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Release Notes - 2025

December 18, 2025

General Updates

  • Diligence Mode Document Preview: If Diligence mode is enabled, the on-screen preview of uploaded PDF documents now includes a watermark showing the user and time the document is being viewed.
  • Styling Update: We updated the dropdown and action menus in fundraising reports, improving UI consistency and overall user experience.
  • Email Restyling: We’ve modernized the look and feel of our emails sent from the Fidelity Private Shares system. This update includes a refreshed template and an improved weekly digest, delivering a cleaner and more consistent experience.
  • NDA Template: The Introduction section of the NDA template is now customizable. This provides greater flexibility in managing required sections. Users can now personalize the Introduction text but cannot delete it.

November 15, 2025

General Updates

  • User profile dropdown display: We updated the profile dropdown menu so that it now includes the user name and profile picture if one is available. This provides improved user identification and navigation to the profile management area.
  • Next Round Planner - Pro Forma Cap table: We’ve improved the pro forma cap table display in the Next Round Planner when a Stock Incentive Plan (SIP) is amended. Previously, the display only removed granted shares. Now, the calculation subtracts the full original pool size before applying the new override amount, ensuring more accurate CSE.
  • Finch Integration Enhancement: We’ve improved our back end support for Finch integration to prevent duplicate updates during HR data imports. Now, each stakeholder will only be updated once even if they match on both email and Finch ID, ensuring cleaner, more accurate records.

November 1, 2025

General Updates

  • HRIS Integrations: We now support HRIS integrations with Finch for our Growth and Scale subscriptions. Learn more about the HRIS integrations available on Fidelity Private Shares here: HRIS Integration with Finch.
  • ASC 718 Disclosures: An additional two columns have been added to the Grants tab to support Straight Line accrual method calculation of Weighted Average Remaining Service Period for the Disclosures.

October 18, 2025

General Updates

  • Data Room Diligence Mode: We added secure document previews for Excel files when Diligence Mode is enabled. Users can now request a watermarked PDF of the file, which ensures secure document viewing. This update reinforces watermarking behavior for sensitive files.

October 4, 2025

General Updates

  • ASC 718 Lockdown Download Reports: Users can now download all affected reports with one click on the Review ASC 718 Warning page.
  • Header and Footer Styling: We have updated the styling of the page header and footer. Updates include new company select, help, and notification icons.
  • Cap Table Pending Grants: The status message for pending grants in the cap table have been updated to specify what action is needed for the grant.
  • Workflow Explorer: The workflow explorer default filter now excludes completed workflows. This reduces clutter for users with long company histories.

September 20, 2025

General Updates

  • ASC 718 Report Invalidation Warning: In the Record Valuation workflow, users will now see a warning message if the report is rejected. An alert message notifies the user on the checkpoint page that the report should not be invalidated.

September 6, 2025

General Updates

  • Capture Vesting Milestones Workflow: The Capture Vesting Milestones workflow now displays the number of shares to be forfeited and sent back to the Stock Incentive Plan pool for grant awards with milestones not fully met.

August 23, 2025

General Updates

  • New Share Payment Option—SEPA: We’ve expanded our payment capabilities to include SEPA payments (Single Euro Payments Area). As part of this update, the UI has been refreshed to consolidate display of Online Payments options into a single, streamlined choice. Additionally, users now have the ability to cancel a transaction before it has been approved by the company, offering greater flexibility and control.
  • Equity Transactions Report: Date filtering enabled for all equity transaction reports (Repurchases, Transfers & Forfeitures). Previously, date filtering was only available for Exercises.
  • Change Authorized Shares: This update allows users to create or modify share classes seamlessly as part of the Change Authorized Shares workflow. Additionally, we've expanded editing capabilities for existing share classes, making it easier to manage and update class details.
  • Vesting Schedule: A new read-only field has been added to the Define Grant form to display the number of shares that will vest immediately when not all shares are subject to vesting.
  • Stock Certificate References in Partial Repurchase: Certificates generated from partial repurchases during termination now include a reference to the original grant, ensuring better traceability and record integrity.
  • Investor Update Workflow: SAFE and convertible note security holders are now selectable for investor messaging in the Investor Update Workflow.
  • SIP Utilization Report: Based on customer feedback, we added context at the top of the report to make it clear that this report tracks Stock Incentive Plan (SIP) activity, including grants, forfeitures, repurchases and reserved shares, and that detailed event-level activity can be found on the export.

July 26, 2025

General Updates

  • 83(b) Filing for Non-US Residents: The 83(b) elections report, tax report, and email reminders have been updated to include a 'Not Required - Outside U.S.' status. 83(b) rules will not be applied for the securityholders with an address outside the U.S. since 83(b) is not required.

July 12, 2025

General Updates

  • Grant Shares Upload Path Constraint Check: The upload path of Grant Shares Under Stock Incentive Plan workflow now includes a step to review any issues with SEC Rule 701, company capitalization, and applicable ISO grant constraints.

June 29, 2025

General Updates

  • RSA Handling in Termination Workflow: Fully vested Restricted Stock Agreements (RSAs) will now display in the termination workflow for visibility and to avoid errors on the following steps.
  • ASC 718 Report Transaction Lockdown: This feature locks the reporting periods of finalized ASC 718 Reports to help preserve report data integrity. Change requests to grants and valuations within a locked reporting period will now require additional review and approval. Authorized users can allow changes to finalized reports by recording a discrepancy with comments. Reporting periods can be reopened by invalidating a report. Since the ASC 718 Report is used in preparing financial statements, it’s essential that companies have the necessary measures to ensure complete and accurate information. This control is important for client auditing purposes.

