How to send option grant drafts for board approval

Please note: This feature is only available if your subscription includes board approvals. To upgrade your account to include this feature, please reach out to accountservices@carta.com. 

To issue option grants and board approve those options directly on Carta, you will need to draft the option grants first -  individually or in bulk

1. When drafting the option grants, select 'Not Board Approved' from the "Board approval status" drop-down menu. 

This will void the fields for board approval date, grant date, and expiration date as yet to apply.

2. After the drafts have been created, check boxes for the "Not board approved" drafts, then click the green 'Send' to send the selected option grants.

This will also notify you that a board approval will be created for the selected "Not board approved" drafts


3. Click 'Send these option grants'

4. You will be directed to the 'Create Board Approvals' page where you can update the preamble, resolution text and documents

A draft board consent has been created here. You will see the details of the draft option grants under Resolutions. The draft board consent also saves so it can be revisited at a later time. 


5. Click 'Send Board Approval' once complete

Board Approvals created by "Company Editor" must be approved by "Legal Admin" before it is sent to the Board Members. Learn more about creating Board Approvals  here

While the Board Approval is created and pending consent, the draft option grants will be frozen and cannot be modified. To unlock these drafts, the Board Approval will need to be removed.


After the Board Approval has been sent, as the Board Member is reviewing the consent, they will see the draft option grant details and a summary of how it affects the cap table. 

Note: The option plan summary is based on the current cap table and is subject to change. This is provided for informational purposes only and is not part of this resolution.


6. Board Approval has received unanimous consent

Now the draft option grants will be released onto the ledger with a grant, board approval, and expiration date. From here, the equity awards signatory will sign the newly issued option grants, then they will be sent to the holders for acceptance.