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Founders Service Agreement

Founders Service Agreement Template for Indonesia

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Key Requirements PROMPT example:

Founders Service Agreement

"I need a Founders Service Agreement for an Indonesian technology startup with three co-founders, where we'll have different equity percentages and roles, including specific vesting schedules starting from January 2025."

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Document background
The Founders Service Agreement is a crucial document used when establishing or formalizing the relationship between a founder and their company in Indonesia. It is particularly relevant during company formation, restructuring, or when clarifying existing founder arrangements. The agreement complies with Indonesian corporate law, including Law No. 40 of 2007 on Limited Liability Companies, and addresses key aspects such as service scope, compensation, equity arrangements, intellectual property rights, and confidentiality obligations. This document is essential for protecting both the company's and founder's interests, ensuring clear governance structures, and preventing future disputes. It should be drafted in both Indonesian and English languages to comply with Law No. 24 of 2009, with the Indonesian version prevailing in case of inconsistencies.
Suggested Sections

1. Parties: Identification of the company and the founder, including complete legal names, addresses, and registration details

2. Background: Context of the agreement, including company formation, founder's role, and purpose of the agreement

3. Definitions: Key terms used throughout the agreement, including 'Services', 'Intellectual Property', 'Confidential Information', etc.

4. Appointment and Term: Terms of the founder's appointment, duration, and renewal provisions

5. Services: Detailed description of services to be provided by the founder, including roles, responsibilities, and time commitment

6. Compensation: Details of founder's compensation, including salary, benefits, and equity arrangements

7. Intellectual Property Rights: Assignment and protection of IP created during the service period

8. Confidentiality: Obligations regarding confidential information and trade secrets

9. Non-Competition and Non-Solicitation: Restrictions on competitive activities and solicitation of employees/clients

10. Termination: Grounds and procedures for termination of the agreement

11. Post-Termination Obligations: Continuing obligations after the agreement ends

12. Governing Law and Dispute Resolution: Choice of law and dispute resolution mechanisms

13. General Provisions: Standard clauses including notices, amendments, and severability

Optional Sections

1. Performance Metrics: Specific KPIs and performance evaluation criteria - include when founder's compensation is performance-based

2. Share Vesting: Details of share vesting schedule and conditions - include when equity is part of compensation

3. International Travel: Terms regarding international travel and related expenses - include for companies with international operations

4. Board Position: Terms of board membership and responsibilities - include when founder will serve on board

5. External Activities: Provisions regarding permitted external business activities - include when founder maintains other business interests

6. Founder Team Dynamics: Provisions regarding decision-making between co-founders - include when multiple founders are involved

7. Force Majeure: Provisions for unforeseen circumstances affecting service delivery - include for longer-term agreements

Suggested Schedules

1. Schedule 1 - Services Description: Detailed scope of services and responsibilities

2. Schedule 2 - Compensation Structure: Detailed breakdown of all compensation elements

3. Schedule 3 - Share Vesting Schedule: Details of equity vesting timeline and conditions

4. Schedule 4 - Company IP: List of existing company IP that founder will have access to

5. Schedule 5 - Performance Metrics: Detailed KPIs and evaluation criteria

6. Appendix A - Confidentiality Agreement: Detailed confidentiality terms and requirements

7. Appendix B - Compliance Guidelines: Company compliance requirements and procedures

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Agreement
Applicable Law
Board of Commissioners
Board of Directors
Business Day
Company
Company Group
Confidential Information
Effective Date
Equity
Force Majeure
Founder
Founder IP
Intellectual Property Rights
Key Performance Indicators
Material Breach
Notice
Pre-existing IP
Restricted Business
Services
Service Fee
Share Capital
Shareholders
Subsidiary
Term
Territory
Termination Date
Vesting Period
Vesting Schedule
Work Product
Articles of Association
Deed of Establishment
PT (Perseroan Terbatas)
RUPS (Rapat Umum Pemegang Saham)
Non-Competition Period
Governing Law
Dispute Resolution
Business Plan
Cause
Good Reason
Clauses
Interpretation
Appointment
Term and Duration
Services and Duties
Performance Obligations
Compensation
Equity Arrangements
Share Vesting
Expense Reimbursement
Intellectual Property Rights
Confidentiality
Data Protection
Non-Competition
Non-Solicitation
Representations and Warranties
Company Resources
Working Hours
Board Participation
Reporting Requirements
Compliance
Insurance
Indemnification
Force Majeure
Termination
Post-Termination Obligations
Assignment
Amendments
Notices
Severability
Entire Agreement
Governing Law
Dispute Resolution
Language
Good Faith
Third Party Rights
Relevant Industries

Technology

E-commerce

Financial Services

Healthcare

Education Technology

Manufacturing

Retail

Professional Services

Media and Entertainment

Food and Beverage

Transportation and Logistics

Clean Energy

Agriculture Technology

Real Estate

Relevant Teams

Legal

Executive Leadership

Board of Directors

Corporate Governance

Human Resources

Company Secretariat

Compliance

Finance

Operations

Relevant Roles

Founder

Co-Founder

Chief Executive Officer

Managing Director

Executive Director

Chief Technology Officer

Chief Financial Officer

Chief Operating Officer

Chief Product Officer

Chief Marketing Officer

Head of Legal

Company Secretary

Corporate Lawyer

Board Member

Commissioner

Industries
Indonesian Civil Code (KUHPerdata): Provides the fundamental principles of contract law, including formation, validity, and enforcement of contracts in Indonesia
Law No. 13 of 2003 on Manpower: Governs employment relationships and working conditions, relevant for defining the founder's role and responsibilities as a service provider
Law No. 40 of 2007 on Limited Liability Companies: Regulates corporate governance, shareholder rights, and management responsibilities in Indonesian companies
Law No. 28 of 2014 on Copyright: Protects intellectual property rights, particularly relevant for any innovations or creative works developed by founders
Law No. 13 of 2016 on Patents: Governs patent rights and protection, important for technological innovations developed during the founder's service
Law No. 20 of 2016 on Trademarks: Regulates trademark protection, relevant for brand development and ownership
Law No. 36 of 2008 on Income Tax: Governs taxation of income, including founder compensation and benefits
Law No. 25 of 2007 on Investment: Regulates investment activities and foreign ownership restrictions, relevant if foreign founders are involved
Law No. 24 of 2009 on National Flag, Language, Emblem and Anthem: Requires agreements involving Indonesian parties to be drafted in Indonesian language
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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