The Founders Service Agreement is essential when establishing a formal relationship between a startup and its founder(s) under English and Welsh law. This document is typically used during company formation or when formalizing existing arrangements, providing clarity on the founder's position, duties, and benefits. The agreement covers crucial aspects such as equity arrangements, intellectual property rights, confidentiality obligations, and termination provisions. It serves as a foundational document that helps prevent future disputes and ensures all parties understand their rights and obligations.
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1. Parties: Identification of the company and the founder
2. Background: Context of the agreement and founder's relationship with company
3. Definitions: Key terms used throughout the agreement
4. Appointment and Term: Terms of appointment and duration
5. Duties and Obligations: Founder's responsibilities and commitments
6. Remuneration: Compensation, benefits, and expenses
7. Intellectual Property: IP rights assignment and protection
8. Confidentiality: Non-disclosure obligations
9. Restrictive Covenants: Non-compete and non-solicitation provisions
10. Termination: Circumstances and process for ending the agreement
11. General Provisions: Standard boilerplate clauses including governing law, notices, and entire agreement
1. Share Options: Details of any share option schemes - include when founder is being offered equity incentives
2. Board Position: Terms of board appointment - include when founder will serve as director
3. International Travel: Terms for international work - include when role involves international duties
4. Garden Leave: Provisions for garden leave during notice period - include when heightened business protection is needed
1. Schedule 1: Share Vesting Terms: Detailed vesting schedule and conditions for any equity compensation
2. Schedule 2: Job Description: Detailed outline of roles and responsibilities
3. Schedule 3: Company Policies: Key policies founder must comply with
4. Schedule 4: Benefits Package: Detailed description of benefits and allowances
5. Schedule 5: Restricted Activities: Detailed list of competitive activities and restrictions post-termination
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