For employees with vested share options (stock options) wishing to exercise their options, Cake provides a streamlined process for submitting an exercise request. Here's how it works:
Access Your Employee Portfolio: To kickstart the process, employees need to log into their Cake account and navigate to the Portfolio tab.
View Your Holdings: Within the Employee Portfolio, participants will find the 'View' button associated with their option offer.
Request Exercise: Clicking on the 'Request exercise' button is the next step. This action triggers a notification that is sent to all Admin users associated with the respective account.
Admin User's Decision: The responsibility then shifts to the Admin user(s) of the Cake account. They have the authority to either accept or decline the exercise request. This can be done through the 'Exercise requests' tab within their Cake account.
Processing the Request: Upon the Admin user's acceptance of the request, the exercise process is set in motion. Once the employee receives notification that the request has been approved, they should jump back into their Portfolio (following the same steps as 1 & 2 above) and locate their exercise request and click '+ Pay now'.
Sign the Exercise Notice: The employee will be prompted to make payment to the bank details setup by the company, and transfer the funds using the unique reference code in Cake. After making payment, the employee is prompted to sign the exercise notice digitally through Cake.
Shares issued: Once the funds are confirmed and the exercise notice is signed, it is back to the admin to finalize the exercise request in the company account by issuing the shares and issuing the Share Certificate. The employee will then see their holdings updated in their Portfolio view and any documents will be available to download via the original exercise request, or via Documents.
It's important to note that prior to accepting the exercise request in Cake, it's recommended for all parties involved to review the Plan documents (usually available via the Documents tab in Cake! Reach out to your employer if you need a copy). These documents contain important information about the process related to the exercise of options. Ensuring that all steps are completed in accordance with the Plan documents is essential to a smooth exercise process.
If you have any queries or need further guidance on exercise requests in Cake, feel free to reach out to our support team 💬