[TheThinkTank] Contracts for paid employees?

We're stepping up and hiring a full time executive director for our organization. Question- do those with i.e. FT EDs have contracts for those positions? Do you structure their employment to include for ex. guaranteed time off etc.? Don't want to make a big deal of things but also wanting to avoid future issues by being as clear as possible about the relationship between ED and Board right from the start and a 'contract' of some sort seems the best way to start IMHO. Appreciate any insight,

Thanks,

Mike

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