tiktok³ÉÈË°æ

The Salaried Partner Agreement is a crucial document used by professional partnerships in New Zealand when appointing senior professionals to partnership positions without full equity participation. This agreement is typically implemented when a firm wishes to recognize and reward high-performing individuals with partner status while maintaining a different financial and liability structure from equity partners. The document addresses the complex nature of the salaried partner role, balancing partnership status with employment-like protections under New Zealand law. It includes comprehensive provisions for remuneration, duties, performance expectations, and potential pathway to equity partnership, while ensuring compliance with relevant New Zealand legislation including the Partnership Act 1908 and Employment Relations Act 2000. This agreement is particularly important for establishing clear expectations and rights for both the firm and the salaried partner, helping prevent potential disputes and misunderstandings about the scope and nature of the relationship.

1. Parties: Identifies the partnership entity and the salaried partner entering into the agreement

2. Background: Sets out the context of the agreement, including the partnership's nature and the intention to appoint the salaried partner

3. Definitions and Interpretation: Defines key terms used throughout the agreement and interpretation rules

4. Appointment and Term: Details of the salaried partner's appointment, commencement date, and term (if applicable)

5. Status and Relationship: Clarifies the salaried partner's position, distinguishing it from equity partnership and employment

6. Duties and Responsibilities: Outlines the salaried partner's specific duties, targets, and obligations to the partnership

7. Time Commitment: Specifies expected working hours and time dedication to the partnership

8. Remuneration and Benefits: Details of salary, bonus structure, and benefits package

9. Expenses and Resources: Provisions regarding business expenses, reimbursement, and resources provided

10. Leave Entitlements: Specifies holiday, sick leave, and other leave arrangements

11. Confidentiality: Obligations regarding confidential information and trade secrets

12. Intellectual Property: Rights and obligations regarding IP created during the partnership

13. Restrictions and Non-Compete: Post-termination restrictions and non-compete obligations

14. Termination: Grounds and procedures for terminating the agreement

15. Partnership Property: Rules regarding use and return of partnership property

16. Dispute Resolution: Procedures for resolving disputes between parties

17. General Provisions: Standard boilerplate clauses including governing law, notices, and amendments