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Option Grant Agreement

Option Grant Agreement Template for Philippines

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Key Requirements PROMPT example:

Option Grant Agreement

"I need an Option Grant Agreement under Philippine law for our tech startup, granting 10,000 stock options to our new Chief Technology Officer with a 4-year vesting schedule starting March 1, 2025, including special provisions for acceleration upon company sale."

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Document background
The Option Grant Agreement serves as a crucial instrument for companies operating in the Philippines to provide equity incentives to their employees, directors, or consultants. This document is typically used when a company wants to offer stock options as part of compensation packages or incentive programs, aligning the interests of key personnel with the company's long-term success. The agreement must comply with Philippine securities laws, particularly the Securities Regulation Code and relevant SEC regulations, while addressing corporate, tax, and labor law considerations. It includes essential details such as grant size, exercise price, vesting conditions, and exercise procedures, structured to meet both Philippine regulatory requirements and international best practices in equity compensation.
Suggested Sections

1. Parties: Identifies the company granting the options and the option recipient (grantee)

2. Background: Explains the context of the option grant, including reference to any equity incentive plan

3. Definitions: Defines key terms used throughout the agreement

4. Grant of Option: Specifies the number of shares subject to the option and the type of option (e.g., NSO)

5. Exercise Price: States the price per share at which the option may be exercised

6. Vesting Schedule: Details the timing and conditions under which portions of the option become exercisable

7. Exercise Period: Specifies the duration of the option and any exercise windows

8. Method of Exercise: Outlines the procedure for exercising the option

9. Taxation: Addresses tax obligations and responsibilities of both parties

10. Regulatory Compliance: Ensures compliance with Philippine securities laws and SEC requirements

11. Transferability Restrictions: Details limitations on transfer of the option or resulting shares

12. Termination Provisions: Specifies what happens to the option upon various termination scenarios

13. Representations and Warranties: Contains standard representations from both parties

14. Governing Law and Jurisdiction: Specifies Philippine law as governing law and jurisdiction for disputes

15. General Provisions: Includes standard boilerplate provisions like notices, amendments, and entire agreement

Optional Sections

1. Change of Control Provisions: Addresses acceleration or other treatment of options in case of company sale or merger

2. International Tax Provisions: Required for non-Philippine resident grantees to address cross-border tax implications

3. Company Repurchase Rights: Gives company right to repurchase shares acquired through option exercise

4. Lock-up Period: Adds restrictions on sale of shares for a specific period post-exercise

5. Shareholders' Agreement Compliance: Required if grantee must adhere to an existing shareholders' agreement

6. Data Privacy Consent: Additional section for compliance with Philippine Data Privacy Act

7. Electronic Signature Provisions: Required if agreement will be executed electronically

8. Currency Provisions: Required for international grantees to address currency conversion for exercise price

Suggested Schedules

1. Option Certificate: Formal certificate detailing the specific terms of the option grant

2. Notice of Exercise Form: Template form for grantee to use when exercising options

3. Equity Incentive Plan: Copy or summary of the relevant equity incentive plan

4. Board Re红杏直播: Copy of board re红杏直播 approving the option grant

5. SEC Clearance: Any required SEC approval or exemption documentation

6. Tax Computation Schedule: Schedule showing method of computing relevant taxes

7. Spousal Consent Form: Required consent form from grantee's spouse under Philippine family law

8. Deed of Adherence: Form for adherence to shareholders' agreement if applicable

Authors

Alex Denne

Head of Growth (Open Source Law) @ 红杏直播 | 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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Relevant Industries

Technology

Financial Services

Manufacturing

Professional Services

Healthcare

Telecommunications

Real Estate

Consumer Goods

E-commerce

Business Process Outsourcing

Startups

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Relevant Teams

Legal

Human Resources

Finance

Compliance

Corporate Secretariat

Executive Management

Board of Directors

Compensation and Benefits

Stock Administration

Payroll

Relevant Roles

Chief Executive Officer

Chief Financial Officer

Human Resources Director

Legal Counsel

Compensation Manager

Corporate Secretary

Finance Director

Compliance Officer

Stock Plan Administrator

Board Member

Executive Director

Senior Software Engineer

Department Head

Vice President

Managing Director

Talent Acquisition Manager

Operations Director

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, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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