BOARD OF ADVISORS AGREEMENT
THIS BOARDD OF ADVISORS AGREEMENT is hereby entered into on this ………………day of …….……………. Two Thousand and ……………………………
BETWEEN
- CHEFAID, a Limited Liability Company which aims to bring together members of the food service fraternity and which is located at …………….………….……. The company shall hereinafter be referred to as “CHEFAID”
AND
- ………………………………… of {Address} ………………………… who is one of the advisors constituting Chefaid’s Board of Advisors, and who shall hereinafter be referred to as “THE ADVISOR”.
NOW THESE TERMS ARE AGREED UPON BY THE PARTIES:
- The Advisor hereby enters into an agreement with Chefaid for the purpose of providing strategic and financial recommendations as well as advising Chefaid on practical investment techniques among other roles.
- This Agreement shall be guided by the United States of America Law and shall fall within the jurisdiction of ……………….State.
- The Advisor shall be one of the advisors constituting the Board of Advisors, which Board shall be retained for a period of 2 years. The contract shall thereafter be renewable, which renewal shall be made six (6) months prior to the expiry of the current contract.
- The Advisor shall by way of compensation be given non-voting shares (Class B Shares) based on targets from 0.1% to 1.5% after one and a half years after reaching a target number and bringing in …………….USD. The Board of Advisors shall also be entitled to a three day retreat each year, fully paid for by Chefaid.
- Further, when required, the advisor shall attend a retreat of not more than three (3) days fully paid for Chefaid.
- Further, on reaching an income of …………….USD, Chefaid shall in every quarter of the year make a cheque payable to the advisor.
- The Advisor herein as well as the Board of Advisors shall not engage in any business similar or otherwise related to Chefaid or which would compete with Chefaid for at least five (5) years. The five (5) years shall begin running at the execution of this agreement. Failure to the adherence of this non-compete clause may lead to legal action.
- All intellectual property belongs to Chefaid before and after the entry of the Board of Advisors; and the Advisor and/or Board of Advisors shall not benefit from such intellectual property without Chefaid’s written consent.
- This Agreement shall commence upon the date of full execution by all parties and expire when the terms of this Agreement have lapsed or when the parties shall agree.
- The terms and conditions of this Agreement shall be binding upon the parties herein.
- In the event that the Advisor wishes to terminate this agreement, he/she shall give sufficient notice of six (6) months and ensure that he/she has handed over all knowledge relating to the company as well as the clients gained.
- In the event Chefaid terminates the contract, Chefaid undertakes to give the advisor sufficient notice of …………….months and pay all outstanding arrears if any.
- This agreement contains the whole understanding between the parties herein and supersedes all previous agreements (if any) whether written or oral between the parties in respect of such matters.
- This agreement may be amended by the Chief Executive Officer of Chefaid as and when required. Such amendments will integrate the views of the Advisor as well as the greater Board of Advisors.
IN WITNESS whereof the parties hereto have executed this Agreement the day and year hereinabove written.
SIGNED by the parties: )
………………. …………………………… ) _________________ (FOR:CHEFAID LIMITED LIABILITY COMPANY) )
) )
AND )
………………………………..
ADVISOR ) _________________
)
)
)
WITNESSED BY: – ) ___________________
NAME: )
)
)
ADDRESS:
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