June 23, 2025

General Updates

  • Counsel Permissions Access: Counsel users can now access the permissions list and edit stakeholders permissions from the User Directory.
  • ACH Payments : A new ACH Payment feature, launched in collaboration with Stripe, lets eligible option holders and RSA grantees purchase shares directory in the platform.
  • Taxation : We now provide baseline tax estimates and tacking to support compliance within the Stock Incentive Plan.
  • HRIS Integrations : We now integrate with HRIS providers via Finch to streamline bulk employee data imports and updates. 

May 31, 2025

General Updates

  • 83(b) Reminder Emails: We no longer send 83(b) reminder emails to grantees with addresses outside the United States. 

May 17, 2025

General Updates

  • Rule 701 Additional Disclosures Documents: Users can now set the number of days recipients will be able to view Rule 701 Additional Disclosure documents before they expire. The document expiration date will also display in the Rule 701 Disclosures Report.

April 19, 2025

General Updates

  • RSA with Payment by Alternative Consideration: The Grant Shares workflow has been updated to allow users to to select payment by alternative consideration on the "List Grant Recipients" step. The grant issuance dates and 83(b) information have been updated to handle alternative consideration payments of services rendered, IP only, and custom considerations.
  • Stockholder Consent for Board Member Removal: Users can now upload a stockholder consent when removing a board member.

April 5, 2025

General Updates

  • Cap Table Snapshot: We now display the Employee ID on the main tab of the export of the cap table.
  • Optional Post-Termination Email: On the Update Post Termination Exercise (PTE) Window and Acceleration step of the Termination workflow, we've added a question asking if the client would like to remind the employee of their option expiration date. If yes, an email will be sent to the employee the day after termination; a final follow up email will be sent 15 days prior to the expiration of the options if the options have not been exercised. If there are no option grants available for exercise during the post termination exercise window, the question will not be asked during termination. If the grant's cancellation date has already occurred or the window is less than 15 days, no email will be sent.
  • Cap Table Access in Grant Shares Workflow: The Grant Shares Workflow now has a link to the company's Cap Table in the left column to streamline the review step.
  • 701 Disclosure Management:  We added a feature that enables companies issuing more than $10 million in equity compensation within a 12-month period to automatically provide the required additional disclosures in accordance with Rule 701. When enabled, these disclosures are sent when granting new shares or exercising options. Active disclosure documents and email templates are centrally managed through the Administration Workspace. Additionally, a new workflow is available for sending bulk retroactive disclosures. All disclosure recipients are tracked via the Rule 701 Disclosures Report.

March 22, 2025

General Updates

  • Post-Termination Exercise: The Grant Details page of My Equity now displays the last day to exercise vested shares for terminated employees.
  • Companies and Firms Listing: If a firm has a relationship with another company that is no longer active on Fidelity Private Shares, they will not be included in the default list of Companies and Firms.

February 22, 2025

General Updates

  • Forgot Username or Password: We've updated our account recovery process to direct users to the appropriate recovery path based on the email associated with their Fidelity Private Shares account.

February 8, 2025

General Updates

  • Improve bulk certificate actions in workflows: Now in all upload workflows that involve stock certificates, users are able to "select all" when deciding to defer or generate certificates. This improves the usability of the following upload workflows: Common Stock Sale, Equity Financing, Record Existing Stock Transfer, Record Existing Secondary Sale, Exchange Shares, Additional Financing Closing, and Capture Dividends.
  • Exit Scenario Planner Export: The Exit Scenario Planner now exposes return by individual and investment in the export.

January 25, 2025

General Updates

  • Disqualifying Dispositions Report: We have introduced a new report that tracks disqualifying dispositions of Incentive Stock Options and calculates the reportable ordinary income. This report is located in the Equity Transactions Report.
  • Companies and Firms Directory: "Not Invited" has been added as a filter option for relationship status in the Companies and Firms Directory.
  • Linking to Split Stock Certificates: My Equity has been updated to display active certificates issued after a stock split.
  • My Equity Update: For awards that have undergone an update to the number of shares, via a repurchase or transfer for example, we now display both the number of units in the "Original issuance" and the "Net Effective Issuance" amount that includes the modifications.
  • 10% Shareholder Rule: Per share price calculation for 10% shareholder rule has been updated to account for grants made above FMV.
  • Reissue Stock Certificates Workflow Update: We have updated the prepare shareholder notifications step in the Reissue Stock Certificates Workflow to provide more clarity about when and if shareholder notifications are released. Updates include a new "Wait for Signatures" step and an optional step to prepare the shareholder notification email.

January 11, 2025

General Updates

  • W-9 IRS Forms: We updated the W-9 IRS forms to the 2024 versions.
  • W-4 IRS Forms: We updated the W-4 IRS form to the 2025 version.
  • 83(b) Form: We updated our 83(b) filing form to Form 15620, recently published by the IRS.
  • Rule 701 Report: The Rule 701 report now uses the grant date to determine Fair Market Value for RSAs and RSUs.