Termination Of Management Agreement Template for Belgium

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Key Requirements PROMPT example:

Termination Of Management Agreement

"I need a Termination of Management Agreement for our Belgian subsidiary's Managing Director who is retiring on March 31, 2025, with a three-month transition period to hand over to their successor and continuing advisory services for 12 months."

Document background
The Termination Of Management Agreement is a crucial document used when ending a management relationship in a Belgian corporate context. It becomes necessary when a manager or director is stepping down from their position, whether through mutual agreement, retirement, or other circumstances. The document must comply with Belgian Companies and Associations Code requirements and address specific aspects of Belgian corporate, social security, and tax law. It typically includes detailed provisions about final compensation, treatment of benefits, continuing obligations (such as confidentiality and non-compete clauses), and the return of company property. This agreement is particularly important for ensuring a clean break between the parties while protecting the interests of both the company and the departing manager, with special attention to Belgian corporate governance requirements and potential tax implications.
Suggested Sections

1. Parties: Identification of the company and the manager, including their full legal names, registered addresses, and registration numbers

2. Background: Brief history of the management agreement, including its original date, any amendments, and the context leading to termination

3. Definitions: Key terms used throughout the agreement, including references to the Original Management Agreement and related documents

4. Termination Date: Specific date when the management agreement will terminate and confirmation of the manager's resignation from all positions

5. Mutual Release: Provisions for mutual discharge of obligations and waiver of claims between parties

6. Final Compensation: Details of any final payments, including management fees, expenses, and other entitlements up to the termination date

7. Company Property: Obligations regarding the return of company property, documents, and confidential information

8. Continuing Obligations: Surviving provisions from the original agreement, such as confidentiality, non-compete, and intellectual property rights

9. Tax and Social Security: Acknowledgment of tax and social security obligations and responsibilities

10. Governing Law and Jurisdiction: Confirmation of Belgian law as governing law and designation of competent courts

Optional Sections

1. Transition Arrangements: Used when the manager needs to assist in transitioning responsibilities to a successor or completing specific projects

2. Severance Package: Include when additional compensation or benefits are being provided beyond standard final payments

3. Board Resignations: Required when the manager holds board positions that need to be formally resigned

4. Share Options and Benefits: Needed when addressing the treatment of existing share options, insurance, or other benefits

5. Post-Termination Assistance: Include when the manager agrees to provide limited assistance for specific matters after termination

6. Public Announcements: Used for high-profile terminations requiring coordination of public communications

Suggested Schedules

1. Schedule 1 - Final Payment Calculation: Detailed breakdown of all final payments, including management fees, expenses, and any severance

2. Schedule 2 - Company Property Register: List of all company property to be returned, including devices, documents, and access credentials

3. Schedule 3 - Continuing Obligations: Detailed terms of ongoing obligations such as confidentiality and non-compete provisions

4. Schedule 4 - Resignation Letters: Template or copies of resignation letters from various positions

5. Appendix A - Original Management Agreement: Copy of the original management agreement being terminated

6. Appendix B - Powers of Attorney Revocation: Documents revoking any powers of attorney or authorizations previously granted

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
Relevant Industries

Technology

Manufacturing

Financial Services

Professional Services

Healthcare

Retail

Real Estate

Energy

Telecommunications

Transportation

Construction

Media and Entertainment

Pharmaceuticals

Consumer Goods

Industrial Services

Relevant Teams

Legal

Human Resources

Board Secretariat

Corporate Governance

Finance

Compliance

Risk Management

Executive Office

Relevant Roles

Chief Executive Officer

Managing Director

Executive Director

Board Member

Chief Financial Officer

Chief Operating Officer

Regional Director

Country Manager

General Manager

Division Head

Executive Vice President

Senior Partner

Department Director

Business Unit Manager

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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