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The document titled 'Share Transfer under Employee Shares Scheme' is a letter addressed to the directors of the parent company, Account Job Company. The letter is regarding the issuance of shares to an employee under the Employee Shares Scheme.
The importance of this document lies in its role in formalizing the transfer of shares to the employee as per the terms of their employment contract. It ensures that the employee's rights to the shares are recognized and that the necessary steps are taken to complete the transfer.
The document begins with a salutation to the directors and a brief introduction. It states that the employee, as per their employment contract, was offered a certain number of shares in the company upon their commencement. The employee has now sent a subscription letter to exercise the allotment and issuance of the shares.
To address this matter, the author of the letter proposes a meeting of directors to be held on a specified date at the company's registered address. The purpose of the meeting is to discuss and decide on the issuance of the shares to the employee.
In conclusion, this document serves as a formal notice to the directors of the parent company regarding the meeting to be held for the issuance of shares to the employee under the Employee Shares Scheme.
To use this document effectively, follow the steps below:
1. Review the employment contract: Familiarize yourself with the terms of the employment contract between the company and the employee. Pay attention to any provisions related to the issuance of shares.
2. Verify the employee's eligibility: Ensure that the employee is eligible to receive shares under the Employee Shares Scheme. Check if the employee has completed the necessary requirements or milestones as specified in the employment contract.
3. Schedule a meeting: Coordinate with the directors of the parent company to schedule a meeting. Choose a date and time that is convenient for all parties involved.
4. Prepare for the meeting: Gather all relevant documents and information related to the issuance of shares. This may include the employment contract, the subscription letter from the employee, and any other supporting documents.
5. Conduct the meeting: During the meeting, discuss the employee's request for the issuance of shares. Consider factors such as the number of shares to be issued, any vesting periods or restrictions, and the impact on the company's share capital.
6. Make a decision: After thorough discussion, the directors should make a decision regarding the issuance of shares to the employee. This decision should be documented and communicated to all relevant parties.
7. Complete the share transfer: If the decision is to proceed with the issuance of shares, follow the necessary procedures to complete the share transfer. This may involve updating the company's share register, issuing share certificates, and updating any relevant legal or regulatory filings.
8. Communicate the outcome: Inform the employee of the decision made during the meeting. Provide them with any necessary documentation or instructions regarding the transfer of shares.
9. Maintain records: Keep a record of the meeting minutes, any resolutions passed, and any other relevant documentation related to the issuance of shares. These records may be required for future reference or compliance purposes.
By following these steps, you can effectively navigate the process of transferring shares to an employee under the Employee Shares Scheme.