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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."
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
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
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
Banking & Financial Services
Information Technology
Manufacturing
Healthcare
Retail
Real Estate
Telecommunications
Energy & Utilities
Professional Services
Media & Entertainment
Pharmaceuticals
Education
Construction
Automotive
Agriculture
Legal
Human Resources
Company Secretarial
Board of Directors
Executive Committee
Compliance
Finance
Corporate Governance
Risk Management
Internal Audit
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
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