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Review employment agreement and ESOP plan agreement
18-May-2023 (In Corporate Law)
Is this standard as an indemnity agreement (I am an authorized signatory of the company)
"... as a result of: (i) any inaccuracy in or any breach of any of the representations of the Employee in this Agreement; or (ii) any breach of any of the covenants, undertakings, obligations of the Employee contained in the Agreement; or(iii) any loss or claim that arises or is attributable directly or indirectly to or relates directly or indirectly to any act or omission or any action undertaken or not undertaken by the Employee; or (iv) fraud, gross negligence or wilful default by the Employee."
The above clause is very onerous on the Employee, especially as it also provided for any indirect acts or omissions. Certain limitations and checks and balances need to be provided to make the clause reasonable and balanced. Also, it is important that the entire agreement is reviewed as well.
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Yes this is standard. However from an employee stand point of view it is better to cover only direct claims and not indirect claims, since claims attributable indirectly to an employee would encompass a wide range of things. Hence from an employee stand point the word indirectly should be removed.
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