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Stock Option Cancellation Agreement

Stock Option Cancellation Agreement Template for Ireland

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Key Requirements PROMPT example:

Stock Option Cancellation Agreement

"I need a Stock Option Cancellation Agreement under Irish law for cancelling unvested options of 5 departing employees from our Dublin office, with no consideration being paid and a target completion date of March 15, 2025."

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Document background
A Stock Option Cancellation Agreement is essential when a company needs to formally terminate previously granted stock options, whether due to corporate restructuring, employee departure, or strategic changes in equity compensation plans. This document, governed by Irish law, provides a legally binding framework for cancelling options while addressing key aspects such as consideration (if any), tax implications, and releases from future claims. It's commonly used during corporate reorganizations, M&A transactions, or when updating employee incentive schemes. The agreement must comply with Irish Companies Act 2014, relevant tax legislation, and employment laws. It typically includes detailed schedules of the cancelled options, any consideration calculations, and necessary board approvals. This document is crucial for maintaining clear records of equity ownership and ensuring proper corporate governance.
Suggested Sections

1. Parties: Identification of the company and the optionholder(s)

2. Background: Context of the original option grant and reason for cancellation

3. Definitions: Definitions of key terms used throughout the agreement

4. Cancellation of Options: Core provision detailing the cancellation of the specified stock options

5. Tax Obligations: Allocation of responsibility for any tax liabilities arising from the cancellation

6. Representations and Warranties: Statements by both parties regarding their authority, ownership and understanding

7. Release: Mutual release of claims relating to the cancelled options

8. Confidentiality: Obligations to keep the terms of the cancellation confidential

9. Data Protection: Provisions regarding the handling of personal data

10. Governing Law and Jurisdiction: Specification of Irish law as governing law and jurisdiction

Optional Sections

1. Consideration: Details of any payment or other consideration for the cancellation - include if consideration is being provided

2. Related Transactions: Reference to any larger transaction context - include if part of a corporate reorganization or M&A

3. Employment Status: Confirmation that cancellation doesn't affect employment - include for employee optionholders

4. Tax Indemnity: Specific tax indemnification provisions - include for complex tax situations or cross-border implications

5. Cooperation: Obligations to cooperate in tax filings and other administrative matters - include for complex cancellations

6. Foreign Law Compliance: Additional provisions for compliance with foreign laws - include for international optionholders

Suggested Schedules

1. Schedule 1 - Cancelled Options: Details of the specific options being cancelled, including grant dates, exercise prices, and vesting status

2. Schedule 2 - Consideration Calculation: If applicable, detailed methodology for calculating any consideration payable

3. Schedule 3 - Required Notices and Filings: List of all required regulatory notices and filings related to the cancellation

4. Appendix A - Original Option Agreement: Copy or key terms of the original option agreement being cancelled

5. Appendix B - Board Resolution: Copy of board resolution approving the cancellation

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
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