EquityList Product Recap (Q3, 2024)

‍Major upgrade to the exercise workflow

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We might have outdone ourselves with this one … 👀

The entire exercise workflow has gone through a major upgrade to provide a consistent and complete experience for both admins and grant holders.

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Employee side:

1. Enhanced tax calculation and total payable breakdown: With a fresh coat of paint, we do a better job of clearly breaking down the total payable amount by the grant holder for an exercise transaction. Admins can also directly mention the specific tax bracket relevant for stakeholders to directly calculate the tax liability on exercise transactions.
   
2. Confirmation of bank account and transaction details: Employees can now select primary bank account related to exercise transactions along with other details such as demat information (for Indian companies) and ‘lock-in’ their exercise request to finalize on the exercise quantity and payable amount.
   
3. Add-multiple payment tranches for cheque and wire transfers: Ability to add multiple payment details and proof support in case of an offline transaction via cheque or direct wire transfer to the company’s bank account.
   
4. Standardized exercise letters: The process uses EquityList’s standard exercise letter templates, ensuring consistency across users.
   
   [Note: Custom exercise letters are available to customers on our ‘Scale’ pricing plan.]

Admin side:

1. Editable exercise requests: (Equity Awards > ESOP Exercises) Admins can edit exercise requests to update details before locking them for approval. These requests then move to a ‘Pending Approval' state, offering an extra layer of review.
   
2. Added ‘View Beneficiary Bank Details’: For admins, beneficiary bank details are now visible during the approval process.
   
3. Admin-initiated requests: Admins can create draft exercise requests on behalf of employees, which employees can later review, consent to, and complete. This streamlines workflows for cases where employees need additional support.
   
4. Reconcile offline transactions: Finance admins get a lot more flexibility in reconciling offline transactions on the platform with the ability to flag transactions as well in case of incorrect or partial transfers.

We've also embedded a payment gateway in the flow:

1. Pay via UPI, Net Banking or debit card: We have now integrated with Cashfree’s payment gateway solution to open up various forms of payment module for exercise transactions.
   
2. Setup a ‘Virtual Bank Account’ (VBA) for on-platform transactions: EquityList will work with company admins to setup a VBA, with the payment gateway providers, within 48 hours to ensure that the fund flows directly into the company’s bank accounts.
   
3. Automated reconciliation: Reconciliation of payments done via the payment gateway will automatically get reconciled - saving your finance team time and effort in going through bank statements!
   
   (Note: We currently provide payment gateway solutions for companies with Indian operations only. If you're an EquityList customer who'd like to opt-in to the payment gateway solution and have us setup your VBA, then please reach out to us at help@equitylist.co.)

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Comprehensive cap table ledger report

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EquityList now provides a Comprehensive Cap Table Ledger export that consolidates all relevant information into a single report. This report, accessible under Cap Table > Exports, offers detailed insights, from ESOP grants to share certificates, and share classes.

What’s included in this report?

1. Summary and detailed cap table: The report’s first two tabs provide a summarized view of the cap table, followed by a more detailed breakdown of shareholder holdings and equity distribution.
   
2. Equity certificates by share class: Separate tabs are provided for each share class, including Equity, Seed, Series A, Series B, etc., making it easy to view equity certificates organized by class.
   
3. Convertible instruments: The ‘Convertibles’ tab captures details for convertible notes and SAFEs, with fields for type, capital contribution, discount, conversion date, and linked share certificate ID for converted instruments.
   
4. ESOP and SAR grants: Dedicated tabs provide an overview of ESOP and SAR grants, including vesting details. Additional fields such as federal exemption and state of residence are included where applicable for compliance.

This all-in-one report is designed to streamline cap table management, offering a holistic view for easy reference and decision-making. Any feedback is welcome as we continue refining this enhancement!

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Upgraded board consents for equity grants

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With the updated board approval features, admins can now seek Board Consents directly while issuing equity grants to stakeholders.

What’s new?

1. Pool-based filtering: In the Equity Awards > Grants page, admins now have access to grant filters making it easier to locate ‘draft’ grants when sending board consent requests.
   
2. Swift board approval process: Admins can bulk-create board consent requests by selecting grants, specifying board members for approval, and choosing the board meeting date and time.
   
3. Automated email notifications: When a board consent request is initiated, invited board members receive an email with a direct link to review and sign the consent. Upon signing, automated emails notify all involved parties, confirming that the board consent has been approved.
   
4. Auto-filled board approval dates: Once the board consent has been successfully executed, the board authorized dates will automatically be linked to the respective equity grants.
   
5. Employee counter-signature: For grants configured to require employee acknowledgment, employees receive a notification to sign the finalized grant letter once board approval is complete.
   
6. Real-time status tracking: The Legal > Board Consents page displays real-time signing statuses, showing the number of board members who have signed.

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Show FMV growth chart in the employee dashboard

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Company admins can now show their FMV growth chart to option-holders directly in their dashboards.

This option is disabled by default since many companies may want to first ensure that their entire valuation history is correctly uploaded on the EquityList platform in the first place.

