The Share Option Agreement (Option Agreement Shares) is a crucial document in Pakistani corporate practice, typically used to align interests between companies and key stakeholders by offering the right to purchase shares under specified conditions. This document is commonly employed in startup environments, employee incentive schemes, or strategic investment scenarios. It must comply with Pakistani legislation, including the Companies Act 2017, Securities Act 2015, and relevant SECP regulations. The agreement details the mechanism for option grants, exercise procedures, pricing, timeframes, and conditions, while ensuring adherence to local corporate governance requirements. It's particularly relevant in scenarios involving employee retention, strategic partnerships, or investment structuring, requiring careful consideration of both corporate and securities law implications in the Pakistani context.
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1. Parties: Identification of the option grantor (typically the company or existing shareholders) and the option holder
2. Background: Context of the agreement, including company information and purpose of granting the option
3. Definitions: Definitions of key terms used throughout the agreement
4. Grant of Option: Details of the option grant, including number of shares, class of shares, and percentage of total share capital
5. Exercise Price: Specification of the price at which the option can be exercised
6. Exercise Period: Timeframe during which the option can be exercised, including start and end dates
7. Exercise Procedure: Step-by-step process for exercising the option, including notice requirements and payment mechanisms
8. Share Rights: Rights attached to the shares subject to the option, including voting and dividend rights
9. Transferability: Restrictions on transfer of the option rights
10. Representations and Warranties: Standard representations by both parties regarding capacity, authority, and share status
11. Termination: Circumstances under which the option agreement can be terminated
12. Governing Law and Jurisdiction: Specification of Pakistani law as governing law and jurisdiction for disputes
1. Vesting Schedule: Used when the option rights vest over time or based on specific conditions
2. Performance Conditions: Include when option exercise is tied to specific performance targets or milestones
3. Change of Control Provisions: Added when special rules apply in case of company sale or merger
4. Tax Provisions: Detailed tax clauses when specific tax treatment needs to be addressed
5. Employment Relationship: Include when the option is tied to employment status
6. Anti-dilution Protection: Used to protect option holder from dilution in case of share splits or new issues
7. Tag-Along Rights: Include when option holders should have the right to join in sale of shares by major shareholders
8. Shareholder Approval: Required when the option grant needs specific shareholder approval
1. Schedule 1 - Share Capital Structure: Details of the company's current share capital structure
2. Schedule 2 - Option Exercise Notice: Template form for exercising the option
3. Schedule 3 - Deed of Adherence: Form to be signed upon exercise binding the option holder to any shareholders' agreement
4. Schedule 4 - Vesting Schedule: Detailed breakdown of vesting dates and conditions if applicable
5. Schedule 5 - Corporate Authorizations: Copies of board and shareholder resolutions approving the option grant
6. Appendix A - Share Certificate Specimen: Sample share certificate format to be issued upon exercise
7. Appendix B - Regulatory Compliance Checklist: List of required regulatory filings and approvals under Pakistani law
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