Nathan writes:
I'm not a lawyer, but these seem to be somewhat significant drafting problems. I've signed a few such agreements in the past, and all have had more sophisticated and clear wording and terms. Without intending any insult to Mike, whose work in other areas I admire and respect, I suggest that documents you wish all Board members to sign be reviewed (and drafted, if possible) by an attorney with specific expertise and background in employment law.
I appreciate Nathan's comments, but should note here that the part of the agreement he likes best was drafted primarily by me, and that the parts he likes least were drafted primarily by attorneys with specific expertise in corporate governance. (Employment law isn't exactly germane, since the agreement applies to Board members rather than to employees.)
--Mike