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Hey, I'm one of the co-founders of Clerky :) Under Delaware law, directors are subject to fiduciary duties. E.g. duty of loyalty and duty of care. You can re
by swampthing 3y ago
Hey, I'm one of the co-founders of Clerky :) Under Delaware law, directors are subject to fiduciary duties. E.g. duty of loyalty and duty of care. You can read more here: https://corpgov.law.harvard.edu/2020/03/10/directors-fiduciary-duties-back-to-delaware-law-basics/ https://corpgov.law.harvard.edu/2020/03/10/directors-fiducia... In part because of this, it's not standard for directors to enter into agreements for their service on the board.
But if your situation requires something beyond those fiduciary duties — e.g. if you want them to be obligated to spend a certain amount of time on the company, want to memorialize compensation terms, etc., then an agreement could make sense. If you need a referral to an attorney to help with that, feel free to reach out to our support team!
- findhumane 3y agoThanks so much, that's exactly what I was looking for! I'm not looking for anything beyond fiduciary duties and they've agreed to zero compensation. Thanks! A help topic on this linked during the "add a director" flow would help put a mind at ease. I really appreciate your service so far.
- swampthing 3y agoGreat to hear! We'll definitely take a look at how we can improve this!