When uploading in bulk, you can use the Data Upload tool to quickly import a client's equity information into your Gemifi account.
When using the Data Upload tool, company information and client information will need to be added to your account before you are able to use the quick upload option for equity data.
Bulk upload equity for a client
1. Once you've logged into your Gemifi account, to bulk upload client data, first select the Data Upload button from the menu on the left side. On the Data Upload page, select Equity from the menu at the top.
2. Select the Download Template button to download a CSV with the pre-filled column headers. Fill in the fields with the appropriate data, save the update, and upload the new CSV to the upload box.
The following fields are present in the Equity CSV:
Company Symbol: (Required) This will need to match an already created company in Gemifi.
Email: (Required) The client's email address. This will need to match an already created client in Gemifi.
Equity Type: (Required) Add if the equity is an ISO, RSU, or NQO.
Event Type: (Required) Add if the event is a Grant, Vest, Exercise, or Sell. Exercise is not required for RSUs.
Grant: (Required) A name for the grant. Gemifi suggests a naming convention that matches it to the official grant documents. The grant name is what ties all of the activity together under Event Type.
Grant Date: (Required) The day the stock was granted to the employee.
Expiration Date: (Required) The day the stock grant expires.
Exercise Price: (Required) This is only required for an ISO and NGO. For a RSU, you can leave this blank.
Event Date: The date the Grant, Vest, Exercise, or Sell happened.
FMV: (Required) This is only required for a Vest, Exercise, and Sale. It's not required for a Grant.
Quantity: (Required) The quantity related to the Event Type. It's important that the quantity of Vests is equal to the quantity of Grants, otherwise you'll see an error message when uploading.
Exercise Lot: A group of shares that have been exercised at the same time. E.g., if you exercise 100 shares on 1/1/202X and 50 shares on 1/2/202X, you will have two different lots of 100 and 50 shares respectively. These lots will typically have different tax attributes, such as holding periods and tax basis.
When creating the code for the Exercise Lot, Gemifi recommends not using dashes. They should also be entered chronologically, for example: E1, E2, E3, etc
Sale Lot: Similar to an Exercise Lot in that the activity is relevant to a group of shares in a moment in time. The Sale Lot is required to break out the cash and tax consequences of sales of stock and ties the sales of stock to exercise lots of options and vest lots of RSUs.
For example, if you sell 100 shares of stock, you need to indicate the FMV so that Gemifi can collect proceeds information, but it also needs to know the Exercise Lot so that it knows the taxable consequences of the sale since the tax attributes are collected at exercise and you may have exercised multiple times in the past at different FMVs.
When creating the code for the Sale Lot, follow the same practices as the Exercise Lot.
Common Mistakes When Uploading Equity Data
The quantity of vesting actions does not add up to the quantity of shares granted (e.g. the grant is for 1000 shares but the sum of the rows detailing the vests of that grant only add up to 990 shares vested)
The quantity of shares exercised exceeds the quantity of shares vested at that date in time (e.g. exercising 1000 shares on 1/1/202X when only 500 shares have vested by that date)
Selling shares that have not vested yet (e.g. Selling 500 shares on 1/1/202X when only 250 have vested)
Selling shares that have already been sold (e.g. Selling 500 shares on 1/1/202X when 1000 have vested but 750 have already been sold in earlier sales)
The Exercise Lot doesn't use a unique code between rows in the CSV
3. Once the new equity has been uploaded, you are able to verify what has been uploaded by visiting the Summary page under the Client's account to view the Equity Summary table.
4. If a Grant needs to be edited, select that specific grant from the Equity Summary table to be brought to the edit view for that grant. Here you'll be able to edit the grant using the pencil icon in the top left corner.
5. If an Exercise or Sale needs to be edited for a Grant, from the edit view for that grant, select History to see a table of all exercises and sales related to that grant. You can then edit a specific row, or add a new exercise or sale by selecting the plus icon in the right corner of the table.
6. If Vest needs to be edited for a Grant, select Vesting Schedule below the History section to see a table of all vests related to that grant. You can then edit a specific row, or add a new vest by selecting the plus icon in the right corner of the table.
If Exercise or Sales information isn't available for a client when performing the initial import, you will be able to import just the Grants/Vests to a client's profile. After the initial import, once you have the Exercise/Sales information, importing using the same template with the Exercise/Sales added will update the client's profile.