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Employee Shareholder Agreement

Employee Shareholder Agreement Template for Nigeria

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Key Requirements PROMPT example:

Employee Shareholder Agreement

"I need an Employee Shareholder Agreement for a Nigerian fintech startup, with provisions for gradual share vesting over 3 years starting January 2025, specifically designed for senior software engineers with emphasis on IP protection and non-compete clauses."

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Document background
The Employee Shareholder Agreement is a crucial document used in Nigerian companies when offering share ownership to employees as part of their employment package or incentive structure. This agreement is particularly important in the context of Nigerian corporate law, where it must comply with the Companies and Allied Matters Act (CAMA) 2020 and other relevant legislation. The document serves multiple purposes: it defines the employment relationship, establishes share ownership terms, protects company interests through confidentiality and non-compete provisions, and sets out clear procedures for share transfers and exits. Companies typically use this agreement when implementing employee share ownership schemes, retaining key talent, or aligning employee interests with company growth objectives. The agreement requires careful drafting to balance the rights and obligations of both parties while ensuring enforceability under Nigerian law.
Suggested Sections

1. Parties: Identification of the company, the employee shareholder, and any other relevant parties

2. Background: Context of the agreement, including employment status and share offering arrangement

3. Definitions and Interpretation: Definitions of key terms and interpretation rules

4. Employment Terms: Key employment terms including role, duties, and reporting structure

5. Share Allocation: Details of shares being issued/transferred including class, number, and price

6. Payment Terms: Terms for payment of shares if applicable

7. Rights and Restrictions: Shareholder rights, voting rights, and any restrictions on share dealings

8. Transfer Restrictions: Limitations on transfer of shares and required procedures

9. Compulsory Transfer Events: Circumstances requiring share transfer including termination scenarios

10. Valuation: Method for valuing shares in transfer scenarios

11. Confidentiality: Obligations regarding company and business confidential information

12. Non-Competition and Non-Solicitation: Restrictions on competitive activities and solicitation of employees/clients

13. Termination: Grounds and procedures for terminating the agreement

14. Dispute Resolution: Procedures for resolving disputes

15. General Provisions: Standard boilerplate clauses including notices, amendments, and governing law

Optional Sections

1. Tag-Along Rights: Used when minority shareholders should have the right to join in sale of majority shares

2. Drag-Along Rights: Used when majority shareholders should have the right to force minority shareholders to join in a sale

3. Performance Targets: Include when share rights are tied to specific performance metrics

4. Share Vesting Schedule: Used when shares vest over time or based on conditions

5. Dividend Rights: Include when specific dividend arrangements need to be documented

6. Board Representation: Used when the employee shareholder has or may have board rights

7. Pre-emptive Rights: Include when existing shareholders should have first right to purchase new share issues

8. Share Option Provisions: Used when including options for additional share purchases

Suggested Schedules

1. Schedule 1 - Share Details: Detailed information about the shares including class rights and restrictions

2. Schedule 2 - Employment Terms: Detailed employment terms and conditions

3. Schedule 3 - Company Articles Excerpt: Relevant provisions from the company's articles of association

4. Schedule 4 - Share Valuation Methodology: Detailed methodology for share valuation

5. Schedule 5 - Deed of Adherence: Form of deed for new shareholders to sign

6. Schedule 6 - Performance Criteria: Detailed performance targets if applicable

7. Appendix A - Share Certificate: Specimen share certificate

8. Appendix B - Board Resolutions: Relevant board resolutions approving the agreement

Authors

Alex Denne

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

alex.den.21@genieai.co
Relevant legal definitions
















































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Relevant Industries

Financial Services

Technology

Professional Services

Manufacturing

Telecommunications

Energy

Real Estate

Healthcare

Retail

Construction

Mining

Agriculture

Education

Media and Entertainment

Relevant Teams

Human Resources

Legal

Finance

Executive Leadership

Corporate Secretariat

Compliance

Operations

Administration

Relevant Roles

Chief Executive Officer

Managing Director

Executive Director

Chief Financial Officer

Chief Operating Officer

Senior Manager

Department Head

Regional Manager

General Manager

Technical Director

Sales Director

Business Development Manager

Senior Software Engineer

Principal Consultant

Partner

Industries








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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