The Board of Advisors Agreement is a crucial document for companies seeking to formally engage experienced professionals in an advisory capacity. This agreement, governed by Hong Kong law, is typically used when a company wishes to benefit from external expertise without adding full board members. It details the advisor's role, responsibilities, compensation, and the nature of their relationship with the company, while ensuring compliance with Hong Kong's Companies Ordinance and corporate governance requirements. The document is particularly important for growing companies, those entering new markets, or organizations requiring specialized industry knowledge. It includes essential provisions for confidentiality, intellectual property protection, and clearly establishes the advisor's status as an independent contractor rather than an employee or director.
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1. Parties: Identification of the company and the advisor, including their respective addresses and registration details
2. Background: Context of the agreement, including the company's desire to engage the advisor and the advisor's qualifications
3. Definitions: Key terms used throughout the agreement
4. Appointment and Term: Formal appointment of the advisor, term of the agreement, and renewal provisions
5. Duties and Responsibilities: Detailed description of the advisor's role, expected contributions, and time commitments
6. Compensation: Details of advisory fees, payment terms, and expense reimbursement
7. Independent Contractor Status: Clarification that the advisor is an independent contractor, not an employee
8. Confidentiality: Obligations regarding confidential information and trade secrets
9. Intellectual Property: Ownership and assignment of intellectual property created during the advisory relationship
10. Non-Competition and Non-Solicitation: Restrictions on competitive activities and solicitation of employees or customers
11. Termination: Circumstances and procedures for ending the agreement
12. General Provisions: Standard clauses including governing law, notices, entire agreement, and amendments
1. Equity Compensation: Details of any share options or equity granted as part of compensation
2. Board Observer Rights: Rights to attend and participate in board meetings, if granted
3. Industry-Specific Compliance: Additional compliance requirements for regulated industries
4. Insurance: Requirements for professional liability or other insurance coverage
5. Milestone-Based Compensation: Structure for performance-based or milestone-linked compensation
6. Multiple Territory Provisions: Additional provisions for advisors operating across multiple jurisdictions
7. Conflict Resolution: Specific procedures for handling disputes, such as mediation requirements
1. Schedule 1 - Services Description: Detailed scope of advisory services and specific areas of expertise
2. Schedule 2 - Compensation Terms: Detailed breakdown of fees, payment schedule, and expense policies
3. Schedule 3 - Confidential Information: Specific categories of confidential information and handling requirements
4. Schedule 4 - Key Performance Indicators: Metrics for evaluating the advisor's performance, if applicable
5. Schedule 5 - Approved Outside Activities: List of pre-approved activities or board positions with other organizations
6. Appendix A - Code of Conduct: Company's code of conduct and ethical guidelines applicable to advisors
7. Appendix B - Board Meeting Procedures: Procedures for advisor participation in board meetings, if applicable
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