A Board of Advisors Agreement is a crucial document for companies seeking to formalize their relationship with strategic advisors under Belgian law. This agreement is typically used when a company wishes to benefit from external expertise without adding members to its formal board of directors. The document provides a legal framework for the advisory relationship, detailing the advisor's duties, compensation, and obligations while ensuring compliance with Belgian corporate governance requirements and EU regulations. It's particularly relevant for companies looking to expand their strategic capabilities, enter new markets, or benefit from industry-specific expertise. The agreement includes comprehensive provisions for confidentiality, intellectual property protection, and conflict of interest management, while maintaining flexibility to accommodate various industry needs and company-specific requirements.
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1. Parties: Identification of the company and the advisor, including full legal names, addresses, and registration details
2. Background: Context of the appointment, brief description of the company, and purpose of the advisory relationship
3. Definitions: Key terms used throughout the agreement
4. Appointment and Term: Formal appointment of the advisor, duration of the appointment, and renewal terms
5. Role and Responsibilities: Detailed description of the advisor's duties, expected contribution, and time commitment
6. Meeting Attendance and Availability: Requirements for attendance at meetings, availability for consultations, and communication expectations
7. Compensation: Details of fees, payment terms, and expense reimbursement policies
8. Confidentiality: Obligations regarding confidential information, trade secrets, and GDPR compliance
9. Intellectual Property: Ownership and rights to intellectual property created during the advisory relationship
10. Independence and Conflicts: Declaration of advisor's independent contractor status and handling of potential conflicts of interest
11. Termination: Conditions and procedures for ending the agreement
12. General Provisions: Standard legal clauses including governing law, notices, and entire agreement
1. Stock Options or Equity Compensation: Terms of any equity-based compensation, to be included if the advisor will receive company shares or options
2. Insurance and Indemnification: Coverage of advisor under company insurance policies and indemnification provisions, recommended for high-risk industries
3. Non-Competition: Restrictions on working with competitors, to be included based on industry sensitivity and advisor's other commitments
4. Performance Metrics: Specific KPIs or performance expectations, useful for results-based compensation structures
5. Committee Assignments: Specific committee roles and responsibilities, if the advisor will serve on particular committees
6. International Travel: Terms for international travel and associated compensation, if regular travel is expected
7. Data Protection Officer Role: Additional responsibilities if the advisor will serve as or interact with the Data Protection Officer
1. Schedule A - Compensation Details: Detailed breakdown of all forms of compensation, payment schedules, and calculation methods
2. Schedule B - Meeting Schedule: Annual calendar of scheduled meetings and expected time commitment
3. Schedule C - Confidential Information: Specific categories of confidential information and handling procedures
4. Schedule D - Approved Outside Activities: List of pre-approved activities and positions with other organizations
5. Appendix 1 - Code of Conduct: Company's code of conduct and ethical guidelines applicable to advisors
6. Appendix 2 - Expense Policy: Detailed policy on reimbursable expenses and submission procedures
7. Appendix 3 - Company Policies: Relevant company policies that apply to advisors
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