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It addresses why exit agreements can be complex, balancing relational needs with financial, legal, and reputational risks. 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This question is loaded with complexities—feelings and relationships come into play, as do financial, legal, and reputational risks and rewards. There is a range of motivations for considering an exit agreement, some quite compelling. The executive, for instance, may seek a financial acknowledgment that he or she has skillfully led the organization over along tenure—and maybe for a salary well below market rate. Still, actions that might have strong support within the board and meet the needs and expectations of the executive might not play well with the IRS, a state attorney general, or in the court of public opinion.  \nThis article is intended to offer readers a context and a set of choices in considering whether an exit agreement is needed and, if so, what might be included. Because this is a relatively new area of exploration for the sector, each situation brings unique features, and broad generalizations aren’t possible. What we offer here is a framework for:  \n􀁸 Distinguishing between different types of agreements, and when and how they are best used (e.g., an employment agreement, a separation agreement, or an exit agreement);  \n􀁸 Sharing case experience about the presenting situations where an exit agreement may be appropriate and the key considerations in exploring and shaping such an agreement;  \n􀁸 Understanding the legal and risk management questions that require attention in considering an exit agreement; and  \n􀁸 Providing an introduction to additional resources that may be helpful in considering this topic.  \nWhatever elements you end up putting in your exit agreement, we must stress the importance of seeking legal review of any draft exit agreement by an attorney who is licensed in the state where your nonprofit is located and also well versed in nonprofit law and IRS regulations. As you will see below, it is no simple task to construct an agreement that meets the noble goals of the agreement, protects both parties, and conforms to the myriad laws and regulations governing its terms. Professional advice is recommended.  \nPerspectives on Exit Agreements  \nOur writing team comes at this article from two perspectives. Two of us are leaders in developing an approach to successful executive transitions for the sector, and oneof us is a thought leader in the field of nonprofit risk management, helping boardsand executives better understand the consequences of risk taking and the legal and  \nother risks that arise from governance, strategy setting, and operations. An unshakeable tenet of successful executive transitions is the following simple fact: to have a good beginning with a new executive, it is important to have a good ending with the departing executive. Too many transitions become strained because of lack of attention to what comprises a good ending for an executive—particularly a founder or long-tenured leader.  \nClients regularly ask us for help in drafting exit agreements with departing executives. (For purposes of this article, we will use “founder,” “CEO,” and “longtenured executive” interchangeably, to mean an executive who has had a major role in shaping an organization, either in its founding and long tenure or through leadership during a long tenure.) An exit agreement, as discussed in this article, differs in several respects from a separation agreement and release. (For information on the latter type of contract, please see the sidebar, below.) How many departing executives r","cbCaitqOJxvRKz6G","https://ap.wps.com/l/cbCaitqOJxvRKz6G","pdf",584641,"English","# Exit Agreements for Nonprofit CEOs - A Guide for Boards and Executives\n## Perspectives on Exit Agreements\n## Separation Agreements: Different Purpose and Rules","[{\"question\":\"Why do boards consider an exit agreement when a nonprofit CEO or founder departs?\",\"answer\":\"Boards may need to acknowledge the executive’s contributions and manage complex financial, legal, and reputational risks connected to the departure.\"},{\"question\":\"How does an exit agreement differ from a separation agreement and release?\",\"answer\":\"A separation agreement and release focuses on limiting legal exposure related to wrongful termination and related claims, in exchange for a promise not to sue, while exit agreements address broader transition and ending needs.\"},{\"question\":\"What should organizations do before finalizing an exit agreement?\",\"answer\":\"Seek legal review by an attorney licensed in the nonprofit’s state and knowledgeable about nonprofit law and IRS regulations, since drafting a compliant agreement is not straightforward.\"}]","Exit Agreements for Nonprofit CEOs - A Guide for Boards and Executives | PDF",1789631985]