The Exit Agreement For Director is a crucial document used when a director leaves their position in a Pakistani company, whether through resignation, retirement, or mutual agreement. It serves as a comprehensive record of the separation terms, ensuring compliance with Pakistani corporate law, particularly the Companies Act 2017 and relevant securities regulations for listed companies. The agreement typically includes provisions for financial settlements, confidentiality obligations, non-compete restrictions, and the treatment of any shareholdings or outstanding benefits. This document is essential for protecting both the company's interests and the departing director's rights, while also ensuring proper corporate governance and regulatory compliance. It helps prevent future disputes by clearly documenting all aspects of the separation, including any ongoing obligations or restrictions.
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1. Parties: Identification of the company and the departing director
2. Background: Brief context of the director's role and reason for departure
3. Definitions: Key terms used throughout the agreement
4. Effective Date of Departure: Specifies the last day of directorship and any transition period
5. Resignation: Formal resignation from all positions held within the company and group companies
6. Payment and Benefits: Details of final salary, benefits, bonuses, and any severance package
7. Company Property: Requirements for return of company assets and documents
8. Confidentiality Obligations: Ongoing duties regarding confidential information
9. Non-Compete and Non-Solicitation: Restrictions on future activities and business relationships
10. Full and Final Settlement: Confirmation that the agreement represents a complete settlement
11. Tax Implications: Clarity on tax treatment of payments and responsibilities
12. Governing Law: Confirmation of Pakistani law governing the agreement
13. Dispute Resolution: Process for handling any disagreements
14. General Provisions: Standard boilerplate clauses including severability and entire agreement
1. Shareholding Arrangements: Used when the director holds shares, detailing their treatment post-exit
2. Ongoing Consultancy: When the director will continue providing services in a different capacity
3. Legal Proceedings: Required if there are ongoing legal matters involving the director
4. Intellectual Property Rights: Needed when the director was involved in creating IP for the company
5. Insurance and Indemnification: Details of ongoing D&O insurance coverage and indemnification
6. Public Announcements: Required for listed companies or high-profile departures
7. Reference Provision: Terms regarding future employment references
8. Garden Leave: Used when there's a period of paid leave before final departure
1. Schedule 1 - Payment Details: Detailed breakdown of all financial settlements and payment terms
2. Schedule 2 - Company Positions: List of all positions held by the director in the company and group entities
3. Schedule 3 - Company Property: Inventory of company assets to be returned
4. Schedule 4 - Share Options and Awards: Details of any share-based incentives and their treatment
5. Appendix A - Resignation Letters: Template resignation letters for various positions
6. Appendix B - Public Announcement: Draft of any agreed public statements regarding the departure
Relevant legal definitions
Appointment Date
Board
Business Day
Company
Companies Act
Completion Date
Confidential Information
Departure Date
Director
Effective Date
Group
Group Company
Intellectual Property Rights
Material Interest
Notice Period
Parent Company
Parties
Restricted Business
Restricted Customer
Restricted Period
Restricted Person
Settlement Payment
Shares
Share Options
Subsidiary
Termination Date
Territory
Outstanding Remuneration
Company Property
Competing Business
Final Salary Payment
Benefits
Accrued Rights
Board Positions
Claims
Confidentiality Obligations
Professional Advisers
Related Party
Statutory Rights
Trade Secrets
Board
Business Day
Company
Companies Act
Completion Date
Confidential Information
Departure Date
Director
Effective Date
Group
Group Company
Intellectual Property Rights
Material Interest
Notice Period
Parent Company
Parties
Restricted Business
Restricted Customer
Restricted Period
Restricted Person
Settlement Payment
Shares
Share Options
Subsidiary
Termination Date
Territory
Outstanding Remuneration
Company Property
Competing Business
Final Salary Payment
Benefits
Accrued Rights
Board Positions
Claims
Confidentiality Obligations
Professional Advisers
Related Party
Statutory Rights
Trade Secrets
Clauses
Interpretation
Resignation
Termination Date
Final Payments
Benefits
Share Treatment
Company Property Return
Confidentiality
Non-Competition
Non-Solicitation
Non-Disparagement
References
Announcements
Full and Final Settlement
Waiver of Claims
Tax Indemnity
Continuing Obligations
Legal Compliance
Board Resignation
Intellectual Property
Assistance with Proceedings
Insurance
Severability
Entire Agreement
Variation
Assignment
Third Party Rights
Notices
Governing Law
Jurisdiction
Counterparts
Resignation
Termination Date
Final Payments
Benefits
Share Treatment
Company Property Return
Confidentiality
Non-Competition
Non-Solicitation
Non-Disparagement
References
Announcements
Full and Final Settlement
Waiver of Claims
Tax Indemnity
Continuing Obligations
Legal Compliance
Board Resignation
Intellectual Property
Assistance with Proceedings
Insurance
Severability
Entire Agreement
Variation
Assignment
Third Party Rights
Notices
Governing Law
Jurisdiction
Counterparts
Relevant Industries
Banking & Financial Services
Technology
Manufacturing
Telecommunications
Healthcare
Energy & Utilities
Real Estate & Construction
Retail & Consumer Goods
Professional Services
Education
Transportation & Logistics
Media & Entertainment
Mining & Natural Resources
Pharmaceutical
Automotive
Relevant Teams
Legal
Human Resources
Corporate Secretariat
Board Secretariat
Executive Office
Compliance
Finance
Corporate Governance
Risk Management
Internal Audit
Relevant Roles
Chief Executive Officer
Managing Director
Executive Director
Non-Executive Director
Independent Director
Board Chairman
Chief Financial Officer
Chief Operating Officer
Company Secretary
General Counsel
Head of Legal
HR Director
Corporate Governance Officer
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