Exit Agreement For Director Generator for the USA

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Key Requirements PROMPT example:

Exit Agreement For Director

"I need an Exit Agreement For Director for our technology company's departing board member who will be leaving on March 1, 2025, but will provide transition services for 3 months and retain certain equity rights while being subject to a 2-year non-compete clause."

Document background
An Exit Agreement For Director is essential when a board member departs from their position, whether through resignation, retirement, or mutual agreement. This document, governed by U.S. federal and state laws, serves to protect both the company and the departing director by clearly defining the terms of separation, including financial arrangements, continuing obligations, and mutual releases. It ensures compliance with corporate governance requirements, securities regulations, and fiduciary responsibilities while managing potential risks and maintaining stakeholder confidence during leadership transitions.
Suggested Sections

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

2. Background: Context of the director's departure and purpose of the agreement

3. Definitions: Key terms used throughout the agreement

4. Effective Date and Resignation: Specific date of resignation and scope of resignation from all positions

5. Compensation and Benefits: Final compensation, including any severance payments and treatment of equity

6. Release of Claims: Mutual releases between parties

7. Continuing Obligations: Ongoing duties including confidentiality and fiduciary responsibilities

Optional Sections

1. Transition Services: Terms of any transitional period or handover assistance to be provided by the departing director

2. Non-Compete Provisions: Restrictions on future employment or business activities in competing businesses

3. Board Observer Rights: Terms for continued board attendance without voting rights if applicable

4. Tax Matters: Specific tax treatment of payments and obligations of parties regarding tax matters

Suggested Schedules

1. Schedule of Outstanding Equity: Detailed list of all stock options, RSUs, or other equity instruments held by the director

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

3. Form of Release: Detailed release of claims document to be executed by the parties

4. Ongoing Projects Schedule: List of projects requiring transition or handover and their current status

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

Relevant legal definitions
Clauses
Industries

Securities Exchange Act 1934: Federal law governing securities trading and public company requirements, crucial for director exits in publicly traded companies

Sarbanes-Oxley Act 2002: Corporate governance requirements including director responsibilities and financial disclosure obligations

Internal Revenue Code: Tax implications of severance packages, equity compensation, and other exit benefits

ADEA: Age Discrimination in Employment Act - Protects against age discrimination and requires specific considerations for employees over 40

OWBPA: Older Workers Benefit Protection Act - Specific requirements for valid release of age discrimination claims

ERISA: Employee Retirement Income Security Act - Governs retirement benefits and certain deferred compensation arrangements

State Corporate Laws: State-specific regulations governing corporate operations and director obligations

State Employment Laws: State-specific employment regulations affecting termination and separation agreements

State Securities Laws: State-specific securities regulations ('Blue Sky Laws') affecting director stockholdings

Non-Compete Laws: State-specific regulations governing enforcement of non-competition and non-solicitation provisions

SEC Regulations: Federal securities regulations requiring disclosure of director departures and related compensation

409A Compliance: IRS regulations governing deferred compensation arrangements and timing of payments

Corporate Bylaws: Company-specific governance documents affecting director removal and compensation

Stock Option Plans: Company equity compensation plans governing treatment of stock options upon director exit

Fiduciary Duties: Ongoing obligations of loyalty and care, including post-separation confidentiality requirements

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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