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Key Person Agreement

Key Person Agreement Template for United Arab Emirates

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Key Requirements PROMPT example:

Key Person Agreement

I need a Key Person Agreement for our incoming Chief Technology Officer based in Dubai, who will be joining from India in March 2025, including equity participation provisions and specific KPIs related to our digital transformation project.

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Document background
The Key Person Agreement serves as a specialized employment contract used by UAE companies to retain and incentivize employees who are critical to their business operations or success. This document is particularly relevant when a company needs to secure the long-term commitment of senior executives, technical experts, or other vital personnel whose departure could significantly impact the business. The agreement, governed by UAE law, typically includes enhanced compensation packages, detailed performance metrics, robust confidentiality provisions, and specific post-employment restrictions, all structured to comply with UAE Labor Law (Federal Decree-Law No. 33 of 2021) and related regulations. It provides comprehensive protection for company interests while offering attractive terms to retain key talent.
Suggested Sections

1. Parties: Identification of the employer company and the key person, including full legal names and addresses

2. Background: Context of the agreement, importance of the role, and reason for the key person arrangement

3. Definitions: Key terms used throughout the agreement, including specific performance metrics, confidential information, and intellectual property

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

5. Duties and Responsibilities: Comprehensive outline of the key person's role, reporting lines, and expected contributions

6. Compensation and Benefits: Base salary, bonuses, and other benefits, including performance-based incentives

7. Performance Metrics: Specific KPIs and performance evaluation criteria

8. Confidentiality: Obligations regarding company information, trade secrets, and intellectual property

9. Non-Competition and Non-Solicitation: Restrictions on competitive activities and employee/client solicitation

10. Intellectual Property Rights: Assignment of IP created during employment and related obligations

11. Termination: Grounds for termination, notice periods, and consequences

12. Post-Termination Obligations: Continuing obligations after employment ends

13. Governing Law and Jurisdiction: Specification of UAE law application and dispute resolution mechanisms

Optional Sections

1. Equity Participation: Terms of any share options or equity-based incentives, used when the key person is offered company ownership

2. International Mobility: Terms for international assignments or travel, included when role requires significant international work

3. Change of Control: Provisions addressing key person's rights in case of company sale/merger, relevant for senior executives

4. Garden Leave: Provisions for paid leave during notice period, typically for senior roles with sensitive information

5. Retention Bonus: Special bonus arrangements for retention purposes, used in critical roles or transition periods

6. Work Permits and Visas: Provisions regarding visa sponsorship and requirements, for non-UAE nationals

7. Clawback Provisions: Terms for recovering compensation in specific circumstances, typically for financial roles

Suggested Schedules

1. Schedule 1 - Compensation Structure: Detailed breakdown of salary, bonuses, and benefits

2. Schedule 2 - Key Performance Indicators: Detailed metrics and targets for performance evaluation

3. Schedule 3 - Share Option Terms: Details of any equity-based compensation

4. Schedule 4 - Restricted Activities: Specific list of prohibited competitive activities

5. Schedule 5 - Company Policies: Key company policies applicable to the role

6. Appendix A - Job Description: Detailed description of duties and responsibilities

7. Appendix B - Benefits Summary: Comprehensive list of benefits and eligibility conditions

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

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alex.den.21@genieai.co
Clauses
Appointment
Term and Duration
Duties and Responsibilities
Services
Compensation and Benefits
Performance Requirements
Bonus and Incentives
Equity Participation
Working Hours
Location of Work
Confidentiality
Intellectual Property
Non-Competition
Non-Solicitation
Non-Disparagement
Data Protection
Company Property
Termination
Garden Leave
Post-Termination Obligations
Notice Requirements
Suspension
Annual Leave
Sick Leave
Business Expenses
Company Policies
Representations and Warranties
Force Majeure
Assignment and Succession
Severability
Entire Agreement
Amendments
Governing Law
Dispute Resolution
Notices
Relevant Industries

Technology

Financial Services

Healthcare

Energy

Real Estate

Manufacturing

Professional Services

Telecommunications

Retail

Education

Construction

Aviation

Relevant Teams

Executive Leadership

Research and Development

Sales

Operations

Technology

Finance

Legal

Product Development

Business Development

Investment

Medical Affairs

Engineering

Strategy

Relevant Roles

Chief Executive Officer

Chief Financial Officer

Chief Technology Officer

Managing Director

Senior Vice President

Head of Research and Development

Principal Scientist

Key Account Manager

Technical Director

Head of Sales

Chief Medical Officer

Lead Software Architect

Regional Director

Head of Operations

Chief Investment Officer

Industries
UAE Federal Decree-Law No. 33 of 2021 (UAE Labor Law): The primary legislation governing employment relationships in the UAE, including terms of employment, duties, and termination provisions
UAE Federal Law No. 5 of 1985 (Civil Code): Governs general contractual obligations and principles that apply to employment agreements
UAE Federal Law No. 31 of 2006 (Industrial Property Rights): Relates to protection of intellectual property and trade secrets, crucial for key person agreements
UAE Federal Law No. 2 of 2015 (Commercial Companies Law): Relevant for corporate governance aspects and duties of key personnel in companies
DIFC Employment Law No. 2 of 2019 (if applicable): Specific employment regulations if the agreement is within Dubai International Financial Centre jurisdiction
UAE Federal Law No. 4 of 2012 (Competition Law): Relevant for non-compete provisions and market competition aspects
UAE Ministerial Resolution No. 297 of 2016: Regulations concerning employment contract templates and termination rules
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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