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Equity Award Agreement

Equity Award Agreement Template for India

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Key Requirements PROMPT example:

Equity Award Agreement

"I need an Equity Award Agreement for our India-based startup that will grant stock options to senior software engineers, with a four-year vesting schedule starting March 2025 and standard termination provisions."

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Document background
The Equity Award Agreement is essential for companies operating in India that wish to provide equity-based compensation to their employees. This document is used when a company grants stock options, restricted stock units, or other forms of equity compensation to employees, ensuring compliance with Indian regulatory requirements. It incorporates provisions mandated by the Companies Act 2013, SEBI regulations (particularly the SEBI Share Based Employee Benefits Regulations), and where applicable, FEMA guidelines for foreign companies. The agreement serves as a comprehensive record of the award terms, including grant details, vesting conditions, exercise procedures, and associated rights and restrictions. It's particularly crucial in the Indian context where equity compensation must navigate complex regulatory requirements while remaining aligned with company objectives for employee retention and motivation.
Suggested Sections

1. Parties: Identification of the company granting the award and the employee receiving it

2. Background: Context of the equity award program and its establishment under relevant company policies

3. Definitions: Key terms used throughout the agreement including Award, Exercise Price, Vesting Date, etc.

4. Grant of Award: Details of the equity award including number of shares/options, grant date, and type of security

5. Vesting Schedule: Timing and conditions under which the award will vest

6. Exercise of Award: Process, timing, and conditions for exercising the award

7. Purchase Price and Payment: Details of exercise price and acceptable payment methods

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

9. Compliance with Laws: Requirements for compliance with Indian securities, exchange control, and other regulations

10. Restrictions on Transfer: Limitations on transferring, selling, or encumbering the awarded shares

11. Termination of Employment: Impact of various types of employment termination on the award

12. Governing Law and Jurisdiction: Specification of Indian law as governing law and jurisdiction for disputes

13. Notices: Process for formal communications between parties

14. General Provisions: Standard contractual provisions including amendments, severability, and entire agreement

Optional Sections

1. Performance Conditions: Additional vesting conditions based on individual or company performance metrics

2. Foreign Exchange Compliance: Required for non-resident employees, addressing FEMA compliance

3. Change in Capital Structure: Adjustments to awards in case of corporate actions like splits or mergers

4. Listing Requirements: Required for listed companies, addressing stock exchange compliance

5. Clawback Provisions: Terms for recouping awards in cases of misconduct or restatement

6. Lock-in Period: Required when specific holding periods apply post-vesting

7. Electronic Acceptance: Required when agreement can be accepted electronically

8. Data Privacy: Required when personal data processing spans multiple jurisdictions

Suggested Schedules

1. Schedule 1 - Award Details: Specific details of the award including number of shares/options, grant price, and vesting dates

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

3. Schedule 3 - Exercise Notice: Form for exercising the award

4. Schedule 4 - Nominee Form: Form for designating beneficiaries

5. Appendix A - Tax Implications: Detailed explanation of tax treatment in various scenarios

6. Appendix B - Compliance Checklist: List of regulatory requirements and necessary approvals

7. Appendix C - Plan Terms: Key terms of the overall equity plan under which the award is granted

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
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Education

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Relevant Teams

Human Resources

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Finance

Compliance

Corporate Secretarial

Executive Leadership

Administration

Compensation and Benefits

Corporate Governance

Employee Relations

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Chief Executive Officer

Chief Financial Officer

Human Resources Director

Legal Counsel

Company Secretary

Compensation Manager

HR Operations Manager

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Benefits Manager

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Senior Software Engineer

Product Manager

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Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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