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Directors Contract Of Employment

Directors Contract Of Employment Template for Australia

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Key Requirements PROMPT example:

Directors Contract Of Employment Template

"I need a Directors Contract Of Employment Template for appointing a new Managing Director of our technology startup in Sydney, with provisions for equity-based compensation and flexibility to serve on advisory boards of non-competing companies, starting March 2025."

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Document background
The Directors Contract Of Employment Template is essential for Australian companies appointing executive directors, ensuring clarity in the employment relationship while meeting regulatory requirements. This document is typically used when appointing new directors or updating existing arrangements to reflect current legal standards and market practices. It incorporates provisions required under the Corporations Act 2001, Fair Work Act 2009, and other relevant Australian legislation, addressing both the employment relationship and corporate governance obligations. The template includes comprehensive coverage of executive responsibilities, remuneration structures, performance expectations, and protection of company interests, while maintaining flexibility to accommodate specific industry requirements and company circumstances.
Suggested Sections

1. Parties: Identification of the company and the director entering into the agreement

2. Background: Context of the appointment and any relevant company background

3. Definitions and Interpretation: Key terms used throughout the agreement and rules for interpretation

4. Appointment and Term: Details of the director role, position title, and duration of appointment

5. Duties and Responsibilities: Core duties as both a director and executive, including statutory obligations under the Corporations Act

6. Time Commitment and Exclusivity: Expected working hours and any restrictions on other business activities

7. Remuneration and Benefits: Base salary, bonuses, equity arrangements, and other benefits

8. Leave Entitlements: Annual leave, personal leave, long service leave and other leave provisions

9. Company Policies and Procedures: Compliance with company policies and corporate governance requirements

10. Confidentiality: Protection of confidential information during and after employment

11. Intellectual Property: Ownership and protection of IP created during the engagement

12. Termination: Grounds for termination, notice periods, and consequences of termination

13. Post-Employment Obligations: Restraint of trade, non-solicitation, and ongoing confidentiality obligations

14. General Provisions: Standard boilerplate clauses including governing law, notices, and entire agreement

Optional Sections

1. Board Position: Include when the director will also serve on the company's board of directors

2. International Travel: Include for roles requiring significant international travel

3. Equity Participation: Include when offering share options or other equity-based incentives

4. Change of Control: Include provisions for circumstances involving company sale or merger

5. Garden Leave: Include when the company wants the right to place the director on paid leave

6. Performance Criteria: Include detailed performance metrics and review processes

7. Insurance and Indemnity: Include specific D&O insurance and indemnification arrangements

8. Relocation: Include when the role requires relocation

9. Multiple Directorships: Include when director holds positions in multiple group companies

Suggested Schedules

1. Position Description: Detailed outline of the role, responsibilities, and reporting relationships

2. Remuneration Package: Detailed breakdown of salary, benefits, and incentive structures

3. Performance Criteria and KPIs: Specific metrics and targets for performance assessment

4. Share Option Scheme Rules: Terms and conditions of any equity participation

5. Restraint Provisions: Detailed post-employment restrictions including geographic and temporal limits

6. Company Policies: Key corporate policies requiring specific acknowledgment

7. Group Structure: List of group companies where director holds appointments

8. Approved External Directorships: List of pre-approved external board positions or business interests

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 legal definitions
Clauses
Appointment
Term
Director Duties
Executive Duties
Authority and Powers
Board Position
Remuneration
Performance Bonus
Equity Participation
Benefits
Expenses
Leave Entitlements
Location
Hours of Work
Exclusivity
Performance Review
Confidentiality
Intellectual Property
Conflicts of Interest
Corporate Governance
Compliance
Company Policies
Insurance
Indemnification
Termination
Summary Termination
Garden Leave
Post-Employment Restrictions
Non-Competition
Non-Solicitation
Return of Property
Change of Control
Force Majeure
Notices
Assignment
Severability
Entire Agreement
Variation
Governing Law
Dispute Resolution
Relevant Industries

Financial Services

Technology

Manufacturing

Mining and Resources

Healthcare

Retail

Professional Services

Construction

Education

Telecommunications

Energy

Transport and Logistics

Media and Entertainment

Real Estate

Agriculture

Relevant Teams

Legal

Human Resources

Corporate Governance

Company Secretariat

Board of Directors

Executive Committee

Compliance

Risk Management

Relevant Roles

Executive Director

Managing Director

Chief Executive Officer

Chief Financial Officer

Chief Operating Officer

Chief Technology Officer

Regional Director

Divisional Director

Commercial Director

Strategy Director

Development Director

Country Director

Industries
Corporations Act 2001 (Cth): Primary legislation governing company directors' duties, responsibilities, and obligations including fiduciary duties, duty of care and diligence, and conflicts of interest
Fair Work Act 2009 (Cth): Governs employment relationships, including minimum employment standards, termination provisions, and unfair dismissal protections that may apply to executive employment
Income Tax Assessment Act 1997 (Cth): Relevant for structuring director remuneration, tax implications of benefits, and reporting obligations
Competition and Consumer Act 2010 (Cth): Contains provisions regarding restrictive trade practices and consumer protection that may affect post-employment restraints and confidentiality obligations
Work Health and Safety Act 2011 (Cth): Outlines director's personal obligations and liability regarding workplace health and safety
Privacy Act 1988 (Cth): Relevant for handling personal information and privacy obligations in the employment relationship
Australian Securities and Investments Commission Act 2001 (Cth): Contains provisions regarding corporate governance and ASIC's regulatory powers over directors
Superannuation Guarantee (Administration) Act 1992 (Cth): Governs superannuation obligations for directors who are also employees
Treasury Laws Amendment (Enhancing Whistleblower Protections) Act 2019 (Cth): Relevant for incorporating whistleblower protection provisions and director obligations
Long Service Leave Act (State-specific): State-based legislation governing long service leave entitlements that may apply to executive employment
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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