The Advisor Stock Option Agreement is a crucial document used by Pakistani companies to attract and retain high-quality advisors by offering them the opportunity to acquire ownership in the company through stock options. This agreement is particularly relevant for growing companies seeking strategic guidance and expertise while managing cash flow. The document must comply with Pakistani corporate law, specifically the Companies Act 2017 and SECP regulations, while addressing key aspects such as option grants, vesting schedules, exercise procedures, and tax implications. It's commonly used in scenarios where companies want to align advisors' interests with long-term company success, typically involving professional advisors, industry experts, or strategic consultants who provide valuable guidance to the company's management or board.
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1. Parties: Identification of the Company and the Advisor, including their full legal names and addresses
2. Background: Context of the advisory relationship and the company's desire to grant stock options as part of the compensation
3. Definitions: Key terms used throughout the agreement including 'Option Shares', 'Exercise Price', 'Vesting Date', etc.
4. Grant of Option: Details of the stock option grant, including number of shares, exercise price, and grant date
5. Vesting Schedule: Timeline and conditions for the vesting of options
6. Exercise of Option: Procedures and conditions for exercising the options, including payment methods and notice requirements
7. Term and Expiration: Duration of the option grant and circumstances of expiration
8. Restrictions on Transfer: Limitations on the advisor's ability to transfer or assign the options
9. Termination of Advisory Relationship: Impact of advisory relationship termination on the options
10. Compliance with Laws: Requirements for compliance with Pakistani securities laws and regulations
11. Tax Matters: Tax obligations and responsibilities of both parties
12. Representations and Warranties: Standard declarations by both parties regarding their capacity and authority
13. General Provisions: Standard clauses including notices, amendments, governing law, and dispute resolution
1. Foreign Exchange Compliance: Required when the advisor is non-Pakistani, addressing compliance with foreign exchange regulations
2. Shareholder Rights: Include when the advisor will receive specific rights as a shareholder upon exercise
3. Drag-Along Rights: Include in cases where the company wants to ensure advisor participation in future sale transactions
4. Tag-Along Rights: Include to give the advisor rights to participate in future sale transactions
5. Confidentiality Obligations: Include when not covered in a separate advisory agreement
6. Electronic Execution: Include when the agreement will be executed electronically
7. Change in Control Provisions: Include specific provisions for accelerated vesting in case of company sale or merger
1. Schedule A - Option Details: Detailed breakdown of number of shares, exercise price, and vesting schedule
2. Schedule B - Notice of Exercise: Template form for the advisor to exercise options
3. Schedule C - Vesting Milestones: If applicable, specific performance or time-based milestones for vesting
4. Schedule D - Shareholders Agreement: Summary of or reference to key terms from the company's shareholders agreement
5. Appendix 1 - Board Resolution: Copy of board resolution approving the option grant
6. Appendix 2 - Regulatory Approvals: Copies of any required SECP or other regulatory approvals
7. Appendix 3 - Tax Calculations: Examples of tax calculations and withholding requirements
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