As to your suggested changes in wording, feel free to make those recommendations to the Board. Again, it's worth keeping in mind that the drafting of this Statement was done at Board request.
That definitely surprises me. How exactly did the Board make such a request?
How do you mean? They probably discussed it in a board meeting and decided that one of them would go and talk to Mike (or maybe Sue, as his boss) and ask him to draw up a draft agreement. How else would it happen? Mike isn't likely to just spontaneously draw up agreements and ask the board to sign them, is he?