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Key Person Agreement
"I need a Key Person Agreement for our newly appointed CTO who will be leading our AI division, including provisions for share options and specific IP protection clauses as they'll be involved in developing our core technology starting March 2025."
1. 1. Parties: Identification of the employer and key person
2. 2. Background: Context of the agreement and role importance
3. 3. Definitions: Key terms used throughout the agreement
4. 4. Appointment and Term: Duration and nature of the appointment
5. 5. Duties and Responsibilities: Detailed description of role and expectations
6. 6. Compensation and Benefits: Salary, bonuses, and other benefits
7. 7. Confidentiality: Protection of company information
8. 8. Intellectual Property: Ownership of work product
9. 9. Termination: Circumstances and process for ending the agreement
1. Garden Leave: Optional provisions for paid leave during notice period, typically used when protecting sensitive information or client relationships
2. Change of Control: Optional provisions for company ownership changes, relevant for companies likely to undergo M&A activity
3. Key Person Insurance: Optional provisions for insurance requirements and beneficiaries when company takes out insurance on key person
4. Share Options: Optional terms for equity participation when offering equity incentives
1. Schedule 1: Job Description: Detailed outline of responsibilities and duties
2. Schedule 2: Compensation Package: Detailed breakdown of salary, bonuses, and benefits
3. Schedule 3: Restricted Activities: List of prohibited activities during and after employment
4. Schedule 4: Company Policies: Reference to relevant company policies and procedures
Authors
Appointment
Board
Business
Cause
Change of Control
Company
Competing Business
Confidential Information
Control
Effective Date
Employment
Garden Leave
Good Reason
Group
Group Company
Intellectual Property Rights
Key Person
Notice Period
Parent Company
Position
Remuneration
Restricted Area
Restricted Business
Restricted Period
Service Agreement
Subsidiary
Term
Termination Date
Trade Secrets
Variable Compensation
Duties
Working Hours
Bonus
Benefits
Insurance Benefits
Share Options
Annual Leave
Business Day
Material Breach
Duties and Responsibilities
Working Hours
Place of Work
Remuneration
Bonus Arrangements
Benefits
Expenses
Annual Leave
Sickness and Absence
Confidentiality
Intellectual Property
Data Protection
Non-Competition
Non-Solicitation
Non-Dealing
Garden Leave
Termination
Summary Dismissal
Post-Termination Obligations
Return of Property
Change of Control
Insurance
Share Options
Performance Review
Reporting Requirements
Notice Periods
Assignment and Succession
Severability
Entire Agreement
Variation
Third Party Rights
Governing Law
Dispute Resolution
Force Majeure
Announcements
Survival of Terms
Compliance with Policies
Outside Interests
Board Position
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