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Founder Employment Agreement

Founder Employment Agreement Template for South Africa

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Key Requirements PROMPT example:

Founder Employment Agreement

"I need a Founder Employment Agreement for a tech startup in Johannesburg, where I'll be serving as both CEO and CTO, with a focus on protecting our AI intellectual property and including provisions for a 15% equity stake with a three-year vesting period."

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Document background
The Founder Employment Agreement is a crucial document used when formalizing the employment relationship between a company and its founder(s) in South Africa. It becomes necessary either at company formation or when transitioning from an informal to a formal structure. This agreement addresses unique aspects of the founder-company relationship, including executive responsibilities, equity participation, and intellectual property rights, while ensuring compliance with South African employment law, including the Basic Conditions of Employment Act, Labour Relations Act, and Companies Act. The document typically includes comprehensive terms covering remuneration, duties, shareholding, confidentiality, and restraint of trade provisions, reflecting the founder's special position as both an employee and key stakeholder in the business.
Suggested Sections

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

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

3. Definitions: Key terms used throughout the agreement, including company-specific terminology and legal definitions

4. Appointment and Position: Details of the founder's role, responsibilities, and reporting structure

5. Duration and Terms: Period of employment, whether fixed-term or permanent, and any probationary period if applicable

6. Duties and Responsibilities: Detailed description of the founder's duties, including both operational and strategic responsibilities

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

8. Working Hours and Leave: Expected working hours, leave entitlements, and related conditions as per BCEA requirements

9. Intellectual Property: Assignment of IP rights, innovations, and developments during employment

10. Confidentiality: Protection of company information and trade secrets

11. Restraint of Trade: Non-compete and non-solicitation provisions

12. Termination: Conditions and procedures for ending the employment relationship

13. Dispute Resolution: Process for handling disputes and applicable jurisdiction

14. General Provisions: Standard legal clauses including entire agreement, variation, and notices

Optional Sections

1. Board Position: Terms of appointment to the board of directors, if the founder will serve as a director

2. Performance Metrics: Specific KPIs and performance evaluation criteria, if required

3. Share Options: Details of share option schemes or equity participation, if applicable

4. International Travel: Terms regarding international travel and overseas work, if required

5. Subsidiary Responsibilities: Duties related to subsidiary companies, if the company has multiple entities

6. External Activities: Terms regarding involvement in external business activities or boards

7. Succession Planning: Provisions for grooming successors and knowledge transfer

8. Crisis Management: Special responsibilities during company crises or emergencies

Suggested Schedules

1. Schedule 1: Remuneration Structure: Detailed breakdown of salary, bonuses, and benefits

2. Schedule 2: Share Option Terms: Details of any share option or equity participation scheme

3. Schedule 3: Job Description: Detailed description of roles, responsibilities, and KPIs

4. Schedule 4: Company Policies: Key company policies applicable to the founder

5. Schedule 5: Restraint of Trade Terms: Detailed non-compete and non-solicitation provisions

6. Appendix A: Benefits Summary: Summary of all benefits and perks

7. Appendix B: Board Charter: If applicable, responsibilities and requirements as a board member

8. Appendix C: Statutory Declarations: Required statutory forms and declarations under South African law

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 and Software

Financial Services

E-commerce

Manufacturing

Professional Services

Healthcare

Education Technology

Biotechnology

Renewable Energy

Agriculture Technology

Media and Entertainment

Retail

Telecommunications

Consulting

Real Estate

Relevant Teams

Legal

Human Resources

Executive Leadership

Board of Directors

Corporate Governance

Company Secretariat

Compliance

Finance

Operations

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

Executive Chairperson

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

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