The Employment Contract With Equity is designed for use in South African companies seeking to attract and retain key talent through a combination of traditional employment benefits and company ownership opportunities. This document type is particularly relevant for start-ups, high-growth companies, and established businesses implementing employee share ownership programs. It ensures compliance with South African employment law while incorporating sophisticated equity arrangements that may include share options, restricted stock units, or direct share ownership. The agreement typically includes detailed vesting schedules, performance conditions, and clear provisions regarding the treatment of equity upon various termination scenarios. It addresses specific South African regulatory requirements including B-BBEE considerations, exchange control regulations, and tax implications of equity benefits.
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1. Parties: Identification of the employer company and employee with full legal names and details
2. Background: Context of the employment relationship and equity offering
3. Definitions and Interpretation: Definitions of key terms used in the agreement, including employment and equity-related terminology
4. Appointment and Duration: Terms of employment, position, commencement date, and nature of employment (permanent/fixed-term)
5. Role and Duties: Detailed description of position, responsibilities, reporting lines, and performance expectations
6. Place of Work: Primary work location and any flexibility arrangements
7. Remuneration and Benefits: Base salary, benefits, bonuses, and review procedures
8. Equity Participation: Details of share/option allocation, vesting schedule, and conditions
9. Working Hours and Leave: Standard working hours, overtime policy, and various leave entitlements
10. Confidentiality: Protection of company confidential information and trade secrets
11. Intellectual Property: Ownership and rights to intellectual property created during employment
12. Termination: Conditions and procedures for termination of employment and impact on equity
13. Post-Termination Obligations: Ongoing obligations after employment ends, including confidentiality and share disposal
14. Dispute Resolution: Procedures for resolving employment and equity-related disputes
15. General Provisions: Standard contractual clauses including governing law, notices, and entire agreement
1. Restraint of Trade: Non-compete and non-solicitation provisions, used when protecting business interests is crucial
2. Remote Work Provisions: Detailed terms for remote working arrangements, if applicable
3. Commission Structure: For sales or revenue-generating roles where commission is part of compensation
4. International Travel: Terms for international work if role requires frequent travel
5. Performance Incentives: Additional performance-based rewards beyond basic equity scheme
6. Training Obligations: Specific training requirements and commitments
7. Change of Control Provisions: Impact of company ownership changes on employment and equity
8. Shareholder Rights: Detailed voting and dividend rights if shares are immediately allocated
1. Schedule 1: Share Option Terms: Detailed terms of the share option scheme including vesting conditions and exercise prices
2. Schedule 2: Position Description: Detailed job description, KPIs, and performance expectations
3. Schedule 3: Remuneration Structure: Detailed breakdown of salary, benefits, and equity components
4. Schedule 4: Company Policies: Key company policies that form part of the employment terms
5. Schedule 5: Equity Calculation Formula: Formula for calculating equity allocation and vesting
6. Appendix A: Share Scheme Rules: Complete rules of the company share scheme
7. Appendix B: Confidential Information: Specific list of confidential information and trade secrets
8. Appendix C: Benefits Summary: Detailed description of all employment benefits
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