The Co-Founder Separation Agreement is a critical legal document used when one or more founders decide to exit a business venture in the United Arab Emirates. This document becomes necessary when co-founders choose to part ways due to various circumstances such as strategic disagreements, personal reasons, or pursuit of different opportunities. The agreement, governed by UAE Federal Laws, particularly the Companies Law (Federal Law No. 2 of 2015) and related commercial legislation, comprehensively addresses share transfers, valuation, intellectual property rights, confidentiality, non-compete provisions, and ongoing obligations. It serves as a crucial tool for maintaining business stability during leadership transitions while ensuring legal compliance with UAE regulatory requirements and protecting the interests of all parties involved.
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1. Parties: Identification of all co-founders involved in the separation, including full legal names and addresses
2. Background: Brief history of the company, founding relationship, and reasons for separation
3. Definitions: Key terms used throughout the agreement
4. Share Transfer and Valuation: Terms of share transfer, including valuation method and payment terms
5. Resignation and Management Transition: Terms of stepping down from management positions and transition of responsibilities
6. Intellectual Property Rights: Assignment and division of IP rights, including patents, trademarks, and trade secrets
7. Confidentiality Obligations: Ongoing obligations regarding company confidential information
8. Non-Compete and Non-Solicitation: Restrictions on future competitive activities and client/employee solicitation
9. Release of Claims: Mutual release of claims and liabilities between parties
10. Governing Law and Jurisdiction: Specification of UAE law application and jurisdiction for disputes
11. General Provisions: Standard clauses including severability, entire agreement, and amendments
1. Ongoing Projects: Used when there are incomplete projects requiring transition or continued involvement
2. International Operations: Required when company has operations in multiple jurisdictions
3. Earn-Out Provisions: Include when payment for shares includes future performance-based components
4. Tax Considerations: Necessary when separation has significant tax implications
5. Employee Matters: Include when departing founder has specific relationships with key employees
6. Technology Transfer: Required when specific technical knowledge or systems need to be transferred
7. Customer Relationships: Include when founder has personal relationships with key customers
8. Public Announcements: Necessary for high-profile separations or public companies
1. Schedule A - Share Valuation Report: Detailed company valuation and share price calculation
2. Schedule B - Assets List: Comprehensive list of assets being transferred or retained
3. Schedule C - Intellectual Property Register: Detailed list of all IP rights and their disposition
4. Schedule D - Outstanding Obligations: List of ongoing commitments and their handling
5. Schedule E - Payment Schedule: Detailed timeline and terms of any financial settlements
6. Appendix 1 - Resignation Letters: Template or copies of official resignation documents
7. Appendix 2 - Share Transfer Forms: Official share transfer documentation as per UAE requirements
8. Appendix 3 - Company Records: Relevant corporate documents and registrations
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