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Executive Director Employment Contract Template for Singapore

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Key Requirements PROMPT example:

Executive Director Employment Contract

"I need an Executive Director Employment Contract for our newly appointed CEO who will be joining from a competitor in March 2025; we're a fintech company listed on SGX and need to ensure comprehensive non-compete provisions and share option schemes are included."

Document background
The Executive Director Employment Contract is essential for companies operating in Singapore that wish to appoint senior executives who will also serve on the board of directors. This document addresses the unique dual role of executive directors under Singapore law, incorporating both their management responsibilities and their fiduciary duties as board members. It ensures compliance with Singapore's Companies Act, Employment Act, and corporate governance requirements while protecting both the company's and the executive's interests through clear terms of employment, remuneration structures, and performance expectations.
Suggested Sections

1. Parties: Identification of the Company and the Executive Director

2. Background: Context of appointment and brief company description

3. Definitions: Key terms used throughout the agreement

4. Appointment and Term: Position title, effective date, and duration of appointment

5. Duties and Responsibilities: Core executive and director duties, reporting lines, and authority

6. Remuneration: Base salary, bonuses, equity compensation, and review mechanisms

7. Benefits: Standard benefits package including insurance, CPF contributions

8. Termination: Grounds for termination, notice periods, and consequences

9. Confidentiality: Protection of company confidential information

10. Intellectual Property: Ownership of work product and innovations

Optional Sections

1. Garden Leave: Terms for paid leave during notice period - used when company wants ability to keep director away from business during notice period

2. International Assignment: Terms for overseas postings - applicable for multinational companies with global operations

3. Change of Control: Special provisions triggered by company ownership changes - relevant for listed companies or companies likely to be acquired

4. Share Options: Details of share option schemes - included when equity compensation is part of package

Suggested Schedules

1. Job Description: Detailed outline of roles and responsibilities

2. Remuneration Schedule: Detailed breakdown of compensation components

3. Benefits Schedule: Detailed description of benefits package

4. Share Option Scheme Rules: Terms and conditions of share options if applicable

5. Company Policies: Key corporate policies the director must comply with

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈ˰æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

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Industries

Companies Act (Cap. 50): Primary legislation governing corporate entities in Singapore, defining directors' duties, responsibilities, and corporate governance requirements

Employment Act (Cap. 91): Core employment law framework covering basic employment terms, conditions, and rights, though executive directors may be exempt from certain provisions

Securities and Futures Act: Regulates securities trading and financial markets, particularly relevant for listed companies regarding insider trading and disclosure obligations

Personal Data Protection Act 2012: Governs the collection, use, and disclosure of personal data, affecting how executive information is handled

Income Tax Act: Determines taxation of remuneration packages, benefits, and equity-based compensation

Central Provident Fund Act: Mandates contributions to Singapore's social security savings scheme, affecting salary structuring and benefits

Work Injury Compensation Act: Provides framework for work-related injury compensation, though typically less relevant for executive positions

Employment of Foreign Manpower Act: Regulates employment of foreign executives, including work pass requirements and conditions

Industrial Relations Act: Governs industrial relations and collective bargaining, though usually less applicable to executive positions

Retirement and Re-employment Act: Sets requirements for retirement and re-employment of older employees, including executive directors

Code of Corporate Governance: Provides principles and guidelines for corporate governance, particularly important for listed companies

SGX Listing Rules: Specifies requirements for listed companies, including director appointments, disclosures, and governance

Banking Act: Additional requirements for executive directors in financial institutions, including fit and proper criteria

MAS Guidelines: Regulatory guidelines from Monetary Authority of Singapore, particularly relevant for financial sector appointments

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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