A Director Settlement Agreement is used when a director's relationship with a company is being terminated, whether tHRough mutual agreement or otherwise. This document, governed by Singapore law, outlines the comprehensive terms of separation, including financial settlements, continuing obligations, and mutual releases. It's particularly important in Singapore's corporate environment where director duties and corporate governance are strictly regulated. The agreement helps manage legal risks, protect confidential information, and ensure compliance with the Companies Act and other relevant legislation. It typically includes provisions for payment terms, share options, non-compete clauses, and ongoing obligations.
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1. Parties: Identification of the company and the departing director
2. Background: Context of directorship and reasons for settlement
3. Definitions: Key terms used tHRoughout the agreement
4. Resignation Terms: Effective date and mechanics of resignation
5. Settlement Payment: Details of compensation and payment terms
6. Mutual Release: Release of claims between parties
7. Confidentiality: Ongoing confidentiality obligations
8. Return of Property: Process for returning company assets and documents
1. Non-Compete Provisions: Restrictions on future employment or business activities - use when protecting company interests from competition
2. Share Options: Treatment of existing share options or equity - use when director holds company shares or options
3. Continuing Directorship: Terms for ongoing board participation - use when director remains on subsidiary boards
4. Tax Indemnity: Tax-related obligations and indemnities - use when settlement includes taxable components
1. Schedule of Company Property: List of items to be returned to the company
2. Share Option Details: Details of outstanding share options and treatment
3. Resignation Letters: Form of resignation letters for various positions
4. Payment Schedule: Breakdown of settlement payments and timing
5. Ongoing Obligations: Summary of continuing duties and restrictions
Relevant legal definitions
Agreement
Board
Business Day
Company
Confidential Information
Director
Effective Date
Group
Group Company
Intellectual Property Rights
Option Shares
Parent Company
Parties
Resignation Date
Settlement Payment
Settlement Sum
Share Options
Subsidiaries
Territory
Termination Date
Trade Secrets
Board Positions
Claims
Company Property
Continuing Obligations
Regulatory Requirements
Restrictive Covenants
SGX
Shareholders' Agreement
Released Claims
Related Persons
Board
Business Day
Company
Confidential Information
Director
Effective Date
Group
Group Company
Intellectual Property Rights
Option Shares
Parent Company
Parties
Resignation Date
Settlement Payment
Settlement Sum
Share Options
Subsidiaries
Territory
Termination Date
Trade Secrets
Board Positions
Claims
Company Property
Continuing Obligations
Regulatory Requirements
Restrictive Covenants
SGX
Shareholders' Agreement
Released Claims
Related Persons
Clauses
Definitions and Interpretation
Resignation and Termination
Settlement Payments
Release of Claims
Confidentiality
Non-Competition
Non-Solicitation
Return of Property
Directors and Officers Insurance
Share Options
Tax Matters
Mutual Release
Public Announcements
Reference and Announcements
Company Records
Board Resignation
Further Assurance
Continuing Obligations
Legal Compliance
Indemnification
Warranties
Severability
Entire Agreement
Assignment
Notices
Third Party Rights
Governing Law
Dispute Resolution
Costs
Counterparts
Variation
Waiver
Resignation and Termination
Settlement Payments
Release of Claims
Confidentiality
Non-Competition
Non-Solicitation
Return of Property
Directors and Officers Insurance
Share Options
Tax Matters
Mutual Release
Public Announcements
Reference and Announcements
Company Records
Board Resignation
Further Assurance
Continuing Obligations
Legal Compliance
Indemnification
Warranties
Severability
Entire Agreement
Assignment
Notices
Third Party Rights
Governing Law
Dispute Resolution
Costs
Counterparts
Variation
Waiver
Relevant Industries
Relevant Teams
Relevant Roles
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