Executive Service Agreement (UK) by Seedsummit
This Service Agreement outlines the terms of employment for a senior executive, detailing their duties, remuneration, benefits, and conditions for termination. It includes comprehensive clauses on confidentiality, intellectual property rights, and post-termination restrictive covenants to safeguard the company's business interests. The agreement is designed to be legally binding and covers various aspects of the executive-company relationship.
SERVICE AGREEMENT
DATED 2022
(1) [insert name of company] and (2) [insert name of executive]
The content and documents on the website have been prepared for informational purposes only and are not legal advice. Transmission of the information is not intended to create, and receipt does not constitute an attorney-client relationship. Audience should not act upon this information without seeking professional counsel. The information contained herein is provided only as general information which may or may not reflect the most current legal developments. This information is not provided in the course of an attorney-client relationship and nor intended to constitute legal advice or to substitute for obtaining legal advice from an attorney licensed in your region.
THIS AGREEMENT is made the [date of agreement] day of [month of agreement] 2022
BETWEEN
1 [insert name of company], a company incorporated in England (company number [company number]) whose registered office is at [company address] (the "Company"); and
2 [insert name of executive], of [insert executive address] (the “Executive").
The Board have approved the terms of this Agreement under which the Executive is to be employed.
1 INTERPRETATION
1.1 In this Agreement the following words and expressions have the following meanings unless inconsistent with the context:
"Applicable IPRS": any Intellectual Property Rights in any Materials or Inventions, other than any Employment IPRs or Employment Inventions, which have been discovered made or created by the Executive and may affect or relate to, or be capable of being used or adapted for use in connection with, the business of the Company or any Group Company;
"Articles": means the articles of association of the Company and any Group Company;
"Board": means the board of directors from time to time of the Company and includes any committee of the board of directors duly appointed by it;
"Companies Acts": means the Companies Act 1985, the Companies Act 1989 and the Companies Act 2006;
"Employment": means the Executive's employment under this Agreement;
"Employment Inventions": means any Invention which: a) is made wholly or partially by the Executive at any time during the course of their normal duties pursuant to their employment with the Company; b) arises out of any duties (other than normal duties) which are specifically assigned to the Executive; or c) arises out of any special obligation on the Executive to further the interests of the Company pursuant to clause 16.1, in each case whether or not during working hours or using Company premises or resources;
"Employment IPRs": means Intellectual Property Rights in any Materials created by the Executive in the course of their employment with the Company (whether or not during working hours or using Company premises or resources);
"ERA": means the Employment Rights Act 1996;
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England & Wales note
This version is drafted for England & Wales. Scotland and Northern Ireland differ on some points — for example notice periods and tribunal procedure. Tell GitLaw where you hire and it adjusts the draft.
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