The Director Employment Agreement is a crucial document used when appointing executive directors to Philippine corporations, combining elements of both corporate and employment law. It serves as the primary contract governing the relationship between the company and its director, ensuring compliance with the Corporation Code of the Philippines, Labor Code, and other relevant legislation. This agreement is particularly important as directors hold dual roles as both corporate officers and employees, requiring careful consideration of fiduciary duties, employment rights, and corporate governance requirements. The document typically includes comprehensive provisions on appointment terms, remuneration, duties, confidentiality, and termination conditions, while also addressing specific Philippine regulatory requirements such as mandatory benefits and corporate governance standards.
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1. Parties: Identification of the Company and the Director, including their full legal names and addresses
2. Background: Context of the appointment, including the company's business and the role the director will fulfill
3. Definitions: Key terms used throughout the agreement
4. Appointment and Term: Details of the director's appointment, position, and duration of the agreement
5. Duties and Responsibilities: Comprehensive outline of the director's duties, including both statutory and operational responsibilities
6. Time Commitment: Expected working hours and time dedication to the role
7. Remuneration and Benefits: Salary, bonuses, stock options, and other benefits
8. Expenses: Policy on reimbursement of business expenses
9. Location and Travel: Primary work location and travel requirements
10. Confidentiality: Obligations regarding confidential information and trade secrets
11. Intellectual Property: Assignment and protection of intellectual property rights
12. Non-Competition and Non-Solicitation: Restrictions during and after employment
13. Termination: Grounds and procedures for termination of the agreement
14. Post-Termination Obligations: Continuing obligations after the agreement ends
15. Corporate Governance: Compliance with corporate governance requirements and company policies
16. Governing Law: Specification of Philippine law as governing law and jurisdiction
17. General Provisions: Standard boilerplate clauses including notices, amendments, and severability
1. Stock Options: Details of any stock option plans or equity participation - include when the director is offered equity compensation
2. International Travel: Specific provisions for international travel and overseas duties - include for multinational companies
3. Multiple Directorships: Provisions regarding holding director positions in other companies - include when the director serves on multiple boards
4. Government Reporting: Special reporting requirements - include for regulated industries or public companies
5. Change of Control: Provisions dealing with company ownership changes - include for companies likely to undergo M&A
6. Representation on Board Committees: Specific duties related to board committee membership - include for specific committee appointments
1. Schedule 1 - Remuneration Package: Detailed breakdown of salary, bonuses, and benefits
2. Schedule 2 - Position Description: Detailed description of the role, responsibilities, and reporting relationships
3. Schedule 3 - Company Policies: Key corporate policies applicable to the director
4. Schedule 4 - Stock Option Terms: Details of any stock option or equity participation schemes
5. Appendix A - Board Resolution: Copy of board resolution approving the director's appointment
6. Appendix B - Statutory Declaration: Director's declaration of compliance with statutory requirements
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