The Executive Director Employment Contract is a specialized agreement used when appointing senior executives who will also serve on the company's board of directors in New Zealand. This dual role requires careful consideration of both employment law obligations and corporate governance requirements. The document is typically used for C-suite executives who need clear delineation of their operational responsibilities and their fiduciary duties as board members. It includes comprehensive provisions addressing remuneration packages, performance metrics, strategic responsibilities, and governance obligations while ensuring compliance with New Zealand's Companies Act 1993 and Employment Relations Act 2000. The agreement is particularly important for listed companies, large private enterprises, and organizations requiring strong corporate governance frameworks.
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1. Parties: Identification of the employer company and the executive director
2. Background: Context of the appointment, including any relevant company history or circumstances leading to the appointment
3. Definitions: Key terms used throughout the agreement, including specific corporate and employment-related definitions
4. Appointment and Term: Details of the appointment as both executive and director, including commencement date and any initial term
5. Role and Duties: Comprehensive description of executive responsibilities and director duties, including reporting lines and key performance areas
6. Time Commitment and Exclusivity: Expected working hours, dedication requirements, and any restrictions on other business activities
7. Remuneration: Base salary, director fees, and review mechanisms
8. Benefits and Entitlements: Standard benefits, leave entitlements, and expense reimbursement
9. Performance and Review: KPIs, performance review process, and consequences of performance outcomes
10. Conflicts of Interest: Procedures for declaring and managing conflicts, aligned with Companies Act requirements
11. Confidentiality: Protection of company information during and after employment
12. Intellectual Property: Ownership and protection of IP created during employment
13. Protection of Business Interests: Non-compete and non-solicitation provisions
14. Termination: Grounds for termination, notice periods, and consequences of termination
15. Post-Termination Obligations: Ongoing obligations after employment ends
16. General Provisions: Standard boilerplate clauses including governing law, entire agreement, and amendments
1. Share-Based Incentives: Details of any share options, rights, or other equity-based incentives - include for listed companies or where equity incentives are offered
2. International Travel: Specific provisions for international travel and overseas work - include for roles requiring significant international engagement
3. Multiple Directorships: Provisions for appointment to multiple boards within a group structure - include for group companies
4. Change of Control: Specific provisions dealing with company sale or merger - include for companies likely to undergo ownership changes
5. Garden Leave: Provisions for placing the executive on paid leave during notice period - include for sensitive roles
6. Special Projects: Provisions for specific strategic initiatives or projects - include when role involves particular strategic priorities
7. Relocation: Terms for relocation assistance and related benefits - include when role requires relocation
1. Position Description: Detailed description of role, responsibilities, and key performance indicators
2. Remuneration Package: Comprehensive breakdown of salary, benefits, and incentive structures
3. Company Policies: Key policies the executive must comply with, including corporate governance policies
4. Board Charter: Relevant excerpts from or reference to the board charter affecting the executive director role
5. Approved Outside Directorships: List of pre-approved external board positions or professional commitments
6. Performance Metrics: Detailed KPIs and performance measurement criteria
7. Share Plan Rules: Terms of any applicable share or option schemes
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