Legal Templates
Restricted Stock Agreement

Restricted Stock Agreement Template for Singapore

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Key Requirements PROMPT example:

Restricted Stock Agreement

"I need a Restricted Stock Agreement under Singapore law for granting 50,000 shares to our new Chief Technology Officer, with a 4-year vesting schedule starting from March 1, 2025, and additional provisions for accelerated vesting in case of a company sale."

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What is a Restricted Stock Agreement?

The Restricted Stock Agreement is commonly used in Singapore by companies seeking to attract and retain key talent by offering equity ownership with specific conditions. This document is essential when implementing employee share schemes, particularly for startups, growing companies, and established corporations. The agreement must comply with Singapore's regulatory framework, including the Companies Act and Securities and Futures Act, while addressing tax implications under local law. It typically includes detailed provisions on vesting schedules, transfer restrictions, voting rights, and treatment of shares upon various termination scenarios.

What sections should be included in a Restricted Stock Agreement?

1. Parties: Identification of the company issuing restricted stock and the recipient/grantee

2. Background: Context of the agreement and relationship between parties

3. Definitions: Key terms used throughout the agreement including 'Restricted Stock', 'Vesting Period', 'Fair Market Value'

4. Grant of Restricted Stock: Details of shares granted, including number, class, and nominal value

5. Vesting Provisions: Vesting schedule, conditions, and requirements

6. Transfer Restrictions: Limitations on transfer during restriction period

7. Termination Provisions: Consequences of employment termination on restricted stock

8. Governing Law: Specification of Singapore law as governing law

What sections are optional to include in a Restricted Stock Agreement?

1. Tax Provisions: Optional section detailing tax implications and responsibilities when specific tax elections or obligations need to be addressed

2. Change of Control: Optional section covering impact of company ownership changes, typically used for listed companies

3. Shareholder Rights: Optional section specifying voting and dividend rights during restriction period when different from standard shareholder rights

4. Drag-Along Rights: Optional section detailing obligation to sell shares alongside majority shareholders, typically used in private companies or startups

What schedules should be included in a Restricted Stock Agreement?

1. Vesting Schedule: Detailed timeline and conditions for vesting

2. Share Certificate: Form of share certificate with restrictive legends

3. Section 83(b) Election Form: Tax election form if applicable to jurisdiction

4. Shareholders' Agreement: Reference to or extract of relevant provisions from shareholders' agreement

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

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alex.den.21@genieai.co
Industries

Companies Act 1967: Primary legislation governing company operations, share issuance, and corporate governance in Singapore

Securities and Futures Act 2001: Regulates securities offerings, trading, and financial market activities in Singapore

SGX Listing Rules: Requirements for listed companies on the Singapore Exchange, including disclosure obligations and corporate governance standards

Employment Act 1968: Framework for employment relationships and rights, relevant for employee stock agreements

Central Provident Fund Act: Governs mandatory social security savings system, affecting treatment of stock benefits

Income Tax Act: Tax implications and treatment of restricted stock awards and vesting

MAS Guidelines: Regulatory guidelines from Monetary Authority of Singapore on securities offerings and financial instruments

Securities and Futures Regulations: Detailed regulations on investment offerings and securities transactions

Code of Corporate Governance: Best practices for corporate governance, particularly relevant for listed companies

Company Constitution: Company's governing document that may contain provisions affecting share issuance and restrictions

Vesting Requirements: Conditions and schedule for when restricted stock becomes fully owned by the recipient

Transfer Restrictions: Limitations on selling or transferring restricted stock during the restriction period

Forfeiture Provisions: Conditions under which restricted stock may be forfeited back to the company

Shareholder Rights: Specific voting and dividend rights attached to restricted stock during the restriction period

Change of Control Provisions: Terms governing what happens to restricted stock in case of company ownership changes

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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