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Stock Grant Agreement

Stock Grant Agreement Template for Nigeria

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Key Requirements PROMPT example:

Stock Grant Agreement

"I need a Stock Grant Agreement under Nigerian law for our fintech startup, granting 50,000 shares to our new CTO with a 4-year vesting schedule starting March 1, 2025, and including special provisions for accelerated vesting in case of acquisition."

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Document background
The Stock Grant Agreement is a crucial document used in Nigerian corporate practice when companies wish to provide equity compensation to employees, directors, or other eligible individuals. It serves as the legal framework for share-based incentives, commonly used for talent attraction, retention, and alignment of interests between the company and its key personnel. The agreement must comply with Nigerian legislation, particularly the Companies and Allied Matters Act (CAMA) 2020, Investment and Securities Act 2007, and relevant tax laws. It typically includes detailed provisions on grant size, vesting schedules, shareholder rights, transfer restrictions, and tax obligations. This document is especially relevant for growing companies, listed entities, and multinational corporations operating in Nigeria who want to implement equity-based compensation programs.
Suggested Sections

1. Parties: Identification of the Company and the Recipient/Grantee

2. Background: Context of the agreement, including reference to any employment relationship and stock plan

3. Definitions: Definitions of key terms used throughout the agreement

4. Grant of Shares: Details of the shares being granted, including number, class, and nominal value

5. Vesting Schedule: Timing and conditions for vesting of the shares

6. Transfer Restrictions: Limitations on the transfer of shares before and after vesting

7. Rights as a Shareholder: Voting rights, dividend rights, and other shareholder privileges

8. Tax Obligations: Responsibilities for tax payments and compliance with tax laws

9. Compliance with Laws: Obligations to comply with Nigerian securities laws and regulations

10. Termination: Consequences of employment termination on unvested shares

11. Governing Law: Specification of Nigerian law as governing law

12. Dispute Resolution: Procedures for resolving disputes under the agreement

Optional Sections

1. Lock-up Period: Additional holding period requirements - used when company wants to ensure longer-term retention

2. Change of Control: Provisions for acceleration or other treatments in case of company sale - relevant for pre-IPO or acquisition scenarios

3. Clawback Provisions: Company's right to reclaim shares - used when there's need for additional security against misconduct

4. International Compliance: Additional provisions for international recipients - needed when grant involves foreign nationals

5. Non-Competition: Restrictions on competing activities - used when protecting company interests is crucial

6. Share Buy-Back Rights: Company's right to repurchase shares - relevant for private companies

7. Tag-Along Rights: Rights to participate in sale of majority shares - important for minority protection

Suggested Schedules

1. Schedule 1 - Share Details: Detailed description of shares including class rights and restrictions

2. Schedule 2 - Vesting Schedule: Detailed timeline and conditions for share vesting

3. Schedule 3 - Shareholders' Agreement: Key provisions from the company's shareholders' agreement that apply to the grantee

4. Schedule 4 - Tax Summary: Summary of tax implications and filing requirements

5. Appendix A - Stock Plan Terms: Reference to or excerpt from the company's stock plan

6. Appendix B - Acceptance Form: Form for formal acceptance of the grant and its terms

7. Appendix C - Regulatory Disclosures: Required disclosures under Nigerian securities laws

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 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

Telecommunications

Oil and Gas

Healthcare

Real Estate

E-commerce

Consumer Goods

Mining

Agriculture

Education

Construction

Entertainment

Relevant Teams

Legal

Human Resources

Finance

Corporate Secretariat

Compensation and Benefits

Executive Leadership

Board of Directors

Compliance

Tax

Corporate Governance

Relevant Roles

Chief Executive Officer

Human Resources Director

Legal Counsel

Chief Financial Officer

Company Secretary

Compensation and Benefits Manager

Finance Director

Board Director

Executive Director

Senior Manager

Department Head

Vice President

Managing Director

Chief Operating Officer

Talent Acquisition 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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