Executive Director Independent Contractor Agreement Template for England and Wales

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Key Requirements PROMPT example:

Executive Director Independent Contractor Agreement

"I need an Executive Director Independent Contractor Agreement for our UK-based fintech startup, appointing a part-time executive director who will work remotely from Spain and receive compensation partly in equity; the agreement should start from March 2025."

Document background

The Executive Director Independent Contractor Agreement is essential when engaging senior leadership in a non-employee capacity under English and Welsh law. This document is particularly relevant for companies seeking flexibility in director arrangements while maintaining corporate governance standards. It addresses key aspects including statutory compliance, fiduciary duties, compensation, and IR35 considerations, while clearly establishing the independent nature of the relationship. The agreement is designed to protect both parties' interests while ensuring compliance with Companies Act 2006 and other relevant legislation.

Suggested Sections

1. Parties: Identification of the company and the independent contractor director

2. Background: Context of appointment and nature of relationship

3. Definitions: Key terms used throughout the agreement

4. Appointment and Term: Scope of directorship and duration

5. Duties and Obligations: Specific responsibilities and commitments as per Companies Act 2006 and corporate governance requirements

6. Fees and Expenses: Compensation structure and reimbursement terms, including IR35 considerations

7. Time Commitment: Expected hours and availability requirements

8. Independence and Status: Confirmation of independent contractor status and IR35 compliance

9. Confidentiality: Protection of company information and data protection obligations

10. Intellectual Property: Ownership and rights of created works during directorship

11. Non-Competition and Non-Solicitation: Post-termination restrictions and competition limitations

12. Termination: Circumstances and processes for ending the agreement

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

Optional Sections

1. Stock Options: Share schemes or equity participation terms, applicable when offering equity compensation

2. International Travel: Terms for overseas work and international commitments, relevant for global operations

3. Committee Memberships: Additional board committee responsibilities and related compensation

4. Insurance: Directors and Officers liability insurance provisions

5. Corporate Governance: Specific governance requirements for listed companies or regulated industries

Suggested Schedules

1. Schedule 1: Services: Detailed scope of services to be provided as an independent director

2. Schedule 2: Fee Structure: Detailed breakdown of compensation, payment terms and expenses

3. Schedule 3: Company Policies: Key policies the director must adhere to including code of conduct

4. Schedule 4: Restricted Activities: Detailed list of prohibited activities and competition restrictions

5. Appendix A: Board Meeting Schedule: Annual calendar of board meetings and time commitment details

6. Appendix B: Conflict Disclosure Form: Declaration of potential conflicts of interest

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

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Relevant Teams

Relevant Roles

Industries

Companies Act 2006: Primary legislation governing company directors' duties, responsibilities, corporate governance requirements, statutory obligations, and disclosure requirements

Employment Rights Act 1996: Legislation to consider for establishing genuine self-employed status, avoiding deemed employment status, and preventing creation of employment relationship

IR35 Legislation: Off-payroll working rules governing tax implications and self-employed status verification for contractors

UK Corporate Governance Code: Guidelines for best practices in director appointments, board responsibilities, and corporate governance standards

Data Protection Act 2018 and UK GDPR: Regulations governing data handling responsibilities, privacy considerations, and confidentiality obligations

Equality Act 2010: Legislation ensuring non-discrimination, protection of characteristics, and equal treatment obligations

Competition Act 1998: Laws governing non-compete provisions and restraint of trade considerations

Financial Services and Markets Act 2000: Regulatory compliance requirements particularly relevant for financial services industry

Bribery Act 2010: Anti-corruption provisions and compliance requirements for business relationships

Common Law Principles: Established legal principles covering fiduciary duties, duty of care, and confidentiality obligations

Stock Market Rules: Specific requirements for listed companies regarding director appointments and governance

Industry-Specific Regulations: Sector-specific rules and requirements that may affect director responsibilities

Corporate Articles of Association: Company's internal rules and procedures affecting director appointments and duties

Tax Legislation: Tax considerations and obligations for independent contractor relationships

Insurance Requirements: Professional indemnity and liability insurance considerations for directors

Intellectual Property Law: Regulations governing ownership and protection of intellectual property created during the engagement

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Let's create your Executive Director Independent Contractor Agreement

Authors

Alex Denne

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