The Restricted Stock Unit Award Agreement is a crucial document used by Australian companies to formalize the grant of equity compensation to employees through RSUs. This agreement is typically implemented as part of a broader employee incentive strategy to attract, retain, and motivate key talent while aligning employee interests with company growth. It must comply with Australian regulatory requirements, including the Corporations Act 2001, ASX listing rules (for listed companies), and Australian tax laws. The document specifies essential details such as grant size, vesting schedule, performance conditions, and settlement terms, while also addressing scenarios like employment termination and change in control. It's particularly relevant for companies seeking to offer equity-based compensation while managing regulatory compliance and administrative requirements in the Australian context.
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1. Parties: Identification of the company granting the RSUs and the recipient employee
2. Background: Context of the RSU grant, reference to any equity incentive plan, and purpose of the agreement
3. Definitions and Interpretation: Key terms used in the agreement, including 'RSUs', 'Vesting Date', 'Share', etc.
4. Grant of RSUs: Details of the RSU grant including number of units and grant date
5. Vesting Conditions: Timing and conditions for RSU vesting, including any performance criteria
6. Rights and Restrictions: Rights attached to RSUs, voting rights, dividend equivalents, and transfer restrictions
7. Settlement of RSUs: Process and timing for converting vested RSUs into shares or cash
8. Taxation Obligations: Tax implications, withholding requirements, and employee obligations
9. Termination of Employment: Impact of employment termination on RSUs under different scenarios
10. Compliance with Laws: Regulatory compliance requirements and securities law restrictions
11. Administration: Administrative aspects including notices, record-keeping, and plan administration
12. General Provisions: Standard contract terms including amendments, governing law, and entire agreement
1. International Provisions: Additional terms for international employees, used when recipient is not based in Australia
2. Clawback Provisions: Terms allowing company to recoup RSUs in certain circumstances, used when company policy requires
3. Market Standoff Agreement: Restrictions on selling shares during IPO or other market events, used for pre-IPO companies
4. Electronic Acceptance: Terms for electronic agreement acceptance, used when agreement is delivered electronically
5. Relationship with Other Plans: Interaction with other compensation plans, used when multiple plans exist
6. Data Privacy Consent: Detailed privacy terms and consent, used when extensive personal data processing is required
7. Non-Competition Provisions: Additional restrictive covenants, used when company requires specific non-compete terms
1. Schedule 1 - Grant Notice: Specific details of the RSU grant including number of units, grant date, and vesting schedule
2. Schedule 2 - Vesting Schedule: Detailed timeline and conditions for RSU vesting
3. Schedule 3 - Tax Summary: Summary of tax implications and obligations specific to jurisdiction
4. Appendix A - Equity Incentive Plan: Copy or summary of the relevant equity incentive plan
5. Appendix B - Acceptance Form: Form for formal acceptance of the RSU grant and terms
6. Appendix C - Compliance Certificate: Form for certifying compliance with vesting conditions and applicable laws
Relevant legal definitions
Clauses
Grant of RSUs
Vesting
Settlement
Rights and Restrictions
Transfer Restrictions
Termination of Employment
Change in Control
Taxation
Withholding
Compliance with Laws
Securities Law Compliance
ASX Compliance
Confidentiality
Data Protection
Non-Competition
Non-Solicitation
Intellectual Property
Amendment
Administration
Notices
Assignment
Severability
Governing Law
Jurisdiction
Entire Agreement
Electronic Acceptance
Acknowledgments
Representation and Warranties
Market Standoff
Clawback
Dispute Resolution
Force Majeure
Dividend Rights
Voting Rights
Capital Adjustments
Plan Incorporation
Employment Status
Costs and Expenses
Vesting
Settlement
Rights and Restrictions
Transfer Restrictions
Termination of Employment
Change in Control
Taxation
Withholding
Compliance with Laws
Securities Law Compliance
ASX Compliance
Confidentiality
Data Protection
Non-Competition
Non-Solicitation
Intellectual Property
Amendment
Administration
Notices
Assignment
Severability
Governing Law
Jurisdiction
Entire Agreement
Electronic Acceptance
Acknowledgments
Representation and Warranties
Market Standoff
Clawback
Dispute Resolution
Force Majeure
Dividend Rights
Voting Rights
Capital Adjustments
Plan Incorporation
Employment Status
Costs and Expenses
Relevant Industries
Technology
Financial Services
Professional Services
Healthcare
Mining and Resources
Manufacturing
Telecommunications
Retail
Energy
Real Estate
Media and Entertainment
Biotechnology
Software and IT
Construction
Consumer Goods
Relevant Teams
Human Resources
Legal
Finance
Compensation and Benefits
Corporate Governance
Executive Leadership
Payroll
Compliance
Share Registry
Corporate Secretary Office
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Chief Technology Officer
Senior Executive
Director
Vice President
Senior Manager
Software Engineer
Product Manager
Sales Executive
Research Scientist
Technical Lead
Department Head
Regional Manager
Key Account Manager
Principal Engineer
Senior Consultant
Project Manager
Business Development Manager
Financial Analyst
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