The Executive Retention Agreement is a crucial document used by Nigerian companies to secure the continued employment of key executive talent during critical business periods, such as mergers, acquisitions, organizational restructuring, or strategic initiatives. This agreement, governed by Nigerian law, typically includes detailed provisions for retention bonuses, performance metrics, regular compensation, and benefits, alongside terms for confidentiality and non-competition where permissible under local law. The document is particularly important in Nigeria's competitive business environment where retaining top executive talent is crucial for business continuity and success. It must comply with various Nigerian regulations, including the Labour Act, Companies and Allied Matters Act (CAMA) 2020, and relevant corporate governance codes.
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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 our Lagos-based fintech company, with a 3-year retention period starting March 2025 and including special provisions for equity compensation and protection of intellectual property."
1. Parties: Identification of the company and the executive, including their respective addresses and registration details
2. Background: Context of the agreement, including the executive's role and the company's desire to retain their services
3. Definitions: Definitions of key terms used throughout the agreement
4. Term and Retention Period: Duration of the retention agreement and any renewal provisions
5. Position and Duties: Executive's role, responsibilities, and reporting relationships
6. Retention Compensation: Details of the retention bonus, payment schedule, and conditions for payment
7. Regular Compensation and Benefits: Base salary, annual bonuses, and standard benefits package
8. Performance Metrics: Key performance indicators and targets linked to retention benefits
9. Conditions for Payment: Requirements that must be met for the executive to receive retention benefits
10. Confidentiality: Obligations regarding company confidential information
11. Termination Provisions: Circumstances under which the agreement may be terminated and consequences
12. Governing Law: Specification of Nigerian law as governing law and jurisdiction
13. General Provisions: Standard clauses including notices, amendments, and severability
1. Non-Compete Clause: Restrictions on working for competitors after leaving, if enforceable under Nigerian law
2. Non-Solicitation: Restrictions on soliciting employees or customers, if required
3. Change of Control: Provisions addressing retention terms in case of company ownership changes
4. Equity Participation: Terms for stock options or share-based compensation if part of retention package
5. International Assignment: Terms for international work if the executive may be posted abroad
6. Compliance Requirements: Specific regulatory compliance obligations for regulated industries
7. Intellectual Property Rights: IP assignment and protection if relevant to executive's role
8. Corporate Governance Obligations: Additional governance requirements for public companies or regulated entities
1. Schedule 1 - Compensation Details: Detailed breakdown of retention bonus, payment schedule, and calculations
2. Schedule 2 - Performance Metrics: Specific KPIs and targets that trigger retention payments
3. Schedule 3 - Benefits Package: Comprehensive list of benefits and perquisites
4. Schedule 4 - Confidential Information: Definition and scope of confidential information
5. Appendix A - Company Policies: Key company policies applicable to the executive
6. Appendix B - Regulatory Requirements: Relevant regulatory obligations and compliance requirements
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Oil and Gas
Telecommunications
Manufacturing
Technology
Professional Services
Healthcare
Fast-Moving Consumer Goods (FMCG)
Mining and Natural Resources
Real Estate and Construction
Insurance
Agriculture and Agribusiness
Relevant Teams
Human Resources
Legal
Executive Leadership
Corporate Governance
Compensation and Benefits
Board Secretariat
Finance
Compliance
Risk Management
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Chief Operating Officer
Chief Technology Officer
Managing Director
Executive Director
Division President
Regional Director
Country Manager
General Manager
Senior Vice President
Executive Vice President
Head of Department
Chief Legal Officer
Chief Risk Officer
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