The Founder Employment Agreement is a crucial document used when formalizing the employment relationship between a company and its founder(s) in New Zealand. It serves the dual purpose of establishing standard employment terms while addressing the unique aspects of a founder's role in the company. This agreement is typically implemented during company formation or when transitioning from an informal arrangement to a formal employment structure. It must comply with New Zealand employment law, including the Employment Relations Act 2000, while incorporating provisions for share ownership, intellectual property protection, and long-term commitment to the business. The document is essential for protecting both the company's and the founder's interests, providing clarity on roles, responsibilities, and expectations, and establishing a framework for the founder's ongoing involvement in the business.
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1. Parties: Identifies the company and the founder-employee as parties to the agreement
2. Background: Sets out the context of the founder's relationship with the company and the purpose of the agreement
3. Definitions: Defines key terms used throughout the agreement
4. Appointment and Role: Details the founder's position, duties, and responsibilities both as an employee and founder
5. Term and Hours: Specifies the commencement date, term of employment, and working hours expectations
6. Remuneration: Details salary, benefits, and any performance-based compensation
7. Share Ownership: Outlines the founder's shareholding and any vesting arrangements
8. Intellectual Property: Comprehensive provisions regarding ownership and protection of IP created during employment
9. Confidentiality: Obligations regarding company confidential information and trade secrets
10. Duties and Obligations: Specific responsibilities as both an employee and founder, including fiduciary duties
11. Leave Entitlements: Details of annual, sick, and other leave entitlements
12. Termination: Grounds and process for termination of employment
13. Post-Employment Restrictions: Non-compete and non-solicitation provisions
14. General Provisions: Standard boilerplate clauses including governing law, notices, and entire agreement
1. Board Position: Terms of appointment to the board of directors, if applicable
2. Equity Incentive Plan: Details of any additional share options or equity incentives beyond initial shareholding
3. Specific Project Responsibilities: For founders with specific technical or operational responsibilities
4. International Travel: If the role requires significant international travel or overseas work
5. Change of Control: Specific provisions dealing with founder's rights in case of company sale or merger
6. Founder Group Obligations: If multiple founders are involved, provisions for collective decision-making
7. Alternate Dispute Resolution: Specific procedures for resolving disputes before litigation
8. Garden Leave: Provisions for placing the founder on garden leave during notice period
1. Schedule 1: Position Description: Detailed description of the founder's role, responsibilities, and performance expectations
2. Schedule 2: Remuneration Package: Comprehensive breakdown of salary, benefits, and other compensation elements
3. Schedule 3: Share Vesting Schedule: Detailed timeline and conditions for share vesting
4. Schedule 4: Intellectual Property Register: List of existing IP brought into the business by the founder
5. Schedule 5: KPIs and Performance Metrics: Specific performance indicators and measurement criteria
6. Appendix A: Company Policies: Key company policies that form part of the employment relationship
7. Appendix B: Share Option Terms: Detailed terms and conditions of any share option arrangements
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