Managing Director Agreement

Managing Director Agreement Template for Nigeria

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Key Requirements PROMPT example:

"I need a Managing Director Agreement for appointing a new MD to my Nigerian technology company, with standard non-compete terms and share option provisions, effective from March 1, 2025."

Document background

The Managing Director Agreement is a crucial document used when appointing the most senior executive officer of a company in Nigeria. This agreement is essential for establishing clear terms of engagement, responsibilities, and expectations between the company and its Managing Director, ensuring compliance with Nigerian corporate law, particularly the Companies and Allied Matters Act (CAMA) 2020. It is typically required when appointing a new Managing Director, promoting an existing executive to the MD position, or renewing terms with a current Managing Director. The document encompasses comprehensive provisions regarding appointment, duties, compensation, performance metrics, corporate governance obligations, and protection of company interests, while adhering to Nigerian regulatory requirements and market practices. It serves as the primary reference point for the executive's rights, responsibilities, and obligations throughout their tenure.

Suggested Sections

1. Parties: Identifies the contracting parties - the company and the Managing Director

2. Background: Provides context for the agreement, including company information and basis for appointment

3. Definitions: Defines key terms used throughout the agreement

4. Appointment and Term: Details of the appointment, position, and duration of the agreement

5. Duties and Responsibilities: Comprehensive outline of the Managing Director's roles, duties, and obligations

6. Powers: Specific powers granted to the Managing Director to perform their duties

7. Time Commitment: Expected working hours and time dedication to the role

8. Remuneration and Benefits: Detailed compensation package including salary, bonuses, and benefits

9. Expenses: Policy on business expenses and reimbursement

10. Location and Travel: Primary work location and travel requirements

11. Compliance and Governance: Obligations regarding corporate governance and regulatory compliance

12. Confidentiality: Protection of company confidential information

13. Intellectual Property: Ownership and rights to intellectual property created during tenure

14. Non-Competition and Non-Solicitation: Restrictions on competitive activities and solicitation of employees/clients

15. Termination: Grounds and procedures for termination of the agreement

16. Post-Termination Obligations: Continuing obligations after the agreement ends

17. General Provisions: Standard legal clauses including notices, entire agreement, and governing law

Optional Sections

1. Share Options: Details of any share option schemes or equity participation - include if company offers equity incentives

2. International Travel: Specific provisions for international travel and overseas duties - include if role requires significant international work

3. Subsidiary Directorships: Provisions regarding appointments to subsidiary boards - include if company has subsidiaries

4. Personal Investment Restrictions: Restrictions on personal investments - particularly relevant for financial sector appointments

5. Relocation: Terms for relocation if required - include if MD needs to relocate

6. Acting as Director of Other Companies: Conditions for holding directorships in other companies - include if relevant to industry

7. Performance Metrics: Specific KPIs and performance evaluation criteria - include if company has formal performance measurement system

8. Data Protection: Specific provisions regarding personal data handling - include if dealing with international data transfers

Suggested Schedules

1. Schedule 1 - Remuneration Package: Detailed breakdown of salary, bonuses, and benefits structure

2. Schedule 2 - Job Description: Detailed description of roles, responsibilities, and reporting relationships

3. Schedule 3 - Company Policies: List of applicable company policies and procedures

4. Schedule 4 - Performance Criteria: Specific performance targets and evaluation metrics

5. Schedule 5 - Benefits and Perquisites: Detailed list of additional benefits and allowances

6. Schedule 6 - Restricted Activities: Specific details of restricted business activities and competitors

7. Appendix A - Board Resolution: Copy of board resolution approving the appointment

8. Appendix B - Share Option Terms: Details of any share option or equity participation schemes

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok��˰� | 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

Clauses

Relevant Industries

Banking and Financial Services

Manufacturing

Oil and Gas

Telecommunications

Fast-Moving Consumer Goods (FMCG)

Technology

Healthcare

Real Estate

Construction

Agriculture

Mining

Retail

Professional Services

Education

Transportation and Logistics

Relevant Teams

Legal

Human Resources

Corporate Secretariat

Board Secretariat

Executive Management

Compliance

Finance

Corporate Governance

Risk Management

Internal Audit

Relevant Roles

Managing Director

Chief Executive Officer

Executive Director

Group Managing Director

Country Managing Director

Regional Managing Director

Deputy Managing Director

Acting Managing Director

Joint Managing Director

Executive Vice President

General Manager

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Authors

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