Equity Grant Agreement

Equity Grant Agreement Template for Denmark

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Document background

The Equity Grant Agreement is a fundamental document used by Danish companies to formalize the allocation of equity-based compensation to employees or consultants. This document type is particularly relevant in the context of talent retention and long-term incentivization, commonly used by growth companies and established corporations in Denmark. The agreement must comply with specific Danish legal requirements, including the Danish Companies Act, Stock Options Act, and relevant tax regulations. It typically includes detailed provisions about vesting schedules, exercise conditions, and tax implications, while also addressing specific Danish legal requirements regarding employee share schemes. The document is crucial for companies looking to align employee interests with company growth while ensuring compliance with Danish corporate and employment law frameworks.

Suggested Sections

1. Parties: Identification of the company issuing the equity and the recipient employee/consultant

2. Background: Context of the equity grant, including employment relationship and purpose of the grant

3. Definitions: Key terms used throughout the agreement including Share Capital, Vesting Period, Grant Date, etc.

4. Grant of Equity: Details of the equity being granted, including number of shares/options and grant date

5. Vesting Schedule: Timing and conditions for vesting of the granted equity

6. Exercise Terms: Procedures and conditions for exercising vested equity rights

7. Purchase Price and Payment: Details of any payment required for the equity, including payment methods

8. Tax Obligations: Tax implications and responsibilities of both parties

9. Transfer Restrictions: Limitations on transfer of granted equity and right of first refusal provisions

10. Termination Consequences: Impact of employment termination on vested and unvested equity

11. Representations and Warranties: Standard declarations by both parties regarding capacity and authority

12. Confidentiality: Obligations regarding confidential information related to the equity grant

13. Governing Law and Jurisdiction: Specification of Danish law as governing law and jurisdiction for disputes

14. Entire Agreement: Integration clause confirming this document as the complete agreement

Optional Sections

1. Change of Control Provisions: Provisions addressing acceleration or other changes in case of company sale or merger

2. Shareholder Rights: Specific rights granted to the equity holder, used when immediate shareholder status is granted

3. Lock-up Period: Restrictions on selling shares for a specific period, typically used for pre-IPO companies

4. Tag-Along Rights: Right to join in sale of shares by majority shareholders, used for minority protection

5. Drag-Along Rights: Obligation to join in sale of shares, used when company wants to ensure full exit possibility

6. Bad Leaver Provisions: Specific consequences for termination due to misconduct or similar circumstances

7. International Tax Provisions: Additional tax clauses for recipients subject to multiple tax jurisdictions

8. Share Capital Adjustments: Provisions for adjusting grant in case of share splits or similar corporate events

Suggested Schedules

1. Schedule 1 - Share Capital Structure: Current share capital structure of the company and share classes

2. Schedule 2 - Vesting Schedule Details: Detailed breakdown of vesting dates and conditions

3. Schedule 3 - Acceptance Form: Form for formal acceptance of the equity grant

4. Schedule 4 - Exercise Notice: Template for exercising vested equity rights

5. Schedule 5 - Company Articles: Relevant excerpts from company articles affecting the granted equity

6. Schedule 6 - Tax Calculation Examples: Illustrative examples of tax implications under different scenarios

7. Schedule 7 - Shareholders' Agreement: Key provisions from existing shareholders' agreement affecting the grant

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