Employees/Former Employees can exercise their options electronically via ACH on Pulley. Pulley works with any bank account supported by Plaid.
Former employees must be within their post-termination exercise time frames to have the exercise function available.
Note: This feature is available on Pulley's Growth plan. If you do not see the button for "Request to Exercise Option" on your account, send your company admin this article to help them enable this feature.
Under Submit Exercise Request (As a stakeholder) section 4 will show how to download the exercise form document.
Submit Exercise Request (As a stakeholder)
Request to exercise options - When you log in to Pulley, select the portfolio of the company that you are looking to exercise your options. Then, select the options you wish to exercise.
2. Submit a request to exercise - By clicking on the 'Exercise Options' button on the top right.
3. Overview of the exercise process - You will be given a breakdown on the exercise process on Pulley.
4. Fill in the required fields - Complete the required fields, read through and include your tax information (if it isn't applicable, remember to toggle off 'Enabled' on the Estimated Tax Withholdings section)
5. Review transaction and payment details - Confirm the total cost of your options, then select your preferred payment method. Manual payments will require the company to communicate the account and payment details directly to you.
Pulley now also supports exercises for international stakeholders. International payments can be made by connecting your bank account via Wise.
6. Final Review - Conduct a final review of your exercise request, then hit Submit Request. Notably, you can review the exercise form documents to make sure they look correct and up to date.
7. Request Submitted - Your company administrator will review the request. You will receive an email once the request is approved.
8. Post-approval exercise request approval - Once the company has approved the exercise request, if you had selected payment via ACH the funds will be processed and sent to the company. Otherwise, the company should communicate the payment details to you directly. When the transaction is complete, the final step would be to file an 83(b)
Click on your tasks on the top right, followed by ‘Upload Form’, this will then bring you to complete your 83(b) form.
9. The exercise is now complete!