The Board of Advisors Agreement is essential for Canadian companies seeking to formally engage experienced professionals in advisory capacities. This document is typically used when a company wants to establish an advisory board to provide strategic guidance, industry expertise, and networking opportunities without the full fiduciary responsibilities of a formal board of directors. The agreement ensures compliance with Canadian corporate governance requirements while protecting both the company's and advisor's interests through clear definition of roles, responsibilities, confidentiality obligations, and compensation terms. It's particularly crucial for growing companies, startups, and established organizations seeking external expertise in a structured, legally-sound manner.
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1. Parties: Identifies the company and the advisor, including their full legal names and addresses
2. Background: Explains the context of the agreement, including the company's desire to engage the advisor and the advisor's qualifications
3. Definitions: Defines key terms used throughout the agreement
4. Appointment and Term: Establishes the advisor's appointment to the advisory board and the duration of the engagement
5. Role and Responsibilities: Details the advisor's duties, expected time commitment, and participation requirements
6. Compensation: Outlines the compensation structure, including fees, equity (if applicable), and expense reimbursement
7. Confidentiality: Defines confidential information and establishes obligations for its protection
8. Intellectual Property: Addresses ownership and assignment of any IP created during the advisory relationship
9. Independent Contractor Status: Clarifies that the advisor is an independent contractor, not an employee
10. Representations and Warranties: Contains standard representations from both parties regarding capacity and authority
11. Termination: Specifies conditions and procedures for ending the advisory relationship
12. General Provisions: Includes standard boilerplate clauses such as notices, entire agreement, and governing law
1. Non-Competition: Restricts advisor's involvement with competing businesses - include when advisor has access to sensitive competitive information
2. Non-Solicitation: Prevents advisor from soliciting company employees or customers - include when advisor has significant contact with key stakeholders
3. Insurance: Requires advisor to maintain certain insurance coverage - include when advisory role involves significant liability risks
4. Board Observer Rights: Grants right to attend board meetings - include when advisor needs board meeting access
5. Equity Compensation Terms: Detailed terms for stock options or other equity compensation - include when equity is part of compensation
6. Conflict Resolution: Specifies mediation or arbitration procedures - include when parties prefer alternative dispute resolution
1. Schedule A - Services Description: Detailed outline of specific advisory services and expectations
2. Schedule B - Compensation Terms: Detailed breakdown of compensation structure, including payment schedules and equity vesting terms
3. Schedule C - Confidential Information: Specific categories of confidential information covered by the agreement
4. Schedule D - Approved Outside Activities: List of pre-approved activities or relationships with other organizations
5. Appendix 1 - Code of Conduct: Company's code of conduct and ethical guidelines applicable to advisors
6. Appendix 2 - Board Meeting Schedule: Anticipated schedule of board and advisory meetings for planning purposes
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