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Key Man Agreement

Key Man Agreement Template for Germany

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Key Requirements PROMPT example:

Key Man Agreement

"I need a Key Man Agreement for our CTO who developed our core AI technology platform, with €2M insurance coverage and special provisions for intellectual property protection, to be effective from March 1, 2025."

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Document background
A Key Man Agreement is essential for German companies seeking to protect themselves against the financial impact of losing crucial employees. This document, governed by German law including the Bürgerliches Gesetzbuch (BGB) and Versicherungsvertragsgesetz (VVG), is typically used when a company identifies individuals whose expertise, relationships, or leadership are fundamental to its success. The agreement details insurance policies, premium payments, beneficiary arrangements, and mutual obligations while ensuring compliance with German employment and data protection laws. It's particularly relevant for companies in knowledge-intensive industries or those with highly specialized leadership roles, where the sudden loss of key personnel could significantly impact operations, client relationships, or intellectual property.
Suggested Sections

1. Parties: Identification of the contracting parties: the company and the key person

2. Background: Context of the agreement, including the key person's role and importance to the company

3. Definitions: Key terms used throughout the agreement

4. Key Person's Role: Detailed description of the key person's position, responsibilities, and critical importance to the company

5. Insurance Policy: Details of the life/disability insurance policy, including coverage amount and terms

6. Premium Payments: Responsibility for premium payments and tax implications

7. Beneficiary Arrangements: Designation of beneficiaries and payment arrangements

8. Company Obligations: Company's commitments regarding policy maintenance and premium payments

9. Key Person Obligations: Key person's commitments including medical examinations and information disclosure

10. Confidentiality: Confidentiality obligations regarding the agreement and related information

11. Data Protection: GDPR compliance and personal data handling provisions

12. Term and Termination: Duration of the agreement and circumstances for termination

13. Governing Law: Specification of German law as governing law and jurisdiction

Optional Sections

1. Non-Competition: Restrictions on competitive activities, used when the key person has access to sensitive business information

2. Additional Benefits: Any additional benefits or compensation arrangements, used when offering extra incentives

3. Succession Planning: Provisions for business continuity and succession, used when specific succession arrangements are needed

4. Split Dollar Provisions: Arrangements for sharing policy benefits, used when implementing split-dollar insurance arrangements

5. International Travel: Special provisions for international travel coverage, used when the role involves significant travel

6. Disability Provisions: Specific arrangements for disability coverage, used when including disability insurance

7. Return to Work: Provisions for return to work after recovery, used when including disability coverage

Suggested Schedules

1. Insurance Policy Details: Complete details of the insurance policy including policy number, insurer, and coverage terms

2. Premium Schedule: Schedule of premium payments including amounts and due dates

3. Key Person Role Description: Detailed description of the key person's responsibilities and importance

4. Medical Requirements: List of required medical examinations and health disclosures

5. Beneficiary Designation Form: Official form for designating beneficiaries

6. Data Processing Agreement: GDPR-compliant agreement for handling personal data

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions





































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Relevant Industries

Technology

Financial Services

Manufacturing

Professional Services

Research & Development

Healthcare

Pharmaceuticals

Engineering

Software Development

Consulting

Creative Industries

Biotechnology

Relevant Teams

Executive Leadership

Research & Development

Product Development

Client Services

Technical Architecture

Creative Direction

Business Development

Scientific Research

Solution Architecture

Senior Management

Innovation

Relevant Roles

Chief Executive Officer

Chief Technology Officer

Chief Financial Officer

Managing Director

Technical Director

Head of Research

Lead Developer

Principal Scientist

Key Account Manager

Senior Partner

Chief Creative Officer

Head of Product Development

Principal Consultant

Chief Architect

Lead Designer

Senior Research Scientist

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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