The Option Grant Agreement serves as the primary legal instrument for companies in Ireland to grant stock options to their employees or consultants as part of their compensation package. This document is typically used when a company wants to align employee interests with company growth and provide additional incentives beyond regular salary. The agreement must comply with Irish company law, tax legislation (particularly the Taxes Consolidation Act 1997), and relevant employment regulations. It contains detailed provisions about the option grant, including the number of shares, exercise price, vesting schedule, exercise conditions, and tax implications. The agreement also addresses specific Irish tax considerations, such as Revenue reporting requirements and potential tax liabilities upon exercise. Companies commonly use this type of agreement as part of their talent attraction and retention strategy, particularly in high-growth sectors and start-ups.
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1. Parties: Identification of the Company and the Option holder
2. Background: Context of the option grant and reference to any share option plan
3. Definitions and Interpretation: Definitions of key terms used throughout the agreement
4. Grant of Option: Details of the option grant including number of shares, grant date, and exercise price
5. Vesting Schedule: Timeline and conditions for option vesting
6. Exercise of Option: Procedures and conditions for exercising the option
7. Taxation: Tax obligations and responsibilities of both parties
8. Termination of Employment: Impact of employment termination on options
9. Transferability: Restrictions on transfer or assignment of options
10. Data Protection: GDPR compliance and data processing provisions
11. Notices: Communication procedures between parties
12. Governing Law and Jurisdiction: Specification of Irish law and jurisdiction
1. Change of Control: Provisions for what happens to options in case of company acquisition or merger
2. Malus and Clawback: Provisions allowing company to recoup or cancel options in case of misconduct
3. Good Leaver/Bad Leaver: Different treatment of options based on circumstances of employment termination
4. Lock-up Period: Restrictions on selling shares after exercise
5. Shareholders Agreement: Option holder's obligation to adhere to existing shareholders agreement
6. Non-Competition: Restrictions on competing activities affecting option rights
1. Option Certificate: Formal certificate detailing the option grant
2. Exercise Notice: Template form for exercising options
3. Vesting Schedule Details: Detailed breakdown of vesting dates and conditions
4. Tax Computation Examples: Illustrative examples of tax treatment
5. Share Option Plan Rules: Full rules of the share option plan referenced in the agreement
6. Current Share Capital Structure: Overview of company's share capital and classes of shares
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