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Director Fee Agreement

Director Fee Agreement Template for Singapore

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Key Requirements PROMPT example:

Director Fee Agreement

"I need a Director Fee Agreement for my Singapore tech startup to appoint a new independent director with a monthly fee of SGD 5,000, starting March 1, 2025, with additional compensation for serving on our audit committee."

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Document background
The Director Fee Agreement is a fundamental document used when appointing or renewing the terms of a director's service on a company's board in Singapore. This agreement is essential for establishing clear compensation terms, ensuring compliance with Singapore's regulatory framework, and protecting both parties' interests. The document typically covers basic fees, additional compensation for committee work, benefits, and payment terms, while adhering to the Companies Act and corporate governance requirements. A Director Fee Agreement becomes particularly important for listed companies where transparency in director remuneration is mandatory, but it's equally valuable for private companies seeking to formalize their director compensation arrangements.
Suggested Sections

1. Parties: Identification of the company and the director

2. Background: Context of the appointment and basis for the fee agreement

3. Definitions: Key terms used throughout the agreement

4. Appointment and Term: Period of directorship and renewal terms

5. Director's Fees: Amount, payment schedule, and calculation method

6. Payment Terms: Timing, method, and conditions for payment

7. Duties and Responsibilities: Overview of director's role and obligations

8. Termination: Conditions and process for ending the agreement

9. Confidentiality: Protection of company information

10. Governing Law: Specification of Singapore law as governing law

Optional Sections

1. Additional Benefits: Any additional compensation or benefits beyond basic fees

2. Share Options: Terms of any share option schemes when part of compensation

3. Insurance Coverage: Directors' and Officers' liability insurance terms when provided

4. Expense Reimbursement: Terms for claiming expenses when reimbursement is offered

5. Non-Competition: Restrictions on competing activities for executive directors or sensitive industries

Suggested Schedules

1. Fee Schedule: Detailed breakdown of fees and payment structure

2. Duties Schedule: Detailed list of director's duties and responsibilities

3. Benefits Schedule: Details of additional benefits if applicable

4. Board Committee Appointments: List of committee responsibilities and additional fees

5. Company Policies: Reference to relevant company policies and procedures

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions


























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Industries

Companies Act (Cap. 50): Primary legislation governing company directors in Singapore, covering directors' duties, responsibilities, remuneration disclosure requirements, and restrictions on certain types of payments to directors

Income Tax Act: Legislation governing the tax treatment of directors' fees, including withholding tax requirements and reporting obligations for director remuneration

Securities and Futures Act: Regulates securities and financial markets, including disclosure requirements for listed companies and corporate governance compliance related to director compensation

Corporate Governance Code: Provides guidelines on directors' remuneration, recommendations for remuneration committees, and requirements for transparency and disclosure in director compensation

Employment Act: While directors are typically not employees, certain provisions may be relevant depending on their role and involvement in the company

Central Provident Fund (CPF) Act: Governs CPF contributions requirements and treatment of directors' fees for CPF purposes where applicable

SGX Listing Rules: For listed companies: requirements for disclosure, shareholders' approval requirements, and related party transaction rules regarding director compensation

Personal Data Protection Act: Governs the collection, use, and disclosure of personal data in Singapore, relevant for protecting directors' personal information in the agreement

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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