The Option To Purchase Shares Agreement is a crucial document in U.S. corporate practice, particularly for companies seeking to attract and retain talent through equity incentives. This agreement is commonly used when companies want to offer employees, consultants, or directors the right to purchase shares at a fixed price, typically as part of compensation packages. It must comply with federal securities laws, state-specific regulations, and tax requirements, particularly IRC Sections 409A and 422. The agreement specifies critical terms including exercise price, vesting schedule, expiration dates, and conditions for exercise.
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1. Parties: Identification of the company and option holder
2. Background: Context of the option grant and relationship between parties
3. Definitions: Key terms including Exercise Price, Option Shares, Expiration Date
4. Grant of Option: Terms of the option grant including number of shares and exercise price
5. Vesting Schedule: Timeline and conditions for option vesting
6. Exercise Procedures: Process and requirements for exercising options
7. Termination Provisions: Consequences of employment termination on options
1. Change of Control Provisions: Used when specific provisions for company sale/merger are needed
2. Lock-up Agreement: Include for pre-IPO companies
3. Right of First Refusal: Include for private companies
1. Exercise Notice: Form for exercising options
2. Vesting Schedule: Detailed breakdown of vesting timeline
3. Stockholder Agreements: Referenced agreements affecting option shares
4. Tax Election Forms: Including 83(b) election form if applicable
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