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Exit Agreement For Director

Exit Agreement For Director Template for England and Wales

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Key Requirements PROMPT example:

Exit Agreement For Director

"I need an Exit Agreement For Director for our Finance Director who is leaving amicably to join a competitor in March 2025, with specific focus on share options treatment and ensuring appropriate non-compete provisions for the financial services sector."

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Document background
An Exit Agreement For Director is a crucial document used when a director leaves their position, whether through resignation, mutual agreement, or other circumstances. This agreement, governed by English and Welsh law, serves to protect both the company's interests and the departing director's rights. It typically includes provisions for financial settlements, treatment of share options, confidentiality obligations, and post-termination restrictions. The document ensures compliance with UK company law, employment legislation, and regulatory requirements, while providing clarity and certainty for all parties involved.
Suggested Sections

1. Parties: Identification of the company and the departing director

2. Background: Context of directorship and reason for exit

3. Definitions: Key terms used throughout the agreement

4. Termination Date: Specific date when directorship ends and handover arrangements

5. Payment Terms: Details of final salary, benefits, and any settlement payment

6. Company Property: Return of company assets and documents

7. Confidentiality: Ongoing obligations regarding company information

8. Post-Termination Restrictions: Non-compete and other restrictive covenants

Optional Sections

1. Share Options: Treatment of existing share options and equity arrangements

2. Legal Fees: Terms regarding company contribution to director's legal advice

3. Garden Leave: Terms and conditions of any garden leave period

4. References: Agreement on future references and announcements

Suggested Schedules

1. Schedule 1: Payment Details: Detailed breakdown of all payments including salary, benefits, and settlement amounts

2. Schedule 2: Company Property: Comprehensive list of company items to be returned

3. Schedule 3: Resignation Letter: Form of resignation letter for Companies House filing

4. Schedule 4: Announcement: Agreed form of internal and external announcement regarding director's departure

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
Termination of Appointment
Payment Provisions
Company Property
Confidentiality
Intellectual Property
Post-Termination Restrictions
Non-Competition
Non-Solicitation
Non-Dealing
Non-Disparagement
Garden Leave
Share Options and Awards
Tax Indemnity
Legal Fees
References
Announcements
Continuing Obligations
Full and Final Settlement
Waiver of Claims
Warranty
Data Protection
Return of Documents
Board Resignation
Statutory Compliance
Entire Agreement
Severability
Variation
Third Party Rights
Notices
Governing Law and Jurisdiction
Relevant Industries
Relevant Teams
Relevant Roles
Industries

Companies Act 2006: Primary legislation governing company directors' duties, responsibilities, resignation processes, and Companies House filing requirements

Employment Rights Act 1996: Covers statutory employment rights including notice periods, unfair dismissal provisions, and payment in lieu of notice (PILON)

Equality Act 2010: Ensures protection against discrimination and mandates equal treatment obligations in employment relationships

Data Protection Act 2018 and UK GDPR: Regulates the handling of personal data and privacy rights during and after the directorship

Financial Services and Markets Act 2000: Specifies regulatory obligations for directors in regulated sectors, including FCA/PRA requirements

Small Business, Enterprise and Employment Act 2015: Contains provisions regarding director disqualification and related matters

Corporation Tax Act 2010: Governs tax treatment of termination payments and golden handshake provisions

Income Tax (Earnings and Pensions) Act 2003: Covers tax implications of settlement payments and treatment of benefits and share options

National Insurance Contributions Act 2014: Determines NIC treatment of termination payments and related benefits

Protection of Freedoms Act 2012: Relevant for confidentiality obligations and enforcement of restrictive covenants

Common Law Principles: Established case law regarding directors' fiduciary duties and obligations

Corporate Governance Code: Best practice guidelines for corporate governance, particularly relevant for listed companies

Stock Exchange Rules: Additional requirements for directors of listed companies regarding disclosure and trading

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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