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Restricted Stock Unit Award Agreement

Restricted Stock Unit Award Agreement Template for Australia

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Key Requirements PROMPT example:

Restricted Stock Unit Award Agreement

"I need a Restricted Stock Unit Award Agreement for our Australian tech startup, granting 10,000 RSUs to our new Chief Technology Officer with a 4-year vesting schedule starting March 2025, including performance-based acceleration clauses tied to successful IPO."

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Document background
The Restricted Stock Unit Award Agreement is a crucial document used by Australian companies to formalize the grant of equity compensation to employees through RSUs. This agreement is typically implemented as part of a broader employee incentive strategy to attract, retain, and motivate key talent while aligning employee interests with company growth. It must comply with Australian regulatory requirements, including the Corporations Act 2001, ASX listing rules (for listed companies), and Australian tax laws. The document specifies essential details such as grant size, vesting schedule, performance conditions, and settlement terms, while also addressing scenarios like employment termination and change in control. It's particularly relevant for companies seeking to offer equity-based compensation while managing regulatory compliance and administrative requirements in the Australian context.
Suggested Sections

1. Parties: Identification of the company granting the RSUs and the recipient employee

2. Background: Context of the RSU grant, reference to any equity incentive plan, and purpose of the agreement

3. Definitions and Interpretation: Key terms used in the agreement, including 'RSUs', 'Vesting Date', 'Share', etc.

4. Grant of RSUs: Details of the RSU grant including number of units and grant date

5. Vesting Conditions: Timing and conditions for RSU vesting, including any performance criteria

6. Rights and Restrictions: Rights attached to RSUs, voting rights, dividend equivalents, and transfer restrictions

7. Settlement of RSUs: Process and timing for converting vested RSUs into shares or cash

8. Taxation Obligations: Tax implications, withholding requirements, and employee obligations

9. Termination of Employment: Impact of employment termination on RSUs under different scenarios

10. Compliance with Laws: Regulatory compliance requirements and securities law restrictions

11. Administration: Administrative aspects including notices, record-keeping, and plan administration

12. General Provisions: Standard contract terms including amendments, governing law, and entire agreement

Optional Sections

1. International Provisions: Additional terms for international employees, used when recipient is not based in Australia

2. Clawback Provisions: Terms allowing company to recoup RSUs in certain circumstances, used when company policy requires

3. Market Standoff Agreement: Restrictions on selling shares during IPO or other market events, used for pre-IPO companies

4. Electronic Acceptance: Terms for electronic agreement acceptance, used when agreement is delivered electronically

5. Relationship with Other Plans: Interaction with other compensation plans, used when multiple plans exist

6. Data Privacy Consent: Detailed privacy terms and consent, used when extensive personal data processing is required

7. Non-Competition Provisions: Additional restrictive covenants, used when company requires specific non-compete terms

Suggested Schedules

1. Schedule 1 - Grant Notice: Specific details of the RSU grant including number of units, grant date, and vesting schedule

2. Schedule 2 - Vesting Schedule: Detailed timeline and conditions for RSU vesting

3. Schedule 3 - Tax Summary: Summary of tax implications and obligations specific to jurisdiction

4. Appendix A - Equity Incentive Plan: Copy or summary of the relevant equity incentive plan

5. Appendix B - Acceptance Form: Form for formal acceptance of the RSU grant and terms

6. Appendix C - Compliance Certificate: Form for certifying compliance with vesting conditions and applicable laws

Authors

Alex Denne

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

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Clauses
Grant of RSUs
Vesting
Settlement
Rights and Restrictions
Transfer Restrictions
Termination of Employment
Change in Control
Taxation
Withholding
Compliance with Laws
Securities Law Compliance
ASX Compliance
Confidentiality
Data Protection
Non-Competition
Non-Solicitation
Intellectual Property
Amendment
Administration
Notices
Assignment
Severability
Governing Law
Jurisdiction
Entire Agreement
Electronic Acceptance
Acknowledgments
Representation and Warranties
Market Standoff
Clawback
Dispute Resolution
Force Majeure
Dividend Rights
Voting Rights
Capital Adjustments
Plan Incorporation
Employment Status
Costs and Expenses
Relevant Industries

Technology

Financial Services

Professional Services

Healthcare

Mining and Resources

Manufacturing

Telecommunications

Retail

Energy

Real Estate

Media and Entertainment

Biotechnology

Software and IT

Construction

Consumer Goods

Relevant Teams

Human Resources

Legal

Finance

Compensation and Benefits

Corporate Governance

Executive Leadership

Payroll

Compliance

Share Registry

Corporate Secretary Office

Relevant Roles

Chief Executive Officer

Chief Financial Officer

Chief Technology Officer

Senior Executive

Director

Vice President

Senior Manager

Software Engineer

Product Manager

Sales Executive

Research Scientist

Technical Lead

Department Head

Regional Manager

Key Account Manager

Principal Engineer

Senior Consultant

Project Manager

Business Development Manager

Financial Analyst

Industries
Corporations Act 2001: Primary legislation governing corporations, securities, and financial products in Australia. Relevant for RSU issuance, disclosure requirements, and corporate governance obligations.
Income Tax Assessment Act 1997: Governs taxation of RSUs, including when and how they're taxed, tax deferral arrangements, and reporting requirements.
Fair Work Act 2009: Relevant for employment aspects of RSU agreements, ensuring they comply with Australian employment law and fair work practices.
Australian Securities and Investments Commission Act 2001: Regulates financial products and services, including oversight of RSU schemes and their compliance with Australian securities law.
Privacy Act 1988: Governs the collection, use, and disclosure of personal information in the RSU agreement and related documentation.
Competition and Consumer Act 2010: Includes Australian Consumer Law provisions that may apply to terms and conditions in RSU agreements.
ASX Listing Rules: If the company is listed on the ASX, these rules govern aspects of equity compensation including disclosure requirements and trading restrictions.
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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