Directors Contract Of Employment Template for New Zealand

The Directors Contract Of Employment is a crucial document used when appointing individuals who will serve in both executive and board capacities within New Zealand companies. This specialized agreement is necessary when an organization wishes to formalize the employment relationship with a director who will have operational responsibilities beyond their statutory board duties. The document must comply with New Zealand's Companies Act 1993, Employment Relations Act 2000, and other relevant legislation. It typically includes comprehensive terms covering remuneration, duties, performance expectations, confidentiality, intellectual property rights, and termination provisions. The agreement is particularly important for establishing clear boundaries between the individual's role as an employee and their responsibilities as a board member, while ensuring appropriate protections for both the company and the director.

1. Parties: Identifies the company and the director-employee, including their full legal names and addresses

2. Background: Outlines the context of the appointment, company details, and the basis for entering into the agreement

3. Definitions: Defines key terms used throughout the agreement

4. Appointment and Term: Details the position, appointment to the board, commencement date, and term of appointment (fixed or ongoing)

5. Duties and Responsibilities: Comprehensive outline of both executive duties and statutory obligations as a director

6. Time Commitment: Specifies expected working hours, availability, and any permissions for external commitments

7. Remuneration and Benefits: Details salary, director's fees, bonuses, and other benefits

8. Expenses: Outlines reimbursement policies for business-related expenses

9. Leave Entitlements: Specifies annual leave, sick leave, and other leave entitlements

10. Confidentiality: Defines confidential information and obligations regarding its protection

11. Intellectual Property: Addresses ownership and protection of IP created during employment

12. Conflicts of Interest: Details obligations regarding disclosure and management of conflicts

13. Termination: Outlines circumstances and procedures for ending the employment relationship

14. Post-Termination Obligations: Specifies ongoing obligations after employment ends

15. General Provisions: Includes standard boilerplate clauses, governing law, and dispute resolution