The Director Exit Agreement is a crucial document used when a director leaves their position in a Nigerian company, whether through resignation, retirement, or mutual agreement. This document ensures compliance with Nigerian corporate law, particularly the Companies and Allied Matters Act (CAMA) 2020, while managing the transition smoothly and protecting all parties' interests. It covers essential aspects such as handover procedures, final compensation, ongoing obligations, and regulatory requirements. The agreement is vital for risk management, corporate governance, and maintaining proper documentation of leadership changes in Nigerian companies.
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1. Parties: Identification of the Company and the Director
2. Background: Context of the director's appointment and reason for exit
3. Definitions: Key terms used throughout the agreement
4. Effective Date of Exit: Specific date when directorship will terminate
5. Resignation and Handover: Process for formal resignation and handover of responsibilities
6. Final Remuneration: Details of final payment of fees, allowances, and other entitlements
7. Company Property: Requirements for return of company property and documents
8. Confidentiality Obligations: Ongoing duties regarding confidential information
9. Non-Compete and Non-Solicitation: Restrictions on future activities
10. Mutual Release: Release of claims between parties
11. Tax Matters: Treatment of tax obligations and indemnities
12. Announcements: Agreed approach to public/internal communications
13. Governing Law: Confirmation of Nigerian law as governing law
14. Dispute Resolution: Process for resolving any disputes
1. Continuing Appointments: Used when director maintains other roles within group companies
2. Consultancy Arrangements: Used when director will provide ongoing consulting services
3. Share Options and Securities: Required if director holds company shares or options
4. Legal Fees: Include if company agrees to pay director's legal fees
5. Reference and Communications: Used when specific agreements about references are needed
6. Garden Leave: Include if director will be placed on garden leave
7. Pension Arrangements: Required if director has pension entitlements
8. Insurance and Indemnity: Used when extending D&O insurance coverage post-exit
1. Schedule 1 - Company Property: Detailed list of company property to be returned
2. Schedule 2 - Final Payment Calculation: Breakdown of all final payments and benefits
3. Schedule 3 - Resignation Letters: Form of resignation letters for all directorships
4. Schedule 4 - Announcement Text: Agreed form of any public or internal announcements
5. Schedule 5 - Share Options Schedule: Details of treatment of share options and vestings
6. Appendix A - Handover Plan: Detailed plan for handover of responsibilities
7. Appendix B - Confidential Information: Specific list of confidential information and materials
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Manufacturing
Technology
Oil and Gas
Telecommunications
Professional Services
Healthcare
Real Estate
Retail
Agriculture
Mining
Construction
Education
Transportation
Energy
Relevant Teams
Legal
Human Resources
Company Secretariat
Corporate Governance
Finance
Compliance
Risk Management
Public Relations
Corporate Communications
Executive Office
Relevant Roles
Chief Executive Officer
Managing Director
Executive Director
Non-Executive Director
Chairman
Board Member
Finance Director
Operations Director
Technical Director
Commercial Director
Regional Director
Independent Director
Nominee Director
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