Executive Service Agreement Template

When starting a new job in a high-level position, it`s common to be presented with an executive service agreement (ESA) before officially accepting the offer. An ESA is a legal document that outlines the terms and conditions of employment, including compensation, benefits, and responsibilities.

While it may seem like just another form to sign, an ESA is an important document that protects both the employer and the employee. It ensures that everyone is on the same page regarding expectations and obligations, and it can help prevent misunderstandings or disagreements down the line.

If you`re an executive or an employer looking to draft an ESA, it`s important to have a solid template to work from. Here are some key elements that should be included in any ESA template:

1. Parties Involved: The ESA should clearly state the names and roles of both parties involved in the agreement.

2. Term: The length of the agreement should be specified, including the start and end date.

3. Position and Responsibilities: The employee`s position and responsibilities should be clearly outlined, including reporting structure and any specific targets or goals.

4. Compensation and Benefits: This section should specify the employee`s salary, bonus structure, stock options, and any other benefits or perks offered.

5. Termination and Severance: The ESA should outline the circumstances under which the agreement may be terminated, as well as any severance pay or benefits that may be offered in the event of termination.

6. Confidentiality and Non-Compete Clauses: Many ESAs include provisions prohibiting the employee from disclosing confidential information or competing with the employer for a certain period of time after leaving the position.

7. Governing Law and Jurisdiction: This section should specify the governing law and jurisdiction in the event of any disputes or legal issues.

While there are many other elements that can be included in an ESA, these are some of the most important ones to consider. It`s important to work with an experienced attorney or HR professional to ensure that your ESA meets all legal requirements and protects both parties` interests.

In conclusion, an ESA is a crucial document for any executive-level position, and having a solid template can make the drafting process much easier. By including the elements outlined above, you can create an ESA that sets clear expectations and protects both the employer and the employee.