If you received an email from Pulley about a change to one of your securities, or if a new task has appeared in your queue asking you to re-sign a document, this article explains what happened, what the change means for you, and what you need to do next.
Why securities get modified
After a grant or security has been issued, the company admin may occasionally need to update it. There are two reasons this happens, and Pulley requires the admin to specify which one applies every time a change is made:
Clerical error
A data entry mistake was made when the security was originally issued, for example, an incorrect number of shares, a wrong vesting start date, or a typo in another field. The terms of your equity haven't changed in any meaningful way; the record is simply being corrected to reflect what was always intended.
Modification
An intentional amendment to the terms of the security. This is a deliberate change, not a correction of a mistake, and it alters the actual terms of your grant.
In both cases, the reason is recorded in Pulley's audit trail and, if you were notified, it will be included in the email you received.
What you'll receive
When an admin modifies your security and chooses to notify you, you'll receive an email from Pulley alerting you that a change has been made. The email directs you to the relevant entry in Pulley, where you'll be able to review:
Which fields were changed
The old value and the new value for each changed field
The reason the admin selected (clerical error or modification)
Any note the admin added
Any new documents created for the grant or security issuance
If the change required updated documents to be generated, the email link will direct you to review and re-sign the updated agreement.
If you need to re-sign
Not all modifications require a new signature. If the change affected fields that appear in your signed agreement (such as the number of shares, exercise price, or vesting schedule) your organization’s Pulley admin will have generated an updated document that needs your signature.
When this happens, a task will appear in your Pulley task queue.
To complete the re-signing:
Click the clipboard icon in the top right corner of any Pulley page to open your task queue
Locate the pending signature task. It will be labeled with the grant name and indicate that it's a modification requiring your review and signature
Click the task to open the document
Review the updated document. The new terms will reflect the changes the admin made
Click Sign and complete the e-signature
The task clears from your queue once signed
You can also access the re-signing task directly from the link in the notification email if you received one.
Your document history
Pulley keeps a full version history for every security. When an admin generates a new document as part of a modification, the updated version becomes the active document on your security record. Earlier versions, including the originally signed document, are preserved and remain on record permanently.
You can view your document history by navigating to the grant or security in your portfolio and looking at the Document section below Attachments to see the documents (including historical documents) for that particular grant or security.
Nothing is automatically deleted. Your original signed document is always preserved.
Note that admins have the ability to delete documents on their end. If a document you expected to see is missing, check with your company admin.
If you have questions about a change
If you're unsure why a change was made or you disagree with the modification, contact your company admin directly. They have full visibility into what changed, when, and why, and are best placed to answer questions about your specific grant.
Pulley support can help with technical issues. For example, if you're unable to access the re-signing task or the document won't load. Questions about the substance of a modification should go to your company's equity administrator.