The Employee Share Agreement is a fundamental document used when companies in Pakistan wish to offer shares to their employees as part of their compensation or incentive package. It is typically implemented for key employees or as part of a broader employee share ownership plan (ESOP). The agreement must comply with Pakistani corporate and securities laws, including the Companies Act 2017 and relevant SECP regulations. It outlines crucial details such as the number and type of shares offered, vesting schedule, transfer restrictions, and termination consequences. This document is particularly important in growing companies seeking to attract and retain talent while ensuring alignment between employee and company interests. The agreement also addresses tax implications and, where relevant, foreign exchange considerations under Pakistani law.
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1. Parties: Identification of the company and the employee participating in the share scheme
2. Background: Context of the agreement, including the company's share scheme and its objectives
3. Definitions: Key terms used throughout the agreement, including specific share-related terminology
4. Grant of Shares: Details of the shares being offered, including number, class, and nominal value
5. Vesting Schedule: Timeline and conditions for the vesting of shares
6. Purchase Price and Payment: Terms of payment for the shares, if applicable
7. Restrictions on Transfer: Limitations on selling, transferring, or encumbering the shares
8. Taxation: Tax implications and responsibilities of both parties
9. Termination Provisions: Consequences of employment termination on share ownership
10. Confidentiality: Obligations regarding confidential information related to the share scheme
11. Governing Law and Jurisdiction: Specification of Pakistani law as governing law and relevant jurisdiction
1. Tag-Along Rights: Rights of the employee to participate in sale of shares by major shareholders
2. Drag-Along Rights: Company's right to force employee participation in sale of shares
3. Voting Rights: Special provisions regarding voting rights attached to the shares
4. Foreign Exchange Provisions: Special provisions for international employees regarding currency conversion and foreign exchange regulations
5. Lock-in Period: Additional restrictions on share disposal for a specified period
6. Put and Call Options: Rights of either party to force a sale or purchase of shares under specific circumstances
7. Performance Conditions: Additional performance-based vesting conditions
1. Share Details: Detailed description of the shares including class, rights, and nominal value
2. Vesting Schedule: Detailed timeline and milestones for share vesting
3. Valuation Methodology: Method for determining share value for various purposes
4. Tax Calculations: Examples and methodologies for calculating tax implications
5. Shareholders' Agreement Extract: Relevant provisions from the company's shareholders' agreement
6. Company Constitution Extract: Relevant provisions from the company's constitutional documents
7. Share Certificate Template: Template for the physical share certificates to be issued
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