The Director Employment Contract is a crucial legal document used when appointing executive or non-executive directors to a company's board or management team in Pakistan. It serves as the primary agreement governing the employment relationship between the company and its directors, ensuring compliance with the Companies Act 2017, Industrial Relations Act 2012, and other relevant Pakistani legislation. This contract typically includes comprehensive terms covering appointment, duties, remuneration, benefits, performance expectations, and termination provisions. It's essential for establishing clear governance structures, protecting company interests, and ensuring transparency in director appointments. The document is particularly important for both listed and private companies in Pakistan, as it helps maintain corporate governance standards while addressing specific requirements of Pakistani corporate and employment law.
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1. Parties: Identification of the company and the director, including full legal names and addresses
2. Background: Context of the appointment and brief description of the company's business
3. Definitions: Key terms used throughout the agreement
4. Appointment and Term: Details of the director position, effective date, and duration of appointment
5. Duties and Responsibilities: Comprehensive outline of the director's roles, obligations, and expected commitments
6. Time Commitment: Expected working hours and time dedication to the role
7. Remuneration: Base salary, bonuses, and other financial benefits
8. Benefits: Non-monetary benefits including healthcare, insurance, and other perks
9. Expenses: Policy on reimbursement of business-related expenses
10. Leave Entitlement: Annual leave, sick leave, and other types of permitted absences
11. Confidentiality: Obligations regarding company confidential information
12. Intellectual Property: Ownership and rights to work created during directorship
13. Non-Competition: Restrictions on competing activities during and after employment
14. Termination: Grounds and procedures for ending the employment relationship
15. Company Policies: Compliance with company policies and procedures
16. Governing Law: Specification of Pakistani law as governing law
17. Dispute Resolution: Process for resolving disputes between parties
1. Stock Options: Terms of any share or stock option schemes, used when equity compensation is part of the package
2. International Travel: Specific provisions for international travel requirements and compensation, used for roles involving global responsibilities
3. Multiple Directorships: Provisions regarding holding director positions in other group companies, used in complex corporate structures
4. Relocation: Terms related to relocation assistance, used when director needs to relocate for the position
5. Performance Metrics: Specific KPIs and performance evaluation criteria, used for performance-based compensation structures
6. Gardening Leave: Provisions for garden leave during notice period, used for sensitive positions
7. Change of Control: Special provisions in case of company ownership change, used particularly in listed companies
1. Schedule 1 - Remuneration Package: Detailed breakdown of salary, bonuses, and other financial benefits
2. Schedule 2 - Benefits Package: Comprehensive list of non-monetary benefits and conditions
3. Schedule 3 - Job Description: Detailed outline of roles, responsibilities, and reporting relationships
4. Schedule 4 - Performance Criteria: Specific metrics and targets for performance evaluation
5. Schedule 5 - Company Policies: Key company policies applicable to the director
6. Appendix A - Statutory Declarations: Required declarations under Companies Act 2017
7. Appendix B - Consent to Act: Director's formal consent to act as required by law
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