The Executive Director Employment Contract is a crucial legal document used when appointing a senior executive to lead an organization in Canada. This agreement is essential for organizations seeking to formalize the employment relationship with their top-tier management, providing clear terms and conditions while ensuring compliance with Canadian federal and provincial laws. It typically comes into play during new executive appointments, leadership transitions, or when updating terms for existing executive directors. The contract comprehensively covers various aspects including compensation structure, performance expectations, fiduciary duties, protection of corporate interests, and termination provisions. It's particularly important for establishing clear governance frameworks and protecting both the organization's and executive's interests while ensuring alignment with Canadian employment standards and corporate governance requirements.
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1. Parties: Identification of the employer organization and the executive director
2. Background: Context of the appointment and basic information about the organization
3. Definitions: Key terms used throughout the agreement including 'Cause', 'Confidential Information', 'Intellectual Property', etc.
4. Appointment and Term: Position details, effective date, and term (fixed or indefinite)
5. Duties and Responsibilities: Core executive responsibilities, reporting relationships, and performance expectations
6. Compensation: Base salary, review periods, and payment terms
7. Benefits and Perquisites: Health benefits, insurance, vacation entitlement, and executive perks
8. Incentive Compensation: Annual bonus structure, long-term incentives, and performance metrics
9. Expenses: Business expense reimbursement policy and procedures
10. Termination: Grounds for termination, notice periods, and severance entitlements
11. Confidentiality: Protection of confidential information during and after employment
12. Intellectual Property: Ownership and assignment of IP created during employment
13. Non-Competition and Non-Solicitation: Post-employment restrictions on competitive activities
14. Representations and Warranties: Mutual assurances regarding capacity and authority to enter agreement
15. General Provisions: Standard boilerplate clauses including governing law, amendments, and notices
1. Board Position: Terms of board membership if the executive director will serve on the board
2. Equity Participation: Share ownership or option provisions if equity is part of compensation
3. Change of Control: Special provisions triggered by change in company ownership
4. Compliance with Securities Laws: Required for publicly traded companies regarding insider trading and reporting
5. Work Permits: Required if the executive director is not a Canadian citizen/permanent resident
6. Relocation: Terms of relocation assistance if the executive is moving for the position
7. Indemnification: Protection against legal claims related to duties as executive director
1. Schedule A - Duties and Responsibilities: Detailed list of specific responsibilities and performance expectations
2. Schedule B - Compensation and Benefits: Detailed breakdown of all compensation elements and benefit entitlements
3. Schedule C - Bonus Plan: Specific metrics and calculations for performance-based compensation
4. Schedule D - Stock Option Plan: Terms and conditions of equity-based compensation
5. Schedule E - Approved Outside Activities: List of pre-approved board positions or other external commitments
6. Appendix 1 - Consent to Collection of Personal Information: Privacy consent form for handling personal information
7. Appendix 2 - Company Policies: Key corporate policies applicable to the executive
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