This document is used when a Canadian company or a company operating in Canada wishes to grant restricted stock units (RSUs) to its employees, directors, or consultants as part of their compensation package. The Restricted Stock Unit Agreement sets forth the terms under which the participant receives the right to acquire shares or receive cash payments based on the company's stock value at future dates. It is essential for companies offering equity-based compensation in Canada, as it must comply with provincial securities laws, the Income Tax Act, and relevant employment standards. The agreement typically forms part of a broader equity incentive plan and includes specific provisions for Canadian tax treatment, including tax withholding requirements and available elections under Canadian tax law. It's particularly relevant for public companies and private companies planning to go public, helping them attract and retain talent while aligning employee interests with company growth.
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1. Parties: Identifies the company granting the RSUs and the participant receiving them
2. Background: Explains the context of the agreement, including reference to the equity incentive plan under which RSUs are granted
3. Definitions: Defines key terms used throughout the agreement including 'RSUs', 'Vesting Date', 'Service Provider', etc.
4. Grant of RSUs: Details of the RSU grant, including number of units and grant date
5. Vesting Schedule: Specifies when and how RSUs vest, including any performance conditions
6. Settlement of RSUs: Describes how RSUs will be settled (shares, cash, or combination) upon vesting
7. Tax Withholding: Addresses tax obligations and withholding requirements under Canadian law
8. Restrictions on Transfer: Limitations on the participant's ability to transfer or assign RSUs
9. Termination of Service: Treatment of RSUs upon various types of employment termination
10. Compliance with Laws: Ensures compliance with applicable securities laws and regulations
11. Data Privacy: Addresses collection and use of personal information in administering RSUs
12. General Provisions: Standard contractual provisions including notices, amendments, and governing law
1. Dividend Equivalents: Include when the company wishes to provide dividend equivalent rights on RSUs
2. Change in Control: Include to address treatment of RSUs in event of corporate transaction
3. Clawback Provisions: Include if company has policy allowing recovery of compensation in certain circumstances
4. Non-Competition and Non-Solicitation: Include if RSUs are tied to post-employment restrictive covenants
5. Foreign Requirements: Include if participant may be subject to laws of multiple jurisdictions
6. Electronic Delivery: Include if documentation will be delivered electronically
7. Performance Conditions: Include if vesting is tied to specific performance metrics
1. Schedule A - Notice of Grant: Details specific to individual grant including number of RSUs and vesting dates
2. Schedule B - Vesting Schedule: Detailed breakdown of vesting dates and any applicable conditions
3. Schedule C - Tax Elections: Forms and information regarding available tax elections under Canadian law
4. Appendix A - Data Privacy Notice: Detailed privacy notice compliant with Canadian privacy laws
5. Appendix B - Performance Metrics: If applicable, detailed description of performance vesting conditions
6. Appendix C - Country-Specific Terms: If applicable, additional terms required by Canadian law or other jurisdictions
Relevant legal definitions
Clauses
Relevant Industries
Technology
Financial Services
Professional Services
Manufacturing
Healthcare
Energy
Mining
Telecommunications
Retail
Consumer Goods
Software
Biotechnology
Real Estate
Transportation
Media and Entertainment
Relevant Teams
Human Resources
Legal
Finance
Executive Leadership
Board of Directors
Compensation
Corporate Governance
Payroll
Tax
Compliance
Employee Benefits
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Chief Technology Officer
Human Resources Director
Compensation Manager
Legal Counsel
Corporate Secretary
Finance Manager
Software Engineer
Product Manager
Sales Director
Senior Executive
Board Member
Department Head
Vice President
Senior Manager
Technical Lead
Research Scientist
Business Development Manager
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