(If you're an EquityList customer and would like to enable this option, reach out to your Account Manager or write to us at help@equitylist.co.)

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New Single Sign-On (SSO) integration

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For our customers already using Single Sign-On (SSO) to streamline access to applications like Jira, GitHub, and Outlook via Microsoft Active Directory—we’re excited to announce a new SSO integration with EquityList.

Employees and admins can now access their EquityList accounts directly from their Active Directory or other SSO dashboards without needing separate EquityList credentials.

How it works?

1. Integration setup: Under Company > Integrations, admins can select SSO and simply upload their SAML metadata URL or XML file from their SSO provider (e.g., Azure Active Directory).
   
2. Seamless access for employees: Once configured, employees can log in to EquityList directly from their SSO dashboard by clicking on the EquityList logo—no additional login required!
   
3. Enhanced security and control: With SSO, our customers get added security and simplified management. If an employee exits the company, revoking access from the SSO dashboard will also remove access to EquityList, ensuring data security.

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New ‘Document Center’ to share files easily with employees

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Under Employees > Document Center, employees and other stakeholders with grant documents can find system-generated documents auto-populated within their dashboard in a single place. Company admins can also upload standard employee documents that can be securely accessible in their dashboards.

How is a Document Center different from a Data Room?

Data Rooms are document vaults with additional security measures (like access passcodes) and are designed to share confidential information with fewer people, like investors or board members.

In contrast, a Document Center is more open, one-to-many option i.e. with a single upload, company admins can make a file available to all employees.

(Tip: As an EquityList admin, if you’re collecting employee consents, a signed copy of their own consent letter will also be automatically stored in the Document Center at their end.)

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New employee consents feature

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Under Employees > Consents, admins can now create, manage, and track employee consent requests. This feature ensures employees acknowledge specific policies or documents before gaining full access to their dashboards.

What’s new?

1. Consent creation and customization: Admins can easily create new consents with a unique title, set reminder frequencies (daily, weekly, monthly), and specify the maximum number of reminders.
   
2. Access control: When setting up a consent, admins can check the option to ‘Block Dashboard Access for Employees’ until the consent is signed.
   
   When selected, employees with pending consents will be redirected to the signing page instead of their dashboards. When not selected, employees will be able to access their dashboards but their consent will still be pending.
   
3. Tracking and status monitoring: Admins can monitor the consent’s status, check if employees have viewed or signed it, and track the exact dates and times of each action.
   
   (Tip: Signed consent documents are accessible in the employee’s Document Center, maintaining transparency and record-keeping.]
   
4. Guardrails for admins: Consents can be saved in draft mode, allowing admins to verify templates before sending them to employees.
   
   (Note: Drafts can be deleted, but once sent, the consent becomes final and cannot be removed.)

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Bypass employee e-signature for grant execution

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Under Equity Awards > Grants, we've introduced a new option allowing company admins to bypass the employee's e-signature requirement when executing equity grants. This update streamlines the grant execution process, especially for scenarios where collecting employee signatures may not be immediately necessary.

‍How it works?

1. Setup toggle: Inside a scheme’s properties, company admins can now toggle on/off the ‘Bypass Employee E-Sign for Grant Execution’ option. When enabled, this feature allows grant execution to proceed with just the company's e-signature, skipping the employee's sign-off step.
   
2. Faster grant execution: With the bypass enabled, the grant execution process is reduced to two steps: a) setting up a grant, and b) applying the company's e-signature. Employees will not receive an invite to sign; the grant gets fully executed upon the company's approval.

(Note: This option can be toggled off at any time, thereby reverting to the standard flow where employees are prompted to e-sign their grants. Currently, this toggle is available only for ESOP schemes.)

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Hide employee details when generating reports

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Under Equity Awards > Reporting, admins can now toggle on/off the option to hide employee PII (Personally Identifiable Information) when generating reports.

This flexibility is crucial in limiting the exposure of sensitive data when shared internally, or otherwise, and also preventing accidental disclosures.

For those who’re curious, the following information will not be included when this option is toggled on:

• Employee Name
• Work Email
• Personal Email
• Employee ID
• Title
• Beneficiary Details

(Note: ‘Hide Employee Details?’ option is now toggled ON by default.)

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Quality of life improvements

We’ve rolled out a few improvements across EquityList’s features, check them out below:

• Update exit date for ex-employees
  Under Employees > All Employees, any employee’s last working day on record (’End Date’) can now be edited even after they’ve exited the company. This enhancement aims to improve the employee experience by enabling accurate vesting calculations and related equity award adjustments.
  
• Delete unused vesting templates
  You can now delete unused vesting templates directly from Equity Awards > Vesting Templates page. Go ahead and experiment with as many custom vesting templates as you’d like!
  (Note: Templates with active grants or attached to schemes/plans cannot be deleted, ensuring that only irrelevant or test templates are removed.)
  
• View List of charged stakeholders
  Under Billing > Active Plan, our customers will now see a complete list of stakeholders that their account is being charged for.

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To see a full list of past feature updates and launches, head over to our Product Updates page.

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