- An intention that a stock option may be granted in specified cases;
- The number of shares to be issued or transferred in the case of exercising the stock option;
- Qualifications of a person to whom a stock option is to be granted;
- Exercising period of the stock option; and
- An intention that the granting of the stock option may be revoked by a resolution of the board of directors in specified cases. Korea Commercial Act art. 340-3(3)1.
If your company in Korea intends to grant stock options or have received stock options in Korea please consult with an attorney that deals with these type of matters. I have seen a recent incident that could have been avoided if the company and the employee, simply, had a counsel that was not, only, aware of Labor and Employment Law.
Sean Hayes may be contacted at: SeanHayes@ipglegal.com.
Sean Hayes is co-chair of the Korea Practice Team and Entertainment Law Team at IPG Legal. He is first non-Korean attorney to have worked for the Korean court system (Constitutional Court of Korea) and one of the first non-Koreans to be a regular member of a Korean law faculty.