The Non-Qualified Stock Option Agreement is a crucial document for companies in Hong Kong seeking to provide equity incentives to their employees, directors, consultants, or other service providers. It is commonly used when the company wants to offer stock options that don't qualify for special tax treatment under statutory plans. The agreement details the grant date, number of shares, exercise price, vesting schedule, and exercise terms, while ensuring compliance with Hong Kong's Companies Ordinance, Securities and Futures Ordinance, and relevant tax regulations. This document is particularly important for startups, growing companies, and established corporations looking to attract and retain talent by offering equity participation opportunities. The agreement must be carefully drafted to address Hong Kong's specific legal requirements while maintaining flexibility for the company's equity compensation strategy.
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1. Parties: Identifies the company granting the options and the option holder (grantee)
2. Background: Explains the context of the agreement and references any relevant equity incentive plan
3. Definitions: Defines key terms used throughout the agreement including Exercise Price, Grant Date, Option Shares, Vesting Schedule, etc.
4. Grant of Option: Specifies the number of shares subject to the option and the exercise price
5. Vesting Schedule: Details when and how the options become exercisable
6. Exercise of Option: Procedures 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 both parties under Hong Kong law
9. Transferability: Restrictions on transfer or assignment of the option
10. Termination of Employment: Impact of employment termination on the options
11. Compliance with Laws: Requirements for compliance with applicable Hong Kong securities and other laws
12. Data Privacy: Consent and provisions regarding handling of personal data
13. Governing Law: Specification of Hong Kong law as governing law and jurisdiction
1. Change in Control: Provisions addressing what happens to options in case of company merger, acquisition, or other control changes
2. Clawback Provisions: Terms allowing the company to recoup options in cases of misconduct or financial restatement
3. Lock-up Period: Restrictions on selling shares post-exercise, typically included for listed companies
4. Shareholders' Agreement Adherence: Required when option holders must become party to an existing shareholders' agreement upon exercise
5. International Supplement: Additional terms for option holders residing outside Hong Kong
6. Electronic Acceptance: Provisions for electronic execution and acceptance of the agreement
1. Notice of Exercise Form: Template form for option holders to use when exercising options
2. Vesting Schedule Details: Detailed breakdown of vesting dates and conditions
3. Tax Withholding Procedures: Detailed procedures for tax withholding and payment
4. Equity Incentive Plan: Copy or summary of the relevant equity incentive plan under which options are granted
5. Joinder to Shareholders' Agreement: Form of deed of adherence to shareholders' agreement if required
6. Securities Law Disclaimers: Required legal disclaimers and notices under Hong Kong securities laws
Authors
Relevant legal definitions
Clauses
Relevant Industries
Technology
Financial Services
Professional Services
Manufacturing
Retail
Healthcare
Education
Real Estate
Telecommunications
Media and Entertainment
Biotechnology
Energy
Construction
Consulting
Relevant Teams
Legal
Human Resources
Finance
Compliance
Corporate Secretarial
Executive Management
Board of Directors
Compensation and Benefits
Employee Relations
Relevant Roles
CEO
CFO
General Counsel
HR Director
Compensation Manager
Corporate Secretary
Finance Manager
Legal Counsel
HR Manager
Equity Compensation Specialist
Board Member
Executive Director
Chief Operating Officer
Compliance Officer
Employee Benefits Manager
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