How do I authorise an Option Pool on Vestd?

The first step to setting up an Option Scheme

The Options in this pool can be used for both EMI and Unapproved Options.

First, log onto the platform and go to Share schemes > Share pools:

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Then click Create new option pool.

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That will take you to this initial page:

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Once here, choose a Reference (name) for the authorisation that makes sense to you, enter the amount of options you wish to authorise and choose the relevant share class.

If that share class has any restrictions specified in your articles (for example that they can be bought back by the company if the employee leaves), they should also be added. If your company has adopted Vestd's Articles of Association, the class restrictions will automatically populate this field. 

Finally, click Next to move on to the next page. Don't worry, nothing will be sent out yet.

You should now be here:

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This is where you get to upload Shareholder and Director resolutions if you already have them.

Just click the relevant link:

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Upload the file, enter the date, and make sure the relevant box is ticked if the resolutions are already signed. Clicking Save will take you to the previous page.

Once you're done, or if you don't already have the resolutions, click Continue at the bottom of the page.

That will take you here:

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This page allows you to check that you have made no errors and ensure that the authorisation resolutions are only passed according to the rules of your company.

First, check that the details of the option pool are correct (number of shares, share class). If you have made an error, click the button in the top right-hand corner to edit the details.

Next, check the corporate governance settings. The platform defaults to needing a Shareholder Special Written Resolution passed at 75%, plus a Board Resolution to authorise the option pool. If your company has anything different (for example "must sign" shareholders as part of an earlier investment agreement) then click on the "Update these details" button to adjust them.

If all is ok, review both the Resolutions and the scheme rules by clicking on and downloading the documents to the right of the screen. Then click Submit to send out the necessary Resolutions for signing. 

Once the Resolutions have passed, you'll receive an email letting you know you can continue the scheme setup. In the meantime, you can always check your Documents folder to see the status of any resolutions that are in the process of being signed.


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