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Executive Compensation Agreement

Executive Compensation Agreement Template for England and Wales

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Key Requirements PROMPT example:

Executive Compensation Agreement

"I need an Executive Compensation Agreement for our new CFO starting in March 2025, including equity compensation and international assignment provisions as they'll be splitting time between our London and Singapore offices."

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Document background
The Executive Compensation Agreement serves as the primary document governing the financial relationship between a company and its senior executives in England and Wales. It is essential when hiring or promoting individuals to executive positions, particularly in regulated industries or listed companies. The agreement encompasses all aspects of compensation including fixed and variable elements, equity participation, and benefits, while ensuring compliance with corporate governance requirements and protecting both parties' interests. It should be regularly reviewed and updated to reflect changes in law and market practice.
Suggested Sections

1. Parties: Identifies the company and executive, including their registered addresses and company details

2. Background: Sets out context of the agreement and executive's appointment

3. Definitions: Defines key terms used throughout the agreement

4. Term and Position: Duration of agreement and description of executive role

5. Base Salary: Fixed annual compensation amount and review provisions

6. Benefits: Standard benefits package including healthcare, insurance, etc.

7. Annual Bonus: Structure and terms of performance-based compensation

8. Termination Provisions: Circumstances and procedures for ending employment

9. Confidentiality: Protection of company confidential information

10. Governing Law: Specification of English and Welsh law governance

Optional Sections

1. Equity Compensation: Share options or restricted stock units - include when offering equity-based compensation

2. Change in Control: Provisions triggered by company ownership changes - include for listed companies or where M&A activity is likely

3. Garden Leave: Terms for paid leave during notice period - include when protecting business interests post-termination

4. International Assignment: Terms for overseas work - include for executives with international responsibilities

5. Clawback Provisions: Recovery of compensation in specific circumstances - include for regulated industries or listed companies

Suggested Schedules

1. Job Description: Detailed outline of executive's duties and responsibilities

2. Bonus Scheme Rules: Detailed terms of variable compensation arrangements

3. Share Option Agreement: Terms of any equity-based compensation

4. Benefits Schedule: Detailed list of benefits and their terms

5. Performance Metrics: KPIs and measurement criteria for variable compensation

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

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alex.den.21@genieai.co
Relevant legal definitions
Agreement
Annual Bonus
Base Salary
Board
Business Day
Cause
Change in Control
Company
Compensation Committee
Confidential Information
Control
Disability
Effective Date
Employment Period
Executive
Good Reason
Group
Holding Company
Intellectual Property Rights
Long Term Incentive Plan
Notice Period
Parent Company
Performance Metrics
Position
Remuneration Package
Restricted Period
Share Options
Subsidiary
Target Bonus
Termination Date
Territory
Variable Compensation
Vesting Date
Vesting Period
Works
Clauses
Appointment and Term
Duties and Responsibilities
Remuneration
Base Salary
Annual Bonus
Long-Term Incentives
Benefits
Pension
Expenses
Holiday Entitlement
Place of Work
Working Hours
Confidentiality
Intellectual Property
Non-Competition
Non-Solicitation
Garden Leave
Termination
Payment in Lieu of Notice
Severance
Change in Control
Clawback
Performance Review
Amendments
Entire Agreement
Notices
Data Protection
Assignment
Severability
Third Party Rights
Governing Law
Jurisdiction
Force Majeure
Warranties
Time of Essence
Waiver
Variation
Counterparts
Relevant Industries
Relevant Teams
Relevant Roles
Industries

Companies Act 2006: Primary legislation governing company operations, particularly sections relating to directors' duties and remuneration disclosures

Employment Rights Act 1996: Fundamental employment legislation establishing basic employment rights and obligations in England and Wales

Equality Act 2010: Legislation ensuring non-discrimination in employment terms including executive compensation

Income Tax (Earnings and Pensions) Act 2003: Tax legislation governing the treatment of various forms of executive compensation and benefits

National Insurance Contributions Act 2014: Legislation regarding social security contributions on executive compensation

UK Corporate Governance Code: Set of principles and guidelines for effective corporate governance including executive remuneration practices

Companies (Directors' Remuneration Policy and Directors' Remuneration Report) Regulations 2019: Specific regulations governing how companies must report and seek approval for directors' remuneration

Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008: Regulations specifying requirements for financial reporting including executive compensation disclosures

Enterprise and Regulatory Reform Act 2013: Legislation introducing binding shareholder votes on executive pay policies

UK GDPR: Data protection legislation governing the processing of personal data, including executive compensation information

Data Protection Act 2018: UK's implementation of data protection requirements, complementing UK GDPR

Financial Services and Markets Act 2000: Regulatory framework for financial services firms, including specific requirements for executive compensation in regulated entities

Senior Managers and Certification Regime (SMCR): Regulatory framework for senior management in financial services, including compensation considerations

Working Time Regulations 1998: Legislation governing working hours and leave entitlements, applicable to executive employment terms

Pensions Act 2008: Legislation governing pension schemes and requirements, relevant for executive pension 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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