> For the complete documentation index, see [llms.txt](https://docs.selcier.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.selcier.xyz/walkthroughs/sell-your-shares.md).

# Sell your shares in a window

For employees and other shareholders, the route to selling shares that are vested and unlocked in a Liquidity Window run by the company, with USDG paid at settlement.

A Liquidity Window from your company lets you sell part or all of your unlocked shares to eligible buyers. All orders clear together, at one price, in one transaction. These steps cover the selling side. The company's side is in [Put a Liquidity Window on the calendar](/walkthroughs/schedule-a-window.md).

## Work out your sellable balance

[Portfolio](/the-platform/holder-portfolio.md) divides your holdings into lots, each recording the quantity, date and manner of acquisition. Not every lot is available for sale right now.

| Lot state               | Sellable? | Reason                                                                         |
| ----------------------- | --------- | ------------------------------------------------------------------------------ |
| Vested and unlocked     | Yes       | Free of any rule                                                               |
| Unvested                | No        | Locked by `EmployeeVestingModule` until vesting                                |
| Inside a holding period | No        | The lot must first age past its period under `HoldingPeriodModule`             |
| Frozen                  | No        | The registrar, which can be the company itself, froze it and recorded a reason |

What you can sell is your **unlocked balance**, exposed by the token through `unlockedBalanceOf`. Each holding in Portfolio displays it, and the vesting timeline tells you when further shares unlock. Sales use up lots starting with the oldest.

{% stepper %}
{% step %}

### Review the terms of the window

Holders of a class are emailed as soon as a window opens for it. On the window's page you will find:

* Its format, which is either a fixed-price tender or a batch auction.
* When it opens and closes.
* A limit per seller, if one applies.
* The reserve price, if there is one. Nothing trades under it.
* A [Reference Valuation](/fundamentals/valuation-publishing.md) for the class, the most recent one, showing when and from what source it was published.
  {% endstep %}

{% step %}

### Enter your order

Type the number of shares you want to sell. Batch auctions also ask for a **minimum price**: the lowest per-share price you will take. Tenders have a preset price, so quantity is your only choice.

Confirming locks your shares in the `LiquidityWindow` contract and records an `OrderPlaced` event. You pay no gas, because it's sponsored.
{% endstep %}

{% step %}

### Change your mind while the window is open

Until close, you're free to cancel and enter a replacement order. A cancellation releases your shares right away and emits `OrderCancelled`. Once the window has closed, orders are final.
{% endstep %}

{% step %}

### See how your order settled

Clearing sets one price that applies to everyone:

| Clearing price           | Result                                                                                                                                                                      |
| ------------------------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| At or above your minimum | Your order fills, in full or pro-rata when sellers outnumbered buyers at the margin. The transaction that moves your shares to the buyer also delivers USDG to your wallet. |
| Below your minimum       | No fill, and your shares are unlocked.                                                                                                                                      |

Unfilled shares come back to your wallet automatically. You can review the result in Portfolio, along with the transaction hash and clearing price.
{% endstep %}
{% endstepper %}

## Questions sellers often ask

**Some of my shares can't be selected. Why?** Those shares are unvested or within a holding period. Portfolio gives the unlock date for every lot.

**Will setting a low minimum price get me a low price?** No. All filled orders receive the same clearing price, and your minimum determines only whether your order takes part.

**Might my buyer be the company?** Yes. It can exercise a right of first refusal or bid from its treasury as a buyback. In both cases it pays the clearing price, the same as every other buyer.

{% hint style="info" %}
The Explorer shows every fill publicly within the `WindowCleared` settlement, with wallets and amounts but no names.
{% endhint %}


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