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Restricted Stock Unit Award Agreement

Restricted Stock Unit Award Agreement Template for Philippines

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Key Requirements PROMPT example:

Restricted Stock Unit Award Agreement

"I need a Restricted Stock Unit Award Agreement for our Philippines-based tech startup, granting 10,000 RSUs to our senior software engineers with a 4-year vesting schedule starting March 2025, including special provisions for accelerated vesting in case of acquisition."

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Document background
The Restricted Stock Unit Award Agreement is a crucial document used when companies in the Philippines wish to provide equity-based compensation to their employees through RSUs. This agreement is particularly important for companies looking to align employee interests with corporate success while complying with Philippine regulatory requirements. The document must adhere to the Securities Regulation Code, Corporation Code of the Philippines, and relevant tax laws. It typically forms part of a broader equity incentive plan and includes specific details about the RSU grant, vesting conditions, settlement procedures, and tax implications. The agreement is designed to protect both employer and employee interests while ensuring compliance with Philippine securities regulations, labor laws, and data privacy requirements. It's especially relevant for companies seeking to attract and retain talent through long-term incentive programs.
Suggested Sections

1. Parties: Identification of the company granting the RSUs and the employee receiving the award

2. Background: Context of the agreement, reference to the equity plan under which RSUs are granted

3. Definitions: Key terms used throughout the agreement including 'RSUs', 'Vesting Date', 'Plan', etc.

4. Grant of RSUs: Details of the RSU award including number of units and grant date

5. Vesting Schedule: Timing and conditions under which RSUs will vest

6. Settlement of RSUs: Process and timing for converting vested RSUs into shares or cash

7. Taxation and Withholding: Tax obligations and company's rights to withhold taxes

8. Employment Relationship: Clarification that the agreement does not guarantee continued employment

9. Restrictions on Transfer: Limitations on the ability to transfer or assign RSUs

10. Data Privacy: Consent for collecting and processing personal information

11. Compliance with Laws: Requirement to comply with applicable securities and other laws

12. Governing Law: Specification of Philippine law as governing law

13. General Provisions: Standard provisions including amendments, notices, and entire agreement

Optional Sections

1. Foreign Ownership Restrictions: Required if the company is subject to Philippine foreign ownership limitations

2. Clawback Provisions: Optional provisions for recovering RSUs in cases of misconduct or financial restatement

3. Non-Competition and Non-Solicitation: Additional restrictions on employee activities, if part of compensation strategy

4. Electronic Delivery and Acceptance: Provisions for electronic administration of the RSU program

5. Currency Conversion: Required if RSUs or related payments involve foreign currency

6. Change in Control Provisions: Special rules applying in case of corporate transactions or change in control

Suggested Schedules

1. Schedule A - Vesting Schedule: Detailed breakdown of vesting dates and conditions

2. Schedule B - Tax Summary: Summary of relevant Philippine tax implications and procedures

3. Schedule C - Data Privacy Notice: Detailed information about data collection and processing practices

4. Appendix 1 - Plan Terms: Key terms from the underlying equity incentive plan

5. Appendix 2 - Acceptance Form: Form for employee to formally accept the RSU award

6. Appendix 3 - Compliance Procedures: Securities law compliance procedures and requirements

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Agreement
Award
Board
Cause
Change in Control
Code
Committee
Company
Competitive Activity
Confidential Information
Data Privacy Laws
Date of Grant
Director
Disability
Employee
Employment
Equity Incentive Plan
Fair Market Value
Good Reason
Grant Notice
Parent
Participant
Performance Criteria
Plan
Plan Administrator
Reference Price
Restricted Period
Restricted Stock Units
RSUs
Securities Regulation Code
Service Provider
Settlement Date
Shares
Stock
Subsidiary
Tax-Related Items
Termination Date
Trading Day
Vesting Date
Vesting Period
Vesting Schedule
Philippine Securities and Exchange Commission
BIR
Withholding Obligations
Material Breach
Retirement
Transfer
Relevant Industries

Technology

Financial Services

Manufacturing

Telecommunications

Professional Services

Healthcare

Retail

Energy

Real Estate

Consumer Goods

Media and Entertainment

Mining and Resources

Education

Transportation and Logistics

Relevant Teams

Legal

Human Resources

Finance

Compliance

Corporate Secretariat

Executive Leadership

Compensation and Benefits

Payroll

Internal Audit

Corporate Governance

Relevant Roles

Chief Executive Officer

Chief Financial Officer

Chief Human Resources Officer

General Counsel

Legal Director

Compensation Manager

HR Director

Corporate Secretary

Compliance Officer

Stock Plan Administrator

Senior Executive

Department Head

Vice President

Senior Manager

Technical Lead

Senior Engineer

Financial Controller

Operations Director

Regional Manager

Project Manager

Industries
Securities Regulation Code (Republic Act No. 8799): Governs the issuance, trading, and registration of securities in the Philippines, including equity-based compensation like RSUs
Corporation Code of the Philippines (Batas Pambansa Blg. 68): Provides the basic framework for corporate operations, including the issuance of shares and corporate governance requirements
National Internal Revenue Code: Governs the taxation of equity compensation, including the timing and basis of taxation for RSUs
Labor Code of the Philippines: Regulates employment relationships and compensation matters, including equity-based compensation as part of employment benefits
Securities and Exchange Commission Memorandum Circular No. 4 (2018): Provides guidelines on corporate governance for publicly-listed companies, including provisions on equity-based compensation
Foreign Investments Act (Republic Act No. 7042): Regulates foreign ownership and investment in Philippine corporations, affecting how foreign companies can issue equity to Filipino employees
Data Privacy Act of 2012 (Republic Act No. 10173): Governs the collection, processing, and protection of personal information, relevant for handling employee data in RSU administration
Bureau of Internal Revenue (BIR) Revenue Regulations: Provides specific guidelines on the tax treatment of equity compensation, including withholding requirements and reporting obligations
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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