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Managing Director Contract Of Employment

Managing Director Contract Of Employment Template for Nigeria

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Key Requirements PROMPT example:

Managing Director Contract Of Employment

"I need a Managing Director Contract Of Employment for a Nigerian manufacturing company, with standard terms and a three-year fixed term starting March 1, 2025, including basic non-compete provisions and performance-based bonus structures."

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Document background
The Managing Director Contract Of Employment is a crucial legal document used when appointing the highest-ranking executive officer in a Nigerian company. This contract type is essential for companies operating under Nigerian law, particularly those regulated by the Companies and Allied Matters Act (CAMA) 2020. It outlines the comprehensive terms of employment, including statutory duties, corporate governance responsibilities, remuneration packages, and performance expectations. The document serves both as an employment agreement and a governance tool, ensuring compliance with Nigerian corporate law while protecting both the company's and the director's interests. It is particularly important for establishing clear lines of authority, accountability, and performance metrics for the role of Managing Director.
Suggested Sections

1. Parties: Identification of the company and the Managing Director, including full legal names and addresses

2. Background: Context of the appointment and brief description of the company's business

3. Definitions: Key terms used throughout the agreement

4. Appointment and Term: Details of the role, effective date, and duration of appointment

5. Duties and Responsibilities: Comprehensive outline of the Managing Director's duties, including statutory obligations under CAMA 2020

6. Time Commitment: Expected working hours and availability requirements

7. Location: Primary work location and travel requirements

8. Remuneration: Base salary, review periods, and payment terms

9. Benefits and Allowances: Details of all benefits including pension, health insurance, and other perks

10. Expenses: Policy on business expenses and reimbursement

11. Leave Entitlement: Annual leave, public holidays, and other authorized absences

12. Confidentiality: Obligations regarding company confidential information

13. Intellectual Property: Ownership and protection of IP created during employment

14. Non-Competition and Non-Solicitation: Post-employment restrictions and their duration

15. Termination: Grounds for termination and notice periods

16. Company Policies: Compliance with company policies and procedures

17. Governing Law: Nigerian law as governing law and jurisdiction

18. General Provisions: Standard boilerplate clauses including entire agreement, amendments, and notices

Optional Sections

1. Share Options: Include when the MD is offered company shares or share options as part of compensation

2. Performance Bonus: Include when there is a variable performance-based compensation component

3. International Travel: Include for MDs required to travel internationally frequently

4. Multiple Directorships: Include when the MD is permitted to hold other directorships

5. Housing Allowance: Include when accommodation is provided or subsidized

6. Relocation Package: Include when the MD needs to relocate for the position

7. Acting as Company Secretary: Include if the MD will also serve as Company Secretary

8. Group Role Responsibilities: Include if the MD has responsibilities across a group of companies

Suggested Schedules

1. Schedule 1 - Remuneration Package: Detailed breakdown of salary, allowances, and benefits

2. Schedule 2 - Performance Metrics: KPIs and performance evaluation criteria

3. Schedule 3 - Share Option Terms: Details of any share option scheme terms and conditions

4. Schedule 4 - Company Policies: List of applicable company policies and procedures

5. Appendix A - Board Resolution: Copy of board resolution approving the appointment

6. Appendix B - Job Description: Detailed job description and responsibilities

7. Appendix C - Benefits Summary: Comprehensive summary of all benefits and entitlements

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions







































Clauses



















































Relevant Industries

Banking and Financial Services

Manufacturing

Oil and Gas

Technology

Telecommunications

Fast-Moving Consumer Goods

Healthcare

Real Estate

Construction

Agriculture

Mining

Professional Services

Retail

Education

Transportation and Logistics

Relevant Teams

Legal

Human Resources

Board Secretariat

Corporate Governance

Executive Office

Compliance

Finance

Risk Management

Relevant Roles

Managing Director

Chief Executive Officer

Executive Director

Group Managing Director

Country Managing Director

Regional Managing Director

Executive Vice President

General Manager

Chief Operating Officer

Industries










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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