The Executive Employment Agreement serves as a crucial legal document for establishing and governing employment relationships with senior executives in New Zealand. This agreement is specifically designed for organizations seeking to employ C-suite executives, managing directors, and other senior leadership positions, ensuring compliance with New Zealand employment law while protecting both employer and executive interests. The document addresses key aspects of executive employment including remuneration structures, performance incentives, fiduciary duties, and post-employment obligations. It is particularly important for companies listed on the NZX, multinational corporations operating in New Zealand, and growing businesses requiring formalized executive arrangements. The agreement incorporates provisions that align with the Employment Relations Act 2000, Companies Act 1993, and other relevant New Zealand legislation.
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1. Parties: Identifies the employer company and the executive employee, including their formal details
2. Background: Sets out the context of the agreement and the intention to employ the executive
3. Definitions and Interpretation: Defines key terms used throughout the agreement and interpretation rules
4. Appointment and Term: Details of the position, commencement date, and whether fixed-term or permanent
5. Duties and Responsibilities: Outlines the executive's role, reporting lines, and key responsibilities
6. Place of Work: Specifies primary work location and any flexibility arrangements
7. Hours of Work: States expected working hours while acknowledging executive nature of role
8. Remuneration: Details base salary, review process, and payment arrangements
9. Benefits: Outlines standard benefits package including superannuation, insurance, and allowances
10. Leave Entitlements: Specifies annual leave, sick leave, and other leave entitlements
11. Confidentiality: Defines confidential information and obligations to maintain confidentiality
12. Intellectual Property: Addresses ownership and protection of IP created during employment
13. Restrictive Covenants: Non-compete and non-solicitation provisions post-employment
14. Termination: Grounds for termination, notice periods, and processes
15. Company Policies: Confirmation of compliance with company policies and procedures
16. General Provisions: Standard boilerplate clauses including governing law and entire agreement
1. Short-Term Incentive: Details of any performance-based bonus scheme, used when the executive is eligible for annual bonuses
2. Long-Term Incentive: Share options or other equity-based incentives, included for executives eligible for equity participation
3. International Travel: Terms for international assignments or travel, needed when role involves significant international work
4. Garden Leave: Provisions for placing executive on paid leave during notice period, useful for sensitive positions
5. Change of Control: Provisions addressing executive's rights in case of company sale/merger, relevant for listed or sale-ready companies
6. Directorship: Terms relating to board positions, needed when executive will serve as company director
7. Relocation: Relocation assistance and terms, included when executive is relocating for the role
8. Medical Examination: Requirements for medical assessments, relevant for high-stress or safety-critical roles
1. Position Description: Detailed outline of role, responsibilities, and key performance indicators
2. Remuneration Package: Comprehensive breakdown of salary, benefits, and incentives
3. Company Vehicles and Equipment: Details of any company assets provided for executive's use
4. Approved Outside Directorships: List of pre-approved external board positions or commitments
5. Key Performance Indicators: Specific metrics and targets for performance assessment
6. Share Option Terms: Details of any share option or equity participation schemes
7. Expense Policy: Guidelines for business expense claims and allowances
8. Insurance Coverage: Details of insurance policies provided as part of employment package
Authors
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Technology
Manufacturing
Professional Services
Healthcare
Retail
Energy
Telecommunications
Mining and Resources
Education
Transportation and Logistics
Construction
Media and Entertainment
Real Estate
Agriculture
Relevant Teams
Human Resources
Legal
Board Secretariat
Executive Office
Compensation & Benefits
Corporate Governance
Risk & Compliance
People & Culture
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Chief Operating Officer
Chief Technology Officer
Chief Marketing Officer
Managing Director
Executive Director
General Manager
Regional Director
Country Manager
Vice President
Head of Department
Executive Vice President
Group Executive
Division President
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