The Startup Advisor Agreement is a crucial document for Indian startups seeking to formally engage experienced professionals for strategic guidance and mentorship. This agreement becomes necessary when a startup wants to bring on board advisors who can provide valuable insights, industry connections, and expertise in areas critical for the company's growth. The document complies with Indian legal requirements, including the Companies Act, 2013, and SEBI regulations, particularly when equity compensation is involved. It's designed to protect both the startup's interests (through confidentiality and IP provisions) and the advisor's interests (through clear compensation terms and liability limitations). The agreement is especially important in the Indian startup ecosystem, where advisory relationships often play a vital role in company development and fundraising efforts.
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1. Parties: Identifies the startup company and the advisor, including their legal names and addresses
2. Background: Explains the context of the agreement, including the startup's desire to engage the advisor and the advisor's qualifications
3. Definitions: Defines key terms used throughout the agreement
4. Appointment and Term: Establishes the advisor's role and the duration of the engagement
5. Services: Details the specific advisory services to be provided
6. Time Commitment: Specifies the expected time commitment from the advisor
7. Compensation: Outlines the advisor's compensation structure, including cash fees if applicable
8. Confidentiality: Defines confidential information and establishes confidentiality obligations
9. Intellectual Property Rights: Addresses ownership and protection of intellectual property
10. Non-Competition and Non-Solicitation: Sets restrictions on competitive activities and solicitation of employees/clients
11. Independent Contractor Status: Clarifies that the advisor is an independent contractor, not an employee
12. Termination: Specifies conditions and procedures for ending the agreement
13. General Provisions: Includes standard legal provisions like governing law, notices, and amendments
1. Equity Compensation: Details of any equity compensation, including vesting schedules and terms. Include when advisor receives equity as part of compensation
2. Board Observer Rights: Terms for advisor's attendance at board meetings. Include when advisor is granted board observer status
3. Expense Reimbursement: Procedures for reimbursing advisor's expenses. Include when expense reimbursement is part of the arrangement
4. Indemnification: Mutual or one-way indemnification provisions. Include for high-risk advisory relationships
5. Insurance: Requirements for professional liability insurance. Include for regulated industries or high-risk advice
6. Conflict of Interest: Procedures for handling potential conflicts. Include when advisor works with multiple startups
7. Investment Rights: Rights to participate in future funding rounds. Include when advisor has investment opportunities
1. Schedule A - Services Description: Detailed outline of specific services to be provided by the advisor
2. Schedule B - Compensation Terms: Detailed compensation structure, including any equity calculations and vesting schedules
3. Schedule C - Approved Outside Activities: List of advisor's pre-approved activities with other companies
4. Appendix 1 - Confidentiality Agreement: Detailed confidentiality terms and requirements
5. Appendix 2 - IP Assignment: Detailed intellectual property assignment provisions
6. Appendix 3 - Share Option Agreement: Terms of any share options granted to the advisor, if applicable
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