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The document titled 'Letter before Action - Stock Option Agreement' is an important legal document that serves as a formal demand for the immediate issue of shares by a company. The document begins with the account holder's personal information, including their first name, last name, job title, and address. It is addressed to the recipient, who is referred to as 'first last' and represents the company.
The purpose of this document is to assert a claim against the company for breach of the option agreement. The option agreement, which is defined in the document, is a share option agreement made between the company and the account holder. This agreement retains all stock option rights granted to the account holder.
The account holder has provided services to the company, and in return, the company has agreed to issue shares to the account holder upon the exercise of share option rights. The document specifies the period during which the company has granted share options to the account holder, along with the details of each option, including the date of grant, the number of shares, and the option price.
Despite repeated requests and notices to exercise the share option rights, the company has unreasonably refused to do so. Therefore, the account holder is demanding that the company issue the specified number of shares within 14 days from the date of the letter. Failure to comply with this demand may result in legal proceedings being initiated against the company.
The account holder explicitly states that they have not waived any contractual rights and reserve the right to pursue all legal and equitable remedies against the company. This includes the right to civil and criminal proceedings if necessary.
In summary, the 'Letter before Action - Stock Option Agreement' is a crucial document that asserts a claim against a company for breach of an option agreement and demands the immediate issuance of shares to the account holder.
Guidance for using the 'Letter before Action - Stock Option Agreement':
1. Provide personal information: Fill in the account holder's first name, last name, job title, and address in the designated fields.
2. Address the recipient: Enter the recipient's name and the company's name and address in the appropriate sections.
3. Specify the breach of the option agreement: Clearly state the claim against the company for breaching the option agreement and retaining stock option rights.
4. Describe the services provided: Explain the services provided by the account holder to the company, which form the basis for the share option rights.
5. Detail the granted share options: Fill in the details of each granted share option, including the date of grant, the number of shares, and the option price.
6. Highlight the company's refusal to issue shares: Emphasize the company's unreasonable refusal to issue shares despite repeated requests and notices.
7. Set a deadline for compliance: Specify a deadline of 14 days from the date of the letter for the company to issue the shares.
8. Warn of legal proceedings: Clearly state that legal proceedings will be initiated against the company if it fails to comply with the demand.
9. Reserve all rights: Explicitly reserve all contractual rights and the right to pursue legal and equitable remedies against the company.
10. Sign the letter: Sign the letter with the account holder's first name and last name.
Please note that this guidance provides a general overview and should be adapted to the specific circumstances and legal advice if necessary.