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Startup Advisor Agreement

Startup Advisor Agreement Template for India

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Key Requirements PROMPT example:

Startup Advisor Agreement

"I need a Startup Advisor Agreement for our fintech company, where we're bringing on a technical advisor who will receive 1% equity vesting over 2 years, starting March 2025, with obligations to provide 8 hours of advisory services per month focused on AI and blockchain technology implementation."

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Document background
The Startup Advisor Agreement is a crucial document for Indian startups seeking to formally engage experienced professionals for strategic guidance and mentorship. This agreement becomes necessary when a startup wants to bring on board advisors who can provide valuable insights, industry connections, and expertise in areas critical for the company's growth. The document complies with Indian legal requirements, including the Companies Act, 2013, and SEBI regulations, particularly when equity compensation is involved. It's designed to protect both the startup's interests (through confidentiality and IP provisions) and the advisor's interests (through clear compensation terms and liability limitations). The agreement is especially important in the Indian startup ecosystem, where advisory relationships often play a vital role in company development and fundraising efforts.
Suggested Sections

1. Parties: Identifies the startup company and the advisor, including their legal names and addresses

2. Background: Explains the context of the agreement, including the startup's desire to engage the advisor and the advisor's qualifications

3. Definitions: Defines key terms used throughout the agreement

4. Appointment and Term: Establishes the advisor's role and the duration of the engagement

5. Services: Details the specific advisory services to be provided

6. Time Commitment: Specifies the expected time commitment from the advisor

7. Compensation: Outlines the advisor's compensation structure, including cash fees if applicable

8. Confidentiality: Defines confidential information and establishes confidentiality obligations

9. Intellectual Property Rights: Addresses ownership and protection of intellectual property

10. Non-Competition and Non-Solicitation: Sets restrictions on competitive activities and solicitation of employees/clients

11. Independent Contractor Status: Clarifies that the advisor is an independent contractor, not an employee

12. Termination: Specifies conditions and procedures for ending the agreement

13. General Provisions: Includes standard legal provisions like governing law, notices, and amendments

Optional Sections

1. Equity Compensation: Details of any equity compensation, including vesting schedules and terms. Include when advisor receives equity as part of compensation

2. Board Observer Rights: Terms for advisor's attendance at board meetings. Include when advisor is granted board observer status

3. Expense Reimbursement: Procedures for reimbursing advisor's expenses. Include when expense reimbursement is part of the arrangement

4. Indemnification: Mutual or one-way indemnification provisions. Include for high-risk advisory relationships

5. Insurance: Requirements for professional liability insurance. Include for regulated industries or high-risk advice

6. Conflict of Interest: Procedures for handling potential conflicts. Include when advisor works with multiple startups

7. Investment Rights: Rights to participate in future funding rounds. Include when advisor has investment opportunities

Suggested Schedules

1. Schedule A - Services Description: Detailed outline of specific services to be provided by the advisor

2. Schedule B - Compensation Terms: Detailed compensation structure, including any equity calculations and vesting schedules

3. Schedule C - Approved Outside Activities: List of advisor's pre-approved activities with other companies

4. Appendix 1 - Confidentiality Agreement: Detailed confidentiality terms and requirements

5. Appendix 2 - IP Assignment: Detailed intellectual property assignment provisions

6. Appendix 3 - Share Option Agreement: Terms of any share options granted to the advisor, if applicable

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
Clauses
Appointment
Term and Duration
Services
Duties and Responsibilities
Time Commitment
Compensation
Equity Rights
Confidentiality
Intellectual Property
Non-Competition
Non-Solicitation
Independent Contractor Status
Representations and Warranties
Board Observer Rights
Termination
Force Majeure
Indemnification
Conflict of Interest
Assignment
Notices
Amendments
Governing Law
Dispute Resolution
Severability
Entire Agreement
Waiver
Relationship of Parties
Compliance with Laws
Expenses
Third Party Rights
Relevant Industries

Technology

E-commerce

FinTech

Healthcare/MedTech

Education Technology

Software as a Service (SaaS)

Artificial Intelligence/Machine Learning

Clean Technology

Biotechnology

Consumer Internet

Mobile Applications

Enterprise Software

Digital Media

Retail Technology

AgriTech

Relevant Teams

Legal

Corporate Affairs

Human Resources

Executive Leadership

Board of Directors

Corporate Governance

Finance

Operations

Strategy

Relevant Roles

Chief Executive Officer

Founder

Co-founder

Chief Technology Officer

Chief Financial Officer

Chief Operating Officer

Head of Legal

General Counsel

Company Secretary

Business Development Director

Strategy Advisor

Technical Advisor

Industry Expert

Venture Partner

Startup Mentor

Board Member

Independent Director

Industries
Indian Contract Act, 1872: Fundamental law governing contract formation, validity, and enforcement in India. Essential for establishing the basic framework of the advisory relationship.
Companies Act, 2013: Regulates corporate affairs and governance, particularly relevant for equity compensation and advisor's potential role in corporate decision-making.
Securities and Exchange Board of India (SEBI) Act, 1992: Relevant for equity compensation aspects and if the advisor receives shares or stock options as part of their compensation.
Income Tax Act, 1961: Governs taxation of advisory fees and equity compensation, including tax implications for both the startup and the advisor.
Information Technology Act, 2000: Relevant for protecting electronic communications and digital assets discussed during the advisory relationship.
Indian Copyright Act, 1957: Protects original works and intellectual property that may be created or shared during the advisory relationship.
Patents Act, 1970: Important for protecting any innovative technologies or processes that may be discussed with the advisor.
SEBI (Issue of Sweat Equity) Regulations, 2002: Specific regulations governing equity compensation to advisors and other non-employees.
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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