This article covers how to record phantom shares in bulk to Capdesk using an import file. You can find an article on manually recording phantom shares on our support site.
This article will help to explain how to register and bulk issue phantom shares on Capdesk.
Before you can get started, you will need to add the phantom shares add-on enabled (if you have not already done so).
To enable the add-on, go on your company's profile, go to "Settings and add-ons" and ensure that "Phantom Shares Addon" is selected. If it isn't, please click the box by "Phantom Shares Addon" and select save to enable phantom shares.
You can find out more about how to add a plan here.
Now you need to prepare the import file. If you would like to see a sample import file click Phantom Shares (under Equity Awards) -> Grants -> Import Grants -> Download Sample CSV File.
On the spreadsheet you have downloaded, you can either delete the sample data and input your own or you can copy the headings onto an excel spreadsheet.
To populate the import sheet, you will need:
“id” (mandatory) - For every option grant, there needs to be a unique number filled in the “id” column (it can be as simple as 1, 2, 3, etc.).
“security_plan” (mandatory) - Fill in the same phantom share plan name from the plan you created on Capdesk earlier (e.g. Phantom Share Plan).
“date” (mandatory) - The date of the transaction. The date will all need to be in the same format i.e. if you use a (/) or (.) as the separator, all dates will need to be inputted in that format.
"quantity" (mandatory) - The amount of phantom shares issued. It has to be a positive integer.
"first_name” (mandatory) - First name of the phantom shareholder.
“last_name” (mandatory) - Last name of the phantom shareholder.
“email” (mandatory) - Email address of the phantom shareholder. This is how a stakeholder is uniquely identified.
“country” (mandatory) - Country of residence for the phantom shareholder. Please ensure this is in the format of ISO ALPHA-2 (you can find the full list of countries here).
Tip: You only need to provide personal information in the row where “id” is filled.
"vesting_type" (mandatory) - The vesting schedule. For me details on this, click here.
"vesting_on" (mandatory if automatic) - Enter either 'same_date', 'first_of_month' or 'last_of_month'.
"vesting_start" (mandatory) - The date of when the vesting schedule begins.
"vesting_months" (mandatory if automatic vesting type selected) - The duration of the vesting schedule e.g. 4 years so you will need to enter 48.
"vesting_cliff" (non-mandatory) - If there is a cliff, how many months that lasts for e.g. 1 year so you enter 12.
"cliff_percentage" (non-mandatory) - If there is a cliff, what percentage of the phantom shares will vest at the end of the cliff.
"vesting_interval" (mandatory if automatic vesting type selected) - After the cliff, how often the phantom shares vest i.e. monthly (input 1), quarterly (input 3), annually (input 12).
"hurdle_price" (non-mandatory) - The minimum price per share required in order to receive the cash payout.
"expires" (non-mandatory) - The date which the grant expires. The date will all need to be in the same format i.e. if you use a (/) or (.) as the separator, all dates will need to be inputted in that format.
"calculation_settlement_payout_calculation" (mandatory) - The share value taken into consideration when calculating the principal. In the import file you will need to input "full" or "appreciation".
Full: When calculating the principal amount, the quantity of shares granted will be multiplied by the hurdle price.
Appreciation: Similar, however the difference between the hurdle price and the share price at the time of the grant date is taken into consideration.
"cash_settlement_payout_factor" (non-mandatory) - The factor which dictates how much of the principal is received. If the full principal is be received, the cell can be left blank or '1.0' can be entered.
"note" (non-mandatory) - any additional notes you want to add regarding the phantom share grant.
This process can be repeated for each person that is to be issued shares. To show that a shareholders grant has lapsed, you need to cancel phantom shares in the import file:
“grant_id” (non-mandatory) - For every transaction relating to a phantom share grant (i.e. exercise / lapse), you will need to fill the “grant_id” column with the id you have inputted in the “id” column.
“date” (mandatory) - The date of the transaction (cancellation). The date will all need to be in the same format i.e. if you use a (/) or (.) as the separator, all dates will need to be inputted in that format.
"quantity" (mandatory) - The amount of phantom shares to be lapsed. It has to be a positive integer.
“reason” - reason for the lapse. We have a list of cancellation reasons to input into this cell:
"note" (mandatory) - additional note regarding the cancellation.
Once the spreadsheet has been populated, the sheet needs to be downloaded as a csv file. To do this click the 'File' tab -> Download as -> comma-separated values (csv, current sheet).
You will then need to go onto Capdesk and click on Phantom Shares (under Equity Awards) -> Grants -> Import Grants -> Select File to Import and then select the csv file you just downloaded.
If your csv file fails to upload you will need to download the “Download Processed CSV” to see what errors have occurred.
Once you have established the errors and corrected your import file, download the updated csv file and try and upload it again by clicking “Reimport CSV File”.
If you need further assistance, you can reach out to us by submitting a support ticket here.