The Sweat Equity Contract is essential for companies, particularly startups and growth-stage businesses in Austria, seeking to attract talent and expertise without significant cash expenditure. This document type is commonly used when engaging experienced professionals, consultants, or advisors who agree to provide their services in exchange for company shares. The agreement must comply with Austrian corporate law, particularly the GmbHG or Aktiengesetz depending on the company structure, and consider EU regulations regarding worker rights. It typically includes comprehensive provisions for service scope, equity compensation, vesting schedules, intellectual property rights, and termination conditions. The document is particularly relevant in scenarios where immediate cash compensation is limited but the potential for equity appreciation is significant.
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1. Parties: Identification of the Company and the Service Provider, including full legal names and addresses
2. Background: Context of the agreement, including the Company's business and the Service Provider's expertise
3. Definitions: Key terms used throughout the agreement, including 'Services', 'Shares', 'Vesting Period', and 'Fair Market Value'
4. Services: Detailed description of the services to be provided, including scope, quality standards, and time commitment
5. Equity Compensation: Details of the equity stake offered, including number of shares, percentage of ownership, and share class
6. Vesting Schedule: Timeline and conditions for the vesting of shares, including any cliff period and acceleration provisions
7. Valuation: Method for determining the value of shares and any future adjustments
8. Service Provider's Obligations: Specific commitments, responsibilities, and performance standards
9. Company's Obligations: Company's commitments regarding share issuance, support, and resources
10. Representations and Warranties: Statements of fact and guarantees from both parties
11. Confidentiality: Protection of company information and trade secrets
12. Intellectual Property Rights: Ownership and transfer of IP created during the service period
13. Term and Termination: Duration of the agreement and grounds for early termination
14. Consequences of Termination: Treatment of unvested shares and ongoing obligations post-termination
15. Governing Law and Jurisdiction: Specification of Austrian law governance and competent courts
1. Non-Competition: Restrictions on competing activities, optional based on service provider's role and local enforceability
2. Tag-Along Rights: Right to join in sale of shares, relevant for minority shareholders
3. Drag-Along Rights: Obligation to join in sale of shares, relevant for majority shareholders
4. Board Representation: Rights to board participation, relevant for significant equity stakes
5. Death and Disability: Special provisions for handling shares in case of death or disability
6. Alternative Dispute Resolution: Mediation or arbitration procedures as alternatives to court proceedings
7. Tax Provisions: Specific tax treatment and obligations, relevant for complex arrangements
1. Schedule 1 - Description of Services: Detailed scope of work, deliverables, and performance metrics
2. Schedule 2 - Vesting Schedule: Detailed timeline and conditions for share vesting
3. Schedule 3 - Share Rights and Restrictions: Detailed terms of share ownership, including voting rights and transfer restrictions
4. Schedule 4 - Company Information: Key company details, including capital structure and existing shareholders
5. Appendix A - Share Certificate: Template share certificate to be issued upon vesting
6. Appendix B - Deed of Adherence: Document binding the service provider to existing shareholders' agreements
7. Appendix C - IP Assignment: Detailed provisions for intellectual property transfer
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