The Director's Service Contract is essential when appointing new board members or formalizing existing director relationships. This document is particularly crucial in the United States where corporate governance requirements are strictly regulated at both federal and state levels. The contract typically includes detailed provisions about duties, compensation, confidentiality, and termination terms, while ensuring compliance with various regulatory requirements including Sarbanes-Oxley and SEC regulations for public companies. Directors Service Contracts are fundamental in establishing clear expectations and protecting both the company's and director's interests.
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1. Parties: Identifies the company and the director entering into the service agreement
2. Background: Context of the director's appointment and relevant corporate background
3. Definitions: Key terms and their meanings used throughout the agreement
4. Appointment and Term: Details of the director's position, appointment date, and duration of service
5. Duties and Responsibilities: Comprehensive outline of director's obligations, authority, and fiduciary duties
6. Time Commitment: Expected time dedication and availability requirements
7. Compensation: Details of salary, fees, benefits, and other remuneration arrangements
8. Expenses: Policy on reimbursement of business-related expenses
9. Confidentiality: Obligations regarding confidential information and trade secrets
10. Intellectual Property: Rights and obligations regarding company IP and creations during service
11. Termination: Grounds and procedures for ending the service agreement
12. Post-Termination Obligations: Continuing duties and restrictions after agreement ends
13. General Provisions: Standard legal clauses including governing law, notices, and amendments
1. Stock Options and Equity Compensation: Terms of any share-based compensation or equity participation (include when director receives equity compensation)
2. International Travel and Duties: Provisions for overseas responsibilities and travel requirements (include for companies with international operations)
3. Multiple Board Positions: Terms for serving on boards of subsidiaries or related entities (include for corporate groups)
4. Change of Control: Special provisions triggered by company ownership changes (include for public companies or those planning exit events)
5. Corporate Opportunity: Guidelines for handling business opportunities related to company's interests (include for companies in competitive industries)
1. Schedule 1: Compensation Details: Detailed breakdown of all compensation elements including salary, bonuses, and benefits
2. Schedule 2: Company Policies: Key corporate policies applicable to directors including code of conduct and governance guidelines
3. Schedule 3: D&O Insurance Coverage: Details of directors' and officers' liability insurance protection
4. Schedule 4: Board Committee Assignments: List of specific committee responsibilities and roles
5. Schedule 5: Performance Metrics: Specific performance criteria and evaluation standards for the director
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