The Founder Collaboration Agreement is essential for entrepreneurs establishing a business venture in Hong Kong, particularly during the early stages of company formation. This document should be implemented before or during the company's incorporation to clearly define the founding members' relationships, responsibilities, and rights. It addresses critical aspects such as equity distribution, voting rights, intellectual property ownership, and decision-making processes, while ensuring compliance with Hong Kong's legal framework, including the Companies Ordinance and related regulations. The agreement helps prevent future disputes by establishing clear guidelines for founder conduct, business operations, and exit scenarios, making it an indispensable tool for protecting all founders' interests and maintaining business continuity.
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1. Parties: Identifies and provides details of all founding members entering into the agreement
2. Background: Sets out the context of the collaboration and the intended business venture
3. Definitions: Defines key terms used throughout the agreement
4. Business Purpose: Clearly defines the nature and scope of the business venture
5. Roles and Responsibilities: Outlines each founder's specific roles, duties, and areas of responsibility
6. Commitment and Time Dedication: Specifies the expected time commitment and exclusivity requirements for each founder
7. Decision Making: Establishes the process for making key business decisions and voting rights
8. Intellectual Property Rights: Addresses ownership and assignment of IP created before and during the collaboration
9. Equity Structure: Details the initial ownership structure and equity distribution among founders
10. Capital Contributions: Specifies initial and future capital contributions expected from each founder
11. Confidentiality: Establishes obligations regarding confidential information and trade secrets
12. Non-Competition: Sets out restrictions on competing activities during and after the collaboration
13. Dispute Resolution: Establishes procedures for resolving disputes between founders
14. Term and Termination: Specifies duration of the agreement and circumstances for termination
15. Exit Provisions: Details procedures for founder exit, including share transfer restrictions and valuation methods
1. Vesting Schedule: Include when founders agree to vest their equity over time to ensure long-term commitment
2. Drag-Along and Tag-Along Rights: Include when founders want to establish rights for future sale scenarios
3. Death and Incapacity: Include when founders want specific provisions for handling ownership in case of death or incapacity
4. External Investment: Include when founders anticipate seeking external investment and want to establish related procedures
5. Founder Employment Terms: Include when founders will also be employees of the company
6. Intellectual Property License: Include when any founder brings existing IP that will be licensed rather than transferred
7. Family Members Involvement: Include when founders want to address involvement of family members in the business
8. Geographic Restrictions: Include when the business operates in specific territories or has geographic expansion plans
1. Schedule 1: Founder Details: Detailed information about each founder including contact details and professional background
2. Schedule 2: Business Plan: Initial business plan and strategy
3. Schedule 3: Initial Capital Contributions: Detailed breakdown of each founder's initial capital contributions (cash, assets, or services)
4. Schedule 4: Equity Structure: Detailed breakdown of equity allocation and any special rights attached to shares
5. Schedule 5: Pre-Existing IP: List of intellectual property owned by each founder prior to collaboration
6. Schedule 6: Roles and Responsibilities Matrix: Detailed matrix of specific roles, responsibilities, and decision-making authority
7. Schedule 7: Vesting Schedule: Detailed vesting schedule if applicable
8. Appendix A: Share Transfer Form: Standard form for transferring shares between parties
9. Appendix B: Confidentiality Agreement: Detailed confidentiality terms and requirements
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