Board of Advisor Agreement

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Board of Advisor Agreement Powered By Docstoc
					_______________, 20__ [Name] [Address] Dear ________: On behalf of “Enter Company Name”., a Delaware corporation (the “Company”), I am pleased to offer you a position on our Board of Advisors. Subject to the approval of the Company’s Board of Directors, you will be granted a non-qualified option to purchase ________ shares of Company common stock under the Company’s 20__ Stock Plan at an exercise price equal to the fair market value of that stock on your option grant date, as determined in good faith by the Company’s Board of Directors. Subject to your acceptance of this agreement, your option will vest over a period of two years in 24 equal monthly installments, subject to your continued service on the Board of Advisors or as a consultant to the Company. Your option will be subject to the terms and conditions of the Company’s 20__ Stock Plan and standard form of stock option agreement, which you will be required to sign as a condition of receiving the option. As an Advisor, you will be invited to attend Advisory Board Meetings, either in person or on the phone, which will be arranged on an as needed basis (no more than four per year). In addition, your name and bio will appear on our website and materials in the Advisor section. Your service as an Advisor will be subject to the Company’s Board of Advisors Terms and Conditions attached hereto as Exhibit A, to which you agree by your signature below (the “Terms”). On behalf of all of the Company’s management, we are excited about you serving as an Advisor the Company and look forward to your input and guidance.

Sincerely, “Enter Company Name”., a Delaware corporation

By: Enter Name, President I agree to and accept the Board of Advisor position and agree to be bound by the Terms. Date: ____________, 20__ ______________________________ [Name of Advisor]

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BOARD OF ADVISORS TERMS AND CONDITIONS 1. Expenses. The Company shall reimburse Advisor in accordance with the Company’s policies for reasonable travel and related expenses incurred in the course of performing services hereunder, provided, however, that appropriate documentation of such expenses must be provided in accordance with such policies and expenses in excess of $100 shall be approved in advance by the Company. Advisor shall not otherwise be paid for the collaboration, advice and assistance provided to the Company in connection with service on the B
Description: This agreement is for potential advisors and your company.
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