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. Use the Apply To All fields at the top of each section to quickly populate all the fields with the same information:
Enter Termination Details FIRST before proceeding
Enable Accelerate Vesting if you would like to accelerate any of the stakeholder(s) unvested holdings. See Accelerations - Stakeholder Terminations for additional information.
Enter the stakeholder's last date to exercise Options
The final day that the employee may exercise their options.
Pulley defaults to the preferences set at the security level.
Enter your company's last date to repurchase Shares and RSAs.
The final day that the company may repurchase, or buy back, unvested Shares and RSAs.
Pulley defaults to the preferences set at the equity plan level if applicable.
(Token Cap Table Customers Only) Enter your company's last date to repurchase Tokens and RTAs.
The final day that the company may repurchase, or buy back, unvested Tokens and RTAs. If there are no unvested securities RSAs available to purchase, the field will be marked "N/A".
Pulley defaults to the preferences set at the equity plan level.
On the final screen, you may send an email from Pulley that provides instructions to the terminated employee(s) 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 unvested Shares and RSAs on the Securities Status page, under Drafts. We recommend you repurchase any RSAs, if possible.
Your now ex-employee has until their "last date to exercise" to exercise any of their options.
After the last day to exercise, if there are remaining options left that the stakeholder did not exercise, Pulley will automatically cancel the option grant.
We automatically cancel option grants with 0 vested options immediately after terminating the employee on Pulley.
How do I undo a termination?
Go to the Stakeholders page → click on the relevant stakeholder → click Actions dropdown → click Un-terminate Stakeholder
For securities with Last date to exercise needing to be updated, reach out to our Support team via the chat widget at the bottom of the page or by emailing support@pulley.com