Employment Act (Chapter 91): Primary legislation governing employment relationships, covering termination provisions, notice periods, salary-in-lieu requirements, treatment of unused leave, and statutory protections. Applicable even when founders are also directors.
Companies Act (Chapter 50): Regulates corporate governance including director resignations, ACRA filing requirements, ongoing director's duties, and share transfer provisions. Essential for properly documenting leadership transition.
Securities and Futures Act (Chapter 289): Governs securities-related matters including insider trading provisions and disclosure obligations, particularly relevant if the company is listed or deals with securities.
Personal Data Protection Act 2012: Regulates the handling of personal data post-termination, including data retention requirements and ongoing confidentiality obligations.
Competition Act (Chapter 50B): Provides framework for non-compete provisions and market restriction considerations to ensure enforceability of post-termination restrictions.
Share Ownership Provisions: Detailed arrangements for the treatment of founder's shares, including transfer mechanisms, valuation methods, and buy-back provisions.
Intellectual Property Rights: Provisions governing the assignment and protection of IP rights post-termination, including both pre-existing and developed IP.
Confidentiality Obligations: Terms specifying the scope and duration of confidentiality obligations regarding company secrets, client information, and proprietary data.
Non-Compete and Non-Solicitation: Restrictions on future business activities and interaction with company employees/clients, ensuring reasonable scope and duration.
Severance and Benefits: Details of any termination payments, benefits continuation, and treatment of outstanding compensation elements.
Release of Claims: Mutual release provisions covering potential legal claims between the founder and the company.
Continuing Obligations: Ongoing responsibilities of the founder post-termination, including transition assistance and future cooperation requirements.
Company Property: Requirements for the return or transfer of company assets, documents, and access credentials.
Director Resignation Process: Formal procedures for resigning from director positions, including timing and required documentation.
Tax Implications: Consideration of tax consequences related to termination payments, share transfers, and other financial arrangements.
