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Equity Award Agreement

Equity Award Agreement Template for Canada

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Key Requirements PROMPT example:

Equity Award Agreement

"I need an Equity Award Agreement for a private technology company in Ontario, granting stock options to senior executives with a 4-year vesting schedule starting March 1, 2025, including special provisions for a potential IPO within the next 18 months."

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Document background
The Equity Award Agreement serves as a crucial document for Canadian companies implementing equity-based compensation programs. It is used when organizations want to grant stock options, restricted share units, or other equity awards to employees, executives, or other eligible participants. The agreement must comply with Canadian securities laws, tax regulations (including the Income Tax Act), and relevant provincial legislation. It typically forms part of a broader equity incentive plan and includes specific details about the grant, vesting conditions, exercise or settlement procedures, and termination provisions. This document is essential for both public and private companies in Canada looking to align employee interests with company success through equity participation.
Suggested Sections

1. Parties: Identification of the company granting the awards and the recipient

2. Background: Context of the agreement, reference to equity plan, and purpose of the grant

3. Definitions: Key terms used throughout the agreement including Award, Plan, Vesting Date, etc.

4. Grant of Award: Details of the equity award including number of shares/units and grant date

5. Vesting Schedule: Timeline and conditions for vesting of the awards

6. Exercise/Settlement: Process and requirements for exercising awards or receiving shares

7. Tax Obligations: Tax withholding requirements and responsibilities of both parties

8. Compliance with Laws: Securities law compliance and regulatory requirements

9. Termination Provisions: Treatment of awards upon various termination scenarios

10. Confidentiality: Obligations regarding non-disclosure of agreement terms and company information

11. General Provisions: Standard legal provisions including amendments, notices, and governing law

Optional Sections

1. Performance Conditions: Used when vesting is tied to specific performance metrics or company goals

2. International Provisions: Required when award recipient is subject to laws of multiple jurisdictions

3. Change in Control: Special provisions for treatment of awards in case of company sale or merger

4. Shareholder Rights: Needed for private companies to address voting rights and share restrictions

5. Lock-up Agreement: Required for public companies regarding sale restrictions post-IPO

6. Clawback Provisions: Used when company policy requires potential repayment of awards

7. Non-Competition: Optional restrictions on working for competitors during the vesting period

Suggested Schedules

1. Schedule A - Award Notice: Specific details of individual grant including number of shares/units and grant date

2. Schedule B - Vesting Schedule: Detailed timeline of vesting dates and portions

3. Schedule C - Exercise Notice: Form to be completed when exercising options

4. Schedule D - Tax Election Forms: Required tax forms including Section 85(1) election if applicable

5. Appendix 1 - Equity Incentive Plan: Copy or summary of the main equity plan governing the awards

6. Appendix 2 - Jurisdiction-Specific Terms: Additional terms required by local laws if applicable

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

Manufacturing

Healthcare

Energy

Mining

Telecommunications

Retail

Real Estate

Biotechnology

Software

Consulting

Media and Entertainment

Relevant Teams

Human Resources

Legal

Finance

Executive Leadership

Corporate Governance

Compensation and Benefits

Payroll

Tax

Investor Relations

Corporate Secretary Office

Relevant Roles

Chief Executive Officer

Chief Financial Officer

Chief Operating Officer

General Counsel

HR Director

Compensation Manager

Stock Plan Administrator

Corporate Secretary

Senior Executive

Vice President

Director

Manager

Employee

Board Member

Consultant

Advisor

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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