Director's Service Contract
This Director's Service Contract ("Contract") is entered into on [Date], by and between [Your Company Name], a corporation registered under the laws of [Jurisdiction] ("Company"), and [Director's Name], an individual residing at [Address] ("Director").
I . Appointment
1.1 Position and Title: The Company hereby appoints the Director to serve as Chief Executive Officer (CEO) of the Company, with all rights, privileges, and responsibilities associated with such position, effective from [Date].
1.2 Scope of Authority: Scope of Authority: The Director shall have the authority to manage and oversee all aspects of the Company's operations, including but not limited to:
(a) Strategic planning and execution
(b) Financial management and budgeting
(c) Business development and growth initiatives
(d) Human resources management
(e) Legal and regulatory compliance
(f) Stakeholder relations and communications
1.3 Reporting Structure: The Director shall report directly to the Company's Board of Directors and shall provide regular updates and reports on the Company's performance, progress toward strategic objectives, and any material developments or concerns affecting the Company's operations.
II. Term of Service
2.1 Duration: The term of this Contract shall commence on [Date] and shall continue until terminated by the provisions herein.
2.2 Renewal: This Contract may be renewed or extended by mutual agreement of the Company and the Director.
III. Duties and Responsibilities
3.1 General Duties: The Director shall diligently and faithfully perform all duties assigned by the Company consistent with the Director's position and in the best interests of the Company.
3.2 Specific Responsibilities: The Director's responsibilities shall include, but not be limited to:
(a) Developing and implementing strategic plans to achieve Company objectives.
(b) Overseeing financial management, including budgeting and financial reporting.
(c) Leading and managing the Marketing Department and Human Resource Department.
IV. Compensation
4.1 Salary: The Company shall pay the Director a base salary of [Amount] annually for services rendered under this Contract.
4.2 Bonuses and Incentives: The Director may be eligible for performance-based bonuses or incentives as determined by the Company's Board of Directors.
4.3 Benefits: The Director shall be entitled to participate in Company-sponsored benefit programs, including health insurance, retirement plans, and other fringe benefits, subject to eligibility requirements.
V. Expenses and Reimbursements
5.1 Authorized Expenses: The Company shall reimburse the Director for reasonable and necessary expenses incurred in the performance of duties under this Contract, subject to Company policies and approval procedures.
5.2 Reimbursement Procedures: The Director shall submit expense reports according to Company policies and provide appropriate documentation for reimbursement.
VI. Termination
6.1 Termination for Cause: Either party may terminate this Contract for cause upon written notice to the other party in the event of a material breach of the Contract by the other party.
6.2 Termination Without Cause: The Company reserves the right to terminate this Contract without cause upon 30 days written notice to the Director.
VII. Confidentiality and Non-Disclosure
7.1 Confidential Information: The Director acknowledges that during employment, they may have access to and become acquainted with confidential information belonging to the Company.
7.2 Non-Disclosure Obligation: The Director agrees to maintain the confidentiality of all such information and not to disclose or use it for any purpose other than in the performance of their duties under this Contract.
VIII. Intellectual Property
8.1 Ownership: Any inventions, discoveries, or intellectual property created by the Director during the term of this Contract related to the Company's business shall be the exclusive property of the Company.
8.1 Assignment of Rights: The Director hereby assigns all rights, title, and interest in such intellectual property to the Company.
IX. Non-Compete and Non-Solicitation
9.1 Non-Compete Clause: During the term of this Contract and for one (1) year following termination, the Director shall not engage in any business or activity that competes with the Company's business.
9.2 Non-Solicitation: The Director agrees not to solicit or attempt to solicit employees, customers, or clients of the Company for a competing business during the term of this Contract and for one (1) year following termination.
X. Miscellaneous
10.1 Entire Agreement: This Contract constitutes the entire agreement between the parties and supersedes all prior agreements and understandings, whether written or oral.
10.2 Amendment and Waiver: Any amendment to this Contract must be in writing and signed by both parties. The failure of either party to enforce any provision of this Contract shall not constitute a waiver of such provision.
IN WITNESS WHEREOF, the parties hereto have executed this Contract as of the date first above written.
[Your Company Name]
By: [Your Name]
[Date Signed]
[Director's Name]
[Date Signed]
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