The Advisory Board Agreement is essential for companies seeking to formalize relationships with external experts who provide strategic guidance without taking on executive roles. This document, governed by Austrian law, is particularly important for businesses looking to enhance their decision-making processes through external expertise while maintaining clear legal boundaries. The agreement covers crucial aspects such as appointment terms, compensation, confidentiality obligations, and liability provisions, all aligned with Austrian corporate governance requirements. It's commonly used when companies are entering new markets, scaling operations, or requiring specialized industry insight, and needs to be carefully structured to avoid creating an employment relationship while ensuring effective advisory services.
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1. Parties: Identification of the company and the advisory board member, including full legal names and addresses
2. Background: Context of the agreement and purpose of the advisory board appointment
3. Definitions: Key terms used throughout the agreement
4. Appointment and Term: Official appointment to the advisory board and duration of the term
5. Role and Responsibilities: Detailed description of advisory board member duties and expectations
6. Time Commitment: Expected time commitment, including meeting frequency and preparation time
7. Compensation: Details of fees, reimbursement of expenses, and payment terms
8. Confidentiality: Obligations regarding confidential information and trade secrets
9. Intellectual Property: Ownership and rights regarding any IP created during the advisory role
10. Independence and Non-Employment Status: Clear statement that the advisor is not an employee
11. Conflicts of Interest: Disclosure requirements and handling of potential conflicts
12. Termination: Conditions and process for ending the agreement
13. General Provisions: Standard legal clauses including governing law, notices, and entire agreement
1. Non-Compete: Restrictions on competitive activities, if applicable to the specific relationship
2. Stock Options or Equity Compensation: Terms of any equity-based compensation, if offered
3. Insurance and Indemnification: Coverage of advisor under company insurance policies and indemnification terms
4. Data Protection: Specific GDPR compliance provisions if handling personal data
5. Other Board Memberships: Provisions regarding service on other boards, if relevant
6. Working with Company Personnel: Guidelines for interaction with company employees and management
7. Travel Requirements: Specific travel obligations and related arrangements, if applicable
1. Schedule A - Compensation Details: Detailed breakdown of compensation structure, including fees and payment schedule
2. Schedule B - Meeting Schedule: Annual calendar of scheduled board meetings and important dates
3. Schedule C - Confidential Information: Specific types of confidential information covered by the agreement
4. Schedule D - Approved Outside Activities: List of pre-approved activities or board positions
5. Appendix 1 - Code of Conduct: Company's code of conduct applicable to advisory board members
6. Appendix 2 - Expense Policy: Policy regarding reimbursable expenses and submission procedures
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