Define: Key Person

How is Key Person defined in a legal contract?

• Key Person means the Chief Executive Officer and the Chief Financial Officer of the borrower or the organization in question. Seen in 277 SEC Filings.
• Key Person means the Chief Executive Officer of the borrower or the organization in question. Seen in 45 SEC Filings.
• Key Person means a member of the Board who is not an Employee, or a consultant or advisor who is providing bona fide services to the Company, a Subsidiary or a Parent, without being connected directly or indirectly with the offer or sale of securities in a capital-raising transaction, and without promoting or maintaining a market for securities of the Company, a Subsidiary or a Parent. Seen in 31 SEC Filings.
• Key Person means any individual employed by the Applicant Business Concern in a supervisory capacity or who can make discretionary decisions. Additionally, any person who owns a beneficial interest of a certain percentage in the business or the managing members of limited liability companies and corporate directors and officers can also be considered a Key Person. Seen in 26 SEC Filings.
• Key Person means an individual, other than a director or officer, whether or not employed by the Corporation, that has responsibilities or exercises powers or influence over the Corporation as a whole, with similar responsibilities, powers, or influence of directors and officers; manages the Corporation, or a segment of the Corporation that makes up a large part of the activities, assets, income or expenses of the Corporation; or alone or with others controls or determines a large part of the Corporation’s capital expenditures or operating budget. Seen in 23 SEC Filings.
• Key Person means an employee, consultant, advisor, Trustee, officer or other person providing services to the Company, to a subsidiary of the Company, or to the Manager. Seen in 22 SEC Filings.

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Which definition should you use?

🤔 Our AI Legal Assistant has combined and improved the above descriptions to create market-standard 'Genie definitions' below, with guidance on which documents and which industry to use for each.

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Genie Definition 1

• Key Person means a Chief Executive Officer, Chief Financial Officer, or an upper-level manager providing services to the [Company].

Relevant Contract Types

• Employment Contracts
• Corporate Governance Agreements
• Change of Control Agreement

Relevant Circumstances

• Any circumstances where the performance of an individual is critical to an organization's success.
• Contracts involving the setting up of startups or new ventures.

Relevant Sectors

• Tech Industry
• Financial Services
• Healthcare

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Genie Definition 2

• Key Person means an individual with significant influence or control over [Company] assets, income, expenditures, or operating budget.

Relevant Contract Types

• Shareholder Agreements
• Corporate Finance Agreements
• Capital Expenditures Contracts

Relevant Circumstances

• Contracts involving the management and control of a company’s financials.
• Contracts focusing on budgeting and expenditure.

Relevant Sectors

• Tech Industry
• Manufacturing
• Real Estate

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Genie Definition 3

• Key Person means an individual who owns a large beneficial interest in [Company] or holds a supervisory role.

Relevant Contract Types

• Joint Venture Agreements
• Investor Rights Agreement

Relevant Circumstances

• Contracts that involve equity investment in a company.
• Agreement on the distribution of profit or shares.

Relevant Sectors

• Equity Investment
• Tech Startups
• Private Equity

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