To terminate an employee, follow the steps in this tutorial.
If the termination is already past the 90-day point, both vested and unvested shares will be automatically canceled. If not, only the unvested shares will be canceled.
The system then sets a reminder for 90 days post-termination to notify you when the vested shares have expired. These reminders can be found in the Dashboard menu by selecting “Compliance,” then “Cap Table Auditor.” If you have active notifications, you will see a red circle in the top right corner of your screen. This will also direct you to the summary notification page.
Click “Cancel Vested” if you are ready to cancel this shareholder’s remaining vested shares. If you have already cancelled them manually in Shareworks Startup, click the “x” in the top right corner to dismiss this reminder.
As soon as you click “Cancel Vested,” Shareworks Startup will record a cancellation as of the expiration date.
If that expiration has not passed (or if your cap table accrual date is set to the past), you will see a “Future Entries” line item. Note that the cancellation isn’t shown as effective yet, since it is dated in the future. Once that is the current date, or once you change your cap table date, those vested shares will show as being canceled.