Pulley's SAFE issuance workflow is designed to help you remain compliant while issuing SAFEs, which means getting the Board Approval for the terms of the SAFE or SAFEs.
This also means that Pulley will track the signing of Board Consents for SAFEs that were recorded to the platform after being previously executed outside of Pulley.
So, when in the Raise With SAFEs tab, you will see a warning like this one for any recorded SAFEs that are still pending a Board Approval in Pulley:
There are two options to address this issue, depending on whether you previously executed a Board Consent for the existing SAFEs :
Requesting and signing a Board Consent through Pulley
This is the method you would use to generate a Board Consent from scratch and sign it in Pulley. You do not need to upload a document, as Pulley will provide a template you can use.
You will be asked to select from the list of existing SAFEs those that are being included into this Board Consent.
Once you select the appropriate SAFEs, you are taken to the confirmation page. Here, you can add or modify your Board Members, and preview both the email they would get and the document to be signed. Once you're ready, click Confirm and Request Board Consent to collect the signatures.
Uploading a Signed Board Consent
This is the method you would use if you have an executed Board Consent corresponding to the SAFE or SAFEs.
After clicking Upload Board Consent, you will be asked to specify the date of the board approval, and select the SAFEs it applies to.
Can I remove the alert without uploading or requesting a Board Approval?
No, the only way to remove the alert is to go through one of the two workflows listed above.
If you need to remove the alert while signing a Board Approval outside of Pulley, you could upload an empty file as a workaround just reading "Board Consent yet to be executed", or a similar message.
However not recommended. The purpose of the alert is to ensure you remain compliant while fundraising without a lawyer's intervention. It will never interfere with anything else in your Pulley account, so you can take your time executing the approval.
If you have any questions, comments, or feedback, please reach out to firstname.lastname@example.org and we'll gladly look into it.