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Director Exit Agreement

Director Exit Agreement Template for South Africa

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Key Requirements PROMPT example:

Director Exit Agreement

"I need a Director Exit Agreement for our CFO who will be stepping down on March 1, 2025, but will continue as a consultant for 6 months; agreement should include provisions for the consulting arrangement and treatment of his share options."

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Document background
The Director Exit Agreement is a crucial document used when a director leaves their position with a company in South Africa, whether through resignation, mutual agreement, or other circumstances. This agreement serves to formalize the departure arrangements and protect both parties' interests under South African law, particularly the Companies Act 71 of 2008 and related legislation. It typically includes comprehensive provisions covering the termination date, final compensation packages, treatment of share options, confidentiality obligations, restraint of trade provisions, and the return of company property. The agreement also addresses ongoing obligations and potential future cooperation requirements, while ensuring compliance with corporate governance standards and regulatory requirements. It's particularly important for listed companies and regulated industries where director changes must be properly documented and disclosed.
Suggested Sections

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

2. Background: Context of the director's appointment, current position, and reason for exit

3. Definitions: Definitions of key terms used throughout the agreement

4. Effective Date of Departure: Specific date when directorship will terminate

5. Resignation and Handover: Terms of resignation from all positions and handover process

6. Payment Terms: Details of final remuneration, benefits, and any exit payments

7. Company Property: Requirements for return of company property and assets

8. Confidentiality Obligations: Ongoing duties regarding confidential information

9. Non-Disparagement: Mutual obligations regarding public statements and communications

10. Restraint of Trade: Non-compete and non-solicitation provisions

11. Release and Waiver: Mutual release of claims subject to agreement terms

12. Surviving Obligations: Obligations that continue post-termination

13. General Provisions: Standard legal clauses including governing law, jurisdiction, and entire agreement

Optional Sections

1. Share Options and Shareholding: Required if director holds shares or share options, detailing treatment of these interests

2. Ongoing Consultancy: Used when director will continue providing services in a consulting capacity

3. Board Positions in Subsidiaries: Required if director holds positions in group companies

4. Legal Proceedings: Necessary if there are ongoing legal matters requiring director's cooperation

5. Intellectual Property: Required if director was involved in IP creation or has specific IP rights

6. Tax Indemnity: Used when complex tax implications exist in exit package

7. Insurance and Indemnification: Required if specific arrangements for ongoing D&O insurance coverage exist

8. Reference and Announcements: Used when parties agree on specific terms for future references or public announcements

Suggested Schedules

1. Schedule 1: Company Property: Detailed list of all company property to be returned

2. Schedule 2: Payment Schedule: Breakdown of all payments, benefits, and their timing

3. Schedule 3: Share Details: Details of shareholding and share options if applicable

4. Schedule 4: Group Companies: List of all group companies from which director is resigning

5. Schedule 5: Surviving Agreements: List of any agreements that remain in force post-exit

6. Appendix A: Resignation Letters: Template resignation letters for all relevant positions

7. Appendix B: Public Announcement: Agreed form of any public announcements regarding the exit

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

alex.den.21@genieai.co
Relevant legal definitions






























Clauses


































Relevant Industries

Financial Services

Mining and Resources

Manufacturing

Technology

Retail

Healthcare

Professional Services

Telecommunications

Energy

Construction

Agriculture

Education

Transportation and Logistics

Real Estate

Media and Entertainment

Relevant Teams

Legal

Human Resources

Company Secretariat

Board Secretariat

Executive Committee

Compliance

Corporate Governance

Risk Management

Finance

Internal Audit

Relevant Roles

Chief Executive Officer

Managing Director

Executive Director

Non-Executive Director

Independent Director

Company Secretary

Chief Financial Officer

Chief Operating Officer

Board Chairman

Head of Legal

Head of Human Resources

Corporate Governance Officer

Compliance Officer

General Counsel

Industries








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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