The Director Employment Contract is a crucial legal document used when appointing executive directors to a company's board in Nigeria. It serves as the primary agreement governing the relationship between the company and its directors, ensuring compliance with the Companies and Allied Matters Act (CAMA) 2020 and other relevant Nigerian legislation. This document is essential for both listed and private companies, typically implemented during new director appointments, renewals of existing appointments, or when updating terms to reflect changes in company policy or law. The contract comprehensively covers areas such as statutory duties, remuneration packages, performance expectations, confidentiality obligations, and termination provisions, while also addressing specific requirements of Nigerian corporate governance codes and employment laws.

1. Parties: Identification of the Company and the Director, including registered addresses

2. Background: Context of the appointment, including the board resolution date and position details

3. Definitions: Key terms used throughout the agreement including 'Board', 'Confidential Information', 'Group Company', etc.

4. Appointment and Term: Details of the director's role, effective date, and duration of appointment

5. Duties and Responsibilities: Comprehensive outline of director's duties, including statutory obligations under CAMA 2020

6. Time Commitment: Expected working hours and commitment to the role

7. Remuneration and Benefits: Base salary, bonuses, and other benefits including pension arrangements

8. Expenses: Policy on reimbursement of business expenses

9. Place of Work: Primary work location and travel requirements

10. Confidentiality: Obligations regarding company confidential information

11. Intellectual Property: Assignment of IP rights created during directorship

12. Restrictions: Non-compete and non-solicitation provisions

13. Termination: Grounds and procedures for termination of the appointment

14. Company Policies: Compliance with company policies and procedures

15. Governing Law: Nigerian law as governing law and jurisdiction