The Director Settlement Agreement is a crucial document used in Pakistani corporate practice when a director exits a company, whether through resignation, mutual agreement, or other circumstances. This agreement, governed by Pakistani law including the Companies Act 2017, serves to document the terms of separation, protecting both the company's interests and the director's rights. It typically includes provisions for financial settlements, continued obligations, confidentiality requirements, and the handling of any outstanding shares or options. The agreement helps prevent future disputes by clearly defining the terms of separation and ensuring compliance with local corporate governance requirements. It's particularly important for listed companies and regulated industries where director transitions must be handled with careful attention to regulatory requirements and stakeholder interests.
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1. Parties: Identification of the company and the departing director
2. Background: Context of the director's appointment, reason for departure, and basis for settlement
3. Definitions: Key terms used throughout the agreement
4. Effective Date and Resignation: Specification of when the director's resignation takes effect
5. Settlement Payments: Details of all financial compensation to be paid to the director
6. Tax and Deductions: Treatment of tax obligations and any statutory deductions
7. Company Property: Requirements for return of company property and documents
8. Confidentiality: Ongoing obligations regarding confidential information
9. Non-Disparagement: Mutual obligations not to make negative statements
10. Release of Claims: Mutual release of claims between parties
11. Continuing Obligations: Surviving obligations from previous agreements
12. Governing Law and Jurisdiction: Specification of Pakistani law and jurisdiction
13. General Provisions: Standard boilerplate clauses including entire agreement, amendments, etc.
1. Share Options and Securities: Required if director holds company shares or share options
2. Non-Competition: Include if restricting director's future business activities
3. Non-Solicitation: Include if restricting contact with company employees/clients
4. Transition Services: Include if director will provide handover assistance
5. Board Resolution: Include if formal board approval is referenced
6. Press Announcement: Include if parties agree on public statements about departure
7. Legal Fees: Include if company will contribute to director's legal costs
8. Insurance and Indemnification: Include if extending D&O insurance coverage
1. Schedule 1 - Settlement Payments: Detailed breakdown of all payments and benefits
2. Schedule 2 - Company Property: List of items to be returned to the company
3. Schedule 3 - Share Options: Details of treatment of share options and vesting schedules
4. Schedule 4 - Resignation Letters: Form of resignation letters from all relevant positions
5. Schedule 5 - Continuing Obligations: List of obligations from previous agreements that survive
6. Appendix A - Board Resolution: Copy of board resolution approving the settlement
7. Appendix B - Announcement Template: Agreed form of any public announcements
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Manufacturing
Technology
Healthcare
Energy
Telecommunications
Real Estate
Retail
Professional Services
Education
Transportation and Logistics
Construction
Mining and Natural Resources
Media and Entertainment
Hospitality
Relevant Teams
Legal
Human Resources
Corporate Secretariat
Board Secretariat
Compliance
Finance
Risk Management
Corporate Communications
Internal Audit
Executive Office
Relevant Roles
Chief Executive Officer
Managing Director
Executive Director
Non-Executive Director
Independent Director
Board Chairman
Company Secretary
Chief Financial Officer
Head of Legal
Corporate Governance Officer
Chief Operating Officer
General Counsel
HR Director
Compliance Officer
Risk Management Officer
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