The Executive Compensation Agreement serves as a crucial document for establishing and maintaining clear terms of employment for senior corporate leaders in Canadian organizations. This agreement is typically used when hiring new executives or formalizing arrangements with existing senior leaders, providing a detailed framework for compensation, performance expectations, and employment terms. The document must comply with Canadian federal and provincial regulations, including tax laws, securities regulations (for public companies), and employment standards. It encompasses various compensation elements such as base salary, bonuses, equity compensation, benefits, and termination provisions, while also addressing confidentiality and restrictive covenants. The agreement is particularly important for risk management, corporate governance, and ensuring alignment between executive and shareholder interests.
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Key Requirements PROMPT example:
Executive Compensation Agreement
"I need an Executive Compensation Agreement for our new CFO of a publicly-traded technology company in Toronto, starting March 1, 2025, with emphasis on equity compensation and change-of-control provisions, compliant with TSX listing requirements."
1. Parties: Identification of the company and the executive, including their legal names and addresses
2. Background: Context of the agreement, including the executive's role and general purpose of the agreement
3. Definitions: Key terms used throughout the agreement, including compensation-related terminology
4. Term and Position: Duration of the agreement and detailed description of the executive's role, responsibilities, and reporting relationships
5. Base Salary: Details of the executive's base compensation, including review periods and adjustment mechanisms
6. Annual Bonus: Structure of performance-based bonuses, including targets, metrics, and payment terms
7. Long-Term Incentives: Details of equity-based compensation, including stock options, RSUs, or other long-term incentive plans
8. Benefits and Perquisites: Description of health benefits, insurance, retirement plans, and executive perquisites
9. Expenses: Terms for business expense reimbursement and any expense allowances
10. Vacation and Leave: Vacation entitlement and other authorized leave provisions
11. Termination Provisions: Circumstances and terms for termination, including with/without cause, resignation, and death/disability
12. Severance: Compensation and benefits payable upon various termination scenarios
13. Confidentiality: Protection of company confidential information and trade secrets
14. Restrictive Covenants: Non-competition, non-solicitation, and other post-employment restrictions
15. Governing Law: Applicable law and jurisdiction for dispute resolution
16. General Provisions: Standard contract clauses including amendment process, severability, and entire agreement
1. Change of Control: Provisions triggered by company ownership changes, recommended for public companies or those considering M&A
2. Clawback Provisions: Terms for recovering compensation in cases of financial restatement or misconduct, essential for public companies
3. Internal Revenue Compliance: Specific tax-related provisions, particularly important for cross-border executives
4. Board Service: Terms related to board membership, if the executive will serve as a director
5. Intellectual Property: IP assignment provisions, particularly important for technology companies or R&D roles
6. Indemnification: Protection against legal claims, often included for senior executives with significant decision-making authority
7. Performance Metrics: Detailed performance evaluation criteria, useful for companies with complex bonus structures
8. Signing Bonus: Terms of any one-time signing or commencement payments
9. Relocation: Terms related to relocation assistance, if the executive needs to relocate
1. Schedule A - Compensation Summary: Detailed breakdown of all compensation components and values
2. Schedule B - Annual Bonus Calculation: Specific formula and metrics for calculating annual bonus
3. Schedule C - Long-Term Incentive Terms: Detailed terms of equity-based compensation plans
4. Schedule D - Benefits Package: Comprehensive list of benefits and perquisites
