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Executive Director Agreement

Executive Director Agreement Template for South Africa

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Key Requirements PROMPT example:

Executive Director Agreement

"I need an Executive Director Agreement for a JSE-listed mining company, with specific focus on environmental compliance responsibilities and international travel requirements, to be effective from March 1, 2025."

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Document background
The Executive Director Agreement is a crucial document used when appointing senior executives who will also serve as members of the company's board of directors in South Africa. It must comply with multiple pieces of legislation including the Companies Act 71 of 2008, King IV Corporate Governance Code, and various employment laws. The agreement is designed to clearly define the dual role of the executive director, establishing their responsibilities both as a board member and as a senior executive of the company. It includes comprehensive provisions on remuneration, performance expectations, confidentiality, intellectual property rights, and restraint of trade, while also addressing specific South African regulatory requirements such as employment equity considerations and corporate governance standards.
Suggested Sections

1. Parties: Identification of the company and the executive director

2. Background: Context of the appointment and any relevant corporate history

3. Definitions and Interpretation: Key terms used in the agreement and rules of interpretation

4. Appointment and Term: Terms of appointment as executive director, including position title, effective date, and duration

5. Duties and Responsibilities: Detailed description of executive and board duties, reporting lines, and performance expectations

6. Time Commitment: Expected working hours and time allocation between executive and board duties

7. Remuneration and Benefits: Base salary, bonuses, benefits, and any share-based incentives

8. Leave Entitlements: Annual leave, sick leave, and other leave provisions

9. Expenses: Policy on business expenses and reimbursement

10. Confidentiality: Protection of company confidential information and trade secrets

11. Intellectual Property: Ownership and protection of IP created during directorship

12. Restraint of Trade: Non-compete and non-solicitation provisions

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

14. Company Policies: Compliance with company policies and procedures

15. Governing Law: South African law as governing law and jurisdiction

16. General Provisions: Standard boilerplate clauses including notices, amendments, and entire agreement

Optional Sections

1. External Appointments: Terms for accepting directorships or roles in other organizations - include if other appointments are permitted

2. Relocation: Terms and assistance for relocation - include if director needs to relocate

3. Share Dealing: Specific rules for trading in company shares - include for listed companies

4. Change of Control: Provisions dealing with company takeover or merger - include for listed companies or where relevant

5. Garden Leave: Provisions for placing director on garden leave - include if this possibility is contemplated

6. International Travel: Specific provisions for international work - include if role requires significant travel

7. Acting Positions: Terms for acting in other executive positions - include if temporary role changes are expected

8. Stakeholder Management: Specific obligations regarding key stakeholders - include for roles with significant external engagement

Suggested Schedules

1. Schedule 1: Job Description: Detailed description of role, responsibilities, and key performance areas

2. Schedule 2: Remuneration Structure: Detailed breakdown of salary, bonuses, and benefits package

3. Schedule 3: Share Incentive Terms: Details of any share options or long-term incentive plans

4. Schedule 4: Performance Metrics: Key performance indicators and measurement criteria

5. Schedule 5: Company Policies: List of applicable company policies and procedures

6. Schedule 6: Restraint Provisions: Detailed restraint of trade terms including geographical areas and time periods

7. Appendix A: Board Charter: Company's board charter outlining governance framework

8. Appendix B: Declaration of Interests: Form for declaring personal interests and potential conflicts

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions


























































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Relevant Industries

Financial Services

Mining

Manufacturing

Retail

Technology

Healthcare

Telecommunications

Energy

Professional Services

Real Estate

Agriculture

Construction

Transportation

Media and Entertainment

Relevant Teams

Human Resources

Legal

Company Secretariat

Board of Directors

Executive Committee

Remuneration Committee

Nomination Committee

Corporate Governance

Risk and Compliance

Finance

Relevant Roles

Chief Executive Officer

Chief Financial Officer

Chief Operating Officer

Managing Director

Executive Director

Commercial Director

Technical Director

Regional Director

Group Director

Business Unit Director

Industries










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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