Share Option Agreements are essential instruments in Australian corporate practice, used to grant rights to purchase company shares at a predetermined price within a specified period. These agreements are commonly utilized for employee incentivization, capital raising, or strategic partnerships. The Share Option Agreement must comply with Australian corporate law, particularly the Corporations Act 2001 (Cth) and relevant ASX requirements for listed companies. It typically outlines grant terms, vesting conditions, exercise mechanisms, and termination provisions, while incorporating necessary tax considerations, especially regarding employee share schemes. The document is crucial for companies looking to align stakeholder interests with corporate performance or facilitate future investment structures.
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1. Parties: Identifies the company issuing the options and the option holder(s)
2. Background: Sets out the context of the agreement and the company's intention to grant options
3. Definitions and Interpretation: Defines key terms used throughout the agreement and interpretation rules
4. Grant of Options: Details of the options being granted, including number of shares, class, and grant date
5. Exercise Price: Specifies the price at which options can be exercised
6. Vesting Conditions: Outlines the vesting schedule and any performance conditions that must be met
7. Exercise Period: Specifies when options can be exercised and the process for exercise
8. Lapse of Options: Circumstances under which options will lapse or be forfeited
9. Rights and Restrictions: Rights attached to options and any restrictions on transfer or exercise
10. Taxation: Tax obligations and responsibilities of the parties
11. Notices: How formal communications between parties should be made
12. General Provisions: Standard legal provisions including governing law, amendments, and severability
1. Change of Control Provisions: Provisions dealing with what happens to options in case of a company sale or merger
2. Employee Obligations: Include when options are part of employee compensation, covering confidentiality and non-compete provisions
3. International Provisions: Required when option holders are in multiple jurisdictions
4. Market Standout Provisions: Restrictions on exercise during specific market-sensitive periods for listed companies
5. Nominee Provisions: Allows option holders to nominate others to hold their options
6. Drag Along/Tag Along Rights: Important for private companies, dealing with company sale scenarios
7. Bad Leaver Provisions: Specific provisions for termination of employment under negative circumstances
1. Option Certificate: Form of certificate evidencing the grant of options
2. Exercise Notice: Template form for exercising options
3. Vesting Schedule: Detailed breakdown of vesting dates and conditions
4. Worked Examples: Examples showing how various provisions work in practice
5. Shareholders Agreement Deed of Accession: Form to be signed when options are exercised to become bound by any shareholders agreement
6. Tax Summary: Summary of tax implications and worked examples
7. Corporate Details: Details of the company's share capital and existing options
Relevant legal definitions
Applicable Law
ASX
Bad Leaver
Board
Business Day
Change of Control Event
Company
Completion
Confidential Information
Corporations Act
Deal
Deed of Accession
Director
Effective Date
Eligible Person
Employee
Exercise Notice
Exercise Period
Exercise Price
Exercise Rights
Expiry Date
Fair Market Value
Good Leaver
Grant Date
Group
GST
Holding Lock
Insolvency Event
Issue Price
Listing Rules
Market Price
Material Adverse Event
Notice
Option Certificate
Option Holder
Options
Ordinary Shares
Performance Conditions
Related Body Corporate
Relevant Interest
Security Interest
Share
Share Capital Reorganisation
Shareholders Agreement
Subsidiary
Tax
Tax Act
Terms of Issue
Trading Day
Transfer
Vesting Conditions
Vesting Date
Vesting Period
Voting Power
ASX
Bad Leaver
Board
Business Day
Change of Control Event
Company
Completion
Confidential Information
Corporations Act
Deal
Deed of Accession
Director
Effective Date
Eligible Person
Employee
Exercise Notice
Exercise Period
Exercise Price
Exercise Rights
Expiry Date
Fair Market Value
Good Leaver
Grant Date
Group
GST
Holding Lock
Insolvency Event
Issue Price
Listing Rules
Market Price
Material Adverse Event
Notice
Option Certificate
Option Holder
Options
Ordinary Shares
Performance Conditions
Related Body Corporate
Relevant Interest
Security Interest
Share
Share Capital Reorganisation
Shareholders Agreement
Subsidiary
Tax
Tax Act
Terms of Issue
Trading Day
Transfer
Vesting Conditions
Vesting Date
Vesting Period
Voting Power
Clauses
Grant of Options
Option Terms
Exercise Rights
Vesting Conditions
Exercise Price
Exercise Period
Exercise Procedure
Lapse of Options
Transfer Restrictions
Share Rights
Corporate Actions
Change of Control
Termination
Confidentiality
Tax Obligations
Compliance
Securities Trading
Nominee Arrangements
Drag Along Rights
Tag Along Rights
Company Obligations
Option Holder Obligations
Representations and Warranties
Amendment
Assignment
Notices
Governing Law
Dispute Resolution
Force Majeure
Severability
Entire Agreement
Waiver
Costs
Further Assurance
Option Terms
Exercise Rights
Vesting Conditions
Exercise Price
Exercise Period
Exercise Procedure
Lapse of Options
Transfer Restrictions
Share Rights
Corporate Actions
Change of Control
Termination
Confidentiality
Tax Obligations
Compliance
Securities Trading
Nominee Arrangements
Drag Along Rights
Tag Along Rights
Company Obligations
Option Holder Obligations
Representations and Warranties
Amendment
Assignment
Notices
Governing Law
Dispute Resolution
Force Majeure
Severability
Entire Agreement
Waiver
Costs
Further Assurance
Relevant Industries
Technology
Financial Services
Professional Services
Healthcare
Biotechnology
Mining and Resources
Retail
Manufacturing
Startups and Scale-ups
Telecommunications
Media and Entertainment
Real Estate
Relevant Teams
Legal
Human Resources
Finance
Executive Leadership
Board
Corporate Development
Compliance
Company Secretariat
Employee Benefits
Compensation & Benefits
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Human Resources Director
Legal Counsel
Company Secretary
Compensation Manager
Board Director
Investment Manager
Equity Plan Administrator
Finance Manager
Compliance Officer
Employee Benefits Manager
Corporate Development Manager
Talent Acquisition Manager
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