After our equity plan amendment, FMV seems to be pulling from the wrong date

We amended our equity plan to update the share class. Now when we look at Manage Valuations, some of our older FMVs are showing the wrong value. It looks like they're pulling from the new share class instead of what was in effect at the time of the valuation.

Nothing changed on the 409A side. The only thing that changed was the plan amendment.

Has anyone run into this? Trying to figure out if it's something we set up wrong or if there's a known issue with how FMV resolves after a plan change.

Thanks for the question, Ron. This is a known issue we're actively investigating.

When a plan is amended to point to a new share class, the FMV display on the Manage Valuations page can start resolving against that new share class even for valuation dates that predate it. So if your amendment was added in March 2026, a November 2025 valuation might incorrectly show FMV for the new share class instead of the one that was in effect at the time.

The values on your 409A itself are not affected. This is a display issue on the Valuations page.

I’ll let our Support team know about your specific case. They can confirm which valuations are showing incorrectly and document the case while the fix is in progress.