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Founders Service Agreement

Founders Service Agreement Template for Canada

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Key Requirements PROMPT example:

Founders Service Agreement

"I need a Founders Service Agreement for a technology startup based in Ontario, where I will be the CTO and co-founder with 25% equity stake, including strong IP protection clauses and the ability to continue my academic research work at the university."

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Document background
The Founders Service Agreement is a fundamental document used when establishing or formalizing the relationship between a founder and their company in Canada. This agreement is typically implemented during company formation or when transitioning from an informal to a formal business structure. It serves as a comprehensive contract that details the founder's commitment to the company, their roles and responsibilities, compensation package (including both cash and equity components), and protective provisions for both parties. The agreement must comply with Canadian federal and provincial laws, particularly in areas of corporate governance, employment standards, and intellectual property rights. It's essential for protecting the interests of both the company and the founder while ensuring clear guidelines for the working relationship.
Suggested Sections

1. Parties: Identification of the company and the founder entering into the agreement

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

3. Definitions: Key terms used throughout the agreement

4. Appointment and Term: Official appointment of the founder to their position and duration of the agreement

5. Duties and Responsibilities: Detailed description of the founder's role and responsibilities

6. Time Commitment: Expected working hours and commitment level

7. Compensation and Benefits: Base compensation, equity arrangements, and benefits

8. Intellectual Property Rights: Assignment of IP created during the service period

9. Confidentiality: Protection of company confidential information

10. Termination: Circumstances and processes for ending the agreement

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

12. General Provisions: Standard legal clauses including governing law, notices, and amendment procedures

Optional Sections

1. Non-Competition: Restrictions on competing activities, optional based on jurisdiction and enforceability

2. Non-Solicitation: Restrictions on soliciting employees or customers, optional based on jurisdiction

3. Board Position: Terms of board membership if founder will serve as director

4. Expense Reimbursement: Process for business expense claims and reimbursement

5. Insurance and Indemnification: Additional protection for founder in their capacity as officer/director

6. Dispute Resolution: Specific procedures for resolving disputes, such as mediation or arbitration

7. Sabbatical Rights: Terms for taking extended leave if applicable

8. Founder Vesting: Specific vesting terms for founder shares if not covered in separate agreement

Suggested Schedules

1. Schedule A - Position Description: Detailed outline of founder's role, duties, and reporting relationships

2. Schedule B - Compensation Details: Comprehensive breakdown of all compensation elements

3. Schedule C - Equity Arrangements: Details of share ownership, vesting schedules, and related terms

4. Schedule D - IP Assignment: Specific terms of intellectual property assignment and any excluded IP

5. Schedule E - Benefits Package: Details of benefits, insurance, and perquisites

6. Appendix 1 - Consent of Spouse: Spouse's acknowledgment of agreement terms if required

7. Appendix 2 - Prior Inventions: List of founder's pre-existing IP excluded from assignment

Authors

Alex Denne

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

alex.den.21@genieai.co
Relevant legal definitions
































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Relevant Industries

Technology

Financial Services

Healthcare

E-commerce

Manufacturing

Professional Services

Media and Entertainment

Clean Technology

Biotechnology

Software Development

Retail

Telecommunications

Education Technology

Consumer Goods

Artificial Intelligence

Relevant Teams

Legal

Human Resources

Executive Leadership

Corporate Governance

Finance

Operations

Administration

Compliance

Board of Directors

Relevant Roles

Founder

Co-Founder

Chief Executive Officer

Chief Technology Officer

Chief Operating Officer

Chief Financial Officer

Managing Director

Executive Director

President

Vice President

Director of Operations

Director of Technology

Head of Product

Company Secretary

General Counsel

Industries









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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