Key Person Agreements are essential documents for organizations operating in Singapore who wish to secure and retain individuals critical to their operations. These agreements are particularly relevant when an employee possesses unique skills, knowledge, or relationships vital to the company's success. The document combines standard employment terms with specialized provisions for protection of company interests, often including enhanced compensation packages, equity participation, and restrictive covenants. Under Singapore law, these agreements must carefully balance the company's need for protection with the employee's rights and reasonable restrictions under the Employment Act and Competition Act.
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Key Requirements PROMPT example:
Key Person Agreement
"I need a Key Person Agreement under Singapore law for our newly appointed CTO who will be managing sensitive technology projects and leading a team of 50 developers, with special focus on IP protection and share option provisions starting March 2025."
1. Parties: Identification of the company and key person
2. Background: Context of the agreement and key person's importance
3. Definitions: Key terms used throughout the agreement
4. Appointment and Term: Role, position, and duration of employment
5. Duties and Responsibilities: Specific obligations and expectations
6. Compensation and Benefits: Salary, bonuses, and other benefits
7. Confidentiality: Protection of company information
8. Termination: Conditions for ending the agreement
1. Stock Options: Share-based compensation terms and conditions for equity participation
2. Non-Compete: Restrictions on post-employment competition and solicitation of employees/clients
3. Intellectual Property: IP ownership, assignment and protection of company innovations
4. Insurance and Indemnification: Coverage, protection provisions and liability limitations
1. Schedule 1 - Compensation Details: Detailed breakdown of compensation package including base salary, bonuses, and other financial benefits
2. Schedule 2 - Performance Metrics: KPIs and performance evaluation criteria for bonus determination
3. Schedule 3 - Benefits Package: Detailed description of benefits and entitlements including insurance, leave, and other perks
4. Appendix A - Job Description: Detailed role and responsibilities of the key person
5. Appendix B - Company Policies: Relevant company policies and procedures applicable to the key person
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