The Founders Service Agreement is a vital document used when establishing or formalizing the relationship between a founder and their company in the United Arab Emirates. It is particularly relevant for startups, scale-ups, and new company formations in the UAE, whether in mainland UAE or free zones. The agreement combines elements of an employment contract with corporate governance provisions, addressing the unique position of founders who are both shareholders and service providers to the company. It must comply with UAE Federal Law No. 32 of 2021 (Companies Law) and Federal Law No. 33 of 2021 (Labor Law), while considering specific free zone regulations where applicable. The document typically includes detailed provisions on duties, compensation, equity arrangements, intellectual property rights, confidentiality, non-compete obligations, and termination terms, tailored to the UAE business environment.
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1. Parties: Identification of the company and the founder entering into the agreement
2. Background: Context of the agreement, including company formation details and founder's role
3. Definitions: Key terms used throughout the agreement
4. Appointment and Term: Official appointment of the founder, position, and duration of the agreement
5. Duties and Responsibilities: Detailed description of founder's roles, obligations, and expectations
6. Time Commitment: Expected working hours and time dedication to the company
7. Remuneration and Benefits: Compensation structure, including salary, benefits, and any equity arrangements
8. Intellectual Property Rights: Assignment and protection of IP created during the service period
9. Confidentiality: Protection of company confidential information and trade secrets
10. Non-Competition and Non-Solicitation: Restrictions on competitive activities and solicitation of employees/clients
11. Termination: Grounds and procedures for terminating the agreement
12. Post-Termination Obligations: Continuing obligations after the agreement ends
13. Governing Law and Jurisdiction: Specification of UAE law application and dispute resolution procedures
1. Board Position: Include when the founder will serve on the board of directors
2. Equity Vesting: Include when founder's shares are subject to vesting conditions
3. Performance Metrics: Include when specific performance targets are tied to compensation or continued engagement
4. International Travel: Include when role requires significant international travel
5. Subsidiary Responsibilities: Include when founder has duties related to subsidiary companies
6. Founder Representations: Include when specific qualifications or certifications are required
7. Related Party Transactions: Include when founder has other business interests that may interact with the company
1. Schedule 1 - Duties and Responsibilities: Detailed breakdown of founder's specific duties and areas of responsibility
2. Schedule 2 - Remuneration Package: Detailed breakdown of salary, benefits, bonuses, and equity compensation
3. Schedule 3 - Share Vesting Schedule: If applicable, detailed vesting terms and conditions for founder's shares
4. Schedule 4 - Company Policies: Key company policies applicable to the founder
5. Schedule 5 - Restricted Activities: Specific list of prohibited competitive activities
6. Appendix A - Performance Metrics: If applicable, detailed performance targets and measurement criteria
7. Appendix B - Intellectual Property Register: List of founder's pre-existing IP excluded from company ownership
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