Legal Report / Stock Option Plan / Algeria

Executive Summary

• Securities Laws and Regulatory Issues:

  Not applicable.

• Exchange Controls:

  There are extremely strict exchange controls restrictions in Algeria which means that it is very unlikely that any equity-based Awards can be granted to Participants based in Algeria. It is therefore recommended that a cash-based alternative is offered which is paid to Participants through the local payroll. 

• Other Filings and Reports:

  Not applicable.

• Award Documents and Communication:
  • Plan Documentation:

    Not applicable.

  • Award Document Wording:

    Not applicable.

  • Translations:

    Not applicable.

  • Electronic Communications:

    Not applicable.

  • Acceptance by Participants:

    Not applicable.

  • Jurisdiction Issues:

    Not applicable.

  • Salary Deductions:

    Not applicable.

• Consultation and Employment Rights:
  • Works Councils:

    Not applicable.

  • Local Laws:

    Not applicable.

  • Exclusion of Liability:

    Not applicable.

  • Compensation:

    Not applicable.

  • Clawback Provisions:

    Not applicable.

  • Restrictive Covenants:

    Not applicable.

• PEO & EoR:

  If a Participant is engaged via a Professional Employer Organisation (PEO) or other Employer of Record (EoR) they may not be regarded as an employee of the Company’s group, therefore care needs to be taken if the Company is relying on any legal exemption that is only available to directly engaged employees.

• Consultants:

  If a Participant is engaged as a consultant or contractor, they will not be regarded as an employee of the Local Company therefore care needs to be taken if the Company is relying on any legal exemption that is only available to employees.

• Data Privacy:

  Not applicable.

• Other Issues:

  Not applicable.

Legal Report

Securities Laws and Regulatory Issues

This issue has not been addressed; please refer to the Exchange Controls section.

Time: Grant, exercise, sale.

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Exchange Controls

There are extremely strict exchange controls restrictions in Algeria which means that it is very unlikely that any equity-based Awards can be granted to Participants based in Algeria. It is therefore recommended that a cash-based alternative is offered which is paid to Participants through the local payroll. 

Time: Grant, exercise, sale.

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Other Filings and Reports

Note

This issue has not been addressed; please refer to the Exchange Controls section.

Time: Grant, exercise, sale.

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Award Documents and Communication

Plan Documentation

This issue has not been addressed; please refer to the Exchange Controls section.

Time: Grant.

Award Document Wording

This issue has not been addressed; please refer to the Exchange Controls section.

Time: Grant.

Translations

This issue has not been addressed; please refer to the Exchange Controls section.

Time: Grant.

Electronic Communications

This issue has not been addressed; please refer to the Exchange Controls section.

Time: All phases

Acceptance by Participants

This issue has not been addressed; please refer to the Exchange Controls section.

Time: Grant.

Jurisdiction Issues

This issue has not been addressed; please refer to the Exchange Controls section.

Time: All phases

Salary Deductions

This issue has not been addressed; please refer to the Exchange Controls section.

Time: Grant, exercise.

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Consultation and Employment Rights

Works Councils

This issue has not been addressed; please refer to the Exchange Controls section.

Time: Grant.

Local Laws

This issue has not been addressed; please refer to the Exchange Controls section.

Time: All phases

Exclusion of Liability

This issue has not been addressed; please refer to the Exchange Controls section.

Time: Grant, leavers.

Compensation

This issue has not been addressed; please refer to the Exchange Controls section.

Time: Grant, leavers.

Clawback Provisions

This issue has not been addressed; please refer to the Exchange Controls section.

Time: All phases

Restrictive Covenants

This issue has not been addressed; please refer to the Exchange Controls section.

Time: Grant, leavers.

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PEO & EoR

If a Participant is engaged via a Professional Employer Organisation (PEO) or other Employer of Record (EoR) they may not be regarded as an employee of the Company’s group, therefore care needs to be taken if the Company is relying on any legal exemption that is only available to directly engaged employees.

Other points the Company should consider are:

1. whether the Plan itself allows Awards to be made to Participants engaged via a PEO or EoR; and
2. whether the engagement with the PEO or EoR adequately deals with the operation of the Plan.

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Consultants

If a Participant is engaged as a consultant or contractor, they will not be regarded as an employee of the Local Company therefore care needs to be taken if the Company is relying on any legal exemption that is only available to employees.

Care should also be taken that Participants in this category are genuine consultants or contractors and not viewed as an employee under local laws.

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Data Privacy

This issue has not been addressed; please refer to the Exchange Controls section.

Time: All phases.

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Other Issues

Note

This issue has not been addressed; please refer to the Exchange Controls section.

Time: All phases.

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