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Employee Stock Option Agreement

Employee Stock Option Agreement Template for Nigeria

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Key Requirements PROMPT example:

Employee Stock Option Agreement

"I need an Employee Stock Option Agreement for our Nigerian tech startup, granting options for 10,000 shares with a 4-year vesting period starting March 2025, including provisions for accelerated vesting in case of company sale."

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Document background
The Employee Stock Option Agreement is a crucial document used by Nigerian companies to provide employees with the right to purchase company shares at a predetermined price within a specified timeframe. This agreement is essential for companies looking to align employee interests with corporate success, retain top talent, and create long-term incentives. It must comply with Nigerian legislation, particularly the Companies and Allied Matters Act 2020 and Securities and Exchange Commission regulations. The document typically forms part of a broader employee compensation strategy and requires careful consideration of corporate law, securities regulations, and tax implications. It's particularly relevant for growing companies, listed entities, and organizations seeking to implement performance-based compensation structures in the Nigerian market.
Suggested Sections

1. Parties: Identifies the company granting the options and the employee receiving them

2. Background: Explains the context of the agreement and the company's stock option plan

3. Definitions: Defines key terms used throughout the agreement

4. Grant of Option: Specifies the number of shares, grant date, and exercise price

5. Vesting Schedule: Details the timing and conditions under which options become exercisable

6. Exercise of Option: Procedures and requirements for exercising the options

7. Payment Method: Acceptable methods of paying the exercise price

8. Tax Obligations: Addresses tax implications and responsibilities

9. Termination of Employment: Effects of employment termination on options

10. Transferability Restrictions: Limitations on transfer or assignment of options

11. Adjustments: Provisions for corporate events affecting share capital

12. Compliance with Laws: Requirements for compliance with Nigerian laws and regulations

13. Notices: Communication procedures between parties

14. General Provisions: Standard legal provisions including governing law and jurisdiction

Optional Sections

1. Change of Control: Provisions for what happens to options in case of company sale or merger

2. Lock-up Period: Restrictions on selling shares after exercise, typically for listed companies

3. Clawback Provisions: Company's right to recover shares in specific circumstances

4. International Provisions: Additional terms for employees based outside Nigeria

5. Share Qualification: Special provisions if options are part of director qualification shares

6. Market Standoff Agreement: Restrictions during public offering, needed for pre-IPO companies

7. Electronic Exercise Provisions: Procedures for electronic exercise systems if implemented

Suggested Schedules

1. Schedule 1 - Option Certificate: Formal certificate detailing the specific grant terms

2. Schedule 2 - Notice of Exercise: Form to be completed when exercising options

3. Schedule 3 - Vesting Schedule Details: Detailed breakdown of vesting dates and conditions

4. Schedule 4 - Company's Stock Option Plan: Copy or summary of the company's overall plan

5. Schedule 5 - Shareholders' Agreement Deed of Adherence: Form to bind option holders to existing shareholders' agreement

6. Appendix A - Tax Treatment Summary: Summary of relevant Nigerian tax implications

7. Appendix B - Regulatory Compliance Checklist: Checklist of SEC and NSE requirements if applicable

Authors

Alex Denne

Head of Growth (Open Source Law) @ ºìÐÓÖ±²¥ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions























































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Relevant Industries

Technology

Financial Services

Manufacturing

Professional Services

Telecommunications

Energy

Healthcare

Real Estate

Consumer Goods

Media and Entertainment

E-commerce

Agriculture

Education

Construction

Mining

Relevant Teams

Legal

Human Resources

Finance

Compliance

Corporate Secretariat

Executive Leadership

Board Secretariat

Compensation & Benefits

Payroll

Risk Management

Relevant Roles

Chief Executive Officer

Chief Financial Officer

Human Resources Director

Legal Counsel

Company Secretary

Compensation & Benefits Manager

Financial Controller

HR Business Partner

Compliance Officer

Stock Plan Administrator

Board Member

Executive Director

Department Head

Senior Manager

Employee Benefits Specialist

Industries








Teams

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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