Restricted Stock Unit Agreement

Restricted Stock Unit Agreement Template for Denmark

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Document background

The Restricted Stock Unit Agreement is used when a Danish company or a company operating in Denmark wishes to grant equity compensation to employees in the form of restricted stock units. This document is essential for companies implementing employee incentive programs and must comply with specific Danish legal requirements, including the Danish Stock Options Act, Companies Act, and relevant tax regulations. The agreement details the grant terms, vesting conditions, settlement procedures, and tax implications, while ensuring compliance with Danish employment law and data protection requirements. It's particularly important for companies looking to attract and retain talent by offering equity-based compensation while maintaining legal compliance in the Danish market.

Suggested Sections

1. Parties: Identification of the company (grantor) and the employee (grantee) with full legal names and addresses

2. Background: Context of the RSU grant, reference to any equity incentive plan, and board approval

3. Definitions: Key terms used in the agreement including 'RSUs', 'Shares', 'Vesting Date', 'Grant Date', etc.

4. Grant of RSUs: Details of the RSU grant including number of units and grant date

5. Vesting Schedule: Specific vesting conditions, timeline, and requirements for RSUs to vest

6. Settlement of RSUs: Process and timing for converting vested RSUs into shares or cash equivalent

7. Termination of Employment: Treatment of RSUs upon various types of employment termination as per Danish Stock Options Act

8. Tax Obligations: Tax implications and responsibilities of both parties under Danish law

9. Compliance with Laws: Confirmation of compliance with Danish securities laws and other applicable regulations

10. Data Protection: Handling of personal data in accordance with GDPR and Danish Data Protection Act

11. Miscellaneous: Standard provisions including governing law, notices, and amendments

Optional Sections

1. Change in Capital Structure: Added when specific provisions for corporate events like mergers or stock splits are needed

2. Clawback Provisions: Include when company policy requires potential recoupment of shares in certain circumstances

3. Non-Competition and Non-Solicitation: Added when RSUs are tied to post-employment restrictive covenants

4. International Provisions: Include for employees who may move between jurisdictions

5. Share Ownership Guidelines: Added when company requires minimum share retention

6. Electronic Acceptance: Include when agreement will be accepted through electronic means

7. Currency Provisions: Added when settlement may occur in multiple currencies

Suggested Schedules

1. Grant Notice: Specific details of the grant including number of RSUs, grant date, and vesting schedule

2. Equity Incentive Plan: Copy or summary of the main plan under which RSUs are granted

3. Tax Example Calculations: Illustrative examples of tax treatment under Danish law

4. Consent to Electronic Delivery: Forms for consenting to electronic communications regarding RSUs

5. Data Processing Notice: Detailed information about personal data processing related to RSU administration

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