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Share Option Agreement

Share Option Agreement Template for Pakistan

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Key Requirements PROMPT example:

Share Option Agreement

"I need a Share Option Agreement under Pakistani law for my tech startup, granting options to 5 senior developers with performance-based vesting conditions tied to product launch milestones in March 2025."

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Document background
Share Option Agreements are essential instruments in Pakistani corporate practice, used by companies to attract, retain, and motivate key personnel by offering them the right to purchase company shares at a predetermined price. The agreement serves as the primary document governing the relationship between the company and option holders, outlining detailed terms of the option grant, vesting conditions, exercise procedures, and post-exercise rights. Under Pakistani law, these agreements must comply with the Companies Act 2017, Securities Act 2015, and relevant SECP regulations, particularly regarding share issuance and transfer restrictions. This document is commonly used by both private and public companies in Pakistan, especially in sectors where talent retention is crucial, and forms part of the company's broader equity compensation strategy.
Suggested Sections

1. Parties: Identification of the company granting options and the option holder

2. Background: Context of the agreement, relationship between parties, and purpose of the option grant

3. Definitions: Key terms used throughout the agreement including Option Price, Exercise Period, Shares, etc.

4. Grant of Option: Details of the option grant including number of shares, option price, and grant date

5. Vesting Schedule: Timeline and conditions for when options become exercisable

6. Exercise of Options: Procedure for exercising options, including payment methods and notice requirements

7. Taxation: Tax obligations and responsibilities of both parties

8. Termination: Consequences of employment termination on options

9. Transferability: Restrictions on transfer or assignment of options

10. Adjustments: Provisions for corporate actions affecting share capital

11. Confidentiality: Obligations regarding confidential information

12. Governing Law: Specification of Pakistani law as governing law and jurisdiction

13. General Provisions: Standard boilerplate clauses including notices, amendments, and entire agreement

Optional Sections

1. Change of Control: Provisions dealing with company acquisition or merger - include for companies planning or likely to undergo corporate transactions

2. Foreign Exchange Compliance: Required when option holders include non-Pakistani residents

3. Market Standoff Agreement: Include for companies planning IPO or public listing

4. Shareholder Rights: Include when options carry voting or dividend rights prior to exercise

5. Clawback Provisions: Include for senior executives or when required by company policy

6. Performance Conditions: Include when vesting is tied to specific performance metrics

7. Lock-up Period: Include when shares received upon exercise cannot be sold immediately

Suggested Schedules

1. Option Certificate: Formal certificate detailing the option grant

2. Exercise Notice: Template form for exercising options

3. Vesting Schedule Details: Detailed breakdown of vesting dates and quantities

4. Shareholders Agreement: Summary of or reference to key shareholders agreement terms affecting option holders

5. Company's Articles of Association: Relevant excerpts from articles affecting share options

6. Tax Computation Examples: Illustrations of tax treatment at grant, exercise, and sale

7. Regulatory Approvals: Copies of any required SECP or other regulatory approvals

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
Agreement
Articles of Association
Board
Business Day
Cause
Change of Control
Company
Companies Act
Confidential Information
Date of Grant
Director
Eligible Employee
Employment
Exercise Notice
Exercise Period
Exercise Price
Exercise Rights
Exit Event
Fair Market Value
Good Leaver
Grant Letter
Group
IPO
Option
Option Certificate
Option Holder
Option Shares
Ordinary Shares
Performance Conditions
Bad Leaver
SECP
Share Capital
Shareholders Agreement
Shares
Subsidiary
Tax
Termination Date
Transfer
Vesting Date
Vesting Period
Vesting Schedule
Vested Options
Clauses
Grant of Options
Vesting Conditions
Exercise Rights
Exercise Price
Exercise Period
Exercise Procedure
Payment Terms
Share Issuance
Termination Rights
Good Leaver/Bad Leaver Provisions
Change of Control
Transfer Restrictions
Voting Rights
Dividend Rights
Tax Obligations
Regulatory Compliance
Confidentiality
Non-Competition
Data Protection
Representations and Warranties
Amendment and Modification
Governing Law
Dispute Resolution
Notices
Assignment
Entire Agreement
Severability
Share Capital Adjustments
Lock-up Provisions
Shareholder Rights
Foreign Exchange Compliance
Market Standoff
Clawback Rights
Further Assurance
Costs and Expenses
Relevant Industries

Technology

Financial Services

Manufacturing

Professional Services

Healthcare

Telecommunications

E-commerce

Real Estate

Energy

Education

Retail

Pharmaceuticals

Consulting

Relevant Teams

Human Resources

Legal

Finance

Corporate Secretarial

Executive Management

Board of Directors

Compensation Committee

Corporate Governance

Compliance

Relevant Roles

Chief Executive Officer

Chief Financial Officer

Human Resources Director

Legal Counsel

Company Secretary

Board Member

Senior Executive

Department Head

Key Employee

Senior Manager

Technical Lead

Senior Engineer

Management Consultant

Financial Controller

Operations Director

Industries
Companies Act, 2017: Primary legislation governing company formation, management, and share capital matters in Pakistan, including provisions for share issuance and transfer
Securities Act, 2015: Regulates the securities market, including provisions for securities offerings, trading, and disclosure requirements
Income Tax Ordinance, 2001: Governs taxation aspects of share options, including tax treatment of option grants, exercise, and subsequent share sales
Foreign Exchange Regulation Act, 1947: Regulates foreign exchange transactions and foreign investment in shares of Pakistani companies
Pakistan Stock Exchange Regulations: Relevant if the company is listed or planning to list, governing trading and disclosure requirements
Securities and Exchange Commission of Pakistan Act, 1997: Establishes regulatory framework for corporate sector and capital markets supervision
Contract Act, 1872: Fundamental law governing contract formation and enforcement in Pakistan
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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