An executive employment agreement is a legally binding document that outlines the terms of employment for high-level executives. Here are some key things that should be included in an executive employment agreement:
- Job Description and Duties: This section should clearly define the executive’s role, responsibilities, and reporting structure.
- Compensation and Benefits: This section should outline the executive’s salary, bonuses, stock options, retirement benefits, and other perks.
- Termination and Severance: This section should outline the circumstances under which the executive’s employment may be terminated, as well as any severance pay or benefits that may be available in the event of termination.
- Confidentiality and Non-Disclosure: This section should establish the executive’s duty to maintain the confidentiality of the company’s trade secrets, confidential information, and intellectual property.
- Non-Compete and Non-Solicitation: This section should specify any restrictions on the executive’s ability to work for a competitor or solicit clients or employees of the company after their employment has ended.
- Intellectual Property: This section should clarify the ownership of any intellectual property created by the executive during their employment with the company.
- Dispute Resolution: This section should outline the process for resolving any disputes that may arise between the executive and the company, such as mediation or arbitration.
It’s important to consult with a qualified attorney to ensure that your executive employment agreement is comprehensive, enforceable, and tailored to your specific needs and circumstances.
