The Simple Stock Option Agreement serves as a critical instrument for companies operating under Irish law to grant equity incentives to employees, contractors, or other eligible individuals. This document is typically used when a company wishes to provide options to purchase company shares at a predetermined price, usually as part of a compensation package or incentive scheme. The agreement outlines all essential elements required under Irish company law and tax regulations, including grant terms, vesting conditions, exercise procedures, and tax implications. It's particularly valuable for startups and growing companies looking to attract and retain talent while conserving cash resources. The document ensures compliance with Irish corporate and tax laws while establishing clear rights and obligations for both the company and the option holder.
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1. Parties: Identification of the company granting the options and the option holder
2. Background: Context of the option grant and reference to any relevant company schemes or board approvals
3. Definitions: Definitions of key terms used throughout the agreement
4. Grant of Option: Details of the option grant including number of shares, grant date, and exercise price
5. Vesting Schedule: Timeline and conditions for when options become exercisable
6. Exercise of Option: Process and requirements for exercising the options
7. Term and Expiration: Duration of the option and circumstances of expiration
8. Taxation: Tax obligations and responsibilities of the option holder
9. Transferability: Restrictions on transfer or assignment of the options
10. Adjustments: Provisions for adjusting options in case of corporate events
11. Shareholders' Agreement: Requirement to adhere to any existing shareholders' agreement upon exercise
12. Governing Law: Specification of Irish law as governing law
13. Execution: Signature blocks and execution provisions
1. Employment Relationship: Section clarifying that the option grant does not affect employment status - used when granted to employees
2. Clawback Provisions: Provisions for recouping options in case of misconduct - used for senior executives or when required by company policy
3. Non-Competition: Restrictions on competing activities - used when additional restrictive covenants are desired
4. Data Protection: GDPR compliance provisions - used when personal data processing is more extensive
5. Market Standoff: Restrictions on sale during IPO - used when company contemplates public offering
6. Special Vesting Triggers: Provisions for acceleration or continued vesting - used for key employees or specific circumstances
7. Board Approval Requirements: Additional approval requirements - used for regulated industries or special circumstances
1. Notice of Exercise: Template form for exercising options
2. Option Certificate: Formal certificate detailing the option grant
3. Vesting Schedule Details: Detailed breakdown of vesting dates and conditions
4. Tax Computation Example: Illustrative example of tax treatment
5. Shareholders' Agreement: Copy or summary of key terms from existing shareholders' agreement
6. Board Resolution: Copy of board resolution approving the option grant
7. Share Capital Structure: Current structure and any rights attached to shares
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