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Directors Service Agreement

Directors Service Agreement Template for Australia

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Key Requirements PROMPT example:

Directors Service Agreement

"I need a Directors Service Agreement for appointing a new executive director to our ASX-listed technology company, starting March 1, 2025, with specific provisions for share options and international travel requirements."

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Document background
The Directors Service Agreement is a fundamental document used when appointing new directors or formalizing arrangements with existing directors in Australian companies. This agreement is essential for compliance with the Corporations Act 2001 and other relevant Australian legislation, providing a clear framework for the director's role, responsibilities, and relationship with the company. It typically includes detailed provisions on appointment terms, remuneration, duties, performance expectations, confidentiality, intellectual property, and post-termination obligations. The agreement is particularly important for protecting both the company's and director's interests, ensuring clear understanding of expectations, and maintaining good corporate governance practices. It should be tailored to reflect the specific requirements of the role, whether it's for an executive or non-executive director position.
Suggested Sections

1. Parties: Identifies the company and the director entering into the agreement

2. Background: Sets out the context of the appointment and any relevant company background

3. Definitions: Defines key terms used throughout the agreement

4. Appointment and Term: Details of the director's appointment, including position, term length, and any renewal provisions

5. Duties and Responsibilities: Comprehensive outline of the director's duties, both statutory and specific to the role

6. Time Commitment: Expected time dedication to the role and any restrictions on other commitments

7. Remuneration: Base compensation, bonuses, and other benefits

8. Expenses: Policy on reimbursement of expenses incurred in role performance

9. Leave Entitlements: Annual leave, sick leave, and other leave provisions

10. Confidentiality: Obligations regarding confidential information during and after the term

11. Conflicts of Interest: Procedures for declaring and managing conflicts of interest

12. Intellectual Property: Assignment and protection of IP created during the appointment

13. Protection of Company Interests: Non-compete and non-solicitation provisions

14. Termination: Grounds and procedures for termination of the agreement

15. Post-Termination Obligations: Continuing obligations after the agreement ends

16. General Provisions: Standard boilerplate clauses including governing law, notices, and entire agreement

Optional Sections

1. Board Committee Positions: Used when the director will serve on specific board committees, detailing additional duties and compensation

2. Share Options or Equity Participation: Include when the director will participate in share schemes or equity incentives

3. International Travel: Required for roles involving significant international responsibilities

4. Insurance and Indemnification: Detailed provisions for D&O insurance and company indemnification, if not covered in company constitution

5. Performance Criteria: Include when specific KPIs or performance measures are tied to the role

6. Subsidiary Board Positions: Used when director will serve on boards of subsidiary companies

7. Emergency Succession: Include for key executive director positions requiring succession planning

8. Related Party Transactions: Include when director has existing business relationships with the company

Suggested Schedules

1. Schedule 1: Remuneration Package: Detailed breakdown of all compensation elements including salary, bonuses, and benefits

2. Schedule 2: Position Description: Detailed description of the role, responsibilities, and reporting relationships

3. Schedule 3: Key Performance Indicators: Specific performance metrics and targets

4. Schedule 4: Company Policies: List of key company policies the director must comply with

5. Schedule 5: Approved Outside Directorships: List of pre-approved external board positions or commitments

6. Appendix A: Board Committee Charters: Relevant committee charters for committees the director will serve on

7. Appendix B: Share Option Terms: Details of any share option or equity participation schemes

Authors

Alex Denne

Head of Growth (Open Source Law) @ ºÚÁÏÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions










































Clauses















































Relevant Industries

Financial Services

Mining

Technology

Healthcare

Retail

Manufacturing

Professional Services

Energy

Telecommunications

Real Estate

Education

Transport and Logistics

Agriculture

Construction

Media and Entertainment

Relevant Teams

Legal

Human Resources

Company Secretariat

Board of Directors

Executive Leadership

Compliance

Corporate Governance

Risk Management

Compensation Committee

Nomination Committee

Relevant Roles

Chief Executive Officer

Managing Director

Executive Director

Non-Executive Director

Board Chairman

Company Secretary

General Counsel

Legal Counsel

HR Director

Chief Financial Officer

Head of Compliance

Corporate Governance Manager

Board Committee Chair

Independent Director

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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