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Employment Agreement for Senior Employee

Key points and template

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Key Points Included in This Employment Agreement for Senior Employee

Details of the remuneration package, including performance-based salary and participation in a long-term incentive plan
Details of the employee’s area(s) of responsibilities and reporting obligations
Whether non-compete/non-solicit covenants apply after the end of the employment relationship, including, as the case may be, their duration and geographical scope as well as what happens if the employee breaches these covenants
Duration of employment, termination of employment, and probation period
Specific arrangements regarding expenses

Use This Employment Agreement for Senior Employee if …

… you want to hire a senior executive

… you want to provide the executive with an attractive package while protecting your business and know-how from the competition

What is an Employment Agreement for Senior Employee?

Under an employment agreement for a senior employee, a company hires an employee with top-level responsibilities. These can range from the general management of the company to heading one of its divisions.

Besides the basic salary, the remuneration package often includes a performance-based salary and/or participation in a long-term incentive plan, typically through the grant of options or shares. The employer will strive to retain its senior executive, while it also wants to make sure that crucial know-how and business information will not be shared with the competition in case of the executive’s departure.

When drafting the employment agreement, the employer must thus find the right balance between providing an attractive package to its executive and protecting its business beyond the end of the employment relationship, for example through non-compete/non-solicit restrictions and confidentiality obligations.