This Executive Retention Agreement is utilized when organizations need to secure the continued service of critical executive talent in the New Zealand market. It becomes particularly relevant during periods of organizational change, such as mergers and acquisitions, succession planning, or when protecting against competitive recruitment. The agreement typically includes detailed provisions for retention bonuses, performance conditions, payment schedules, and ongoing obligations, all structured within the framework of New Zealand employment law. It serves as a key tool for business continuity and leadership stability, while ensuring compliance with local regulatory requirements, including the Employment Relations Act 2000, Companies Act 1993, and relevant financial regulations.
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Key Requirements PROMPT example:
Executive Retention Agreement
"I need an Executive Retention Agreement for our newly appointed Chief Technology Officer in Auckland, with a retention bonus structure tied to the completion of our digital transformation project by June 2025 and including specific non-compete provisions for the Asia-Pacific technology sector."
1. Parties: Identifies the company and the executive entering into the agreement
2. Background: Sets out the context of the agreement, including the executive's role and the company's desire to retain their services
3. Definitions: Defines key terms used throughout the agreement
4. Term of Agreement: Specifies the duration of the retention period and any renewal provisions
5. Retention Bonus: Details the amount, calculation method, and payment terms of the retention bonus
6. Conditions for Payment: Outlines the conditions that must be met for the executive to receive the retention bonus
7. Continuing Employment Obligations: Describes the executive's ongoing duties and performance expectations
8. Termination Provisions: Specifies circumstances under which the agreement may be terminated and the consequences
9. Confidentiality: Establishes obligations regarding confidential information
10. Intellectual Property: Addresses ownership and protection of IP created during employment
11. Non-Competition and Non-Solicitation: Details post-employment restrictions on competing activities
12. General Provisions: Includes standard clauses such as governing law, notices, and entire agreement
1. Change of Control Provisions: Additional terms that apply if the company undergoes a change in ownership or control
2. Additional Performance Incentives: Supplementary performance-based rewards beyond the basic retention bonus
3. International Assignment: Special provisions for executives who may be required to work internationally
4. Equity Participation: Terms regarding stock options or other equity-based compensation
5. Garden Leave: Provisions for placing the executive on paid leave during notice periods
6. Legal Fee Reimbursement: Terms for company payment of executive's legal fees in reviewing the agreement
7. Dispute Resolution: Specific procedures for resolving disputes, including mediation or arbitration processes
1. Schedule 1 - Position Description: Detailed outline of the executive's role, responsibilities, and reporting relationships
2. Schedule 2 - Compensation Details: Comprehensive breakdown of all compensation components including base salary, benefits, and retention bonus calculation
3. Schedule 3 - Performance Metrics: Specific KPIs or performance criteria linked to retention bonus payment
4. Schedule 4 - Restricted Activities: Detailed list of prohibited activities under non-compete and non-solicitation provisions
5. Schedule 5 - Company Policies: List of key company policies that the executive must comply with
6. Appendix A - Confidential Information: Specific categories of information deemed confidential under the agreement
7. Appendix B - Approved Outside Activities: List of pre-approved external commitments or board positions
Authors
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Technology
Healthcare
Manufacturing
Professional Services
Retail
Energy
Telecommunications
Mining and Resources
Construction
Agriculture
Education
Transportation and Logistics
Relevant Teams
Human Resources
Legal
Executive Leadership
Board Secretariat
Compensation and Benefits
Corporate Governance
Talent Management
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Chief Operating Officer
Chief Technology Officer
Chief Marketing Officer
Managing Director
Executive Director
General Manager
Regional Director
Vice President
Head of Department
Senior Executive
Division Head
Country Manager
Executive Vice President
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