How Carta calculates "exercisable until" when a PTEP extends past the grant's expiration date

This trips up a lot of admins after a termination, so worth knowing before you hit it.

Every grant has two separate date fields, and "exercisable until" is always the earlier of the two:

Lifetime expiration -- locked at issuance. This is the hard ceiling and it cannot be changed after the grant is created.

Expiration date -- the editable one. This defaults from the option plan's termination periods but can be overridden when you terminate a stakeholder or modify the grant.

Here's where people get stuck:

You extend a terminated employee's PTEP to 18 months. You save it. But the "exercisable until" date doesn't move.

Why this happens:

PTEP is always capped at the lifetime expiration. If your PTEP modification pushes the window past the expiration date field, you also need to update that expiration date on the grant. If you only update the PTEP, the earlier date still wins.

The fix -- but only in one scenario:

If the PTEP lands before the lifetime expiration, you can update the expiration date field and the correct window will display.

If the PTEP genuinely pushes past the lifetime expiration, editing the expiration date won't help. The lifetime ceiling binds regardless. That's a harder situation and worth getting support involved to confirm what options exist.