The "Cancel Grant" workflow in Shoobx is designed so that all grants, which have been approved by the Board, can be removed from the cap table if they have, for some reason, been discarded. Please note that this workflow will not generate any documents and will require that you upload evidence of the grant cancellation.
To see a more detailed step-by-step description of the workflow, select the step you'd like more information about below:
Please do not hesitate to reach out to email@example.com if you have questions!
When To Use The Cancel Grant Flow
The "Cancel Grant" flow should be used when a grant has been approved by the Board and the grantee will never accept the grant (perhaps they were terminated), or if a grant was issued and was cancelled due to a mistake in a document (perhaps the number of shares or recipient).
The "Cancel Grant" flow should NOT be used to remove equity promises from the cap table. It should always be run, in the case that the employee has not accepted the grant issued, after selecting the "Discontinue Signature Process" button for the recipient of the grant's signature.
Once you have determined that you'd like to run the "Cancel Grant" workflow, you'll want to begin by selecting the grant recipient of the grant that shall be removed. The next page, intuitively, will ask you to select the grant affected.
The workflow will require that you upload evidence of the grant's cancellation. You may want to consult with your legal team and have them draft the document. This document will be associated with the original grant in your Data Room so it will be readily available during future due diligence processes.
After the evidence of cancellation has been updated, you'll arrive at the Checkpoint step. This is your opportunity to review the information you have submitted, before selecting "Continue." Your legal team will be required to review your input. After they have approved the cancellation, you will be able to move forward. Once you continue past this page, the grant will be removed from your cap table and will be cancelled in your company's records.