Legal Templates
Director Exit Agreement

Director Exit Agreement for Singapore

Director Exit Agreement Template for Singapore

A comprehensive legal agreement governed by Singapore law that formalizes the departure of a director from a company's board and/or executive position. The agreement addresses resignation terms, final compensation, confidentiality obligations, and other key matters in accordance with Singapore's Companies Act and related legislation. It provides legal protection for both parties and ensures compliance with corporate governance requirements and regulatory obligations.

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What is a Director Exit Agreement?

A Director Exit Agreement is a crucial document used when a director leaves their position in a Singapore company, whether tHRough retirement, resignation, or mutual agreement. This document ensures compliance with Singapore's Companies Act and corporate governance requirements while protecting both parties' interests. The agreement typically covers resignation terms, final payments, confidentiality obligations, treatment of share options, and return of company property. It's particularly important for listed companies and regulated industries where director transitions must be carefully managed and documented.

What sections should be included in a Director Exit Agreement?

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

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

3. Definitions: Key terms used tHRoughout the agreement

4. Effective Date of Resignation: Specific date when directorship ends

5. Resignation Terms: Core terms of the exit including board and subsidiary positions

6. Final Payments: Details of any final compensation or benefits

7. Company Property: Return of company assets and documents

8. Confidentiality: Ongoing confidentiality obligations

9. General Provisions: Standard boilerplate clauses

What sections are optional to include in a Director Exit Agreement?

1. Share Options: Treatment of existing share options when director holds share options

2. Non-Compete: Restrictions on future employment or business activities when company wishes to restrict future activities

3. Ongoing Advisory Role: Terms of any continuing advisory relationship when director will maintain advisory role

4. Mutual Release: Mutual waiver of claims when clean break is desired

What schedules should be included in a Director Exit Agreement?

1. Schedule of Directorships: List of all director positions being resigned from

2. Schedule of Company Property: Inventory of items to be returned

3. Schedule of Outstanding Share Options: Details of share options and treatment

4. Form of Announcement: Draft of public announcement if required

5. Resignation Letters: Form of resignation letters for various positions

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

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Jurisdiction

Singapore

Publisher

Genie AI

Document Type

Termination of Contract

Sector

Employment

Cost

Free to use
Industries

Companies Act (Cap. 50): Primary legislation governing company operations in Singapore, covering directors' duties and obligations, resignation requirements, disclosure obligations, and ACRA filing requirements

Securities and Futures Act (Cap. 289): Regulates securities trading and market conduct, including insider trading provisions, disclosure requirements for substantial shareholdings, and market conduct requirements for listed companies

Employment Act (Cap. 91): While directors are typically not covered, relevant if the director holds an executive position, governing employment terms and conditions

Income Tax Act (Cap. 134): Governs tax implications of termination payments, treatment of share options and other benefits provided to departing directors

Corporate Governance Code: Provides guidelines for corporate governance standards, including board composition requirements and best practices

Personal Data Protection Act 2012: Regulates the handling of personal data and confidentiality obligations in the context of director relationships

Competition Act (Cap. 50B): Governs non-compete provisions and market competition considerations in director exit arrangements

Contract Law: Common law principles governing contract formation, execution, and enforcement, including the Misrepresentation Act

SGX Listing Rules: Additional requirements for listed companies regarding director changes, disclosures, and corporate governance

Company Constitution: Company's governing document containing specific provisions regarding director appointments, removals, and related procedures

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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