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Director Employment Agreement

Director Employment Agreement Template for Pakistan

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Key Requirements PROMPT example:

Director Employment Agreement

"I need a Director Employment Agreement for appointing a new Finance Director to our listed technology company in Pakistan, starting March 1, 2025, with specific provisions for share options and international travel."

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Document background
The Director Employment Agreement is a crucial document required when appointing executive directors to companies operating in Pakistan. It serves as the primary contract governing the employment relationship between a company and its director, ensuring compliance with the Companies Act 2017, Listed Companies (Code of Corporate Governance) Regulations 2019 (where applicable), and other relevant Pakistani legislation. This agreement is essential for both listed and private companies to clearly define the terms of engagement, protect both parties' interests, and establish clear guidelines for the director's role, responsibilities, compensation, and obligations. The document typically requires approval from the board of directors and must be maintained as part of the company's statutory records.
Suggested Sections

1. Parties: Identification of the company and the director, including full legal names and addresses

2. Background: Context of the appointment and any relevant corporate approvals

3. Definitions: Key terms used throughout the agreement

4. Appointment and Term: Details of the director position, effective date, and duration of appointment

5. Duties and Responsibilities: Comprehensive outline of director's roles, including statutory duties under Companies Act 2017

6. Time Commitment: Expected working hours and availability requirements

7. Remuneration and Benefits: Salary, bonuses, benefits, and payment terms

8. Expenses: Policy on reimbursement of business expenses

9. Leave Entitlement: Annual, sick, and other leave provisions

10. Confidentiality: Protection of company confidential information

11. Intellectual Property: Ownership of work product and innovations

12. Conflicts of Interest: Declaration and handling of potential conflicts

13. Termination: Grounds and procedures for ending the agreement

14. Post-Termination Obligations: Continuing duties after employment ends

15. Governing Law: Pakistani law as governing law and jurisdiction

16. General Provisions: Standard boilerplate clauses including notices, amendments, and severability

Optional Sections

1. Non-Competition: Restrictions on competing activities, used when protecting business interests is crucial

2. Share Options: Details of any share option schemes, used when equity compensation is offered

3. International Travel: Terms for international assignments, used when role involves significant travel

4. Corporate Governance: Additional provisions for listed companies under Corporate Governance Regulations

5. Multiple Directorships: Terms for holding other directorship positions, used when permitted

6. Performance Metrics: Specific KPIs and evaluation criteria, used for performance-based compensation

7. Relocation: Terms for relocation assistance, used when director must relocate

8. Insurance: Details of D&O insurance coverage, used particularly for listed companies

Suggested Schedules

1. Schedule 1 - Remuneration Package: Detailed breakdown of salary, bonuses, and benefits

2. Schedule 2 - Job Description: Detailed outline of roles and responsibilities

3. Schedule 3 - Company Policies: Key corporate policies applicable to the director

4. Schedule 4 - Performance Criteria: Detailed performance evaluation metrics and targets

5. Schedule 5 - Share Option Terms: Details of any share option or equity participation schemes

6. Appendix A - Board Resolution: Copy of board resolution approving the appointment

7. Appendix B - Statutory Declaration: Director's statutory declarations under Companies Act 2017

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
Appointment
Board
Board Resolution
Business Day
Cause
Code of Conduct
Company
Companies Act
Competing Business
Confidential Information
Conflict of Interest
Corporate Governance Code
Director
Effective Date
Employment Period
Financial Year
Good Reason
Group
Intellectual Property Rights
Key Performance Indicators
Material Breach
Notice Period
Parent Company
Prohibited Area
Remuneration
Restricted Period
SECP
Share Option Scheme
Subsidiary
Term
Territory
Termination Date
Working Hours
Work Product
Clauses
Appointment
Term
Duties and Responsibilities
Authority and Powers
Time Commitment
Location
Remuneration
Benefits
Expenses
Leave and Holidays
Performance Review
Confidentiality
Intellectual Property
Data Protection
Conflicts of Interest
Non-Competition
Non-Solicitation
Board Meetings
Reporting Requirements
Corporate Governance
Statutory Compliance
Insurance
Indemnification
Health and Safety
Training and Development
Record Keeping
Company Property
Termination
Garden Leave
Post-Termination Obligations
References
Notices
Assignment
Severability
Entire Agreement
Variation
Waiver
Force Majeure
Governing Law
Dispute Resolution
Relevant Industries

Banking and Financial Services

Manufacturing

Technology

Retail

Healthcare

Energy

Telecommunications

Real Estate

Professional Services

Education

Construction

Agriculture

Mining

Logistics

Media and Entertainment

Relevant Teams

Legal

Human Resources

Board Secretariat

Corporate Governance

Compliance

Risk Management

Executive Office

Corporate Affairs

Administrative Services

Relevant Roles

Executive Director

Managing Director

Chief Executive Officer

Finance Director

Technical Director

Operations Director

Commercial Director

Non-Executive Director

Independent Director

Resident Director

Industries
Companies Act 2017: Primary legislation governing company operations in Pakistan, including appointment, removal, and duties of directors, corporate governance requirements, and mandatory disclosures
Listed Companies (Code of Corporate Governance) Regulations 2019: Specific regulations for directors of listed companies, including requirements for independent directors, committee formations, and governance standards
Income Tax Ordinance 2001: Governs taxation of director remuneration, benefits, and perquisites, including tax deduction requirements and reporting obligations
Employment and Service Laws: General employment laws covering terms of service, working hours, leave entitlements, and other employment conditions
West Pakistan Industrial and Commercial Employment (Standing Orders) Ordinance 1968: Regulates terms and conditions of industrial and commercial employment, including termination procedures and employee rights
Employees Old-Age Benefits Act 1976: Mandates social security contributions and benefits for employees, including directors who are also employees
Contract Act 1872: Fundamental law governing contract formation, validity, and enforcement in Pakistan
Securities Act 2015: Relevant for directors of listed companies, covering insider trading, securities transactions, and disclosure requirements
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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