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Advisory Board Agreement

Advisory Board Agreement Template for Australia

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Key Requirements PROMPT example:

Advisory Board Agreement

"I need an Advisory Board Agreement for my tech startup to bring on a cybersecurity expert who will be compensated with both cash and equity options, with the agreement starting March 1, 2025."

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Document background
The Advisory Board Agreement is essential for companies seeking to formalize relationships with external advisors who provide strategic guidance without taking on formal director responsibilities. This document is particularly relevant in the Australian business context where companies aim to access specialized expertise while maintaining clear governance structures. The agreement typically includes comprehensive provisions covering appointment terms, service scope, confidentiality, intellectual property rights, and compensation arrangements, all aligned with Australian legal requirements. It's commonly used by both established companies and startups looking to enhance their strategic decision-making through external expertise while maintaining appropriate legal protections and clear expectations for all parties involved.
Suggested Sections

1. Parties: Identifies the company and the advisory board member

2. Background: Sets out the context of the appointment and the company's desire to engage the advisor

3. Definitions: Defines key terms used throughout the agreement

4. Appointment and Term: Details of the appointment, including term length and renewal provisions

5. Role and Responsibilities: Outlines the specific duties and expectations of the advisory board member

6. Time Commitment: Specifies the expected time commitment, including meeting attendance and preparation

7. Remuneration: Details the compensation structure, including fees, expenses, and any equity components

8. Confidentiality: Obligations regarding confidential information and trade secrets

9. Intellectual Property: Ownership and treatment of IP created during the advisory relationship

10. Conflicts of Interest: Procedures for disclosing and managing potential conflicts

11. Termination: Circumstances and procedures for ending the agreement

12. General Provisions: Standard legal provisions including governing law, notices, and entire agreement

Optional Sections

1. Equity Compensation: Detailed terms of any equity-based compensation, used when the advisor receives shares or options

2. Insurance: Insurance requirements and coverage details, used when the company provides insurance for advisors

3. Non-Competition: Restrictions on competing activities, used when the advisor has access to sensitive competitive information

4. Relationship with Board of Directors: Protocols for interaction with the formal board, used when regular board interaction is expected

5. International Travel: Terms for international travel and related compensation, used when advisor is expected to travel internationally

6. External Communications: Guidelines for public statements and use of advisor's name, used when advisor has high public profile

Suggested Schedules

1. Schedule 1 - Services: Detailed description of advisory services to be provided

2. Schedule 2 - Compensation Details: Detailed breakdown of all compensation elements including payment terms

3. Schedule 3 - Meeting Schedule: Expected meeting dates, times, and formats for the initial term

4. Schedule 4 - Confidential Information: Specific categories of confidential information covered by the agreement

5. Schedule 5 - Approved External Commitments: List of pre-approved advisory or similar roles with other organizations

6. Appendix A - Code of Conduct: Company's code of conduct applicable to advisory board members

7. Appendix B - Expense Policy: Policy regarding reimbursable expenses and claiming procedures

Authors

Alex Denne

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

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Technology

Healthcare

Financial Services

Professional Services

Education

Biotechnology

Clean Energy

Manufacturing

Mining

Real Estate

Retail

E-commerce

Media and Entertainment

Telecommunications

Agriculture

Relevant Teams

Legal

Corporate Governance

Executive Office

Human Resources

Finance

Compliance

Risk Management

Corporate Development

Company Secretariat

Relevant Roles

Chief Executive Officer

Managing Director

Company Secretary

General Counsel

Legal Counsel

Chief Financial Officer

Head of Corporate Development

Board Secretary

Corporate Governance Manager

Human Resources Director

Chief Operating Officer

Compliance Officer

Risk Manager

Industries
Corporations Act 2001 (Cth): The primary legislation governing corporations in Australia, relevant for understanding the relationship between advisory board members and the company, particularly regarding governance structures and potential overlap with director duties
Income Tax Assessment Act 1997 (Cth): Relevant for tax treatment of advisory board member compensation and any equity-based payments
Competition and Consumer Act 2010 (Cth): Contains provisions about misleading and deceptive conduct, relevant for advisory board members' representations and advice
Privacy Act 1988 (Cth): Relevant for handling of personal and sensitive information that advisory board members may access during their tenure
Independent Contractors Act 2006 (Cth): Relevant for establishing the nature of the relationship between the company and advisory board members, who are typically engaged as independent contractors
Copyright Act 1968 (Cth): Important for protecting intellectual property rights and establishing ownership of materials created during the advisory relationship
ASX Listing Rules: If the company is listed or planning to list, these rules may be relevant for disclosure obligations and equity compensation arrangements
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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