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Key Person Agreement

Key Person Agreement Template for New Zealand

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Key Requirements PROMPT example:

Key Person Agreement

"I need a Key Person Agreement for our newly appointed Chief Technology Officer, starting March 2025, with strong IP protection clauses and share options, as they'll be leading our AI development team in Auckland."

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Document background
The Key Person Agreement is essential for organizations seeking to secure and retain individuals who are vital to their success. This document is particularly relevant in New Zealand's competitive business environment, where protecting intellectual property and maintaining business continuity are crucial. The agreement goes beyond standard employment terms to include specialized provisions such as enhanced compensation packages, equity participation, detailed confidentiality requirements, and carefully crafted restrictive covenants. It ensures compliance with New Zealand's Employment Relations Act 2000 and related legislation while providing a framework for long-term retention of critical talent. The Key Person Agreement is typically used for senior executives, technical experts, or other employees whose loss would significantly impact the organization's operations or competitive position.
Suggested Sections

1. Parties: Identifies the company and the key person entering into the agreement

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

3. Definitions: Defines key terms used throughout the agreement

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

5. Duties and Responsibilities: Outlines the key person's primary duties, reporting relationships, and performance expectations

6. Remuneration and Benefits: Specifies base salary, bonuses, and other benefits

7. Performance Reviews: Establishes the framework for regular performance evaluation

8. Intellectual Property: Addresses ownership and protection of IP created during employment

9. Confidentiality: Defines confidential information and obligations to maintain confidentiality

10. Restrictive Covenants: Non-compete and non-solicitation provisions

11. Termination: Grounds for termination and associated procedures

12. General Provisions: Standard contract clauses including governing law, notices, and entire agreement

Optional Sections

1. Equity Participation: Include when the key person is offered shares or share options

2. Board Position: Include when the key person will serve as a director

3. International Travel: Include when role requires significant international travel

4. Change of Control: Include provisions for what happens if company ownership changes

5. Garden Leave: Include when company wants right to place employee on paid leave

6. Retention Bonus: Include when offering specific retention incentives

7. Relocation: Include when position requires relocation

8. Succession Planning: Include when key person is required to develop successors

Suggested Schedules

1. Schedule 1 - Position Description: Detailed description of the role and responsibilities

2. Schedule 2 - Remuneration Package: Detailed breakdown of salary, benefits, and incentives

3. Schedule 3 - Performance Metrics: Specific KPIs and performance evaluation criteria

4. Schedule 4 - Share Option Terms: Details of any share option or equity participation scheme

5. Schedule 5 - Company Policies: List of applicable company policies

6. Appendix A - Confidential Information: Specific details of what constitutes confidential information

7. Appendix B - Restricted Clients: List of clients covered by non-solicitation provisions

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

Education

Mining and Resources

Telecommunications

Biotechnology

Energy

Media and Entertainment

Relevant Teams

Executive Leadership

Research and Development

Product Development

Sales Leadership

Technical Architecture

Investment Management

Medical Direction

Strategic Planning

Scientific Research

Engineering Leadership

Relevant Roles

Chief Executive Officer

Chief Financial Officer

Chief Technology Officer

Chief Operating Officer

Head of Research and Development

Senior Technical Architect

Principal Scientist

Managing Director

Head of Strategy

Chief Medical Officer

Lead Product Designer

Principal Engineer

Head of Sales

Chief Investment Officer

Key Account Director

Senior Research Fellow

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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