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Director Settlement Agreement

Director Settlement Agreement Template for India

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Key Requirements PROMPT example:

Director Settlement Agreement

"I need a Director Settlement Agreement for our CTO who is amicably leaving to start his own venture, effective March 1, 2025, with provisions for retaining some vested share options and a 6-month non-compete clause."

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Document background
The Director Settlement Agreement is a crucial document used when a director's relationship with a company is being terminated, whether through resignation, mutual agreement, or other circumstances. This agreement, governed by Indian law and particularly the Companies Act, 2013, serves to document all aspects of the separation and protect both parties' interests. It typically includes detailed provisions for financial settlements, confidentiality obligations, non-compete restrictions, and the treatment of any shareholdings or options. The agreement must comply with various Indian regulatory requirements, including those from SEBI if the company is listed. It's particularly important in situations where the departure needs to be handled sensitively or where there are complex arrangements to be unwound. The document helps prevent future disputes by clearly documenting all agreed terms and mutual releases.
Suggested Sections

1. Parties: Identification of the company and the departing director as parties to the agreement

2. Background: Recitals explaining the director's position, appointment date, and context of the settlement

3. Definitions: Definitions of key terms used throughout the agreement

4. Effective Date and Resignation: Specification of when the director's resignation takes effect

5. Settlement Payments: Details of all financial settlements, including final salary, bonuses, and other compensation

6. Company Property: Requirements for return of company property, documents, and assets

7. Confidentiality: Obligations regarding confidential information and trade secrets

8. Non-Disparagement: Mutual obligations not to make negative statements about each other

9. Release of Claims: Mutual release of claims and waiver of rights

10. Continuing Obligations: Surviving obligations from previous agreements (e.g., non-compete clauses)

11. Tax Implications: Clarity on tax treatment of settlement payments and responsibilities

12. Governing Law: Specification of Indian law as governing law and jurisdiction

13. General Provisions: Standard boilerplate clauses including entire agreement, amendments, and notices

Optional Sections

1. Share Options and Securities: Include when the director holds company shares or stock options that need to be addressed

2. Post-Termination Restrictions: Include when new restrictive covenants are being imposed as part of the settlement

3. Legal Fees: Include when there's an agreement for the company to pay the director's legal fees

4. Garden Leave: Include when there's a garden leave period before the final termination date

5. Board Position Resignations: Include when the director holds multiple board positions in group companies

6. Insurance and Indemnification: Include when addressing ongoing D&O insurance coverage and indemnification rights

7. Public Announcements: Include for listed companies or when specific announcement terms need to be agreed

8. Assistance with Transition: Include when the director is required to assist with handover or transition period

Suggested Schedules

1. Schedule 1 - Settlement Payments Breakdown: Detailed breakdown of all settlement payments and their timing

2. Schedule 2 - Company Property List: Comprehensive list of company property to be returned

3. Schedule 3 - Share Options Summary: Details of share options, vesting dates, and exercise periods

4. Schedule 4 - Resignation Letters: Pro-forma resignation letters for various positions held

5. Schedule 5 - Agreed Announcement: Text of any agreed public or internal announcements

6. Appendix A - Previous Agreements: List of relevant previous agreements and surviving obligations

7. Appendix B - Board Positions: List of all board positions held in group companies

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

Banking & Financial Services

Information Technology

Manufacturing

Healthcare

Retail

Real Estate

Telecommunications

Energy & Utilities

Professional Services

Media & Entertainment

Pharmaceuticals

Education

Construction

Automotive

Agriculture

Relevant Teams

Legal

Human Resources

Company Secretarial

Board of Directors

Executive Committee

Compliance

Finance

Corporate Governance

Risk Management

Internal Audit

Relevant Roles

Chief Executive Officer

Managing Director

Executive Director

Non-Executive Director

Independent Director

Company Secretary

General Counsel

Head of Legal

Chief Financial Officer

Head of Human Resources

Chief Operating Officer

Board Chairman

Compliance Officer

Corporate Governance Officer

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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