Idea Details

83(b) Elections Notifications for legal admins

Last activity 02-23-2023 12:39
Mate I. Zgombic's profile image
By: Mate I. Zgombic
12-09-2021 10:32

Hey all,

Do legal admins receive any notifications explicitly about 83(b) elections when optionees early-exercise? We had someone do these recently. We received the standard notifications around the exercising process but, none around the 83(b) election process.

I see from the support article that the optionee may but, it would be helpful to include legal admins in the steps by sending emails (i) in the beginning when they exercise (aside from that they are exercising) notifying of the start of 30-day clock (ii) a midway reminder of deadline to file (so that legal can stay on top of it) and (iii) whether they chose not to elect to file or, if they did, when they uploaded the filing record. This would be helpful in keeping legal in the loop.

-Mate


02-23-2023 12:39

@Greta Goldberg Apologies for the untimely response - it appears I didn't get notification re your questions.

To answer your questions:

  1. I'd like to remind the optionee of their deadline and to complete Carta's 83(b) election filing workflow.
  2. In real time when actions are completed by optionee and timely reminders that the deadline to file is approaching would be great.

Additionally, I brought this up today with someone else but, having a link that I can embed in an email that directly sends them to the 83(b)-election workflow for the particular exercised option when they click on it would be amazing!

12-23-2021 09:54

Excellent!!!

12-23-2021 08:25

@Mate I. Zgombic totally get how challenging it is for outside counsel who manages multiple clients. We are continuing to look for viable solutions.​

12-22-2021 10:53

@Greta Goldberg We're aware. The crux of the issue is knowing that the option being exercised is an early-exercised one. Legal admins, especially outside counsel are super busy with all kinds of matters for various clients so, almost impossible for them to keep in mind which are and which aren't so, a notification would be super helpful. ​

12-22-2021 08:14

@Mate I. Zgombic our product team is looking further into notifications.

While they do more diligence, I wanted to make sure that you were aware that you could see the status of an early exercise on the Exercise page.

Navigate to Transactions>Exercises and you can see the status of the 83(b) filing in the far right column. You can find more information in this article under the Early Exercise with 83(b) elections section.

​We will continue to look into notifications and I will respond with an update shortly.

Again, thank you for taking the time to submit this feedback!

12-21-2021 13:11

Generally we'd like to be kept in the loop when an optionee executes an early exercise.
  1. When the 30-day clock for filing starts so, upon exercise an email that it has been done;
  2. Copying legal admins on any correspondence reminding them the filing deadline is approaching;
  3. When an exerciser either choses the option not to file an election, and if they are filing, when they upload filing evidence with the ability for admins to download a copy of those files. 
-Mate

12-20-2021 11:54

@Mate I. Zgombic thank you for the product feedback. I spoke with our product team and they are interested in flushing out this idea more.

Could you please provides responses to the below questions?
  1. What action does the legal admin want to complete? Do they simply want to know who has early exercised or do they want to complete an action with that information?
  2. Does the legal admin need to know in "real time" for each exercise, or is there a specific point at which they need to know all early exercises? Would it be helpful to know when approving an exercise request?