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The Purpose of a Stock Option Plan

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Stock options are often issued as a part of a company’s incentive program to the company’s and its subsidiaries’ key persons who are working on the company’s projects. The purpose of the stock options is to give personnel a financial incentive to work hard to increase the company’s shareholder value. This is a common strategy with businesses as the employees can see their connection with their work and the company they are staying with. In this article, SSH Communications launched a new stock option plan with the intention to encourage and motivate their employees to stay and work long-term. However, many things affect their stock value that they cannot control as well.

Read the article here.

 

Take away:

  • Stock options can encourage employee performance but their value is often out of the employee control. Any negative fluctuations could result in a loss of motivation and the opposite is also true, where positive fluctuations will encourage performance.

 

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This article is provided for informational purposes only and does not create a lawyer-client relationship with the reader. It is not legal advice and should not be regarded as such. Any reliance on the information is solely at the reader’s own risk. Clausehound.com is a legal tool geared towards entrepreneurs, early-stage businesses and small businesses alike to help draft legal documents to make businesses more productive. Clausehound offers a $10 per month DIY Legal Library which hosts tens of thousands of legal clauses, contracts, articles, lawyer commentaries and instructional videos. Find Clausehound.com where you see this logo.

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The Marriage Contract is a Couple’s Self-Made Law

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In Ontario, there is a default statutory regime that governs matrimonial property. However, if a couple preparing to wed or an already married couple wishes to avoid the default statutory regime, the couple may opt out of the regime by signing a marriage contract in which the couple shapes its own rights regarding property division.

This article is about marriage contracts in Ontario. The relevant legislation establishes a default regime that deals with matrimonial property at the breakdown of marriage. This default regime automatically applies to all couples unless the couple decides to opt out by signing a marriage contract. Once a marriage contract is signed, it will, for the most part, replace the property division provisions of the relevant legislation. However, it is important to note that the relevant legislation will still govern the marriage contract itself. For example, the legislation may allow courts to set aside marriage contracts if there is evidence that there was improper financial disclosure; one of the parties did not understand the nature and consequences of the contract; or if there is evidence of fraud, duress or undue influence when entering into the marriage contract.

Read the article here.

Take away:

  • Prior to getting married, it would be prudent to review and understand the applicable statutory regime to understand how property will be divided upon marital breakdown. If the couple believes the statutory regime does not suit their needs, they can consider entering into a marriage contract.

 

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This article is provided for informational purposes only and does not create a lawyer-client relationship with the reader. It is not legal advice and should not be regarded as such. Any reliance on the information is solely at the reader’s own risk. Clausehound.com is a legal tool geared towards entrepreneurs, early-stage businesses and small businesses alike to help draft legal documents to make businesses more productive. Clausehound offers a $10 per month DIY Legal Library which hosts tens of thousands of legal clauses, contracts, articles, lawyer commentaries and instructional videos. Find Clausehound.com where you see this logo.

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What Can be Included in Marriage Contracts?

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Parties may enter into marriage contracts to address issues they could face during their marriage and that may arise upon the breakdown of marriage. Because parties can customize a marriage contract to best suit their needs and specific situations, the contents of marriage contracts vary widely. Some examples of topics addressed in a marriage contract are how property will be owned during the marriage; how property will be divided upon the breakdown of the marriage; how household chores will be shared during the marriage; how household expenses will be shared during the marriage, etc.

This article explains what a marriage contract is, why parties enter into such contracts and the legal and formal requirements of such marriage contracts. The article provides advice on when it is a good idea to sign a marriage contract, and when a marriage contract is not a good idea. Regardless of what is covered by a marriage contract, the article provides this advice: “Using a do-it-yourself marriage agreement kit is really not a good strategy.” Expert independent legal advice is essential.

Read the article here.

Take away:

  • Legal advice should address the question of whether a marriage contract is a good idea for the particular couple, and if it is, what topics need to be considered for inclusion in the contract.

 

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This article is provided for informational purposes only and does not create a lawyer-client relationship with the reader. It is not legal advice and should not be regarded as such. Any reliance on the information is solely at the reader’s own risk. Clausehound.com is a legal tool geared towards entrepreneurs, early-stage businesses and small businesses alike to help draft legal documents to make businesses more productive. Clausehound offers a $10 per month DIY Legal Library which hosts tens of thousands of legal clauses, contracts, articles, lawyer commentaries and instructional videos. Find Clausehound.com where you see this logo.

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There is No One-Size-Fits-All Marriage Contract

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Parties usually enter into marriage contracts to protect their property and finances in case of a breakdown of marriage. Thus, many marriage contracts deal with property division and support. However, the way such marriage contracts deal with these issues will vary depending on the circumstances and preferences of the parties. For example, one couple may use a marriage contract for the purpose of specifying the property that will be exempt from the default statutory regime while another couple may use a marriage contract to set out spousal support obligations. Thus, there is no uniform model for a marriage contract. Couples make and determine the content of their own contracts.

When assisting couples to draft a marriage contract it is important to have both parties obtain independent legal advice, and to make certain that both parties understand the effects of the terms of the contract. Each party must clearly express their intentions with respect to the contract.

Read the article here.

Take away:

  • Marriage contracts should be drafted in terms that reflect the particular parties’ intentions. Parties should each obtain independent legal advice to understand how a marriage contract can be drafted to best suit their needs.

 

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This article is provided for informational purposes only and does not create a lawyer-client relationship with the reader. It is not legal advice and should not be regarded as such. Any reliance on the information is solely at the reader’s own risk. Clausehound.com is a legal tool geared towards entrepreneurs, early-stage businesses and small businesses alike to help draft legal documents to make businesses more productive. Clausehound offers a $10 per month DIY Legal Library which hosts tens of thousands of legal clauses, contracts, articles, lawyer commentaries and instructional videos. Find Clausehound.com where you see this logo.

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Family Farms and Marriage Contracts

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Many farm owners have a personal, emotional, and familial attachment to their farm. For this reason, it is especially important for farm owners to consider protecting their farm upon marital breakdown. Specifically, it is important to have some type of contract which sets out that the farm is meant to be kept within the family for generations to come.

This article hones in on a situation where one of the parties in a couple is a farm owner. Often, farm owners would like to keep their farm within the family. For that to happen, a farm owner may consider signing a marriage contract retaining full ownership of the farm. Even if a farm owner is reluctant to sign a marriage contract, they may consider a “Family Farm Legacy Agreement” which is essentially a marriage contract that deals specifically (and possibly, only) with the farm. This is especially important as a spouse of the farm owner may acquire an interest in the family farm upon marital breakdown if they have contributed to the maintenance and work done on the farm.

For this reason, this article recommends paying your spouse for any work that is conducted or completed on the farm during the marriage. This article makes many other recommendations and provides tips for farm owners who are considering marriage.

Read the article here.

Take away:

  • If you are a farm-owner ensure your family farm is protected. Consider entering into a Family Farm Legacy Agreement and paying your spouse for any work they have conducted on your farm during the marriage.

 

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This article is provided for informational purposes only and does not create a lawyer-client relationship with the reader. It is not legal advice and should not be regarded as such. Any reliance on the information is solely at the reader’s own risk. Clausehound.com is a legal tool geared towards entrepreneurs, early-stage businesses and small businesses alike to help draft legal documents to make businesses more productive. Clausehound offers a $10 per month DIY Legal Library which hosts tens of thousands of legal clauses, contracts, articles, lawyer commentaries and instructional videos. Find Clausehound.com where you see this logo.

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