The Founders Service Agreement is a fundamental document used when establishing or formalizing the relationship between a founder and their company in Canada. This agreement is typically implemented during company formation or when transitioning from an informal to a formal business structure. It serves as a comprehensive contract that details the founder's commitment to the company, their roles and responsibilities, compensation package (including both cash and equity components), and protective provisions for both parties. The agreement must comply with Canadian federal and provincial laws, particularly in areas of corporate governance, employment standards, and intellectual property rights. It's essential for protecting the interests of both the company and the founder while ensuring clear guidelines for the working relationship.
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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 and founder's role
3. Definitions: Key terms used throughout the agreement
4. Appointment and Term: Official appointment of the founder to their position and duration of the agreement
5. Duties and Responsibilities: Detailed description of the founder's role and responsibilities
6. Time Commitment: Expected working hours and commitment level
7. Compensation and Benefits: Base compensation, equity arrangements, and benefits
8. Intellectual Property Rights: Assignment of IP created during the service period
9. Confidentiality: Protection of company confidential information
10. Termination: Circumstances and processes for ending the agreement
11. Post-Termination Obligations: Continuing obligations after agreement ends
12. General Provisions: Standard legal clauses including governing law, notices, and amendment procedures
1. Non-Competition: Restrictions on competing activities, optional based on jurisdiction and enforceability
2. Non-Solicitation: Restrictions on soliciting employees or customers, optional based on jurisdiction
3. Board Position: Terms of board membership if founder will serve as director
4. Expense Reimbursement: Process for business expense claims and reimbursement
5. Insurance and Indemnification: Additional protection for founder in their capacity as officer/director
6. Dispute Resolution: Specific procedures for resolving disputes, such as mediation or arbitration
7. Sabbatical Rights: Terms for taking extended leave if applicable
8. Founder Vesting: Specific vesting terms for founder shares if not covered in separate agreement
1. Schedule A - Position Description: Detailed outline of founder's role, duties, and reporting relationships
2. Schedule B - Compensation Details: Comprehensive breakdown of all compensation elements
3. Schedule C - Equity Arrangements: Details of share ownership, vesting schedules, and related terms
4. Schedule D - IP Assignment: Specific terms of intellectual property assignment and any excluded IP
5. Schedule E - Benefits Package: Details of benefits, insurance, and perquisites
6. Appendix 1 - Consent of Spouse: Spouse's acknowledgment of agreement terms if required
7. Appendix 2 - Prior Inventions: List of founder's pre-existing IP excluded from assignment
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