The Founder Termination Agreement is essential when a founder decides to exit or is required to leave a company in Singapore. This document is crucial for ensuring a clean break while protecting all parties' interests. It typically includes provisions for share transfers, final compensation, confidentiality obligations, and non-compete restrictions, all within Singapore's legal framework. The agreement helps prevent future disputes by clearly documenting the terms of separation and ensuring compliance with local corporate and employment laws.
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1. Parties: Identification of the company and the departing founder
2. Background: Brief history of founder's involvement and reason for termination
3. Definitions: Key terms used throughout the agreement
4. Effective Date of Termination: Specific date when founder's roles and responsibilities cease
5. Share Treatment: Handling of founder's shares, including transfer or retention terms
6. Resignation from Positions: Formal resignation from all positions (director, officer, etc.)
7. Final Payments: Details of final compensation, benefits, and outstanding amounts
8. Confidentiality Obligations: Ongoing duties regarding company confidential information
9. Return of Property: Process for returning company assets and documents
1. Severance Package: Additional compensation terms beyond statutory requirements
2. Transition Services: Terms for temporary advisory or handover services if founder will assist with transition period
3. Non-Compete Provisions: Restrictions on future competitive activities to protect company interests
4. Mutual Release: Release of claims between parties for a clean break with no future claims
5. Ongoing Obligations: Continuing duties post-termination when founder retains certain responsibilities
1. Schedule 1 - Share Details: Complete breakdown of share ownership and transfer terms
2. Schedule 2 - Company Property: List of items to be returned to company
3. Schedule 3 - Final Payment Calculation: Detailed breakdown of all final payments
4. Appendix A - Resignation Letters: Form of resignation from various positions
5. Appendix B - Share Transfer Forms: Required documentation for share transfers
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