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Key Person Agreement Template for Singapore

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Key Requirements PROMPT example:

Key Person Agreement

"I need a Key Person Agreement under Singapore law for our newly appointed CTO who will be managing sensitive technology projects and leading a team of 50 developers, with special focus on IP protection and share option provisions starting March 2025."

Document background
Key Person Agreements are essential documents for organizations operating in Singapore who wish to secure and retain individuals critical to their operations. These agreements are particularly relevant when an employee possesses unique skills, knowledge, or relationships vital to the company's success. The document combines standard employment terms with specialized provisions for protection of company interests, often including enhanced compensation packages, equity participation, and restrictive covenants. Under Singapore law, these agreements must carefully balance the company's need for protection with the employee's rights and reasonable restrictions under the Employment Act and Competition Act.
Suggested Sections

1. Parties: Identification of the company and key person

2. Background: Context of the agreement and key person's importance

3. Definitions: Key terms used throughout the agreement

4. Appointment and Term: Role, position, and duration of employment

5. Duties and Responsibilities: Specific obligations and expectations

6. Compensation and Benefits: Salary, bonuses, and other benefits

7. Confidentiality: Protection of company information

8. Termination: Conditions for ending the agreement

Optional Sections

1. Stock Options: Share-based compensation terms and conditions for equity participation

2. Non-Compete: Restrictions on post-employment competition and solicitation of employees/clients

3. Intellectual Property: IP ownership, assignment and protection of company innovations

4. Insurance and Indemnification: Coverage, protection provisions and liability limitations

Suggested Schedules

1. Schedule 1 - Compensation Details: Detailed breakdown of compensation package including base salary, bonuses, and other financial benefits

2. Schedule 2 - Performance Metrics: KPIs and performance evaluation criteria for bonus determination

3. Schedule 3 - Benefits Package: Detailed description of benefits and entitlements including insurance, leave, and other perks

4. Appendix A - Job Description: Detailed role and responsibilities of the key person

5. Appendix B - Company Policies: Relevant company policies and procedures applicable to the key person

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions


























Clauses






























Industries

Employment Act (Chapter 91): Primary legislation governing employment relationships in Singapore, covering basic terms and conditions of employment, salary and benefits provisions, working hours and leave entitlements

Employment of Foreign Manpower Act: Regulates the employment of foreign workers in Singapore, including work pass requirements and conditions for foreign key personnel

Personal Data Protection Act 2012 (PDPA): Governs the collection, use, and disclosure of personal data, ensuring protection of key person's personal information

Competition Act (Chapter 50B): Relevant for non-compete provisions and trade secrets protection in key person agreements

Contracts Act (Chapter 53): Fundamental legislation governing contract formation, consideration, and enforceability under Singapore law

Companies Act (Chapter 50): Regulates corporate governance, directors' duties and responsibilities, particularly relevant if key person serves as director

Income Tax Act: Governs taxation of compensation, including treatment of stock options and other benefits provided to key persons

Central Provident Fund Act: Mandates CPF contributions and statutory payment obligations for Singapore employees

Common Law Principles: Established legal principles regarding confidentiality, restraint of trade, and fiduciary duties

Industry-Specific Regulations: Sector-specific rules and regulations that may affect key person agreements in particular industries

SGX Listing Rules: Requirements for listed companies regarding key personnel agreements and disclosures

Intellectual Property Laws: Legislation governing IP ownership and assignment of rights in employment relationships

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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