The Founders Collaboration Agreement is essential for entrepreneurs and business founders in Canada who are establishing a new venture together. This agreement should be implemented before or during the early stages of company formation, ideally before any significant business operations commence. It addresses crucial aspects such as equity distribution, founder roles, decision-making processes, intellectual property rights, and exit procedures. The document helps prevent future disputes by clearly documenting expectations and commitments while ensuring compliance with Canadian federal and provincial laws. This type of agreement is particularly important when multiple founders are involved, there are significant intellectual property considerations, or when founders are contributing different types of assets or expertise to the venture.
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1. Parties: Identification of all founding members entering into the agreement
2. Background: Context of the collaboration, business concept, and purpose of the agreement
3. Definitions: Defined terms used throughout the agreement
4. Founders' Contributions: Details of initial capital, asset, and intellectual property contributions from each founder
5. Equity Distribution: Initial share allocation and vesting arrangements
6. Roles and Responsibilities: Each founder's role, duties, and time commitment
7. Decision Making: Process for making business decisions and required voting thresholds
8. Intellectual Property: Assignment and ownership of IP created during the collaboration
9. Confidentiality: Protection of confidential information and trade secrets
10. Founder Commitments: Non-compete, non-solicitation, and exclusivity obligations
11. Exit Provisions: Process for founder departure, voluntary or involuntary
12. Dispute Resolution: Procedures for resolving conflicts between founders
13. Term and Termination: Duration of agreement and termination circumstances
14. General Provisions: Standard legal clauses including governing law, notices, and amendments
1. Founder Loans: Terms for any loans made by founders to the business - include when founders are providing initial capital as loans rather than equity
2. External Activities: Rules for founders' involvement in other business ventures - include when founders maintain other business interests
3. Salary and Compensation: Terms for founder remuneration - include when founders will draw salary or other compensation
4. Board Composition: Structure and operation of the board - include when establishing formal board governance
5. Future Financing: Process for raising additional capital - include when anticipating near-term investment rounds
6. Deadlock Resolution: Special procedures for resolving deadlock situations - include when there are an even number of founders
7. Founder Insurance: Requirements for life or key person insurance - include when founders are critical to business operations
1. Schedule A - Business Plan: Detailed description of the business concept and initial plans
2. Schedule B - Initial Contributions: Itemized list of each founder's initial contributions (cash, assets, IP)
3. Schedule C - Share Structure: Detailed breakdown of share allocation and vesting schedules
4. Schedule D - Roles and Duties: Detailed description of each founder's responsibilities and time commitments
5. Schedule E - IP Assignment: Specific intellectual property being assigned to the business
6. Schedule F - Reserved Matters: List of decisions requiring unanimous or special majority approval
7. Appendix 1 - Share Transfer Form: Standard form for transferring shares between parties
8. Appendix 2 - Deed of Adherence: Template for new parties to join the agreement
Relevant legal definitions
Clauses
Definitions
Interpretation
Business Purpose
Term
Contributions
Equity Distribution
Vesting
Share Transfer Restrictions
Pre-emptive Rights
Tag-along Rights
Drag-along Rights
Roles and Responsibilities
Time Commitment
Decision Making
Reserved Matters
Board Composition
Intellectual Property Assignment
Confidentiality
Non-Competition
Non-Solicitation
Founder Warranties
Good/Bad Leaver Provisions
Exit Provisions
Death and Incapacity
Dispute Resolution
Mediation
Arbitration
Termination
Force Majeure
Assignment
Amendments
Notices
Severability
Entire Agreement
Governing Law
Jurisdiction
Interpretation
Business Purpose
Term
Contributions
Equity Distribution
Vesting
Share Transfer Restrictions
Pre-emptive Rights
Tag-along Rights
Drag-along Rights
Roles and Responsibilities
Time Commitment
Decision Making
Reserved Matters
Board Composition
Intellectual Property Assignment
Confidentiality
Non-Competition
Non-Solicitation
Founder Warranties
Good/Bad Leaver Provisions
Exit Provisions
Death and Incapacity
Dispute Resolution
Mediation
Arbitration
Termination
Force Majeure
Assignment
Amendments
Notices
Severability
Entire Agreement
Governing Law
Jurisdiction
Relevant Industries
Technology
Software Development
E-commerce
Financial Services
Healthcare
Biotechnology
Manufacturing
Professional Services
Media and Entertainment
Education
Clean Technology
Retail
Artificial Intelligence
Blockchain
Consumer Products
Real Estate
Relevant Teams
Legal
Executive Leadership
Corporate Governance
Business Development
Strategy
Operations
Finance
Administration
Relevant Roles
Founder
Co-founder
Chief Executive Officer
Chief Technology Officer
Chief Financial Officer
Chief Operating Officer
Chief Product Officer
Managing Director
Executive Director
Company Secretary
Corporate Lawyer
Startup Attorney
Business Development Director
Entrepreneur
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