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Stock Option Agreement
1. Parties: Identification of the company (grantor) and the employee (option holder)
2. Background: Context of the grant, employment relationship, and authorization for the option grant
3. Definitions: Key terms including Exercise Price, Shares, Vesting Date, Exercise Period, etc.
4. Grant of Options: Number of options granted, strike price, and basic terms of the grant
5. Vesting Schedule: Timing and conditions for vesting of the options
6. Exercise of Options: Process and conditions for exercising options, including payment methods
7. Termination of Employment: Impact of various types of employment termination on the options
8. Adjustments: Provisions for adjusting options in case of corporate events or share capital changes
9. Transferability: Restrictions on transfer or assignment of options
10. Tax Matters: Tax treatment and responsibilities, including §7P qualification if applicable
11. Data Protection: GDPR compliance and data processing provisions
12. Governing Law and Jurisdiction: Specification of Danish law and jurisdiction
1. Share Capital History: Include when company has complex share structure or multiple share classes
2. Lock-up Provisions: Add when there are restrictions on selling shares post-exercise
3. Shareholders' Agreement Adherence: Include if option holder must join existing shareholders' agreement upon exercise
4. Good Leaver/Bad Leaver: Add detailed provisions when different termination scenarios need specific treatment
5. Accelerated Vesting: Include for provisions regarding acceleration upon change of control or IPO
6. International Supplement: Add when option holder is subject to foreign law or working abroad
1. Schedule 1: Option Certificate: Formal certificate detailing the specific grant terms and vesting schedule
2. Schedule 2: Exercise Notice: Template form for exercising options
3. Schedule 3: Deed of Adherence: Form for joining shareholders' agreement upon exercise if required
4. Schedule 4: Tax Calculations Example: Illustrative examples of tax treatment under different scenarios
5. Schedule 5: Corporate Authorization: Copy of board/shareholder resolutions authorizing the option program
6. Appendix A: Option Program Terms: Full terms of the company's option program if part of larger scheme
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