Director Settlement Agreements are used when a company and a director agree to terminate their relationship on mutually agreed terms. This document, governed by England and Wales law, provides certainty and protection for both parties by clearly defining the termination arrangements, including financial settlements, ongoing obligations, and the waiver of potential claims. The agreement is particularly important for ensuring compliance with corporate governance requirements and managing potential risks associated with director departures. A Director Settlement Agreement typically requires independent legal advice and must comply with various statutory requirements, including those under the Companies Act 2006 and employment legislation.
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1. Parties: Identification of the company and director
2. Background: Context of directorship and reason for settlement
3. Definitions: Key terms used throughout the agreement
4. Termination Date: Specified date of directorship termination
5. Payment Terms: Settlement sum and payment arrangements
6. Tax Provisions: Tax treatment of payments
7. Confidentiality: Ongoing confidentiality obligations
8. Waiver of Claims: Mutual release of claims
1. Garden Leave: Terms of garden leave if applicable - use when director is placed on garden leave before termination
2. Share Options: Treatment of existing share options - use when director holds company shares or options
3. Post-Termination Restrictions: Non-compete and other restrictive covenants - use when additional restrictions are required
4. Regulatory Compliance: Specific regulatory obligations - use for regulated industries
1. Schedule 1 - Claims: List of statutory claims being settled
2. Schedule 2 - Company Property: List of items to be returned
3. Schedule 3 - Announcement: Agreed form of announcement regarding departure
4. Schedule 4 - Reference: Agreed form of reference
5. Adviser's Certificate: Legal adviser's confirmation of advice given
Relevant legal definitions
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