You can lapse unvested options under the Equity tab at app.clara.co. If you would like to lapse options, please follow the steps below.
You may want to lapse unexercised options after an employee leaves the company. Typically when an employee who has options leaves, they have 90 days to exercise the vested shares. The standard period is 90 days, though this depends on the contract and can vary. If they fail to exercise the vested options within this timeframe, the company can lapse all outstanding vested options and remove their right to exercise the options in the future.
1. Click on Options (ESOP)
Head over to Options in Equity to view the vested options.
2. Click on the employee option plan
Under 'Grants' you will find a list of all options, click on the option plan you wish to lapse.
3. Click on Manage
4. Select 'Lapse'
5. Fill in the Lapse form
You will need to provide the date on which vesting of these options should lapse.
6. Click on Save
Once you fill in the details and then save to lapse, all the vested and unvested options will be returned to the plan and will be available for a new option grant.
7. Click on Publish
Your lapse transaction will appear in Draft mode in the Transactions section of the option grant. Make sure to publish this transaction in order to update it in the plan.
