The Executive Director Employment Contract is a crucial document used when appointing senior executives who will also serve on the company's board of directors in Ireland. It is designed to comply with both Irish employment law and the Companies Act 2014, addressing the unique dual role of an executive director who has both operational responsibilities and statutory duties as a board member. This contract is typically used for C-suite appointments, managing director roles, and other senior executive positions where the individual will have significant strategic input and decision-making authority. The document needs to carefully balance the executive's operational duties with their fiduciary responsibilities as a director, while also protecting the company's interests through appropriate confidentiality provisions and restrictive covenants.
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1. Parties: Identification of the company and the executive director
2. Background: Context of the appointment and any relevant corporate approvals
3. Definitions and Interpretation: Key terms used throughout the agreement
4. Appointment and Term: Position, effective date, and term of appointment
5. Duties and Responsibilities: Executive and director duties, reporting lines, and performance obligations
6. Time Commitment and Location: Working hours, place of work, and travel requirements
7. Remuneration: Base salary, review process, and payment arrangements
8. Bonus and Incentive Plans: Performance-related bonuses and long-term incentive arrangements
9. Benefits and Expenses: Insurance, pension, car allowance, and expense reimbursement
10. Holidays and Leave: Annual leave entitlement and public holidays
11. Illness and Sick Pay: Provisions for illness, injury, and sick leave
12. Director Specific Obligations: Statutory duties, board meetings, and corporate governance requirements
13. Confidentiality: Protection of confidential information during and after employment
14. Intellectual Property: Ownership and protection of IP created during employment
15. Data Protection: GDPR compliance and data processing provisions
16. Restrictive Covenants: Non-compete, non-solicitation, and other post-employment restrictions
17. Termination: Grounds for termination, notice periods, and garden leave
18. Post-Termination Obligations: Return of property, handover requirements, and ongoing obligations
19. General Provisions: Governing law, entire agreement, and other standard clauses
1. Shareholding Requirements: Required if the director must maintain a minimum shareholding
2. International Travel: Detailed provisions for roles requiring significant international travel
3. Regulatory Compliance: For regulated industries like financial services
4. Change of Control: Provisions triggered by company ownership changes
5. Garden Leave: Detailed provisions if garden leave is likely to be used
6. Secondment: For roles involving work with group companies or international assignments
7. Share Options: If share options or equity participation is offered
8. Corporate Opportunities: For roles where external business opportunities may arise
9. Multiple Directorships: If the executive holds multiple group company directorships
1. Schedule 1 - Position Description: Detailed description of role, responsibilities, and reporting relationships
2. Schedule 2 - Remuneration Package: Detailed breakdown of salary, bonuses, and benefits
3. Schedule 3 - Share Option Terms: Details of any share option or equity participation schemes
4. Schedule 4 - Company Policies: List of applicable company policies and procedures
5. Schedule 5 - Restricted Activities: Detailed list of competitive activities and restrictions
6. Appendix A - Board Resolution: Copy of board resolution approving the appointment
7. Appendix B - Performance Metrics: KPIs and performance measurement criteria
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