The Founders Service Agreement is a critical document used when establishing or formalizing the relationship between a company and its founding members in Hong Kong. It is particularly relevant for startups, technology companies, and new business ventures where founders take on operational roles while maintaining significant ownership stakes. The agreement combines elements of employment law, corporate governance, and equity arrangements, tailored to comply with Hong Kong's legal framework. It typically includes detailed provisions about the founder's duties, compensation structure, equity vesting schedules, intellectual property rights, and post-termination obligations. This document is essential for protecting both the company's interests and the founder's rights, while providing clear guidelines for dispute resolution and succession planning. The agreement should be customized based on the company's stage of development, industry sector, and specific requirements of the founding team.
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1. Parties: Identification of the Company and the Founder
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: Terms of appointment, position, and duration
5. Duties and Responsibilities: Detailed description of founder's roles and obligations
6. Time Commitment: Expected working hours and availability requirements
7. Remuneration and Benefits: Compensation package, including salary, benefits, and equity
8. Intellectual Property Rights: Assignment and protection of IP created during service
9. Confidentiality: Protection of company confidential information
10. Non-Competition: Restrictions on competing activities during and after service
11. Termination: Grounds and procedures for ending the agreement
12. Post-Termination Obligations: Continuing obligations after agreement ends
13. General Provisions: Standard legal clauses including governing law, notices, and amendments
1. Board Position: Used when founder serves as a director, detailing board responsibilities
2. Equity Vesting: Include when founder's shares are subject to vesting schedule
3. External Activities: Used when founder maintains other business interests or academic positions
4. Performance Metrics: Include when compensation is tied to specific performance targets
5. Representations and Warranties: Used for additional founder confirmations about qualifications or conflicts
6. Insurance and Indemnification: Include when providing special protection for founder's actions
7. Dispute Resolution: Used when specific arbitration or mediation procedures are desired
1. Schedule 1 - Duties and Responsibilities: Detailed list of founder's specific duties and KPIs
2. Schedule 2 - Remuneration Package: Detailed breakdown of compensation elements
3. Schedule 3 - Share Options or Equity Terms: Details of any equity-based compensation
4. Schedule 4 - Restricted Activities: Specific list of prohibited competitive activities
5. Schedule 5 - Company Policies: Key company policies applicable to founder
6. Appendix A - Intellectual Property Assignment: Detailed IP assignment provisions and procedures
7. Appendix B - Confidential Information: Specific categories of confidential information
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