The Founders Collaboration Agreement is essential for entrepreneurs and business founders in Canada who are establishing a new venture together. This agreement should be implemented before or during the early stages of company formation, ideally before any significant business operations commence. It addresses crucial aspects such as equity distribution, founder roles, decision-making processes, intellectual property rights, and exit procedures. The document helps prevent future disputes by clearly documenting expectations and commitments while ensuring compliance with Canadian federal and provincial laws. This type of agreement is particularly important when multiple founders are involved, there are significant intellectual property considerations, or when founders are contributing different types of assets or expertise to the venture.
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1. Parties: Identification of all founding members entering into the agreement
2. Background: Context of the collaboration, business concept, and purpose of the agreement
3. Definitions: Defined terms used throughout the agreement
4. Founders' Contributions: Details of initial capital, asset, and intellectual property contributions from each founder
5. Equity Distribution: Initial share allocation and vesting arrangements
6. Roles and Responsibilities: Each founder's role, duties, and time commitment
7. Decision Making: Process for making business decisions and required voting thresholds
8. Intellectual Property: Assignment and ownership of IP created during the collaboration
9. Confidentiality: Protection of confidential information and trade secrets
10. Founder Commitments: Non-compete, non-solicitation, and exclusivity obligations
11. Exit Provisions: Process for founder departure, voluntary or involuntary
12. Dispute Resolution: Procedures for resolving conflicts between founders
13. Term and Termination: Duration of agreement and termination circumstances
14. General Provisions: Standard legal clauses including governing law, notices, and amendments
1. Founder Loans: Terms for any loans made by founders to the business - include when founders are providing initial capital as loans rather than equity
2. External Activities: Rules for founders' involvement in other business ventures - include when founders maintain other business interests
3. Salary and Compensation: Terms for founder remuneration - include when founders will draw salary or other compensation
4. Board Composition: Structure and operation of the board - include when establishing formal board governance
5. Future Financing: Process for raising additional capital - include when anticipating near-term investment rounds
6. Deadlock Resolution: Special procedures for resolving deadlock situations - include when there are an even number of founders
7. Founder Insurance: Requirements for life or key person insurance - include when founders are critical to business operations
1. Schedule A - Business Plan: Detailed description of the business concept and initial plans
2. Schedule B - Initial Contributions: Itemized list of each founder's initial contributions (cash, assets, IP)
3. Schedule C - Share Structure: Detailed breakdown of share allocation and vesting schedules
4. Schedule D - Roles and Duties: Detailed description of each founder's responsibilities and time commitments
5. Schedule E - IP Assignment: Specific intellectual property being assigned to the business
6. Schedule F - Reserved Matters: List of decisions requiring unanimous or special majority approval
7. Appendix 1 - Share Transfer Form: Standard form for transferring shares between parties
8. Appendix 2 - Deed of Adherence: Template for new parties to join the agreement
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