Founder Employment Agreement

Founder Employment Agreement Template for England and Wales

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Key Requirements PROMPT example:

"I need a Founder Employment Agreement for our tech startup's CTO and co-founder, who will own 25% of the company's shares and needs specific provisions for intellectual property rights as they'll be leading our AI development team."

Document background

The Founder Employment Agreement is essential when formalizing the relationship between a founder and their company under English and Welsh law. This document is typically used when transitioning from an informal founding arrangement to a structured employment relationship, or when bringing the founding team under formal employment contracts. It includes crucial elements such as equity arrangements, intellectual property assignments, and executive responsibilities, while ensuring compliance with UK employment law. The agreement is particularly important for protecting both the company's and the founder's interests, especially in cases involving venture capital investment or potential future exit events.

Suggested Sections

1. Parties: Identification of the company and the founder

2. Background: Context of the founder's relationship with the company and establishment of the agreement

3. Definitions: Key terms used throughout the agreement including defined roles, companies, and technical terms

4. Appointment and Duties: Role, responsibilities, reporting structure, and commitment requirements

5. Remuneration and Benefits: Salary, bonuses, benefits package, and compensation structure

6. Working Hours and Location: Work schedule, place of work, and flexibility arrangements

7. Intellectual Property: Ownership and assignment of IP rights, including pre-existing IP and new developments

8. Confidentiality: Protection of company information and trade secrets

9. Termination: Circumstances and process for ending employment, notice periods, and consequences

Optional Sections

1. Share Options: Terms of any share option scheme or equity arrangements

2. Garden Leave: Terms for placing founder on garden leave during notice period

3. International Travel: Terms for international work and travel requirements

4. Board Position: Terms relating to appointment and removal from board positions

5. External Activities: Provisions regarding other business interests and external appointments

Suggested Schedules

1. Schedule 1: Share Option Scheme: Detailed terms and conditions of share options or equity arrangements

2. Schedule 2: Restrictive Covenants: Post-employment restrictions and non-compete provisions

3. Schedule 3: Benefits Package: Detailed description of benefits, including insurance, pension, and other perks

4. Appendix A: Job Description: Detailed role responsibilities and performance expectations

5. Appendix B: Board Resolution: Company approval of appointment and terms

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 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

Clauses

Relevant Industries

Technology
Fintech
Biotech
E-commerce
SaaS

Relevant Teams

Executive Leadership
Human Resources
Legal
Finance
Corporate Governance

Relevant Roles

Chief Executive Officer
Chief Technology Officer
Chief Operating Officer
Managing Director
Technical Co-founder

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Founder Employment Agreement Template for England and Wales

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