The Co-Founder Exit Agreement is essential when a founding member decides to leave a company in Singapore. This document is typically used when there's a need to formalize the departure process, establish clear terms for share transfers, and define ongoing obligations. It addresses crucial aspects such as intellectual property rights, confidentiality, non-compete provisions, and the settlement of any outstanding matters between the parties. The agreement ensures compliance with Singapore's corporate laws while providing a clean break and protecting all parties' interests. It's particularly important for startups and growing companies where founder relationships significantly impact company operations and stakeholder confidence.
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1. Parties: Identifies all parties to the agreement including the company and departing co-founder
2. Background: Sets out the context of the co-founder's exit and current shareholding structure
3. Definitions: Defines key terms used throughout the agreement
4. Resignation and Cessation: Details of resignation from all positions (director, officer, employee)
5. Share Transfer Terms: Terms of transfer including price, payment method, and timing
6. Release and Waiver: Mutual release of claims and obligations
7. Confidentiality: Ongoing confidentiality obligations
8. Governing Law: Specifies Singapore law as governing law
1. Non-Compete Provisions: Restrictions on future competitive activities - use when protecting company's competitive interests is crucial
2. Intellectual Property Assignment: Transfer of IP rights to company - use when co-founder was involved in IP creation
3. Transitional Services: Terms for temporary continued services - use when handover period is required
4. Outstanding Loans: Settlement of any loans or advances - use when financial obligations exist between parties
1. Share Transfer Form: Official form for transfer of shares
2. Resignation Letters: From various positions held by co-founder
3. Payment Schedule: If payment is to be made in installments
4. List of Company Property: Items to be returned by departing co-founder
5. IP Register: List of intellectual property being transferred
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