The Advisor Stock Option Agreement is a crucial document used when companies wish to align advisor interests with company success through equity compensation. Under English and Welsh law, this agreement sets out the framework for granting stock options to advisors who provide valuable expertise and guidance to the company. It typically includes detailed provisions about option vesting, exercise conditions, and termination scenarios, while ensuring compliance with UK securities regulations and tax laws. This document is particularly important for startups and growing companies that want to attract and retain high-quality advisors without significant cash compensation.
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1. Parties: Identifies the company and the advisor receiving options
2. Background: Context of the advisory relationship and option grant
3. Definitions: Key terms used throughout the agreement including Share Options, Exercise Price, Vesting Date, etc.
4. Grant of Option: Details of the option grant including number of shares and exercise price
5. Vesting Schedule: Timing and conditions for option vesting
6. Exercise of Option: Process and conditions for exercising options
7. Termination Provisions: What happens to options upon termination of advisory relationship
8. Taxation: Tax obligations and responsibilities related to the options
9. Confidentiality: Obligations regarding confidential information
10. General Provisions: Standard boilerplate clauses including governing law, notices, and amendments
1. Change of Control Provisions: Acceleration or special terms in case of company sale or IPO
2. Tax Indemnity: Specific provisions regarding advisor's responsibility for tax obligations
3. Non-Competition Clause: Restrictions on advisor's competitive activities during and after the advisory relationship
4. Drag and Tag Rights: Rights and obligations in case of sale of company shares
5. Market Standoff Agreement: Restrictions on sale of shares during and after IPO
1. Schedule 1: Option Certificate: Formal documentation of option grant details including number of shares and exercise price
2. Schedule 2: Exercise Notice: Template form for exercising options
3. Schedule 3: Vesting Schedule: Detailed breakdown of vesting timeline and milestones
4. Schedule 4: Articles of Association Extract: Relevant sections of the company's articles relating to share options
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