The Option Grant Agreement is a fundamental document used when companies wish to grant stock options to employees, directors, consultants, or other eligible individuals. It forms part of a company's equity compensation strategy and is particularly important in Hong Kong's competitive business environment where equity incentives are crucial for attracting and retaining talent. The agreement must comply with Hong Kong's legal framework, including the Companies Ordinance, Securities and Futures Ordinance, and relevant tax laws. It typically works in conjunction with a broader Share Option Plan or Employee Stock Option Plan (ESOP) and includes specific details about the option grant, such as number of shares, exercise price, vesting schedule, and exercise conditions. The document is essential for both listed and private companies in Hong Kong, providing clear documentation of option terms and protecting both the company's and recipient's interests.
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1. Parties: Identification of the company granting the options and the option recipient
2. Background: Context of the option grant, including reference to any option plan or scheme under which the grant is made
3. Definitions: Key terms used throughout the agreement including Option, Exercise Price, Shares, Vesting Date, etc.
4. Grant of Option: Specific details of the option grant including number of shares, exercise price, and grant date
5. Vesting Schedule: Details of when and how the options vest, including any performance conditions
6. Exercise of Options: Procedures and conditions for exercising the options, including payment methods and notice requirements
7. Term and Expiration: Duration of the option and circumstances of expiration
8. Restrictions on Transfer: Limitations on transferring or assigning the options
9. Termination of Service: Impact of employment/service termination on the options
10. Compliance with Laws: Requirements for compliance with applicable securities laws and regulations
11. Tax Obligations: Responsibilities for tax liabilities arising from the grant or exercise of options
12. General Provisions: Standard clauses including notices, amendments, governing law, and entire agreement
1. Change in Control Provisions: Special provisions addressing what happens to options in case of company merger, acquisition, or other control changes
2. Non-Competition and Confidentiality: Additional restrictions particularly relevant for employee option holders
3. Shareholder Rights: Details of rights (if any) before exercise of options, including voting or dividend rights
4. Market Standoff Agreement: Restrictions on sale of shares during IPO or other public offerings
5. Clawback Provisions: Terms allowing company to recoup options or proceeds in case of misconduct
6. International Supplement: Additional terms for option holders in different jurisdictions
7. Acceptance of Grant: Formal acceptance section if required by local law or company policy
1. Schedule 1 - Option Details: Detailed specification of the option grant including number of shares, exercise price, and vesting dates
2. Schedule 2 - Notice of Exercise: Form to be completed when exercising options
3. Schedule 3 - Vesting Schedule: Detailed breakdown of vesting dates and conditions
4. Appendix A - Share Option Plan: Copy or summary of the main share option plan under which the grant is made
5. Appendix B - Tax Summary: Summary of tax implications in relevant jurisdictions
6. Appendix C - Shareholders' Agreement: Key terms from shareholders' agreement that option holders must comply with upon exercise
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Human Resources
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