The Stock Option Cancellation Agreement is essential in situations where companies need to restructure their equity compensation arrangements or when option holders wish to surrender their rights to purchase company shares. This document is commonly used in Australian corporate settings during company restructuring, mergers and acquisitions, or when underwater options need to be cancelled and potentially replaced. The agreement must comply with Australian corporate law, particularly the Corporations Act 2001 (Cth) and relevant tax legislation, including specific provisions for employee share schemes. It's crucial for both private and public companies, especially those listed on the ASX, as it helps maintain clear records of equity ownership and ensures proper corporate governance. The document typically includes detailed information about the options being cancelled, consideration (if any), tax implications, and releases from future claims.
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1. Parties: Identification of the company and the option holder
2. Background: Context of the original option grant and reason for cancellation
3. Definitions: Key terms used throughout the agreement
4. Acknowledgment of Existing Options: Description and acknowledgment of the current options held
5. Cancellation: Core terms of the cancellation including effective date and scope
6. Consideration: Details of any payment or other consideration for the cancellation
7. Release and Waiver: Mutual release of claims relating to the cancelled options
8. Tax Matters: Acknowledgments and obligations regarding tax consequences
9. Representations and Warranties: Standard representations by both parties
10. General Provisions: Standard boilerplate clauses including governing law, notices, etc.
11. Execution: Signature blocks and execution requirements
1. Continuing Obligations: Used when certain obligations from the original option agreement survive
2. Confidentiality: Include when specific confidentiality provisions are needed beyond general provisions
3. Regulatory Compliance: Include for listed companies or when specific regulatory requirements apply
4. Payment Terms: Include when consideration is being paid in installments or subject to conditions
5. Securities Law Compliance: Include for listed companies or when specific securities law considerations apply
6. Non-Competition/Non-Solicitation: Include when new restrictive covenants are part of the cancellation arrangement
1. Schedule 1 - Option Details: Detailed description of the options being cancelled including grant dates, vesting schedules, and exercise prices
2. Schedule 2 - Calculation of Consideration: If applicable, methodology and calculations for determining cancellation payment
3. Schedule 3 - Tax Calculations: If applicable, breakdown of tax implications and calculations
4. Appendix A - Copy of Original Option Agreement: Reference copy of the original option agreement being cancelled
5. Appendix B - Required Regulatory Forms: Any forms required by regulatory authorities for the cancellation
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Mining and Resources
Healthcare
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Public Listed Companies
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Venture Capital
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Relevant Teams
Legal
Human Resources
Finance
Executive Management
Corporate Governance
Compensation and Benefits
Compliance
Company Secretariat
Board of Directors
Share Registry
Relevant Roles
Chief Executive Officer
Chief Financial Officer
General Counsel
HR Director
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Stock Plan Administrator
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Corporate Actions Manager
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