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Share Option Agreement

Share Option Agreement Template for Australia

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Key Requirements PROMPT example:

Share Option Agreement

"I need a Share Option Agreement for our Australian tech startup to grant options to our senior developers, with a 4-year vesting period starting March 2025 and including specific provisions for remote workers across APAC region."

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Document background
Share Option Agreements are essential instruments in Australian corporate practice, used to grant rights to purchase company shares at a predetermined price within a specified period. These agreements are commonly utilized for employee incentivization, capital raising, or strategic partnerships. The Share Option Agreement must comply with Australian corporate law, particularly the Corporations Act 2001 (Cth) and relevant ASX requirements for listed companies. It typically outlines grant terms, vesting conditions, exercise mechanisms, and termination provisions, while incorporating necessary tax considerations, especially regarding employee share schemes. The document is crucial for companies looking to align stakeholder interests with corporate performance or facilitate future investment structures.
Suggested Sections

1. Parties: Identifies the company issuing the options and the option holder(s)

2. Background: Sets out the context of the agreement and the company's intention to grant options

3. Definitions and Interpretation: Defines key terms used throughout the agreement and interpretation rules

4. Grant of Options: Details of the options being granted, including number of shares, class, and grant date

5. Exercise Price: Specifies the price at which options can be exercised

6. Vesting Conditions: Outlines the vesting schedule and any performance conditions that must be met

7. Exercise Period: Specifies when options can be exercised and the process for exercise

8. Lapse of Options: Circumstances under which options will lapse or be forfeited

9. Rights and Restrictions: Rights attached to options and any restrictions on transfer or exercise

10. Taxation: Tax obligations and responsibilities of the parties

11. Notices: How formal communications between parties should be made

12. General Provisions: Standard legal provisions including governing law, amendments, and severability

Optional Sections

1. Change of Control Provisions: Provisions dealing with what happens to options in case of a company sale or merger

2. Employee Obligations: Include when options are part of employee compensation, covering confidentiality and non-compete provisions

3. International Provisions: Required when option holders are in multiple jurisdictions

4. Market Standout Provisions: Restrictions on exercise during specific market-sensitive periods for listed companies

5. Nominee Provisions: Allows option holders to nominate others to hold their options

6. Drag Along/Tag Along Rights: Important for private companies, dealing with company sale scenarios

7. Bad Leaver Provisions: Specific provisions for termination of employment under negative circumstances

Suggested Schedules

1. Option Certificate: Form of certificate evidencing the grant of options

2. Exercise Notice: Template form for exercising options

3. Vesting Schedule: Detailed breakdown of vesting dates and conditions

4. Worked Examples: Examples showing how various provisions work in practice

5. Shareholders Agreement Deed of Accession: Form to be signed when options are exercised to become bound by any shareholders agreement

6. Tax Summary: Summary of tax implications and worked examples

7. Corporate Details: Details of the company's share capital and existing options

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions






















































Clauses


































Relevant Industries

Technology

Financial Services

Professional Services

Healthcare

Biotechnology

Mining and Resources

Retail

Manufacturing

Startups and Scale-ups

Telecommunications

Media and Entertainment

Real Estate

Relevant Teams

Legal

Human Resources

Finance

Executive Leadership

Board

Corporate Development

Compliance

Company Secretariat

Employee Benefits

Compensation & Benefits

Relevant Roles

Chief Executive Officer

Chief Financial Officer

Human Resources Director

Legal Counsel

Company Secretary

Compensation Manager

Board Director

Investment Manager

Equity Plan Administrator

Finance Manager

Compliance Officer

Employee Benefits Manager

Corporate Development Manager

Talent Acquisition Manager

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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