The Stock Compensation Agreement is a fundamental document used by Canadian companies to formalize equity-based compensation arrangements with their employees, executives, or other eligible participants. This agreement becomes necessary when an organization wishes to offer stock-based incentives as part of its compensation strategy, whether for talent attraction, retention, or alignment of interests between employees and shareholders. The document must comply with various Canadian regulatory frameworks, including provincial securities laws, the Income Tax Act, and relevant employment legislation. It typically includes detailed provisions about the type and amount of equity granted, vesting conditions, exercise procedures, and restrictions on transfer, while also addressing tax implications and reporting requirements specific to the Canadian context.
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1. Parties: Identification of the company and the recipient of the stock compensation
2. Background: Context of the agreement, employment relationship, and compensation program
3. Definitions: Definitions of key terms including 'Shares', 'Grant Date', 'Vesting Date', 'Fair Market Value', etc.
4. Grant of Stock: Details of the stock grant including number of shares, type of securities, and grant date
5. Vesting Schedule: Specific timeline and conditions for the vesting of granted shares
6. Rights as a Shareholder: Description of rights attached to the shares including voting and dividend rights
7. Transfer Restrictions: Limitations on the transfer, sale, or encumbrance of shares
8. Termination of Employment: Impact of employment termination on unvested and vested shares
9. Compliance with Laws: Requirements for compliance with securities laws and regulatory requirements
10. Tax Matters: Tax obligations, withholding requirements, and responsibilities of both parties
11. General Provisions: Standard legal provisions including amendments, notices, governing law, and entire agreement
1. Change of Control: Provisions addressing the impact of company acquisition or merger on stock compensation, included when company anticipates potential M&A activity
2. Lock-up Period: Restrictions on sale of shares for a specific period, included for pre-IPO companies or when required by securities regulations
3. Clawback Provisions: Company's right to reclaim shares under specific circumstances, included when required by corporate policy or regulatory requirements
4. International Provisions: Special terms for recipients in different jurisdictions, included when agreement covers employees in multiple countries
5. Share Adjustment Provisions: Mechanisms for adjusting share quantities in case of stock splits or similar events, included when company anticipates corporate actions
1. Schedule A - Vesting Schedule: Detailed breakdown of vesting dates and quantities
2. Schedule B - Notice of Stock Grant: Formal notice document detailing the specific grant terms
3. Schedule C - Acceptance Form: Form for recipient to formally accept the stock grant and its terms
4. Schedule D - Tax Election Forms: Required tax forms including Section 85(1) election forms if applicable
5. Schedule E - Shareholder Agreement: Copy or summary of relevant shareholder agreement provisions
6. Appendix 1 - Calculation Methods: Details of how Fair Market Value and other financial terms are calculated
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