Put Option Agreements are essential financial instruments used in New Zealand for risk management and investment purposes. This document type is particularly relevant when parties wish to establish downside protection for investments or create exit mechanisms in commercial arrangements. The Put Option Agreement provides the option holder with the right to sell specific assets (such as shares, property, or other valuable items) to the option grantor at a predetermined price within a specified period. Under New Zealand law, these agreements must comply with the Financial Markets Conduct Act 2013 and other relevant legislation. The document typically includes detailed provisions about exercise mechanisms, pricing, completion procedures, and warranties, making it suitable for various commercial contexts from simple bilateral arrangements to complex corporate transactions.
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1. Parties: Identifies and defines the parties to the agreement - the Option Holder (Grantee) and the Option Grantor
2. Background: Sets out the context of the agreement and the parties' intentions
3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes interpretation rules
4. Grant of Put Option: Specifies the terms of the put option grant and the basic rights conferred
5. Option Period: Defines the duration during which the option can be exercised
6. Exercise Price: Specifies the price at which the underlying asset can be sold when exercising the option
7. Exercise of Option: Details the process and requirements for exercising the option
8. Completion: Sets out the process for completing the sale after option exercise
9. Representations and Warranties: Standard warranties about capacity, ownership, and authority to enter into the agreement
10. Default and Termination: Specifies events of default and termination rights
11. Confidentiality: Obligations regarding confidential information
12. Notices: Specifies how formal notices must be given between parties
13. General Provisions: Standard boilerplate clauses including governing law, jurisdiction, and entire agreement
1. Security: Required when the option is secured against other assets
2. Regulatory Compliance: Needed when the option involves regulated financial products or services
3. Third Party Consents: Required when the exercise of the option requires approval from other parties
4. Tag-Along/Drag-Along Rights: Included when the underlying assets are shares and these rights are relevant
5. Valuation Mechanism: Required when the exercise price is to be determined by a valuation process
6. Anti-Dilution Provisions: Needed when the underlying assets are shares to protect against dilution
7. Transfer Restrictions: Include when there are limitations on transferring the option rights
8. Right of First Refusal: Optional provision giving priority rights to purchase the option or underlying asset
1. Schedule 1 - Details of the Underlying Asset: Detailed description and specifications of the asset subject to the put option
2. Schedule 2 - Form of Exercise Notice: Template notice for exercising the option
3. Schedule 3 - Completion Requirements: Detailed list of actions and documents required at completion
4. Schedule 4 - Warranties: Detailed warranties relating to the underlying asset
5. Appendix A - Valuation Methodology: If applicable, detailed methodology for determining the exercise price
6. Appendix B - Required Consents and Approvals: List of required third-party or regulatory approvals
7. Appendix C - Security Documents: If applicable, forms of security documents
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