The Director Employment Contract (Vorstandsvertrag/Geschäftsführervertrag) is a crucial document in Austrian corporate governance that formalizes the relationship between a company and its executive directors. This document is essential when appointing new directors or renewing existing directorship terms in Austrian companies, whether they are stock corporations (AG) or limited liability companies (GmbH). It must comply with Austrian corporate law requirements, including the Stock Corporation Act and Limited Liability Companies Act, while addressing specific aspects of executive employment such as remuneration, benefits, duties, and termination provisions. The contract serves as the primary reference point for the director's rights and obligations, corporate authority, and accountability measures, making it a fundamental instrument in Austrian corporate governance structures.
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1. Parties: Identification of the company and the director, including full legal names and addresses
2. Background: Context of the appointment and any relevant corporate resolutions
3. Definitions: Key terms used throughout the agreement
4. Appointment and Term: Position title, appointment date, and duration of the contract
5. Duties and Responsibilities: Detailed description of the director's role, authority, and obligations
6. Time Commitment: Expected working hours and availability requirements
7. Place of Work: Primary workplace location and travel requirements
8. Remuneration: Base salary, payment intervals, and review mechanisms
9. Variable Compensation: Bonus schemes, profit sharing, and performance-related pay
10. Benefits: Insurance, pension, company car, and other benefits
11. Expenses: Policy on business expenses and reimbursement
12. Vacation: Annual leave entitlement and holiday arrangements
13. Confidentiality: Protection of company information and trade secrets
14. Intellectual Property: Ownership and rights to work created during directorship
15. Data Protection: Handling of personal data and privacy obligations
16. Termination: Grounds for termination and notice periods
17. Post-Termination Obligations: Non-compete and non-solicitation provisions
18. Return of Company Property: Obligations regarding company assets upon termination
19. Governing Law: Confirmation of Austrian law governance
20. Entire Agreement: Integration clause and relationship to other agreements
1. External Appointments: Used when the director is permitted to hold other board positions or external roles
2. Share Options: Include when offering equity-based compensation
3. International Travel: Required for roles involving significant international responsibilities
4. Relocation Package: Include when the director needs to relocate for the position
5. Corporate Representation: Special powers of attorney and representation rights
6. Change of Control: Provisions applying in case of company ownership changes
7. Garden Leave: Include if the company wants the right to place director on paid leave
8. Mediation and Arbitration: Alternative dispute resolution procedures
9. Insurance and Indemnification: Additional protection and D&O insurance arrangements
10. Compliance with Corporate Governance: Specific corporate governance requirements for listed companies
1. Schedule 1 - Job Description: Detailed outline of responsibilities and performance expectations
2. Schedule 2 - Remuneration Package: Detailed breakdown of all compensation elements
3. Schedule 3 - Bonus Scheme Rules: Specific terms and conditions of variable compensation
4. Schedule 4 - Company Policies: Key corporate policies applicable to the director
5. Schedule 5 - Benefits Details: Comprehensive description of all benefits and entitlements
6. Schedule 6 - Share Option Terms: Details of any share option or equity participation schemes
7. Appendix A - Board Resolution: Copy of board resolution approving the appointment
8. Appendix B - Power of Attorney: Specific powers granted to the director
9. Appendix C - Company Car Policy: Terms of company car provision if applicable
10. Appendix D - D&O Insurance Coverage: Details of directors' and officers' liability insurance
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Manufacturing
Technology
Retail
Healthcare
Energy
Telecommunications
Real Estate
Professional Services
Transportation and Logistics
Construction
Media and Entertainment
Insurance
Pharmaceuticals
Consumer Goods
Industrial Services
Automotive
Agriculture
Education
Hospitality
Relevant Teams
Legal
Human Resources
Corporate Governance
Compliance
Finance
Company Secretariat
Board Secretariat
Risk Management
Internal Audit
Executive Office
Relevant Roles
Managing Director
Executive Director
Board Member
Chief Executive Officer
Chief Financial Officer
Chief Operating Officer
Chief Technology Officer
Chief Marketing Officer
Chief Human Resources Officer
Chief Legal Officer
Executive Vice President
Managing Partner
Country Manager
Regional Director
Division Head
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