The Key Man Agreement serves as a critical risk management tool for Australian businesses seeking to protect themselves against the potential loss of crucial personnel. This document becomes essential when a company identifies individuals whose sudden departure could significantly impact operations, client relationships, or company value. The agreement typically incorporates key person insurance arrangements, defines roles and responsibilities, establishes succession planning requirements, and outlines compensation arrangements. Used across various industries in Australia, it helps companies comply with corporate governance requirements while providing a framework for managing key personnel risks. The agreement must align with Australian legislation, including the Corporations Act 2001, Insurance Contracts Act 1984, and relevant employment laws.
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1. Parties: Identifies the company, the key person, and any other relevant parties (such as insurers if part of the agreement)
2. Background: Sets out the context of the agreement, including the key person's role and importance to the business
3. Definitions: Defines key terms used throughout the agreement
4. Key Person's Role and Responsibilities: Detailed description of the position, duties, and expectations of the key person
5. Insurance Arrangements: Details of the key person insurance policy, including coverage amount, premium payments, and beneficiary arrangements
6. Company Obligations: The company's commitments regarding insurance premiums, maintaining the policy, and other relevant obligations
7. Key Person Obligations: The key person's commitments including health checks, policy compliance, and cooperation with insurance requirements
8. Compensation and Benefits: Details of any special compensation arrangements related to the key person status
9. Term and Termination: Duration of the agreement and circumstances under which it can be terminated
10. Confidentiality: Provisions protecting sensitive information disclosed during the agreement
11. General Provisions: Standard clauses including governing law, entire agreement, amendments, and notices
1. Restrictive Covenants: Non-compete and non-solicitation provisions, included when additional protection for the company is required
2. Succession Planning: Provisions for grooming successors and knowledge transfer, included when succession is a key concern
3. Intellectual Property: Provisions regarding IP created by the key person, included when IP is significant to the role
4. Change of Control: Provisions addressing what happens if the company undergoes a change in ownership or control
5. Dispute Resolution: Specific procedures for resolving disputes, included when standard court proceedings are not preferred
6. Additional Insurance Provisions: Supplementary insurance arrangements such as disability coverage, included when comprehensive coverage is desired
1. Schedule 1 - Insurance Policy Details: Specific details of the insurance policy including policy number, insurer, coverage amounts, and premium details
2. Schedule 2 - Key Person Role Description: Detailed description of the key person's position, responsibilities, and performance metrics
3. Schedule 3 - Compensation Package: Details of any special compensation arrangements related to the key person status
4. Appendix A - Required Medical Examinations: List of required medical examinations and frequency for insurance purposes
5. Appendix B - Succession Planning Framework: Framework and timeline for succession planning activities, if applicable
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