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The contract terms should accurately reflect the parties' preliminary agreements concerning compensation, bonuses, conditions to payment, annual increases, and the timing for payments.
A chief executive employment contract helps clarify compensation arrangements and provides security to both the CEO/executive director and the board. Nonprofits should draft a formal employment contract in all but the simplest employment relationships.
An executive compensation agreement is a binding contract between a company and one of its most important and powerful employees.
An executive's employment agreement typically will set an effective date and state that the initial term of employment will be for a period of years subject to earlier termination under other provisions of the agreement.
COOs come in many varieties. It is important to put in place a COO employment agreement that clearly delineates your role, your compensation, severance and other terms of employment. An experienced executive employment attorney can help you navigate the negotiations and help you protect your interests and career.