Eqvista is always looking for new ways to make sure our users have a hassle-free and efficient experience in managing your cap table, shares, equity, and grants. On Eqvista, grants can be cancelled, deleted, or restored (depending on what you want done).
Cancelling a grant will just cancel it: you can restore it later on if you need to. Deleting a grant means it will be removed from your profile completely. Deleting a grant will also delete the share certificate, and this action cannot be undone.
Here’s how you can cancel, restore, or delete a grant on Eqvista:
Step 1: Log into your Eqvista account and select your company profile. From the Dashboard, click on ‘Shareholders’ on the left side menu. This will direct you to the Shareholders Page as shown below:
Here, select the shareholder whose grant you want to cancel.
In this case, we selected Charles Brown.
Step 2: After clicking the name of the shareholder, you will be directed to their profile:
On this page, click on the certificate number of the grant that the company offered this person. In this case, it is E-006.
Step 3: You will be directed to the page where you can see the information of the certificate here.
Click on ‘Action’ from the top-right side of the page and a menu will appear. You can see that there are two options to end a grant. One is the Cancel Grant option and the second is the Delete Grant option.
CANCELLING A GRANT
Step 1: Click on ‘Cancel Grant’ from the Actions menu. A warning message will appear as shown below.
Add the date for when you want the cancellation to take place. Then, click on the ‘Submit Cancellation’ button.
Step 2: After the cancellation, a new message will appear along with a button that allows you to restore the grant.
By clicking the ‘Restore Grant’ button, you can restore the grant by re-issuing the shares from the same share plan, which is ESOP in this case. There is also a button here that allows you to do this without the need to re-issue the shares.
Upon cancellation, the share certificate that you signed and gave to the shareholder will be deleted and will not appear in your database.
Here’s how you can restore a grant:
RESTORING A GRANT
Step 1: When you click on the ‘Restore Grant’ button, the grant will return to where it was as shown below:
The grant has been restored, however, the share certificate that was issued is still deleted and cannot be restored. You will need to sign it again.
The main difference between cancelling a grant and deleting one is that you cannot restore a deleted grant. A deleted grant will be permanently erased from your system. Make sure that you choose which action is best before going through any cancellation or deletion.
DELETING A GRANT
Step 1: Click on ‘Delete Grant’ from the ‘Actions’ menu on the top-right side.
A message will appear letting you know that the grant will be deleted from the system and the shares will be returned to the plan (in this example, the shares will be returned to ESOP).
Remember, a deleted grant cannot be restored. The share certificate that you had issued to the shareholder will also be deleted.
Step 2: Click ‘Confirm and Delete’ and this will permanently delete the grant from the system.
If you decide to issue a grant to the same shareholder, and you deleted the grant before, you will have to go through the whole process again and create a new share certificate.
Keep in mind that both cancelling and deleting a grant will remove the share certificate from the system. You have to create the certificate again after issuing the shares online. To know more or get more help in using Eqvista, check out the knowledge base center here or contact us!