Support - Growing your team: How can I terminate a company officer or board member?
Updated 20 July 2022
If you wish to terminate an employee, please visit this article.
If you wish to terminate a contractor or advisor, please visit this article.
To terminate a company officer and/or board member, a set of documents will need to be generated and signed by the corresponding parties.
For company officers - If the person you want to terminate currently holds an officer position (president, treasurer, and/or secretary) you'll need to first transfer this role to a new or existing team member. The appointment of the officer role will need to be signed by the current board members with a board consent document. Please reach out to our support team through live chat or via email at firstname.lastname@example.org to initiate this paperwork.
For board members - If the person you want to terminate is currently a member of the Board of Directors, a board consent document to terminate a board member would need to be signed by the rest of the board members. Please reach out to our support team through live chat or via email at email@example.com to initiate this paperwork.
Once the person has been removed from the board and/or the company officer role has been reassigned, you can now follow these steps to terminate them from the company:
Step 1. Go to your Capbase Dashboard > Team > Employees & Contractors > Terminate employee.
Step 2. Select the employee you wish to terminate.
Please note that this action is not reversible. Any unvested shares that have been early exercised will be repurchased upon termination of the Employee's agreement with the company.
If you are unsure what to do here, please consult with your legal counsel.
Step 3. Enter the termination date and specify if you want to send separation papers on a different date.
Step 4. Select whether the employee will be eligible for re-hire.
Step 5. Select whether the employee is a member of, or potentially a member of, any protected employment classes.
Step 6. Enter a final settlement amount.
Step 7. Choose whether or not the employee will be granted accelerated vesting.
Step 8. Review the termination details and sign the generated documents.
The employee will need to sign the paperwork as well. You will find these documents on your Document Room page.
Once all the paperwork is fully executed, the employee will be removed from the Employees & Contractors page.
If you have any questions, feel free to reach out to our support team through live chat or via email at firstname.lastname@example.org.
If you cannot find the answer to your question, you can always contact us.