
Follow the form's instructions and fill in the required information:
Enter Termination Details
The Vesting Stop Date will typically be the same date as the stakeholder's Termination Date.
Enter the stakeholder's last date to exercise Options
The final day that the employee may exercise their options. If there are no options available to exercise, the field will be marked "N/A".
Enter your company's last date to repurchase RSAs.
The final day that the company may repurchase, or buy back, RSAs. options. If there are no RSAs available to purchase, the field will be marked "N/A".
On the final screen, review the employee's securities. You may send an email from Pulley that provides instructions to the terminated employee on how to change their email and exercise their options on Pulley*. Click Terminate to finish.
*Your employees can only exercise their options on Pulley if you're on the Growth Plan or higher. To upgrade, click "Upgrade Plan" in the top navigation:
What happens after an employee is terminated?
You/your company has until the "last date to repurchase" to buy back any remaining RSAs. We recommend you repurchase any RSAs, if possible.
Your now ex-employee has until the their "last date to exercise" to exercise any of their options. Pulley will automatically send email reminders to them reminding them of this date.
After the last day to exercise, if there are remaining options left that the stakeholder did not exercise, mark the option as cancelled under Securities Status / Options From Terminated Employees:
We don't automatically cancel any leftover options because some folks like to give employees or consultants extra time to exercise.
How do I undo a termination?
Go to the Stakeholders page → click on the relevant stakeholder → click Actions dropdown → click Edit Stakeholder
Scroll to the bottom and click on Advanced Fields → Toggle on "Unterminate Stakeholder" → click Save Changes