A Key Man Agreement is essential for companies operating in India who wish to secure and retain individuals vital to their business success. This document becomes necessary when an employee's specialized knowledge, skills, relationships, or leadership are considered critical to the company's operations or value. The agreement, governed by Indian law, typically includes comprehensive provisions for employment terms, compensation packages, key person insurance, protective covenants, and succession planning. It's particularly relevant when the departure of the key person could significantly impact the company's operations, value, or relationships with stakeholders. The document must comply with Indian contract law, employment regulations, and insurance requirements while balancing the interests of both the company and the key person.
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1. Parties: Identifies the company and the key person who are entering into the agreement
2. Background: Sets out the context of the agreement, including the key person's role and importance to the company
3. Definitions: Defines key terms used throughout the agreement
4. Appointment and Term: Details the position, duration of the agreement, and any renewal provisions
5. Duties and Responsibilities: Outlines the key person's specific roles, responsibilities, and performance expectations
6. Compensation and Benefits: Details the salary, bonuses, and other benefits provided to the key person
7. Insurance Provisions: Specifies the key person insurance requirements, coverage, and beneficiary details
8. Confidentiality Obligations: Defines confidential information and the key person's obligations to protect it
9. Intellectual Property Rights: Addresses ownership and protection of IP created during employment
10. Non-Competition and Non-Solicitation: Sets out restrictions on competitive activities during and after employment
11. Termination: Details the circumstances and processes for ending the agreement
12. Governing Law and Jurisdiction: Specifies the applicable law and courts for dispute resolution
13. Notices: Describes how formal communications between parties should be made
14. Execution: Signature blocks and execution formalities
1. Death and Disability Provisions: Additional provisions specific to incapacity or death of the key person
2. Share Options/Equity Participation: Details of any share ownership or option schemes offered to the key person
3. International Travel: Specific provisions for roles requiring significant international travel
4. Change of Control: Provisions addressing what happens in case of company ownership changes
5. Garden Leave: Provisions for placing the key person on paid leave during notice period
6. Alternative Dispute Resolution: Mediation or arbitration procedures before court litigation
7. Force Majeure: Provisions for handling unforeseen circumstances affecting performance
8. Family Succession Rights: Relevant for family-owned businesses where succession planning is important
1. Schedule 1 - Position Description: Detailed description of the key person's role and responsibilities
2. Schedule 2 - Compensation Structure: Detailed breakdown of salary, bonuses, and other financial benefits
3. Schedule 3 - Insurance Policy Details: Specific terms and conditions of the key person insurance policy
4. Schedule 4 - Restricted Activities: Detailed list of prohibited competitive activities
5. Schedule 5 - Company Policies: Reference to relevant company policies that form part of the agreement
6. Appendix A - Performance Metrics: Specific KPIs and performance evaluation criteria
7. Appendix B - Confidential Information: Detailed list of what constitutes confidential information
8. Appendix C - Benefits Package: Detailed description of all non-monetary benefits and perks
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