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๐ unpacking the somos virtual share options plan
we're making the legalese a bit friendlier โ let's dive in together! ๐ช
before we begin:
๐ฏย the aim of the game๐ย handy links๐คย a friendly reminderโฆ๐ย continuous improvementโ๏ธย legal comes first
โฃ
- we created this guide to make the legalese of the somos co-ownership scheme a bit more friendly and digestible.
- we want you to understand the ins and outs of your agreement with us.
- we believe in sharing the cake, and knowledge is the sweetest slice! ๐ฐ
โฃ
- to see how the co-ownership scheme works in practice, please take a look at our how it works guide.
- if you're ready to jump into the deep end, here's the actual document (just mind the sharks ๐ฆ - it's full of legal jargon!).
โฃ
- this guide is like a friendly sherpa helping you navigate the mountains of legalese ๐๏ธ, but it's not a replacement for professional legal advice.
- if anything is unclear, or you have doubts or questions, we always recommend chatting with your own legal advisor.
โฃ
- we're learners, just like you!
- this guide might get updates from time to time as we receive feedback, learn more and strive to make it better.
โฃ
- we're all about friendly and approachable, but when it comes to legal matters, the formal documents hold the final say.
- if there's any difference between what we say here and what's in the legal documents, the documents win.
โฃ
๐ what's this all about?
โฃ
๐ข who's who in the zoo
- ๐ฌ somos education limited: that's us, a company established under the laws of england & wales.
- ๐ฅ you: you're the beneficiary, someone we see as an essential part of our success.
โฃ
๐๏ธ all about your virtual share options
- ๐ซ the vsop gives you the chance to benefit from somos' growth as if you were a shareholder.
- โ but remember, it's a bit different โ you don't actually own any shares. instead, you have a contractual right that could turn into a payment (could be cash or non-cash) if certain stars align ๐.
- ๐ the value of this depends on how many virtual share options you've earned by contributing your awesome work to the platform.
- ๐ช to keep things nice and fair, the value of one virtual share option is exactly the same as one actual share in somos!
โฃ
๐๏ธ how you get your options
- ๐ย you can get virtual share options in somos by earning tokens. check out our guide on how teachers can earn tokens for more info!
- ๐ before you can earn tokens, youโll need to:
- sign up for the scheme via your dashboard ๐ฎ
- join our partner platform, ownco so you can track your progress! (donโt worry, weโll send you an invite on how to sign up) ๐
- ๐ฑย when youโve earned enough tokens, these will be translated into virtual share options in somos.
โฃ
๐ฐ when and how you get paid
- ๐ you become eligible for a cash payment if a liquidity event or grant event happens. let's break it down:
- ๐ liquidity event:
- this could happen if somos gets sold.
- for example, if you own 1% of somos in virtual share options and somos sells for a cool $1m, you'd pocket $10,000.
- not too shabby, right?
- ๐ grant event:
- ๐ฐ wondering how we calculate exactly how much you get?
- there's a formula in annex 2 of the terms and conditions.
- don't worry, there's no test on it.
- ๐ now, there might be times when somos asks you to accept a non-cash payment instead. rest assured, this won't put you at an advantage or disadvantage. it's all part of the journey!
โฃ
๐ rules on transferring and inheriting your options
- โ you can't transfer or dispose of your virtual options without somos' written consent.
- ๐ซ if you do, they become invalid, and you won't be entitled to any damages.
- ๐ฅ if you pass away, your virtual options can be inherited, and the heirs must stick to the rules of the vsop.
โฃ
๐ธ what about taxes?
- ๐ก all tax obligations related to the virtual options and payments from them are your responsibility.
- โ somos doesn't guarantee anything about potential tax implications and might withhold tax and social security contributions if legally required.
- ๐ฃ๏ธย do please get your own legal, tax and accountancy advice!
- โย somos doesn't provide legal, accounting or tax advice, and this information shouldn't be taken as such.
โฃ
โ๏ธ covering our backs
โฃ
โ๏ธ changes and notifications
- ๐ somos can change the vsop into another plan at any time, as long as it doesn't put you at a financial disadvantage.
- โ๏ธ you need to give written consent to changes to the conditions, unless they're technical adjustments due to changes in laws or in the company's legal form.
- ๐ง all communications about the vsop must be in writing. you need to provide somos with your postal address and email, and let somos know if they change.
โฃ
๐ก๏ธ your privacy
- ๐ somos is allowed to collect, process and use your personal data to fulfill the vsop and the associated contractual obligations.
โฃ
๐งพ the nitty-gritty details
- ๐ the option plan agreement and any disputes about it are governed by the laws of england and wales.
- โ๏ธ if there are any disputes, they'll be settled by the courts of england and wales.
- ๐ if any part of the vsop conditions is invalid or unenforceable, it won't affect the rest of the agreement.
- ๐ if this happens, the invalid part will be replaced with something that achieves the same financial aim. this also applies if there are any gaps in the agreement.
๐คย frequently asked questions
โฃ
โฃ
- ๐๏ธ a virtual share option is like a golden ticket.
- it gives you the chance to benefit from somos' success as if you were a shareholder.
- but remember, it's not quite the same as owning shares. instead, you have a contractual right that could lead to a cash or non-cash payment if certain stars align ๐.
โฃ
- you can earn virtual share options in somos by collecting tokens.
- think of it as a reward for your hard work and contribution to our platform.
- to start earning tokens, you'll need to sign up for the scheme and join our partner platform, ownco.
- check out our guide on how teachers can earn tokens for more info!
โฃ
- ๐ฐ your virtual share options could turn into a cash payment if a liquidity event or grant event happens.
- these events could include somos getting sold or issuing dividends to its shareholders.
โฃ
- ๐ฅ you can't transfer your virtual options without somos' written consent.
- if you pass away, your virtual options can be inherited, but the heirs must follow the rules of the vsop.
โฃ
- ๐ก any tax obligations related to the virtual options and payments from them are on your plate.
- we recommend getting your own legal, tax and accountancy advice as somos doesn't provide these services.
โฃ
- ๐ก๏ธ we can't make any promises about how the virtual options will develop or about a future liquidity event.
- we're not liable for losses or damages you suffer in relation to the vsop, unless they're caused by our or our employees' fraud or gross negligence.
โฃ
- โ๏ธ yes, somos can change the vsop into another plan at any time, as long as it doesn't put you at a financial disadvantage.
- you need to give written consent to changes to the conditions, unless they're technical adjustments due to changes in laws or in the company's legal form.
โฃ
- ๐ก๏ธ your privacy is important to us!
- we are allowed to collect, process and use your personal data only to fulfill the vsop and the associated contractual obligations.
โฃ
- โ๏ธ the agreement and any disputes about it are governed by the laws of england and wales.
โฃ
- ๐ if any part of the vsop conditions is invalid or unenforceable, it won't affect the rest of the agreement.
- the invalid part will be replaced with something that achieves the same financial aim.
โ previous
next โ
on this page
- ๐ unpacking the somos virtual share options plan
- ๐ what's this all about?
- ๐ข who's who in the zoo
- ๐๏ธ all about your virtual share options
- ๐๏ธ how you get your options
- ๐ฐ when and how you get paid
- ๐ rules on transferring and inheriting your options
- ๐ธ what about taxes?
- โ๏ธ covering our backs
- โ๏ธ changes and notifications
- ๐ก๏ธ your privacy
- ๐งพ the nitty-gritty details
- ๐คย frequently asked questions