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Co Founder Separation Agreement

Co Founder Separation Agreement Template for Singapore

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Key Requirements PROMPT example:

Co Founder Separation Agreement

"Need a Co-Founder Separation Agreement for my Singapore-based fintech startup, where our CTO is leaving to pursue other opportunities but will retain 10% of shares and provide 3 months of technical transition support starting January 2025."

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Document background
The Co-Founder Separation Agreement becomes necessary when one or more founders decide to part ways from a business venture. This comprehensive document, governed by Singapore law, establishes clear terms for the separation, including the transfer or retention of shares, intellectual property rights, confidentiality obligations, and any ongoing commitments. It helps prevent future disputes by clearly defining each party's rights and obligations, ensuring compliance with Singapore's corporate and employment laws, and protecting the interests of both the departing founder and the continuing business. The agreement is particularly crucial for startups and growing companies where founder relationships significantly impact business operations and stakeholder confidence.
Suggested Sections

1. Parties: Identification of all parties involved in the separation

2. Background: Context of the co-founder relationship and reasons for separation

3. Definitions: Key terms used throughout the agreement

4. Resignation and Release: Terms of resignation from all positions and mutual releases

5. Share Transfer Provisions: Details of any share transfers, including pricing and mechanism

6. Confidentiality Obligations: Ongoing confidentiality requirements

7. Intellectual Property Rights: Assignment or retention of IP rights

8. General Provisions: Standard boilerplate clauses including governing law

Optional Sections

1. Severance Package: Details of any severance payment or financial compensation as part of the separation

2. Non-Compete Provisions: Restrictions on future business activities to protect company interests from competition

3. Ongoing Consultancy: Terms of any continuing advisory role for the departing founder

4. Transition Period: Terms of knowledge transfer and handover for a phased separation

Suggested Schedules

1. Schedule of Shares: Details of share ownership and transfers

2. Schedule of IP Rights: List of intellectual property affected by separation

3. Schedule of Company Positions: List of all positions being resigned from

4. Payment Schedule: Details of any financial settlements and payment terms

5. Handover Checklist: List of items and responsibilities to be transferred

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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Industries

Companies Act (Cap. 50): Primary legislation governing corporate matters including directorship changes, share transfer regulations, corporate governance requirements, and statutory obligations of directors/officers

Employment Act (Cap. 91): Regulates employment relationships, including termination terms, settlement of employment benefits, and employee rights if co-founder was also an employee

Securities and Futures Act (Cap. 289): Relevant for publicly listed companies, covering insider trading regulations and disclosure obligations

Contract Law: Common law principles governing contractual validity, consideration requirements, and enforceability of terms

Intellectual Property Laws: Includes Copyright Act, Patents Act, and Trade Marks Act, governing IP rights and protection of confidential information

Competition Act (Cap. 50B): Governs non-compete provisions and market competition considerations in separation agreements

Income Tax Act: Addresses tax implications of separation, including treatment of share transfers and settlement payments

Personal Data Protection Act 2012: Regulates handling of personal data and confidentiality obligations during and after separation

Corporate Constitution: Company's foundational document specifying internal regulations and governance structure

Shareholders' Agreement: Existing agreement between shareholders defining rights, obligations, and procedures for share transfers

Employment Contracts: Existing employment agreements that may affect separation terms and conditions

Founder Agreements: Previous agreements between founders that may impact separation terms

Corporate Governance Documents: Internal policies and procedures affecting management and control of the company

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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