Director Employment Contract Template for Austria

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Director Employment Contract

"I need a Director Employment Contract governed by Austrian law for appointing a new CFO to our technology startup, including share option schemes and provisions for remote work from Germany, with the appointment starting March 1, 2025."

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What is a Director Employment Contract?

The Director Employment Contract (Vorstandsvertrag/Geschäftsführervertrag) is a crucial document in Austrian corporate governance that formalizes the relationship between a company and its executive directors. This document is essential when appointing new directors or renewing existing directorship terms in Austrian companies, whether they are stock corporations (AG) or limited liability companies (GmbH). It must comply with Austrian corporate law requirements, including the Stock Corporation Act and Limited Liability Companies Act, while addressing specific aspects of executive employment such as remuneration, benefits, duties, and termination provisions. The contract serves as the primary reference point for the director's rights and obligations, corporate authority, and accountability measures, making it a fundamental instrument in Austrian corporate governance structures.

What sections should be included in a Director Employment Contract?

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 resolutions

3. Definitions: Key terms used throughout the agreement

4. Appointment and Term: Position title, appointment date, and duration of the contract

5. Duties and Responsibilities: Detailed description of the director's role, authority, and obligations

6. Time Commitment: Expected working hours and availability requirements

7. Place of Work: Primary workplace location and travel requirements

8. Remuneration: Base salary, payment intervals, and review mechanisms

9. Variable Compensation: Bonus schemes, profit sharing, and performance-related pay

10. Benefits: Insurance, pension, company car, and other benefits

11. Expenses: Policy on business expenses and reimbursement

12. Vacation: Annual leave entitlement and holiday arrangements

13. Confidentiality: Protection of company information and trade secrets

14. Intellectual Property: Ownership and rights to work created during directorship

15. Data Protection: Handling of personal data and privacy obligations

16. Termination: Grounds for termination and notice periods

17. Post-Termination Obligations: Non-compete and non-solicitation provisions

18. Return of Company Property: Obligations regarding company assets upon termination

19. Governing Law: Confirmation of Austrian law governance

20. Entire Agreement: Integration clause and relationship to other agreements

What sections are optional to include in a Director Employment Contract?

1. External Appointments: Used when the director is permitted to hold other board positions or external roles

2. Share Options: Include when offering equity-based compensation

3. International Travel: Required for roles involving significant international responsibilities

4. Relocation Package: Include when the director needs to relocate for the position

5. Corporate Representation: Special powers of attorney and representation rights

6. Change of Control: Provisions applying in case of company ownership changes

7. Garden Leave: Include if the company wants the right to place director on paid leave

8. Mediation and Arbitration: Alternative dispute resolution procedures

9. Insurance and Indemnification: Additional protection and D&O insurance arrangements

10. Compliance with Corporate Governance: Specific corporate governance requirements for listed companies

What schedules should be included in a Director Employment Contract?

1. Schedule 1 - Job Description: Detailed outline of responsibilities and performance expectations

2. Schedule 2 - Remuneration Package: Detailed breakdown of all compensation elements

3. Schedule 3 - Bonus Scheme Rules: Specific terms and conditions of variable compensation

4. Schedule 4 - Company Policies: Key corporate policies applicable to the director

5. Schedule 5 - Benefits Details: Comprehensive description of all benefits and entitlements

6. Schedule 6 - Share Option Terms: Details of any share option or equity participation schemes

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

8. Appendix B - Power of Attorney: Specific powers granted to the director

9. Appendix C - Company Car Policy: Terms of company car provision if applicable

10. Appendix D - D&O Insurance Coverage: Details of directors' and officers' liability insurance

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

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Banking and Financial Services

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Legal

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Corporate Governance

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Board Member

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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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