The Founder Termination Agreement is a critical document used when a company founder exits the business, whether through mutual agreement, retirement, or other circumstances. This document, structured under Irish law, serves as a comprehensive settlement agreement that addresses the complex nature of a founder's departure, including their multiple roles as officer, director, employee, and shareholder. It includes provisions for financial settlements, share treatments, intellectual property assignments, and ongoing obligations, while ensuring compliance with Irish corporate, employment, and tax laws. The agreement is particularly important for protecting both parties' interests, maintaining business continuity, and preventing future disputes. It should be customized based on the specific circumstances of the founder's departure and the company's requirements.
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1. Parties: Identifies the company and the founder as parties to the agreement
2. Background: Sets out the context of the founder's relationship with the company and the reason for termination
3. Definitions: Defines key terms used throughout the agreement
4. Effective Date and Termination: Specifies when the termination takes effect and the process for handover
5. Resignation from Positions: Details the founder's resignation from all positions (director, officer, employee)
6. Payment Terms: Outlines all financial settlements, including final salary, benefits, and any severance
7. Company Property: Requirements for returning company property and documents
8. Intellectual Property Rights: Confirms assignment of IP rights and ongoing obligations
9. Confidentiality Obligations: Ongoing duties regarding confidential information
10. Post-Termination Restrictions: Non-compete and non-solicitation provisions
11. Release of Claims: Mutual release of claims between parties
12. Continuing Obligations: Surviving terms from previous agreements
13. General Provisions: Standard boilerplate clauses including governing law, entire agreement, etc.
1. Share Treatment: Required if founder holds shares, detailing their retention, transfer or buyback
2. Transition Services: Include if founder will provide handover or consulting services post-termination
3. Garden Leave: Include if founder will be placed on garden leave during notice period
4. Legal Fees: Include if company will contribute to founder's legal fees for reviewing agreement
5. Tax Indemnity: Include if complex tax arrangements need to be addressed
6. Reference and Announcements: Include if parties agree on specific communications about the departure
7. Ongoing Projects: Include if specific arrangements needed for projects founder was leading
8. Benefits Continuation: Include if certain benefits will continue post-termination
9. Dispute Resolution: Include if specific dispute resolution mechanisms are desired
1. Schedule 1 - Positions Held: List of all positions from which founder is resigning
2. Schedule 2 - Payment Schedule: Detailed breakdown of all payments to be made
3. Schedule 3 - Company Property: Inventory of items to be returned
4. Schedule 4 - Share Details: Details of shares held and their treatment
5. Schedule 5 - Intellectual Property: List of specific IP being assigned or confirmed as assigned
6. Schedule 6 - Continuing Obligations: List of obligations from previous agreements that survive
7. Appendix A - Resignation Letters: Form of resignation letters for various positions
8. Appendix B - Release Form: Detailed release of claims form
9. Appendix C - Handover Plan: Detailed transition plan if applicable
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