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Simple Stock Option Agreement

Simple Stock Option Agreement Template for Australia

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Key Requirements PROMPT example:

Simple Stock Option Agreement

"I need a Simple Stock Option Agreement for our Australian tech startup to grant 10,000 stock options to our new Chief Technology Officer, with a 4-year vesting period starting March 1, 2025, and including special acceleration provisions in case of a company sale."

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Document background
The Simple Stock Option Agreement is a fundamental document used by Australian companies to formalize the granting of stock options to employees, consultants, or advisors. This agreement is particularly relevant for startups, growth companies, and established businesses looking to attract and retain talent through equity incentives. The document must comply with Australian legislation, including the Corporations Act 2001 (Cth), Income Tax Assessment Act 1997, and relevant ASX requirements for listed companies. It typically forms part of a company's broader equity incentive strategy and can be customized to reflect specific vesting conditions, exercise periods, and performance metrics while maintaining compliance with Australian regulatory requirements.
Suggested Sections

1. Parties: Identifies the company granting the options and the option recipient

2. Background: Explains the context of the option grant and the company's share option scheme

3. Definitions: Defines key terms used throughout the agreement

4. Grant of Option: Specifies the number of shares subject to the option and the grant date

5. Exercise Price: States the price per share at which the option may be exercised

6. Vesting Schedule: Details when and how the options become exercisable

7. Exercise Period: Specifies the period during which vested options may be exercised

8. Method of Exercise: Describes the process for exercising options and paying the exercise price

9. Termination of Employment: Addresses what happens to options upon termination of employment

10. Transferability: Specifies restrictions on transferring or assigning the options

11. Adjustments: Covers adjustments to options in case of corporate events or share capital changes

12. Compliance with Laws: Ensures compliance with relevant laws and regulations

13. General Provisions: Contains standard contract clauses including governing law and notices

Optional Sections

1. Change of Control: Provisions for what happens to options in case of a company sale or merger - include if the company anticipates such events

2. Tax Provisions: Detailed tax implications and obligations - include if specific tax treatment needs to be addressed

3. Shareholder Rights: Rights of option holders prior to exercise - include if recipients get any pre-exercise rights

4. Confidentiality: Confidentiality obligations regarding the option terms - include if not covered in other agreements

5. Bad Leaver Provisions: Consequences for misconduct or breach - include if specific penalties need to be outlined

6. Market Standoff Agreement: Restrictions during IPO - include if company contemplates going public

7. Electronic Communications: Provisions for electronic notices and option management - include if electronic system will be used

Suggested Schedules

1. Schedule 1 - Option Certificate: Formal certificate detailing the specific option grant details

2. Schedule 2 - Notice of Exercise: Template form for exercising options

3. Schedule 3 - Vesting Schedule Details: Detailed breakdown of vesting dates and conditions

4. Schedule 4 - Company's Share Option Plan Rules: Summary or extract of relevant plan rules

5. Appendix A - Tax Summary: Summary of tax implications for option holders

6. Appendix B - Shareholders Agreement Deed of Accession: Form to be signed when exercising options to become a shareholder

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions
Clauses






























Relevant Industries

Technology

Financial Services

Professional Services

Healthcare

Manufacturing

Retail

E-commerce

Telecommunications

Biotechnology

Software Development

Consulting

Media and Entertainment

Education Technology

Clean Energy

Real Estate

Relevant Teams

Legal

Human Resources

Finance

Executive Leadership

Board of Directors

Company Secretariat

Compensation & Benefits

Talent Acquisition

Corporate Governance

Employee Relations

Relevant Roles

CEO

CFO

HR Director

Legal Counsel

Company Secretary

Board Member

Senior Software Engineer

Product Manager

Sales Director

Chief Technology Officer

Operations Manager

Marketing Director

Financial Controller

Head of People

Strategy Consultant

Technical Advisor

Department Head

Senior Executive

Startup Founder

Managing Director

Industries








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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