Need to terminate an award? Here’s a simple guide on how the process works and when to use it.
Eligible Awards
You can terminate awards that are in the Vesting or Completed state. This includes fully executed awards (and fully signed awards, if a signing process is in place).
When to Use This Process
Consider terminating an award if:
You realize there was a mistake after the award was finalized.
You need to completely cancel an award.
Important: Since this process changes an already finalized award, you must obtain consent from all parties involved, especially if the documents have been signed.
How to Start the Termination Process
Navigate to the Award Details: Go to the award you want to terminate.
Select “Terminate Award”: In the “…” menu at the top, choose the “Terminate Award” option.
Confirm the Dialog: Confirm your choice, and the termination process will begin.
What to Expect During the Process
Unlike other processes, the termination details are housed directly within the award detail itself, not in a separate location. The award’s status will change to Pending, making it easier to track the actions required.
Steps to Complete the Termination
Once the termination draft is created, the next steps follow the usual process: Publish, Approve, Signature (depending on your configuration). For more information on these steps, click here.
What Happens After Termination
Once the award termination process is completed, all assets are returned to the pool from the date of termination. This means the award is not deleted; instead, it reflects that the participant held ownership of the assets for a specific period before losing them based on the new agreement.