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Stock Option For Employees Not Tax Sheltered
(NOTE: This document is for a stock option for employees of a company or business. It does not have any tax sheltering criteria and should be used only after seeking sound tax consultation.)
Employee Stock Option
STOCK OPTION made on [Date] by and between [Name] of [Address], hereinafter referred to as "Employer", and [Name] of [Address], hereinafter referred to as "Employee" agree as follows:
In consideration of commendable service by Employee on behalf of Employer, Employer grants to Employee the option to purchase Common stock of Employer.
The option may be exercised after the Employee has served [--] months of total employment.
Employee shall be eligible to purchase [--] shares of stock every [--] months, or in the event of stock splits or other re-capitalization, an equal amount of shares, at [--%- percent of current market value.
Any notice to be given or to be served upon any party hereto must be in writing and may be given by certified or registered mail, but shall be deemed to have been given and received when a certified or registered letter containing such notice, properly addressed with postage prepaid, is deposited with U.S. Mail. If notice is given in some manner other than by certified or registered mail, it shall be deemed to have been given when delivered to and received by the party to whom it is addressed, Such notices shall be given to the parties hereto at the following addresses:
If to the [Name]:
[city, state, zip]
If to the [Name]:
[city, state, zip]
All such notices and communications shall be deemed to have been duly given when delivered by hand, if personally delivered; [--] business days after deposit in U.S. Mail, postage prepaid, if mailed; when answered back, if faxed; and when receipt is acknowledge. Any party hereto may change its address for purposes of this paragraph by written notice given in the manner provided above.
Neither party has made any representations nor promises, other than those contained in this Stock Option or in some further writing signed by the party making the representation or promise.
Cross-References. All cross-references in this Stock Option, unless specifically directed to another Stock Option or document, refer to provisions in this Stock Option, and shall not be deemed to be references to any overall transaction or to any other Stock Options or documents.
In connection with this Stock Option and the transactions contemplated hereby, each party to this Stock Option will execute and deliver any additional documents and perform any additional acts that may be necessary or appropriate to effectuate and perform its obligations under this Stock Option and the transactions contemplated hereby.
This Stock Option shall be binding upon the parties hereto and their respective heirs, administrators, successors, and assigns.
IN WITNESS WHEREOF, the parties have executed this Stock Option the day and year as first above written at [City], [State].
[Name], Company Inc.
This Section for Notary:
STATE OF -------)
) ss: [Date]
COUNTY OF ------)
On [Date] before me, [Name of Notary], notary, personally appeared [Name of Person(s) Involved], personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.
Witness my hand and official seal.
[Name of Notary Public]
My commission expires: [date]