The Co-Founder Equity Agreement is a critical document used when establishing or formalizing the relationship between multiple founders of a Canadian company. It is typically implemented during company formation or early stages when founders agree to divide equity and establish their respective rights and responsibilities. The agreement ensures compliance with Canadian corporate law, including the Canada Business Corporations Act and provincial securities regulations. It covers essential elements such as equity distribution, vesting schedules, intellectual property rights, confidentiality provisions, and mechanisms for resolving potential disputes. This document is particularly important for protecting all parties' interests and preventing future disagreements by clearly documenting the founders' understanding and expectations at the outset of their business relationship.
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1. Parties: Identification of all co-founders and the company as parties to the agreement
2. Background: Context of the agreement, including company formation and purpose
3. Definitions: Key terms used throughout the agreement
4. Equity Allocation: Details of initial share distribution among co-founders
5. Vesting Provisions: Terms of share vesting, including schedule and conditions
6. Founders' Commitments: Time commitment, roles, and responsibilities of each founder
7. Intellectual Property Assignment: Assignment of IP rights to the company
8. Confidentiality: Protection of company and co-founder confidential information
9. Transfer Restrictions: Limitations on share transfers and right of first refusal
10. Termination: Circumstances and process for terminating the agreement or founder involvement
11. Dispute Resolution: Process for resolving disagreements between founders
12. General Provisions: Standard legal clauses including governing law, amendments, and notices
1. Tag-Along Rights: Rights of minority shareholders to join in sale of majority shares
2. Drag-Along Rights: Ability of majority shareholders to force minority shareholders to join in sale
3. Non-Compete Provisions: Restrictions on competing activities, if applicable
4. Death and Disability: Procedures for handling equity in case of death or disability
5. Board Representation: Rights to board seats and voting arrangements
6. Founder Loans: Terms of any loans between founders and the company
7. Special Voting Rights: Any special voting arrangements or veto rights
8. External Activities: Provisions regarding outside business activities or investments
1. Schedule A - Share Capitalization Table: Detailed breakdown of share ownership and classes
2. Schedule B - Vesting Schedule: Detailed vesting timeline and milestones
3. Schedule C - Founder Roles and Responsibilities: Specific duties and expectations for each founder
4. Schedule D - Company IP: List of existing IP and allocation of ownership
5. Schedule E - Form of IP Assignment: Template for assigning intellectual property to the company
6. Appendix 1 - Restricted Activities: Detailed list of prohibited competitive activities
7. Appendix 2 - Company Valuation: Initial company valuation and methodology
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