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Key Man Agreement

Key Man Agreement Template for Australia

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Key Requirements PROMPT example:

Key Man Agreement

"I need a Key Man Agreement for our Chief Technology Officer who developed our core AI technology, including provisions for $2M insurance coverage and strict IP protection clauses, with the agreement to commence from March 1, 2025."

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Document background
The Key Man Agreement serves as a critical risk management tool for Australian businesses seeking to protect themselves against the potential loss of crucial personnel. This document becomes essential when a company identifies individuals whose sudden departure could significantly impact operations, client relationships, or company value. The agreement typically incorporates key person insurance arrangements, defines roles and responsibilities, establishes succession planning requirements, and outlines compensation arrangements. Used across various industries in Australia, it helps companies comply with corporate governance requirements while providing a framework for managing key personnel risks. The agreement must align with Australian legislation, including the Corporations Act 2001, Insurance Contracts Act 1984, and relevant employment laws.
Suggested Sections

1. Parties: Identifies the company, the key person, and any other relevant parties (such as insurers if part of 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. Key Person's Role and Responsibilities: Detailed description of the position, duties, and expectations of the key person

5. Insurance Arrangements: Details of the key person insurance policy, including coverage amount, premium payments, and beneficiary arrangements

6. Company Obligations: The company's commitments regarding insurance premiums, maintaining the policy, and other relevant obligations

7. Key Person Obligations: The key person's commitments including health checks, policy compliance, and cooperation with insurance requirements

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

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

10. Confidentiality: Provisions protecting sensitive information disclosed during the agreement

11. General Provisions: Standard clauses including governing law, entire agreement, amendments, and notices

Optional Sections

1. Restrictive Covenants: Non-compete and non-solicitation provisions, included when additional protection for the company is required

2. Succession Planning: Provisions for grooming successors and knowledge transfer, included when succession is a key concern

3. Intellectual Property: Provisions regarding IP created by the key person, included when IP is significant to the role

4. Change of Control: Provisions addressing what happens if the company undergoes a change in ownership or control

5. Dispute Resolution: Specific procedures for resolving disputes, included when standard court proceedings are not preferred

6. Additional Insurance Provisions: Supplementary insurance arrangements such as disability coverage, included when comprehensive coverage is desired

Suggested Schedules

1. Schedule 1 - Insurance Policy Details: Specific details of the insurance policy including policy number, insurer, coverage amounts, and premium details

2. Schedule 2 - Key Person Role Description: Detailed description of the key person's position, responsibilities, and performance metrics

3. Schedule 3 - Compensation Package: Details of any special compensation arrangements related to the key person status

4. Appendix A - Required Medical Examinations: List of required medical examinations and frequency for insurance purposes

5. Appendix B - Succession Planning Framework: Framework and timeline for succession planning activities, if applicable

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

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Agreement
Company
Key Person
Services
Commencement Date
Term
Insurance Policy
Insurance Provider
Policy Proceeds
Insured Events
Confidential Information
Intellectual Property
Material Adverse Effect
Permanent Disability
Total and Permanent Disability
Change of Control
Business Day
Board
Group
Related Body Corporate
Subsidiary
Force Majeure Event
Premiums
Compensation
Succession Plan
Notice
Claims
Policy Benefits
Key Performance Indicators
Restraint Period
Restraint Area
Termination Date
Effective Date
Good Reason
Cause
Insurance Obligations
Permitted Purpose
Representatives
Successor
Clauses
Interpretation
Insurance Obligations
Key Person Duties
Company Obligations
Compensation
Term and Duration
Termination
Confidentiality
Non-Competition
Non-Solicitation
Intellectual Property
Succession Planning
Insurance Claims
Premium Payments
Medical Examinations
Change of Control
Force Majeure
Dispute Resolution
Governing Law
Assignment
Notices
Amendments
Severability
Entire Agreement
Death Benefits
Disability Benefits
Policy Ownership
Performance Requirements
Reporting Obligations
Indemnification
Relevant Industries

Technology

Professional Services

Financial Services

Healthcare

Manufacturing

Research and Development

Construction

Mining

Education

Creative Industries

Biotechnology

Engineering

Relevant Teams

Executive Leadership

Research & Development

Product Development

Sales

Client Relations

Engineering

Operations

Creative

Technical Architecture

Medical

Scientific Research

Business Development

Relevant Roles

Chief Executive Officer

Chief Technology Officer

Chief Financial Officer

Managing Director

Technical Director

Head of Research

Principal Scientist

Lead Developer

Senior Partner

Key Account Manager

Chief Medical Officer

Chief Creative Officer

Principal Engineer

Head of Operations

Research Director

Senior Architect

Lead Designer

Industries
Corporations Act 2001 (Cth): Federal legislation governing company operations, director duties, and corporate governance requirements relevant to key personnel arrangements
Fair Work Act 2009 (Cth): Regulates employment relationships, including executive employment terms, compensation, and termination provisions
Insurance Contracts Act 1984 (Cth): Governs insurance arrangements, including key person insurance policies and disclosure requirements
Income Tax Assessment Act 1997 (Cth): Determines tax treatment of insurance premiums, benefits, and compensation packages related to key person arrangements
Privacy Act 1988 (Cth): Regulates the collection, use, and disclosure of personal information in the agreement and related insurance policies
Life Insurance Act 1995 (Cth): Specific regulations regarding life insurance policies, which often form part of key person insurance arrangements
Financial Sector (Collection of Data) Act 2001: Relevant for reporting requirements related to significant financial arrangements and insurance policies
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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