Cancellation & revert cancellation of restricted stock
Whats new?
Awards of restricted stock can now be cancelled. If cancelled in error, this cancellation can be reverted.
How does it work?
On the Awards screen, click on the ‘RSU’ or ‘RSA’ tab.
Select 'Cancel' from the kebab menu next to the award that you wish to cancel.
For awards of restricted stock with a status of ‘Cancelled’, click on the kebab menu and select ‘Revert’. This will undo the cancellation of this award.
Cancelled awards are visible to the participant or investor on their participant portal.
Why is it important and how am I affected?
Awards of restricted stock may be cancelled for a number of reasons; M&A activity, poor performance or clerical errors. In some scenarios, its imperative to retain a record of this cancellation on the platform for audit and reporting purposes.
The revert cancellation allows company administrators to undo previous award cancellations that were done in error or correct data on cancelled records which had incorrect cancellation dates. Cancelling a restricted stock award will treat the units in accordance with the settings configured on the plan. Any released or pending release units with a vesting date that’s prior to the cancellation date will not be cancelled.