The Director Settlement Agreement is utilized when a board member or executive director leaves their position, whether through resignation, retirement, or mutual agreement. This comprehensive document addresses critical aspects such as severance payments, equity compensation, ongoing obligations, and release of claims. Under U.S. jurisdiction, it must comply with various federal regulations including the Securities Exchange Act, Sarbanes-Oxley Act, and state-specific corporate laws. The agreement serves to protect both parties' interests while ensuring a smooth transition and maintaining confidentiality.
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1. Parties: Identification of the company and the departing director
2. Background/Recitals: Context of the director's departure and purpose of the agreement
3. Definitions: Key terms used throughout the agreement
4. Effective Date and Resignation: Specifies when the agreement takes effect and formal acknowledgment of resignation
5. Settlement Payments: Details of all financial compensation and payment terms
6. Release of Claims: Mutual release of all claims between parties
7. Confidentiality Obligations: Ongoing duties regarding confidential information
8. Return of Company Property: Requirements for returning company assets and documents
9. Governing Law: Jurisdiction and applicable law
1. Non-Compete Provisions: Restrictions on future employment or business activities in cases where protecting company interests from competition is crucial
2. Equity Compensation: Treatment of stock options and other equity-based compensation when director holds company equity or stock options
3. Ongoing Cooperation: Terms for assistance in transition or future matters when company needs director's future cooperation in specific matters
4. Tax Indemnification: Allocation of tax responsibilities when complex tax implications exist
5. Benefits Continuation: Terms for continuing health or other benefits when extending certain benefits post-termination
1. Schedule of Payments: Detailed breakdown of all settlement payments and timing
2. Schedule of Equity Holdings: List of all shares, options, and other equity instruments
3. Company Property Checklist: Inventory of items to be returned
4. Resignation Letter: Formal letter of resignation from all positions
5. Release Form: Detailed release of claims document
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