The Stock Award Agreement serves as a crucial document in Indonesian corporate practice for companies implementing equity-based compensation programs. It is typically used when a company wishes to grant shares to employees or executives as part of their compensation package or retention strategy. The agreement must comply with Law No. 40 of 2007 (Company Law), OJK regulations, and relevant tax provisions in Indonesia. It details the specific terms of share awards, including grant date, number of shares, vesting conditions, and any restrictions on transfer. The document is particularly important for Indonesian companies seeking to align employee interests with corporate goals while maintaining compliance with local regulatory requirements. Companies must ensure the agreement addresses both domestic and international considerations if foreign employees are involved, including currency implications and cross-border regulatory compliance.
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1. Parties: Identification of the Company and the Award Recipient, including registration details as required by Indonesian law
2. Background: Context of the agreement, reference to any employee stock plan, and corporate approvals obtained
3. Definitions: Key terms used throughout the agreement, including specific Indonesian legal and regulatory terminology
4. Grant of Award: Details of the stock award, including number of shares, grant date, and type of shares
5. Vesting Schedule: Timing and conditions for vesting of the awarded shares
6. Regulatory Compliance: Compliance with Indonesian capital market regulations and OJK requirements
7. Rights and Restrictions: Shareholder rights, transfer restrictions, and limitations under Indonesian law
8. Tax Obligations: Tax implications and responsibilities of both parties under Indonesian tax regulations
9. Termination Provisions: Effect of employment termination on unvested awards
10. Governing Law and Jurisdiction: Application of Indonesian law and dispute resolution procedures
1. Change of Control: Provisions for accelerated vesting or other arrangements in case of company ownership changes
2. International Provisions: Additional terms for non-Indonesian recipients, including currency and foreign exchange considerations
3. Malus and Clawback: Provisions for recouping awards in cases of misconduct or financial restatement
4. Non-Competition and Confidentiality: Additional restrictions on recipient's activities, if not covered in employment agreement
5. Electronic Acceptance: Terms for electronic execution and record-keeping, if applicable
1. Schedule A - Vesting Schedule: Detailed breakdown of vesting dates and conditions
2. Schedule B - Award Calculation: Formula and methodology for determining number of shares awarded
3. Schedule C - Regulatory Forms: Required forms for OJK and other regulatory bodies
4. Schedule D - Tax Calculation Example: Illustrative calculation of tax implications
5. Appendix 1 - Board Resolution: Copy of corporate approvals for the stock award program
6. Appendix 2 - Acceptance Form: Template for formal acceptance of the award by recipient
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