Stock Option Award Agreement

Stock Option Award Agreement Template for Denmark

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Document background

The Stock Option Award Agreement is a critical document used by companies in Denmark to grant equity-based compensation to their employees as part of talent attraction and retention strategies. This agreement type has become increasingly important in the Danish business landscape, particularly for growth companies and those competing for skilled professionals in international markets. The document must strictly comply with the Danish Stock Option Act, which provides specific requirements regarding option grants, vesting conditions, and treatment upon employment termination. Given the complex interplay between corporate law, employment law, and tax regulations in Denmark, this agreement serves as a comprehensive framework for documenting option grants while ensuring legal compliance and protecting both employer and employee interests.

Suggested Sections

1. Parties: Identification of the company (grantor) and the employee (optionee)

2. Background: Context of the award, including reference to any relevant employee share scheme or incentive program

3. Definitions: Key terms used throughout the agreement, including 'Option Shares', 'Exercise Price', 'Grant Date', 'Vesting Schedule', etc.

4. Grant of Options: Details of the options granted, including number of shares, exercise price, and grant date

5. Vesting Schedule: Timing and conditions for when options become exercisable

6. Exercise of Options: Process and conditions for exercising options, including payment methods and notice requirements

7. Termination of Employment: Treatment of options upon various types of employment termination, as required by Danish Stock Option Act

8. Transferability: Restrictions on transfer or assignment of options

9. Corporate Events: Treatment of options in case of merger, acquisition, or other corporate restructuring

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

11. Data Protection: GDPR compliance and handling of personal data

12. Governing Law: Specification of Danish law as governing law and jurisdiction

Optional Sections

1. Good Leaver/Bad Leaver Provisions: Detailed provisions for different types of employment termination scenarios, used when company wants more specific termination conditions

2. Lock-up Period: Restrictions on selling shares after exercise, used for retention purposes

3. Clawback Provisions: Company's right to reclaim benefits in specific circumstances, used particularly for senior executives

4. Non-Competition: Restrictions on working for competitors, used when additional protection is needed

5. Shareholders' Agreement Adherence: Requirement to join existing shareholders' agreement, used when company has an existing shareholders' agreement

6. Performance Conditions: Additional vesting conditions based on performance metrics, used for performance-based options

Suggested Schedules

1. Option Certificate: Formal certificate detailing the specific grant including number of shares and exercise price

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

3. Exercise Notice Form: Template form for exercising options

4. Tax Calculation Examples: Illustrative examples of tax treatment in different scenarios

5. Share Capital Overview: Current structure of company's share capital and share classes

6. Shareholders' Agreement Summary: Summary of key terms from shareholders' agreement that option holders need to be aware of

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Stock Option Award Agreement Template for Denmark

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