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Advisory Board Agreement Template Generator for the USA

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Key Requirements PROMPT example:

Advisory Board Agreement Template

"I need an Advisory Board Agreement Template for my tech startup to bring on a senior industry expert who will advise us quarterly and receive 1% equity compensation, with the agreement starting January 2025 and running for two years."

Document background
The Advisory Board Agreement Template is essential for companies seeking to formally engage external experts in an advisory capacity. This document, designed for use in the United States, provides a framework for defining the advisor-company relationship, including scope of services, compensation, confidentiality obligations, and intellectual property rights. It's particularly valuable for growing companies that need specialized expertise but aren't ready for full-time executive hires. The agreement helps prevent misunderstandings and protects both parties' interests while ensuring compliance with relevant state and federal regulations.
Suggested Sections

1. Parties: Identifies the company and the advisor, including full legal names and addresses

2. Background: States the company's desire to establish an advisory board and the advisor's qualifications

3. Definitions: Defines key terms used throughout the agreement

4. Appointment and Term: Details of the advisor's appointment and duration of service

5. Services: Specific duties and responsibilities of the advisor

6. Compensation: Details of fees, equity, or other compensation

7. Confidentiality: Obligations regarding confidential information

8. Intellectual Property: Ownership and rights to IP created during advisory service

9. Termination: Conditions and process for ending the agreement

Optional Sections

1. Parties: Identifies the company and the advisor, including full legal names and addresses

2. Background: States the company's desire to establish an advisory board and the advisor's qualifications

3. Definitions: Defines key terms used throughout the agreement

4. Appointment and Term: Details of the advisor's appointment and duration of service

5. Services: Specific duties and responsibilities of the advisor

6. Compensation: Details of fees, equity, or other compensation

7. Confidentiality: Obligations regarding confidential information

8. Intellectual Property: Ownership and rights to IP created during advisory service

9. Termination: Conditions and process for ending the agreement

Suggested Schedules

1. Schedule A - Services: Detailed list of advisory services and expectations

2. Schedule B - Compensation: Detailed compensation terms including payment schedule

3. Schedule C - Equity Terms: Details of any equity compensation arrangement

4. Appendix A - Confidentiality Agreement: Detailed confidentiality terms and requirements

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

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Industries

Federal Securities Laws: Regulations governing securities, particularly important if advisory services relate to investment matters or public company operations

Federal Tax Laws: IRS regulations regarding advisor compensation, tax reporting, and classification of payments

Federal IP Laws: Protection of intellectual property rights, including patents, trademarks, and copyrights at the federal level

Defend Trade Secrets Act: Federal law providing protection for trade secrets and confidential information

Federal Employment Laws: Regulations ensuring proper classification of advisors as independent contractors vs. employees

State Corporate Laws: State-specific regulations governing corporate operations and governance

State Contract Laws: State-specific requirements for contract formation, enforcement, and interpretation

State Employment Laws: State-specific regulations regarding employment classification and worker rights

State Trade Secret Laws: State-specific protections for confidential information and trade secrets

State Non-Compete Laws: State-specific regulations governing non-compete agreements and restrictions

Corporate Bylaws Compliance: Ensuring agreement aligns with company's internal governance documents and procedures

SEC Regulations: Securities and Exchange Commission rules, particularly relevant for public companies

Fiduciary Duty Requirements: Legal obligations regarding duty of care and loyalty in advisory relationships

Insider Trading Regulations: Rules governing the handling of material non-public information

Industry-Specific Regulations: Sector-specific requirements such as HIPAA for healthcare, FINRA for financial services, or data protection for technology

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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