The Directors Contract Of Employment is a crucial document used when appointing executive or non-executive directors to a company's board in India. It serves as the primary agreement governing the employment relationship between the company and its directors, ensuring compliance with the Companies Act 2013, SEBI regulations (for listed companies), and other applicable Indian laws. This contract typically includes detailed provisions about the director's appointment, duties, remuneration, confidentiality obligations, and termination conditions. It's essential for establishing clear expectations, protecting both parties' interests, and meeting corporate governance requirements. The document is particularly important in the context of Indian corporate law, which places significant emphasis on director accountability and transparency in executive appointments.
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1. Parties: Identifies the company and the director entering into the agreement
2. Background: Brief context about the appointment and the company
3. Definitions: Defines key terms used throughout the agreement
4. Appointment and Term: Details of the director's role, position, and duration of appointment
5. Duties and Responsibilities: Comprehensive outline of the director's duties, including statutory obligations under Companies Act
6. Time Commitment: Expected working hours and time dedication to the role
7. Remuneration and Benefits: Salary, bonuses, and other benefits including stock options if applicable
8. Place of Work: Primary location and travel requirements
9. Confidentiality: Obligations regarding company confidential information
10. Intellectual Property: Assignment of IP rights created during employment
11. Board Processes: Participation in board meetings and decision-making processes
12. Termination: Grounds and process for ending the employment relationship
13. Post-Termination Obligations: Obligations surviving the end of employment
14. Governing Law and Jurisdiction: Applicable law and dispute resolution mechanism
1. Listed Company Obligations: Additional obligations for directors of listed companies, including SEBI compliance
2. International Travel: Specific provisions for companies requiring international travel
3. Group Company Positions: Terms for holding positions in subsidiary or group companies
4. Garden Leave: Provisions for placing the director on garden leave during notice period
5. Non-Compete: Restrictions on working with competitors post-employment
6. Performance Metrics: Specific KPIs and performance evaluation criteria
7. Severance Benefits: Additional benefits payable upon certain types of termination
8. Insurance and Indemnification: D&O insurance and company indemnification provisions
1. Schedule 1 - Remuneration Structure: Detailed breakdown of salary, bonuses, and benefits
2. Schedule 2 - Job Description: Detailed description of roles and responsibilities
3. Schedule 3 - Company Policies: List of applicable company policies and procedures
4. Schedule 4 - Performance Criteria: Detailed performance evaluation metrics and targets
5. Schedule 5 - Restricted Stock Units/Stock Options: Details of any equity-based compensation
6. Appendix A - Statutory Declarations: Required declarations under Companies Act 2013
7. Appendix B - Consent to Act: Director's formal consent to act in the role
Relevant legal definitions
Appointment
Applicable Law
Articles of Association
Board
Cause
Company
Competitor
Confidential Information
Contract
Director
Effective Date
Employment
Financial Year
Good Reason
Group Company
Intellectual Property Rights
Key Performance Indicators
Material Breach
Memorandum of Association
Notice Period
Parent Company
Position
Remuneration
Restricted Period
SEBI
Services
Share
Subsidiary
Term
Territory
Termination Date
Variable Pay
Whole-time Director
Work Product
Working Hours
Applicable Law
Articles of Association
Board
Cause
Company
Competitor
Confidential Information
Contract
Director
Effective Date
Employment
Financial Year
Good Reason
Group Company
Intellectual Property Rights
Key Performance Indicators
Material Breach
Memorandum of Association
Notice Period
Parent Company
Position
Remuneration
Restricted Period
SEBI
Services
Share
Subsidiary
Term
Territory
Termination Date
Variable Pay
Whole-time Director
Work Product
Working Hours
Clauses
Appointment
Term and Duration
Duties and Responsibilities
Powers
Remuneration and Benefits
Performance Review
Working Hours
Place of Work
Compliance with Laws
Board Meetings and Procedures
Fiduciary Duties
Confidentiality
Intellectual Property
Non-Competition
Non-Solicitation
Conflict of Interest
Disclosure Requirements
Corporate Governance
Insurance and Indemnification
Leave and Absence
Expenses
Company Policies
Termination
Garden Leave
Post-Termination Obligations
Return of Company Property
Severance
Restrictive Covenants
Representations and Warranties
Data Protection
Notices
Force Majeure
Dispute Resolution
Governing Law
Entire Agreement
Severability
Amendment
Waiver
Term and Duration
Duties and Responsibilities
Powers
Remuneration and Benefits
Performance Review
Working Hours
Place of Work
Compliance with Laws
Board Meetings and Procedures
Fiduciary Duties
Confidentiality
Intellectual Property
Non-Competition
Non-Solicitation
Conflict of Interest
Disclosure Requirements
Corporate Governance
Insurance and Indemnification
Leave and Absence
Expenses
Company Policies
Termination
Garden Leave
Post-Termination Obligations
Return of Company Property
Severance
Restrictive Covenants
Representations and Warranties
Data Protection
Notices
Force Majeure
Dispute Resolution
Governing Law
Entire Agreement
Severability
Amendment
Waiver
Relevant Industries
Financial Services
Information Technology
Manufacturing
Healthcare
Retail
Telecommunications
Real Estate
Energy
Infrastructure
Professional Services
Education
Media and Entertainment
Pharmaceuticals
Aviation
Automotive
Relevant Teams
Legal
Human Resources
Company Secretarial
Board of Directors
Executive Committee
Compensation Committee
Nomination Committee
Corporate Governance
Compliance
Relevant Roles
Managing Director
Executive Director
Whole-time Director
Independent Director
Non-Executive Director
Finance Director
Technical Director
Operations Director
Commercial Director
Strategy Director
Regional Director
Group Director
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