The Termination Of Management Agreement is a crucial document used when ending a formal management relationship under German law. It is typically required when a managing director (Gesch盲ftsf眉hrer) or board member's appointment needs to be terminated, whether by mutual agreement or unilateral decision. The document ensures compliance with German corporate law requirements, including the German Civil Code (BGB), Limited Liability Companies Act (GmbHG), and Stock Corporation Act (AktG). It addresses essential elements such as termination date, final compensation, benefit arrangements, confidentiality obligations, and non-compete provisions. This agreement is particularly important in the German business context due to the specific legal requirements for management positions and the formal nature of corporate relationships under German law.
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1. Parties: Identification of the company and the manager, including full legal names and addresses
2. Background: Brief recap of the original management agreement, its date, and key terms that are being terminated
3. Definitions: Definitions of key terms used in the termination agreement
4. Termination Date and Effect: Clear statement of when the management agreement will terminate and the immediate effects of termination
5. Final Remuneration and Benefits: Details of final salary, bonuses, and benefits payments, including calculation methods and payment dates
6. Company Property: Obligation to return company property, documents, and data
7. Confidentiality Obligations: Confirmation of ongoing confidentiality obligations post-termination
8. Non-Compete and Non-Solicitation: Confirmation or modification of any existing non-compete and non-solicitation provisions
9. Mutual Release: Release of claims between parties, subject to the terms of the termination agreement
10. Governing Law and Jurisdiction: Confirmation that German law governs the agreement and specification of jurisdiction for disputes
1. Transition of Duties: Include when there needs to be a handover period or specific transition arrangements
2. Ongoing Projects: Include when there are specific projects that need to be addressed or transferred
3. Share Options/Equity Arrangements: Include when the manager holds company shares or share options that need to be addressed
4. Insurance and Indemnification: Include when there are specific insurance or indemnification arrangements that need to be addressed
5. Reference and Communications: Include when parties want to agree on the content of references and external/internal communications
6. Post-Termination Assistance: Include when the manager's assistance may be needed for specific matters after termination
7. Tax Implications: Include when there are specific tax arrangements or implications that need to be addressed
8. Supervisory Board Positions: Include when the manager holds positions on supervisory boards that need to be resigned
1. Schedule 1 - Final Payment Calculation: Detailed breakdown of all final payments, including salary, bonuses, and benefits
2. Schedule 2 - Company Property Inventory: List of all company property to be returned, including IT equipment, documents, and access cards
3. Schedule 3 - Ongoing Projects Status: Status report of all ongoing projects and handover requirements
4. Schedule 4 - Benefits and Entitlements Summary: Summary of all benefits and entitlements and their treatment upon termination
5. Appendix A - Release Form: Formal release of claims document to be signed by both parties
6. Appendix B - Confidentiality Undertaking: Detailed confidentiality obligations post-termination
7. Appendix C - Reference Letter: Agreed form of reference letter, if applicable
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