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Founder Employment Agreement

Founder Employment Agreement Template for Nigeria

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Key Requirements PROMPT example:

Founder Employment Agreement

"I need a Founder Employment Agreement for a Nigerian fintech startup, where the founder will retain 30% equity stake with a 4-year vesting schedule starting March 2025, and will serve as both CEO and board member with standard non-compete provisions."

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Document background
The Founder Employment Agreement is essential when formalizing the employment relationship between a founder and their company in Nigeria. This document is typically used during company formation, after seed funding, or when transitioning from an informal to a formal business structure. It comprehensively addresses the dual role of the founder as both an employee and a key stakeholder, covering standard employment terms required by Nigerian law while incorporating provisions for equity ownership, intellectual property rights, and founder-specific duties. The agreement must comply with various Nigerian regulations, including the Labour Act, CAMA 2020, and relevant tax laws, while protecting both the company's and founder's interests. It's particularly crucial for startups and growing companies to establish clear terms of engagement, responsibilities, and rights for their founders.
Suggested Sections

1. Parties: Identification of the company and the founder-employee

2. Background: Context of the agreement, founder's role in establishing the company, and purpose of the employment relationship

3. Definitions: Key terms used throughout the agreement

4. Appointment and Term: Position, effective date, and duration of employment

5. Duties and Responsibilities: Founder's roles, responsibilities, and performance expectations

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

7. Remuneration and Benefits: Salary, bonuses, equity compensation, and other benefits

8. Share Ownership and Vesting: Details of founder's equity stake and vesting schedule

9. Intellectual Property Rights: Assignment of IP created during employment and pre-existing IP provisions

10. Confidentiality: Protection of company secrets and confidential information

11. Non-Competition and Non-Solicitation: Restrictions on competing activities and soliciting employees/customers

12. Termination: Grounds for termination, notice periods, and consequences

13. Post-Termination Obligations: Ongoing duties and restrictions after employment ends

14. General Provisions: Standard boilerplate clauses including governing law, notices, and amendments

Optional Sections

1. Board Position: Terms of founder's position on the board of directors, if applicable

2. International Travel: Terms for international travel if company has overseas operations

3. Sabbatical Rights: Terms for taking extended leave while maintaining equity rights

4. External Activities: Terms for participating in speaking engagements, boards, or other external activities

5. Family Benefits: Special provisions for founder's family members regarding health insurance or death benefits

6. Founder Buy-Back Rights: Terms for buying back shares upon certain trigger events

7. Successor Provisions: Terms for training and transitioning to a successor

8. Crisis Management: Special powers and responsibilities during company crises

Suggested Schedules

1. Schedule 1 - Position Description: Detailed description of founder's role, duties, and performance metrics

2. Schedule 2 - Compensation Package: Detailed breakdown of salary, bonuses, equity, and benefits

3. Schedule 3 - Share Vesting Schedule: Detailed vesting terms, including acceleration provisions

4. Schedule 4 - Pre-Existing IP: List of intellectual property excluded from company ownership

5. Schedule 5 - Company Policies: Key company policies applicable to the founder

6. Schedule 6 - Approved External Activities: List of pre-approved external commitments and activities

7. Appendix A - Share Option Agreement: Detailed terms of any share option arrangements

8. Appendix B - Confidential Information: Detailed description of what constitutes confidential information

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

E-commerce

Financial Services

Healthcare

Education Technology

Manufacturing

Professional Services

Media and Entertainment

Renewable Energy

Agriculture Technology

Real Estate

Telecommunications

Relevant Teams

Executive Leadership

Board of Directors

Corporate Governance

Human Resources

Legal

Company Secretariat

Compliance

Finance

Relevant Roles

Founder

Co-Founder

Chief Executive Officer

Managing Director

Executive Director

Chief Technology Officer

Chief Operating Officer

Chief Financial Officer

Chief Product Officer

Chief Marketing Officer

President

Vice President

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

Find the exact document you need

Company Founders Agreement

A Nigerian law-governed agreement establishing the relationship between company founders, their rights, responsibilities, and obligations under CAMA 2020.

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Founder Employment Agreement

Nigerian law-governed employment agreement for company founders, combining standard employment terms with founder-specific provisions including equity arrangements and special responsibilities.

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Co Founder Vesting Agreement

A Nigerian law-governed agreement that structures the gradual acquisition of company shares by co-founders through a vesting schedule.

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