The Executive Separation Agreement is a crucial document used in Nigeria when terminating the employment of senior executives in a mutually agreed manner. It is particularly important in scenarios involving sensitive leadership transitions, corporate restructuring, or strategic management changes. The agreement must comply with Nigerian federal and state employment laws, including the Labour Act, Pension Reform Act, and relevant tax legislation. This document typically includes comprehensive details about severance packages, benefit continuations, confidentiality requirements, non-compete provisions (where applicable), and release of claims. The Executive Separation Agreement serves to protect both the company's interests (particularly regarding confidential information and stakeholder relationships) and the executive's rights (ensuring fair compensation and clear terms of separation). It is especially relevant in major corporate transitions and must be structured to avoid future disputes while maintaining compliance with Nigerian corporate governance standards.
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1. Parties: Identification of the company and the departing executive
2. Background: Context of the executive's employment and reason for separation agreement
3. Definitions: Key terms used throughout the agreement
4. Separation Date and Employment Status: Clear specification of when employment ends and immediate status changes
5. Final Compensation and Benefits: Details of final salary, accrued benefits, and statutory entitlements
6. Severance Package: Terms and conditions of additional separation payments and benefits
7. Tax Implications: Treatment of tax obligations for all payments and benefits
8. Company Property: Requirements for return of company assets and property
9. Confidentiality Obligations: Ongoing duties regarding confidential information
10. Non-Disparagement: Mutual obligations regarding public statements and communications
11. Release of Claims: Mutual release of legal claims between parties
12. Cooperation: Requirements for transition assistance and future cooperation
13. Governing Law: Specification of Nigerian law as governing law
14. Dispute Resolution: Process for resolving any disputes under the agreement
1. Director Resignations: Required if executive holds director positions, addressing resignation from board and subsidiaries
2. Equity Arrangements: Needed if executive holds shares, stock options, or other equity interests
3. Non-Compete Provisions: Restrictions on future employment, if appropriate and enforceable
4. Intellectual Property Rights: Specific provisions for IP created during employment
5. Medical Benefits Extension: If continuing medical coverage is part of the package
6. Relocation Assistance: If executive was relocated and needs repatriation
7. Legal Fee Reimbursement: If company will cover executive's legal costs for agreement review
8. Public Announcements: Required for listed companies or high-profile departures
9. Garden Leave Provisions: If applicable during notice period
1. Schedule of Benefits: Detailed breakdown of all separation benefits and payment schedule
2. Company Property Checklist: List of all company assets to be returned
3. Resignation Letters: Templates for various positions being resigned
4. Equity Holdings Summary: Details of shares, options, and other equity interests
5. Reference Letter: Agreed form of reference letter if applicable
6. Announcement Template: Agreed format for internal and external announcements
7. Outstanding Obligations: List of ongoing commitments and how they will be handled
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