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Stock Option Cancellation Agreement

Stock Option Cancellation Agreement Template for India

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Key Requirements PROMPT example:

Stock Option Cancellation Agreement

"I need a Stock Option Cancellation Agreement for our pre-IPO tech company in Bangalore, cancelling unvested options for 50 employees as part of our corporate restructuring planned for March 2025, with all cancellations to be processed without any consideration payment."

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Document background
The Stock Option Cancellation Agreement is a crucial document used in Indian corporate settings when companies need to terminate previously issued employee stock options. This situation commonly arises during corporate restructuring, mergers and acquisitions, or when companies are revising their equity compensation strategies. The agreement must comply with Indian corporate law, particularly the Companies Act, 2013, and SEBI regulations for listed companies. It typically includes detailed information about the options being cancelled, any consideration being provided, tax implications, and mutual releases. The document is essential for maintaining clear records of equity ownership and ensuring proper corporate governance in accordance with Indian regulatory requirements.
Suggested Sections

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

2. Background: Context about the original stock option grant(s) and reason for cancellation

3. Definitions: Key terms used in the agreement including 'Option', 'Option Agreement', 'Cancellation Date', etc.

4. Acknowledgment of Existing Options: Confirmation of current options held and their status

5. Cancellation Terms: Core terms of the cancellation including effective date and scope

6. Consideration: Details of any payment or benefit provided in exchange for cancellation

7. Tax Matters: Addressing tax implications and responsibilities

8. Mutual Releases: Releases between parties regarding the cancelled options

9. Representations and Warranties: Standard representations from both parties

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

11. Entire Agreement: Integration clause and relationship to other agreements

12. Execution: Signature blocks and execution requirements

Optional Sections

1. Multiple Grants: Additional provisions when cancelling multiple option grants with different terms

2. Foreign Exchange Compliance: Required when option holder is non-resident or foreign national

3. Confidentiality: Additional confidentiality provisions if sensitive terms are included

4. Surviving Obligations: If certain obligations from original option agreement continue

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

6. Board Approval: When specific board approval requirements need to be documented

7. Regulatory Compliance: For listed companies requiring specific SEBI compliance statements

Suggested Schedules

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

2. Schedule 2 - Calculation of Consideration: If applicable, detailed calculation of any consideration being paid

3. Schedule 3 - Tax Calculations: Breakdown of tax implications and calculations

4. Appendix A - Copy of Original Option Agreement(s): Copies of all relevant original option agreements being cancelled

5. Appendix B - Board Resolution: Copy of board resolution approving the cancellation

6. Appendix C - Regulatory Filings: Copies of any required regulatory filings or approvals

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 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




































Clauses



























Relevant Industries

Technology

Financial Services

Professional Services

Manufacturing

Pharmaceuticals

E-commerce

Telecommunications

Consulting

Start-ups

Information Technology

Relevant Teams

Human Resources

Legal

Finance

Corporate Secretarial

Compliance

Treasury

Executive Management

Compensation & Benefits

Corporate Governance

Relevant Roles

Chief Executive Officer

Chief Financial Officer

HR Director

Compensation & Benefits Manager

Legal Counsel

Company Secretary

Finance Manager

HR Business Partner

Equity Compensation Administrator

Corporate Governance Officer

Compliance Manager

Stock Plan Administrator

General Counsel

Treasury Manager

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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