The Advisory Shares Agreement is a critical document used when companies wish to compensate advisors with equity instead of or in addition to cash compensation. This agreement is particularly relevant for Canadian startups and growth companies seeking to attract experienced advisors while preserving cash resources. The document must comply with Canadian securities laws, including federal and provincial regulations, and typically includes detailed provisions about share grants, vesting schedules, advisor duties, and protective covenants. The Advisory Shares Agreement should be carefully drafted to address securities law compliance, tax implications, and corporate governance requirements specific to Canadian jurisdictions. It's commonly used when engaging industry experts, seasoned entrepreneurs, or subject matter specialists who can provide valuable guidance to the company's development and growth.
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1. Parties: Identification of the Company and the Advisor, including full legal names and addresses
2. Background: Context of the advisory relationship and purpose of the agreement
3. Definitions: Key terms used throughout the agreement, including 'Advisory Shares', 'Vesting Period', 'Services', etc.
4. Appointment and Services: Scope of advisory services to be provided and terms of appointment
5. Share Grant: Details of the advisory shares being granted, including number of shares, class, and any restrictions
6. Vesting Terms: Vesting schedule, conditions, and acceleration provisions if applicable
7. Advisor's Obligations: Specific duties, time commitment, and performance expectations
8. Representations and Warranties: Standard representations from both parties, including advisor's sophistication and company's authority to issue shares
9. Confidentiality: Protection of company confidential information
10. Intellectual Property: Ownership and assignment of IP created during the advisory relationship
11. Term and Termination: Duration of the agreement and grounds for termination
12. General Provisions: Standard boilerplate including governing law, notices, amendments, etc.
1. Non-Competition: Restrictions on advisor's involvement with competing businesses - include if advisor has access to sensitive competitive information
2. Non-Solicitation: Restrictions on soliciting company employees or customers - include if advisor has significant contact with key stakeholders
3. Tax Matters: Specific tax handling and responsibilities - include if complex tax implications exist or if advisor is non-resident
4. Board Observer Rights: Rights to attend board meetings - include if advisor is senior executive or industry expert
5. Expense Reimbursement: Terms for reimbursing advisor expenses - include if travel or other expenses are expected
6. Insurance and Indemnification: Coverage of advisor under company insurance - include if advisor role carries significant liability risk
1. Schedule A - Services Description: Detailed outline of advisory services to be provided
2. Schedule B - Share Vesting Schedule: Detailed vesting timeline and milestones
3. Schedule C - Share Rights and Restrictions: Detailed terms of the share class being issued
4. Appendix 1 - Accredited Investor Certificate: Certification of advisor's accredited investor status if required
5. Appendix 2 - IP Assignment Agreement: Detailed IP assignment terms and procedures
6. Appendix 3 - Share Transfer Restriction Agreement: Detailed share transfer restrictions and procedures
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