The Executive Contract is a crucial legal document used in India for formalizing employment relationships with senior management personnel. It is specifically designed to meet the requirements of Indian corporate law, particularly the Companies Act, 2013, and various labor regulations that govern executive employment. This document becomes necessary when companies hire or promote individuals to executive positions, requiring clear documentation of their roles, responsibilities, compensation, and obligations. The contract typically includes comprehensive provisions on confidentiality, intellectual property rights, non-compete clauses, and termination conditions, while ensuring compliance with statutory requirements for executive appointments in Indian companies. It serves as a vital tool for protecting both the company's interests and the executive's rights, while establishing clear governance frameworks for senior management positions.
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1. Parties: Identification of the employer company and the executive, including their registered addresses and company registration details
2. Background: Brief context about the company, the position being offered, and the basis of the employment relationship
3. Definitions: Definitions of key terms used throughout the agreement
4. Appointment and Term: Details of the position, designation, and duration of employment (fixed-term or permanent)
5. Duties and Responsibilities: Detailed description of the executive's role, reporting relationships, and key responsibilities
6. Place of Work: Primary work location and provisions for travel or relocation if required
7. Remuneration and Benefits: Comprehensive details of salary, bonuses, stock options, and other benefits
8. Working Hours and Leave: Expected working hours, leave entitlements, and holiday policies
9. Confidentiality: Obligations regarding confidential information and trade secrets
10. Intellectual Property Rights: Assignment of IP rights for work created during employment
11. Non-Competition and Non-Solicitation: Restrictions on post-employment competition and solicitation of employees/clients
12. Termination: Grounds for termination, notice periods, and consequences of termination
13. Post-Termination Obligations: Continuing obligations after employment ends
14. Governing Law and Jurisdiction: Specification of Indian law as governing law and jurisdiction for disputes
15. General Provisions: Standard boilerplate clauses including notices, amendments, and severability
1. International Travel: For executives required to travel internationally, including visa support and travel policies
2. Subsidiary Board Positions: For executives who will serve on boards of subsidiary companies
3. Performance Metrics: Detailed KPIs and performance evaluation criteria for performance-linked compensation
4. Change of Control: Provisions dealing with change in company ownership or control
5. Garden Leave: Provisions for paid leave during notice period with restricted activities
6. Regulatory Compliance: For executives in regulated industries (e.g., banking, insurance)
7. Retention Bonus: Special bonus provisions for retention purposes
8. Relocation Terms: For executives requiring relocation to different cities/countries
1. Schedule 1 - Compensation Structure: Detailed breakdown of salary components, allowances, and benefits
2. Schedule 2 - Job Description: Detailed description of roles, responsibilities, and key performance areas
3. Schedule 3 - Company Policies: List of applicable company policies and procedures
4. Schedule 4 - Stock Option Details: Terms and conditions of any stock option or equity participation plans
5. Schedule 5 - Benefits Package: Details of insurance, retirement benefits, and other perquisites
6. Appendix A - Confidential Information: Definition and examples of confidential information specific to the role
7. Appendix B - Approved Outside Activities: List of pre-approved external commitments or board positions
8. Appendix C - Performance Bonus Structure: Detailed bonus calculation methodology and targets
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