The Advisory Board Agreement serves as a critical document for companies seeking to formalize relationships with industry experts and experienced professionals who can provide strategic guidance without taking on formal board director responsibilities. This agreement, governed by U.S. law, typically outlines the scope of advisory services, meeting attendance requirements, compensation structure (including any equity components), and confidentiality obligations. The document is particularly important for startups and growing companies that need specialized expertise but aren't ready for or don't require full board members. The Advisory Board Agreement helps protect both parties by clearly defining expectations, responsibilities, and limitations of the relationship, while ensuring compliance with relevant securities laws and regulations, especially when equity compensation is involved.
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Key Requirements PROMPT example:
Advisory Board Agreement
"I need an Advisory Board Agreement for my Series A tech startup, where the advisor will receive both cash compensation and equity, with a one-year term starting January 2025 and quarterly meetings requirement."
1. Parties: Identification of the company and advisor, including full legal names and addresses
2. Background: Context of the advisory relationship and purpose of the agreement
3. Definitions: Key terms used throughout the agreement
4. Appointment and Services: Scope of advisory services and appointment to the advisory board
5. Term and Termination: Duration of the agreement and termination provisions
6. Compensation: Details of advisor compensation, including fees and expenses
7. Confidentiality: Protection of confidential information
8. Intellectual Property: Ownership and rights to intellectual property
1. Equity Compensation: Details of any stock options or equity grants - include when advisor receives equity compensation
2. Non-Competition: Restrictions on competing activities - include when protecting against competitive threats
3. Insurance: Requirements for liability insurance - include when advisor may face liability risks
4. Indemnification: Mutual or one-way indemnification provisions - include when significant liability risks exist
1. Schedule A - Services: Detailed description of advisory services to be provided
2. Schedule B - Compensation: Detailed compensation terms, including payment schedule
3. Schedule C - Stock Option Agreement: Terms of equity compensation (if applicable)
4. Appendix A - Confidentiality Agreement: Detailed confidentiality terms and requirements
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