Way before Frances McDormand uttered the words “inclusion rider” at February’s Oscars, USC Annenberg School professor Stacy Smith invented the term “equity rider” in 2014. In March, she, along with co-writers Kalpana Kotagal of Washington, D.C., law firm Cohen Milstein and Pearl Street Films executive Fanshen Cox DiGiovanni, debuted a template for an addendum to talent contracts to hold studios accountable for gender and race inclusion. Matt Damon and Ben Affleck’s Pearl Street Films, Paul Feig’s Feigco Entertainment and Brie Larson have pledged commitment, and Endeavor’s Ari Emanuel lent support, calling the adoption of riders “imperative.” Though it was adroitly pulled together, legal experts caution that the template, if not refined, could lead to exploitation of loopholes and inconsistent metrics. “This is a very complex area,” says Louise Ann Fernandez, an…