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Key Man Agreement

Key Man Agreement Template for New Zealand

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Key Requirements PROMPT example:

Key Man Agreement

"I need a Key Man Agreement for our software company's lead developer who holds critical intellectual property knowledge, including specific provisions for technology transfer and mentoring requirements if they leave, with the agreement to commence from March 1, 2025."

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Document background
The Key Man Agreement is a specialized contract used by New Zealand organizations to protect their interests in relation to employees who are critical to their operations. This document becomes necessary when a company identifies individuals whose sudden departure, death, or incapacity would cause significant financial or operational impact. The agreement typically combines elements of employment law, insurance arrangements, and business protection measures under New Zealand jurisdiction. It includes provisions for life insurance (where the company is the beneficiary), defines the key person's obligations, outlines succession planning, and establishes protocols for various scenarios such as incapacity or voluntary departure. The document must comply with New Zealand's legal framework, including the Employment Relations Act 2000 and Insurance (Prudential Supervision) Act 2010, while protecting both the company's and the key person's interests.
Suggested Sections

1. Parties: Identifies the company and the key person(s) who are parties to the agreement

2. Background: Sets out the context of the agreement, including the key person's role and importance to the business

3. Definitions: Defines key terms used throughout the agreement

4. Insurance Arrangements: Details of the life insurance policy, including coverage amount, premium payments, and beneficiary arrangements

5. Key Person's Obligations: Outlines the key person's duties, responsibilities, and commitments to the company

6. Company's Obligations: Specifies the company's responsibilities, including premium payments and maintenance of the insurance policy

7. Term and Termination: Duration of the agreement and circumstances under which it can be terminated

8. Confidentiality: Provisions protecting confidential information and trade secrets

9. Death or Incapacity: Procedures and arrangements in case of the key person's death or permanent incapacity

10. General Provisions: Standard contractual terms including governing law, notices, and amendments

Optional Sections

1. Multiple Key Persons: Additional provisions for agreements covering multiple key individuals

2. International Operations: Specific provisions for companies operating across multiple jurisdictions

3. Restrictive Covenants: Non-compete and non-solicitation provisions if not covered in a separate agreement

4. Equity Arrangements: Provisions relating to any share ownership or options held by the key person

5. Succession Planning: Detailed procedures for training and transitioning responsibilities to successors

6. Disability Provisions: Specific arrangements for temporary disability scenarios

7. Alternative Dispute Resolution: Procedures for mediation or arbitration before court proceedings

Suggested Schedules

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

2. Compensation and Benefits: Details of any special compensation arrangements related to the key man status

3. Key Responsibilities: Detailed list of the key person's critical duties and responsibilities

4. Succession Plan: Detailed procedures and timelines for succession planning

5. Authorized Signatories: List of persons authorized to act on behalf of the company in matters related to the agreement

6. Medical Information Requirements: Details of required medical examinations and ongoing health disclosures

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



























Clauses






























Relevant Industries

Technology

Financial Services

Professional Services

Healthcare

Manufacturing

Research and Development

Construction

Engineering

Education

Biotechnology

Mining

Agriculture

Retail

Entertainment

Energy

Relevant Teams

Executive Leadership

Research and Development

Product Development

Sales

Technology

Operations

Legal

Finance

Human Resources

Strategic Planning

Client Services

Engineering

Medical

Investment

Innovation

Relevant Roles

Chief Executive Officer

Chief Technology Officer

Chief Financial Officer

Managing Director

Head of Research

Lead Developer

Principal Scientist

Senior Sales Executive

Technical Director

Chief Operating Officer

Head of Product Development

Principal Consultant

Chief Medical Officer

Senior Partner

Chief Investment Officer

Key Account Manager

Chief Innovation Officer

Lead Architect

Principal Engineer

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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