Once you have your EMI Valuation, and have authorised an Option Pool, you are ready to design your Option Scheme. You can create an Option Agreement without setting up a scheme first, but setting the scheme up first will make that process much faster if you are creating multiple agreements.
First, log onto our platform, and click EMI on the top left:
Scroll down, and click Design your option scheme.
That will take you to the following page, where you will first have to give the template a name for future reference:
From here, scroll down and you will have to fill in the following:
Almost there! Now you need to set the Vesting Schedule (if you want to set one).
If you choose not to use one and not to have the shares vest automatically, vesting of the options will be entirely manual, and in your control.
You will still need to set a vesting duration, this is the date by which all of the options will have to vest.
If you do choose to use a vesting schedule, the page will look slightly different:
The Cliff Date and Cliff Shares part might sound confusing. All it means is this: the Cliff Date is the date on which the recipient will have their first set of Options vest. The Cliff Shares percentage defines what percentage of their total shares becomes available on the Cliff Date. The Vesting Frequency is how often the Options vest after that: Monthly, Quarterly, Half-Yearly, or Yearly.
If you leave all of these blank, and only fill in the Final Vesting Date at the bottom, all of the recipient's options will vest on this date.
If you choose for the shares to not vest automatically, you will need to do so manually as they become due.
Once this is done, just click Save at the bottom of the screen, and:
Congratulations! You are now ready to start adding recipients.
For each new recipient, just fill in their details and how many shares you want to give them.
Then click Save and add another, much faster now that the scheme is in place.