The Advisory Board Agreement is essential for companies operating in India that seek to formalize relationships with external experts who provide strategic guidance and industry insights. This document is particularly crucial in the Indian business context, where corporate governance requirements under the Companies Act, 2013 and other relevant legislation must be carefully considered. The agreement typically comes into play when companies need specialized expertise, market insights, or strategic guidance without creating an employment relationship. It covers crucial aspects such as scope of services, compensation structure, confidentiality provisions, and intellectual property rights, while ensuring compliance with Indian regulatory requirements. The document is designed to protect both the company's interests and the advisor's rights while maintaining clarity about the advisory nature of the relationship.
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1. Parties: Identification of the company and the advisor, including their respective addresses and registration details
2. Background: Context of the appointment and brief description of why the advisor is being engaged
3. Definitions: Key terms used throughout the agreement
4. Appointment and Term: Formal appointment of the advisor, term of service, and renewal provisions
5. Role and Responsibilities: Detailed description of advisor's duties, expected time commitment, and participation requirements
6. Compensation: Details of advisory fees, payment terms, and expense reimbursement policies
7. Confidentiality: Obligations regarding confidential information and trade secrets
8. Intellectual Property: Ownership and assignment of any IP created during the advisory relationship
9. Independent Contractor Status: Clarification that advisor is an independent contractor, not an employee
10. Conflicts of Interest: Disclosure requirements and handling of potential conflicts
11. Termination: Circumstances and procedures for ending the advisory relationship
12. General Provisions: Standard legal provisions including governing law, notices, and entire agreement
1. Equity Compensation: Details of any stock options or equity grants, used when advisor receives equity-based compensation
2. Non-Competition: Restrictions on competing activities, used when advisor has access to sensitive competitive information
3. Foreign Exchange Compliance: Special provisions for foreign advisors regarding payment and regulatory compliance
4. D&O Insurance: Coverage under company's D&O insurance, used when advisor has significant decision-making influence
5. Board Observer Rights: Terms for attending board meetings, used when advisor is granted board observation rights
6. Indemnification: Company's obligation to protect advisor from certain claims, used for high-risk advisory roles
1. Schedule A - Services Description: Detailed outline of specific advisory services and deliverables
2. Schedule B - Compensation Terms: Detailed breakdown of fees, payment schedule, and expense policy
3. Schedule C - Confidential Information: Specific types of confidential information covered by the agreement
4. Schedule D - Equity Compensation Terms: Details of any stock options or equity grants including vesting schedule
5. Appendix 1 - Conflict Disclosure Form: Template for advisor to disclose potential conflicts of interest
6. Appendix 2 - Expense Reimbursement Policy: Company's policy on reimbursable expenses and submission procedures
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