An executive employment agreement is used when a corporation hires a new executive to their organization. The terms of the employment such as salary, length of employment, possible commissions and payment schedule are included in the document. The job description for the executive is also included, with their rights and responsibilities, essential job functions and duties, and permitted activities.
Typically this type of agreement may include a non-compete clause, as well as a confidentiality clause. Addition information may include employee benefits, such as vacation days, sick pay, pension, health insurance, etc. Agreements may also include bonuses upon signing on with the company and an annual bonus; if these exist, they will be covered in the contract.
The document may include expenses, and how they will be handled when the employee incurs costs. An executive agreement may contain clauses regarding termination, what is considered a breach of contract, and how much notice shall be given upon termination. In the rare case an employee were to pass away during their employment, provisions regarding the death will be included.