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Termination Date Not Entered, Employee Exercised Shares

Carta Admin12-06-2022 14:25

For our employee, it appears that his termination date of 3/31 was never recorded in Carta and therefore ...

Carta Support01-19-2023 08:20

Hello! This requires confirmation that the holder is aware, but Carta Staff will cancel the exercise. ...

1. Termination Date Not Entered, Employee Exercised Shares

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Carta Admin
Posted 12-06-2022 14:25

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For our employee, it appears that his termination date of 3/31 was never recorded in Carta and therefore his shares have been vesting since then. As of today's date, he has 77,777 "vested" shares, which he fully exercised and paid for; however, based on his termination date of 3/31, he should have only had 69,444 shares exercisable (not 77K). The company should notify him of the improper exercise and agree to refund the money and cancel the excess options. Does Carta have a process for this? Thanks, and please let me know.

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Carta Admin
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2. RE: Termination Date Not Entered, Employee Exercised Shares

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Carta Support
Posted 01-19-2023 08:20

Reply Reply Privately
Hello! This requires confirmation that the holder is aware, but Carta Staff will cancel the exercise. The company will need to terminate and manually exercise for the correct quantity instead.

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Carta Support
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