5. Schedule E - Performance Metrics: Detailed performance evaluation criteria and targets
6. Appendix 1 - Stock Option Agreement: Standard form of stock option agreement, if applicable
7. Appendix 2 - Confidentiality Agreement: Detailed confidentiality terms and requirements
8. Appendix 3 - Restrictive Covenant Terms: Detailed terms of non-compete and non-solicitation provisions
Authors
Relevant legal definitions
Agreement
Annual Base Salary
Annual Bonus
Board
Cause
Change of Control
Company
Compensation Committee
Competitive Business
Confidential Information
Disability
Effective Date
Executive
Good Reason
Incentive Plans
Intellectual Property
Long-Term Incentive Awards
Notice Period
Performance Metrics
Performance Period
Permanent Disability
Person
Proprietary Rights
Restricted Period
Restricted Share Units (RSUs)
Retirement
Stock Options
Target Bonus
Term
Territory
Termination Date
Trade Secrets
Voting Securities
Without Cause
Work Product
Year of Service
Severance Period
Competitive Enterprise
Corporate Opportunity
Material Breach
Stock Option Plan
Performance Share Units (PSUs)
Deferred Share Units (DSUs)
Benefits
Compensation
Clawback
Competing Business
Constructive Dismissal
Total Direct Compensation
Annual Base Salary
Annual Bonus
Board
Cause
Change of Control
Company
Compensation Committee
Competitive Business
Confidential Information
Disability
Effective Date
Executive
Good Reason
Incentive Plans
Intellectual Property
Long-Term Incentive Awards
Notice Period
Performance Metrics
Performance Period
Permanent Disability
Person
Proprietary Rights
Restricted Period
Restricted Share Units (RSUs)
Retirement
Stock Options
Target Bonus
Term
Territory
Termination Date
Trade Secrets
Voting Securities
Without Cause
Work Product
Year of Service
Severance Period
Competitive Enterprise
Corporate Opportunity
Material Breach
Stock Option Plan
Performance Share Units (PSUs)
Deferred Share Units (DSUs)
Benefits
Compensation
Clawback
Competing Business
Constructive Dismissal
Total Direct Compensation
Clauses
Appointment
Term
Duties and Responsibilities
Base Salary
Annual Bonus
Long-Term Incentives
Equity Compensation
Benefits and Perquisites
Expense Reimbursement
Vacation
Performance Review
Confidentiality
Non-Competition
Non-Solicitation
Intellectual Property
Termination
Severance
Change of Control
Death and Disability
Representations and Warranties
Governing Law
Dispute Resolution
Amendment
Assignment
Notices
Entire Agreement
Severability
Indemnification
Clawback
Stock Ownership Requirements
Board Service
Compliance with Policies
Tax Matters
Restrictive Covenants
Retirement
Relocation
Work Location
Reporting Structure
Performance Targets
Bonus Calculation
Benefits Continuation
Data Protection
Publicity
Force Majeure
Company Property
Post-Employment Obligations
Cooperation
Term
Duties and Responsibilities
Base Salary
Annual Bonus
Long-Term Incentives
Equity Compensation
Benefits and Perquisites
Expense Reimbursement
Vacation
Performance Review
Confidentiality
Non-Competition
Non-Solicitation
Intellectual Property
Termination
Severance
Change of Control
Death and Disability
Representations and Warranties
Governing Law
Dispute Resolution
Amendment
Assignment
Notices
Entire Agreement
Severability
Indemnification
Clawback
Stock Ownership Requirements
Board Service
Compliance with Policies
Tax Matters
Restrictive Covenants
Retirement
Relocation
Work Location
Reporting Structure
Performance Targets
Bonus Calculation
Benefits Continuation
Data Protection
Publicity
Force Majeure
Company Property
Post-Employment Obligations
Cooperation
Relevant Industries
Financial Services
Technology
Manufacturing
Healthcare
Energy
Mining
Retail
Professional Services
Telecommunications
Real Estate
Consumer Goods
Transportation
Media & Entertainment
Biotechnology
Construction
Relevant Teams
Human Resources
Legal
Finance
Compensation & Benefits
Corporate Governance
Board Secretariat
Compliance
Tax
Internal Audit
Risk Management
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Chief Operating Officer
Chief Technology Officer
Chief Marketing Officer
Chief Human Resources Officer
Executive Vice President
Senior Vice President
Division President
Managing Director
General Manager
Regional Director
Country Manager
Business Unit Head
Executive Director
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