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Stock Option Cancellation Agreement

Stock Option Cancellation Agreement Template for Philippines

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Key Requirements PROMPT example:

Stock Option Cancellation Agreement

"I need a Stock Option Cancellation Agreement for a departing senior executive who holds 50,000 unvested options, with the cancellation to take effect on March 15, 2025, in exchange for a cash payment of PHP 2,000,000."

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Document background
The Stock Option Cancellation Agreement is a crucial document used when a company and an option holder mutually agree to terminate previously granted stock options. This agreement is particularly relevant in scenarios such as employee departures, corporate restructuring, or when companies need to modify their equity compensation structure. Under Philippine law, such agreements must comply with the Corporation Code, Securities Regulation Code, and relevant SEC regulations. The document typically includes detailed information about the options being cancelled, any consideration provided, tax implications, and necessary corporate approvals. It's essential for maintaining clear records of equity compensation changes and ensuring proper corporate governance in Philippine corporations.
Suggested Sections

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

2. Background: Context of the original stock option grant and reason for cancellation

3. Definitions: Definition of key terms used in the agreement

4. Acknowledgment of Existing Options: Details of the existing stock options including grant date, number of shares, exercise price

5. Cancellation of Options: Express agreement to cancel the specified stock options

6. Consideration: Any payment or benefit provided in exchange for the cancellation

7. Tax Matters: Treatment of tax implications and responsibilities

8. Release and Waiver: Mutual release of claims related to the cancelled options

9. Representations and Warranties: Statements of fact by both parties regarding their authority and the options

10. Governing Law: Specification of Philippine law as governing law

11. General Provisions: Standard contractual provisions including entire agreement, amendments, and notices

Optional Sections

1. Regulatory Compliance: Required for public companies or when specific SEC Philippines requirements apply

2. Shareholder Approval: Include when cancellation requires shareholder approval under corporate documents

3. Non-Competition and Confidentiality: Include when cancellation is tied to employment termination

4. Survival of Other Options: Include when optionee holds multiple option grants and only some are being cancelled

5. Alternative Compensation: Include when replacement compensation or benefits are being provided

6. Board Approval: Include when board resolution is required for the cancellation

Suggested Schedules

1. Schedule A - Option Details: Detailed description of the stock options being cancelled, including grant dates, vesting schedules, and exercise prices

2. Schedule B - Consideration Details: If applicable, detailed breakdown of any consideration being provided

3. Schedule C - Board Resolution: Copy of the board resolution approving the cancellation

4. Appendix 1 - Original Option Agreement: Copy of the original stock option agreement being cancelled

5. Appendix 2 - Tax Computation: If applicable, calculation of tax implications and withholding requirements

Authors

Alex Denne

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

alex.den.21@genieai.co
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Relevant Industries

Technology

Financial Services

Manufacturing

Professional Services

Telecommunications

Healthcare

Retail

Real Estate

Energy

Mining

Start-ups

E-commerce

Relevant Teams

Legal

Human Resources

Finance

Compensation and Benefits

Corporate Governance

Executive Management

Board Secretariat

Compliance

Employee Relations

Relevant Roles

Chief Executive Officer

Chief Financial Officer

Human Resources Director

Compensation Manager

Legal Counsel

Corporate Secretary

Stock Plan Administrator

Finance Manager

Compliance Officer

Board Member

Employee Relations Manager

Executive Compensation Specialist

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, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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